David Sachs

Like Michael saying, not every country is going to be on the cutting edge of developing its own chips or developing its own frontier models, but they can use these tools effectively.

to derive value, to apply them to their businesses, to their economies, to extract value and be part of this technological revolution.

So I think that we have to think with this partner mindset.

And I do think that this type of mindset is actually very common to Silicon Valley.

Like I mentioned, I think everyone...

every great technology company thinks in terms of how do we get the most people on top of our tech stack?

But it is a form of thinking that's pretty alien to the bureaucracy in Washington, which has much more of a command and control type of mindset.

And when President Trump came into office, just to give a couple examples of this,

The regulations that were sitting on our desk that had just been handed down by our predecessors, again, we had this 100-page Biden executive order on AI that was all this new regulation.

And there was a 200-page, it was called the Biden diffusion rule, which was 200 pages of regulations on the export of semiconductors.

So we were turning...

The AI industry models and chips into a highly regulated industry.

That was basically the direction that Washington was going in.

And the first thing President Trump did his first week in office was rescind all of those unnecessary regulations, which I think was absolutely critical.

You know, the thing that really makes Silicon Valley special is this concept of permissionless innovation.

You know, since Hewlett and Packard started 85 years ago, started building Silicon Valley, the idea has always been that just a couple of founders kind of a great idea, start their company, they get some angel investors to write, you know, a check for, you know, seed capital.

Those investors think they're probably going to lose their money, but

they figure there's a shot.

And, you know, and it's, so it could be the two guys in our garage, or it could be the college dropout in the dorm room.

And they don't need to go to Washington to get permission for their idea, right?