David Sachs

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?

It's permissionless innovation.

That's what has made Silicon Valley the crown jewel of the world.

It's why so many of the, I think, heads of state who are here are always asking, how do we create our own Silicon Valley?

That was not the

direction we were on when President Trump came into office.

The new 300 pages of regulations concerning AI the Biden administration left us with would have changed this environment of permissionless innovation to an environment of you have to go to Washington to get approval for your idea.