Alex Frangos

And we've seen this before with these big, big tech companies.

They have a certain kind of startup culture, break things, ask questions later.

And an IPO is invariably a process where you're getting mainstream investors, people on Wall Street, on the other side of the country, who are much more buttoned up to buy into your story and your investment thesis.

So it has a lot of echoes of when Facebook went public or when Uber went public, these kind of culture clashes, but also business clashes.

Investors generally want a growth story, but they want solid revenue.

They want to see maybe even some profit.

And that tension there with OpenAI is like, how much revenue are they going to have?

Will they be ready to have their debut on public markets?

And I think that debate is going on inside the company as to when that should happen and how quickly.

Yeah, well, he's basically figuring out how can he reestablish a blanket of tariffs on lots of countries around the world after the Supreme Court ruling.

said he can't do it the way he was doing it.

So there's all these other laws with numbers that readers and listeners are gonna start to get familiar with, 301 and 232, which are different parts of the federal statutes that give the president the power to impose tariffs.

And so he's added a whole bunch of new industries

to these 232 national security tariffs.

And the way that tariff works is that the government has to do an investigation over a number of months to establish that there's a national security threat before they can impose actual tariffs on them.

So he's trying to figure out a way to like fill in all the gaps that the Supreme Court ruling has left in his tariff policy.

So, I mean, you have this kind of change in tariff regimes where the old tariffs, they're going to stop collecting.

There's now new tariffs that come into effect.

And then businesses are saying, wait a second, we paid like over $100 billion worth of tariffs last year.

that have been invalidated by the Supreme Court.