Trump-Xi Summit, Benioff: "Not My First SaaSpocalypse," OpenAI vs Apple, Multi-Sensory AI, El Niño

It's a huge week. Sacks is out. So we got to get Mark Benning off CEO of Salesforce. I mean, only one left here.

“You're the only one left. That's how I made it on.”

No software CEOs, right, to China. There's no software CEOs and China. Interesting. But did you get the invite? What's your status with this administration? Because you were obviously very famous for, you know, being a Democrat on the left.

And I'm not a Democrat on the left. I'd never have been.

Jason, you're talking about. So you don't have all these folks and now you're not in Trump's camp. What is it? Listen, um, the number one thing is, hey, I'm here to support the country. God, I do. Okay.

Yeah. So you're right in the middle. You have an allegiance to American. I hope so. Yeah. I'm not a Democrat or a Republican. You're an American.

Okay. I like it. Benny, I've got the invite to the two hottest tickets. He got the invite to Windsor Castle in Tales and then he got the invite, uh, when Prince Charles came here too. I saw he was in Tales and two.

And also we were at that Saudi dinner, too. weren't you there to Muff? I did not go to that one. All right. Well, we have a big docket here. The Trump, she summit, has begun.

That is the number one story right now. After a two month delay because of the war in Iran. This is the first visit to China. Since 2017. Seventh face to face meeting for Trump and President Xi.

There are 12 hours, 15 hours ahead of us today. Thursday was officially day one. Here's what happened. China agreed that the state of form moves should remain open with no military commitment and that Iran should not have a nuclear weapon.

So we're in sync on that on Taiwan. This is a little spicy. She warned that quote. If handled poorly, the two countries will collide or even clash. Putting the entire US China relationship in an extremely dangerous situation.

Polymarket says Taiwan is safe for 2026.

Only 6% chance China invades this year on 23 million volumes, which is a lot of volume.

17% chance roughly triple. That's something happens by the end of 2027. There's been a lot of debate. Some people say it will happen after Trump is out of office. Some people think it's going to happen while he's in office on trade.

She committed to buy more soybeans, US oil, LNG, and 200 Boeing jets. She said the talks laid out a vision for constructive strategic and stable ties. Trump was abusive in his praise for his friendship, giving the disclaimer that people don't like it when he praises she let's stop here and have a bit of a discussion. Friedberg, you have been a bit obsessed with this relationship and the bipolar nature of it.

“What are your thoughts here and what is the goal for Trump?”

What is winning for Trump coming out of this? What is winning for she? I mean, she made comments in his opening remarks that it would be ideal if the United States and China could avoid the facilities trap, which, as you'll recall, we talked about with Gray Malacin. We've talked about several times over the last few years that as a rising power meets the

declining power, there's always some moment where you end up in this kind of state of conflict.

And the question is, can the US and China avoid conflict and find a path to cooperation? Which has happened a few times in history when we found ourselves in this moment, but doesn't often happen. And I think the way to think about the opportunity is if you're in a resource expansive world where you're increasing productivity and increasing production globally at an accelerating

pace, perhaps there's less of a reason to have conflict, perhaps there's a way that both societies, both countries, can increase the quality of life for their people without taking it away from the other side. And in a world where you're more resource constrained or resource static that becomes less

“possible, you have to fight and grab land and grab territory and grab resources from the other side.”

And it seems like in this moment when we are seeing these extraordinary technology shifts unlocked by AI and automation and biotech and all of these moments could be true abundance ahead of us. It seems like the perfect moment to say, "Hey, maybe the world can be more multipolar, doesn't need to be unipolar, doesn't need to be bipolar, but everyone can participate in the expansion of the pie."

And I think that that's kind of the idealistic way to look at the opportunity in front of the administration and Chinese leadership right now, is there a way to kind of look at the next 30 years

And not find ourselves in a moment of conflict where you assume the pie is static.

“That's, I think, hopefully the message that comes out of this from an administration political perspective.”

It just seems like this is going to be a major coup for the president. If he can walk away with a series of trade deals with China that increase job security, increase prosperity, increase income levels, increase investment in America and American jobs, it would be a huge win. And I think that's the tactical stuff that people will be truly looking for. And I think the big strategic question, which I care most about,

which is avoiding conflict, is there a way we can chart a economic and cooperative path that doesn't involve eating each other and involves sharing in a bigger pie? Trim off why is Trump bringing all of the CEOs with him and what a success look like coming out of this meeting? I think that you find a resolution and a path forward with China through economic cooperation.

It's the largest consumer economy in the world, it's still largely closed off.

“And so I think what this is was about bringing some amount of financial fire power with them”

so that they could start to penetrate that market, planes, cars, chips, you know, very much hard equipment type stuff. I've said this before, but I think the Chinese are very much a top-down Confucian societal philosophy. Whereas Americans are much more bottoms up kind of an individualist construction. The fact that we're so different actually gives us a lot of room to find cooperation and not find conflict. And I think at the center

of that is economic cooperation, I had a friend call me this morning, very prominent Democrat. And, you know, he was the one that called out the media, which I was surprised by and he said, you know, the media gets it all wrong because they're talking about why is he bringing the CEOs?

And instead the reality is that the simplest and sure is path to no conflict,

to taunt with China is economic entanglement. And it has to be bi-directional because really for so many years has been one way where they're sending us the cheap goods that they wanted.

“So I think strategically it's good. And I think, you know, I'll just take a slightly different”

take on what Freeper said, I think behind closed doors are probably just figuring out how to divide the pie. Unpack that for a second divide, which pie? The globe, the economy, the Western Hemisphere versus China, China still needs a lot of energy. They also need a lot of critical technologies that America provides. And so I think that there is a trade there. And the quick pro quo is there are certain regions of the world where we want them to deescalate their participation in

central South America, being probably the most important. And then the second is probably

in the Middle East. And then maybe the third is just to find some reasonable view of the Asia Pack region together. And I think there's a trade there to be done. And in that, you kind of start to carve up the world into a pretty easily identifiable bipolar construction. They also mark need customers to buy their goods. And we've had a bit of a mixed signals there, Tara, obviously last year, sticking it to China in a pretty hard way.

The decoupling, after COVID, hey, we need to be independent, energy, PPE, drugs, chips from China. Now we're kind of saying, hey, let's come to the table and build connective tissue. So sort that out for us on a business level. Should the two countries be deeply entwined? And then how do we manage having too much dependency on China? Well, you heard it today from President Xi when he said he wants a wider door. And that means that he wants the door of business

to open even wider between the two countries. We have our absolute best salespeople there, not just our president who has to be one of the best salespeople I've ever met. But also we've got Elon, we've got Jensen, Selling Chips, Kelly Orkberg, Selling Claims. Kelly, Selling Play, Selling Claims is selling soybeans, Brian Sykes, the CEO of Cargo, you know, Cargo is the world's largest private company based in Minneapolis. And he is going to come away selling a lot of

soybeans. So we have a, you go through the list of the CEOs. Each one is our best salesperson in this category. And they're going to come back with orders and it's going to be amazing. By the way, I think you said it very well. You know, this idea of business is this kind of greatest platform

for change. They are working together like never before. Don't forget, this isn't Trump's

and she's first meeting. These guys really like each other. They have very connected together. You can see they're smiling with each other. They're very, they have a sales orientation. So I expect a lot of order books to come back. I have a bunch of people. Are you allowed to sell software in China? We, uh, well, with the right, the Chinese have a lot of data residency laws.

The only time we end up with any residue in China is when we buy a company. And they have a presence over there. And then we have to invest from it. We have an exclusive partnership with Ali Baba. Everything just goes through them. And we, we don't do anything in China. Is it significant growing? Is it what percentage of your lives is it? Yeah. It's, it's great.

You know, we have a great partnership. Key customers of sales first like Louis Vuitton, you know,

or Laura Piano, I know Chumothlo's, Laura Piano. Yeah. And you know, Laura Piano sell a lot of sweaters in China. And then, you know, in all other stores all over the world, they use sales force, but in China, it's sales force on Ali Baba. It's still your code, but then it resides in their servers for data residency stuff. Their data residency, their, their partnership. It's a, you totally unique relationships. The only place in the world that we do such a thing.

Yeah, and it has to be all the data has to be kept in China, all the data has to be accessible

“by the CCP. That's why it's so extraordinary, by the way, what Elon has. You know, Elon has”

Tesla in China, no partnership. Usually, only one. He has a phenomenal relationship with she. When you look at she and Elon together, notice how differential and respectful they are of each other. And here is these AI cars with all these cameras. American made, you know,

Chinese factories driving around China. That is pretty incredible. How do you think keep pull that on?

Is that just the one-off exception? I think Elon's the greatest salesman in the world. That's at all. I mean, the cynical take on it from off would be they wanted him there and they wanted to study the company and the innovation. And they have now become the biggest competitor with their EVs. And so it is a pretty claw petition, I guess. It would be the cynical way to want it. What are those new BYD golf, you know, uh, what do you call those with the doors that flip up,

“going, going? I want one of those going BYDs. They have some cool cars. Have you seen those?”

They're cool, but they're not safe. They're in trouble. Yeah. They're talking in this, in this,

they said they're talking about bringing some of those cars to the US. That would be incredible.

Would hollow out the entire automotive industry here if we had $20,000, $30,000,000 cars from China would be the end of the US automotive industry overnight. And Tim Cook's there, he has to store all his data there. That's been a pretty controversial issue for him, because Friedberg, if anybody has private information or is a dissident, Tim Cook has to give that data over to the Chinese Communist Party, how do you think this plays in America,

vis-a-vis the mid-terms Friedberg Americans feel ignored inflation over 3%. And they look at the Iran more as a betrayal by President Trump. And they look at China as not material to there well-being. So when you look at Trump being on a six-month timeline for the mid-terms, and he's only got two more years in office after that, he's working off of a hundred-year playbook. How does that dynamic play out with Trump and the mid-terms and his core constituency, MAGA, which is now evolving

into America first and America only, and this kind of is rubbing that group of people the wrong way? I think the second and third order effects of anything that comes out of China is what's going to be most consequential to the average voter, which is job security and income security and income growth, and then cost of living impact. The cost of living impact would be if there can be some deflationary effect from a trade deal that makes access to good lower price for Americans,

and then anything that America is exporting, there's increased demand. Like, there's a follow-on effect to the soybean export market. There's a follow-on effect, obviously, to the oil export market. There's a follow-on effect to, for example, technology and software being exported. So that increases economic productivity in the U.S., and increases job security income. And then the other side of the trade deal is can we get stuff that Americans really care about and make a cheaper? Can people now buy

stuff at the store that drops in price by 30%, 40%, where we've kind of tariffs and reduced trade, that increases the price of things. So if those deals kind of get worked out, people will see things get cheaper at the store, and they'll feel good about their income security, and I think that

“could be positive. I think that's what's ultimately going to make people make the blue red decision”

when they go to the polls in November. That's the schizophrenic nature of this gemuff. We have Americans who very much want cheap goods from China, and then we have last year all these tariffs being put

and she's timeline, and what their goals are? And then I guess we'll get to Taiwan after that.

“I don't know. It's I think it's a little bit above my pay grade, but what I will say is that”

the midterms I think are probably going to swing more based on these recent jerrymandering rulings from the Supreme Court, and what happened in the Virginia Supreme Court and what's going to happen in the state legislatures of these red states, and some of these blue states, more than what's going to come out of this summit with with President Xi. So let me just put that over here. And I think that money is getting organized. There was an article in the New

Times this week, which really surprised me, but the largest owner in the, in the selection cycles and recent horrors. Yeah, what is that about? Yeah. I think it's because they're they're trying to establish themselves as part of the financial firmament of America, which I think strategically as a business makes a lot of sense, but they're in the AUM business, right? So they can't stop at 100 billion of AUM. They're marching towards a trillion. They're going to be the next Blackstone,

“which I think is an incredible feat. And they're building a juggernaut of a business.”

But I think they also realize that politics is now a permanent part of that if they're going to us be investing in higher quantum, more geopolitically influenced parts of the capital cycle and parts of the economy. So I think the midterms are largely that the money that's going to be raised plus the jerrymandering that will get done and undone over the next few months. Again, I think the Chinese and the Americans have a very strong incentive to kind of divide up the world.

Like I think the future at this point, you have these critical resource inputs. China has a

triangle hold. You have energy and intelligence, AI, where America has a triangle hold on one and effective triangle hold on the other, which is energy. And I think there's a trade there to be done. And as long as you can negotiate what a reasonable given take is, I think they're just going to find common ground like this China really need to be in Chile and Venezuela and Panama, probably not. Does America have to have an incredibly strong point of view about the straight of

Malaca? Probably not. And so there's probably a trade to be done so that we can get their rare earths. They can get some more oil. Everybody can be happy and we can all find abundance. Yeah, the key issue here is China is, and most people are China's phobic, but China has serious systematic issues with population, with their real estate, with their GDP. All of this is in decline.

“And I think she most of all is concerned about another Tiananmen square. If he doesn't get”

more people working, they've had the largest growth of any middle class, in history, they have the largest middle class in the world. I think you were referencing that Mark with luxury goods and luxury goods providers are going there. But it's tenuous. And that's the number one, by the way, that is the number one point of focus of President Xi. President Xi's focus has been

getting 500 million people from poverty into the middle class. Yeah, it's not exactly how we think

about the world in the United States. That's the main focus of the political leader and he's achieved that. That has been an incredible accomplishment. But it's at risk right now because their GDP is falling. They need their factories to operate. They're being undercut by other regions. And then, of course, Taiwan is what they want most of all in supremacy in their part of the world. I'm not convinced of that, actually. I think we're, I mean, I think we just kind of said it.

It's to summarize, they want to have economic success. They want to continue to grow their middle class. They want to continue to have a healthy economy. They want more trade. I thought it was interesting that they're talking about Trump has talked about not only having the board

of peace now. He wants a board of trade. That was a discussion we've never heard before today.

Then we have Xi saying, I want the wider door. Then we have all these folks there selling their products. Two people we didn't mention the CO visa and the CO of master card are on the trip. Now, why is that? Because if you look at commerce in China, it is nominated by companies like Ali Baba and these organizations who use these super apps, it's not really all the way open for a visa and a master card. That would be incredible for those executives. So in the same way

that we want to sell airplanes. We want to sell chips in video. The Qualcomm CO Crispiano is also there. We want to sell soybeans. We want to sell payment services. We want to sell everything. The more economic collaboration and cooperation you can get between the two countries, the more peace you're going to have. I'm 100 percent. I agree. Three, three,

I think it's irrelevant at this point. I think that the Chinese models are as competitive as

these US models and they've learned to make these models without having the highest end chips.

“I think the highest end chips is kind of more of a ego gratification for us. We have Blackwell,”

we have this, we have that. But when you look at their models, their models are excellent. They fast follow us. You know, the best models. So it's not the way I'm selling. Should we just sell it to them since they're figuring it out anyway, Mark? We probably should sell whatever we can at this point. Got it. And I think that as I said, I think the more economic cooperation and collaboration is better. And if you want peace, I think that this, I think Taiwan,

it's kind of a-- Well, we're going to talk about it. Yeah. Freeberg, you're take on chips. Should we sell them the latest chips and then Chema? I want to get the answer to that question for me, should we? I think it's inevitable that they get there. By the way, I do think this is one of the key aspects of this deal. I've said this before, but maybe Taiwan becomes less relevant to the US and to China as both China and the US mainland fab. So as we build out our own manufacturing

capacity here in the US, and I know we've struggled and there are fits and starts and issues with it and whatnot. But the TSMC facility in Arizona is running. They're printing. And if it works, and they figure out how to scale it, there'll be other facilities in the US, and then China's

“mainlanding with Huawei, standing up a lot of facilities. They've got a multi-- I think I talked”

about this on one of the shows, a multi-deca billion dollar government investment in ensuring

competitiveness, not just with fabs, but also with semiconductor manufacturing equipment so that they don't get cut off on the supply chain with companies like ASML blocking sales into mainland. So as they build out their own semiconductor capital equipment, systems, and their own fabs, the Taiwan really matter. Is there really that much of a security risk to the United States and to China in that sense? And perhaps what everyone's focused on, which is this pivot point

around Taiwan, maybe it's not that the US is selling Taiwan down the river, but it's just that no one gives a shit anymore. So there may be this kind of cultural moment for China where they want to at some point say, hey, by 2040, which I think is what I've heard, they want to be able to kind of

bring Taiwan fully into the sphere. Maybe the US shouldn't care that much at that point from

economic and security perspective. So I think that's one of the things that's happening that so you're in the camp of partnerships to them, and it will demotivate the TSMC or the capture of those fabs by the Chinese. Put it this way. I think the more the global productivity index can climb, the better off all humans will be. So the question is, do you really want the West to see their productivity index climb and then you're effectively forcing

conflict and forcing issues with the East? Or if we all grow our productivity index, we all make more stuff. Everyone benefits. Everyone has better jobs. Everyone makes more money. Everyone has access to more stuff. The cost of goods comes down for everyone. Doesn't that make the world a safer and more secure place? Sure. So I think this idea that like technology should be held to one side of the world and not given to the other side of the

world is inevitably going to lead to conflict or increase the probability of conflict. Whereas if you let technology diffuse and proliferate, everyone benefits and conflict indices go down. It's because we've not ever commoditized. You know, and everybody has access to it. So then it becomes everyone, a higher standard of living. Sure. Give everyone's economy a boost, and you give everyone less reason to fight with you.

So since you went there with Taiwan, should we take our arm cells off of the table, freedberg, and should we ask China to not sell arms to Iran? Yes. We should have China to not sell arms to Iran. Yeah. Okay. I don't know what there is. What is there to talk about there? I don't know. Because I think what she wants is for us to not sell arms to Taiwan. So would you make that trade? I guess is what I'm saying. Oh, yeah.

“That's a good question. I think in that context, that's a new one. That's why I bring it up”

because that seems to be generally you're right. Yeah. I mean, generally that's probably a trade that, you know, that should be the trade. Do the deal. So you say make the trade. Chimoff. I mean, I kind of know. We're 18 months from Taiwan not being an important moment of conversation the way it is today. Why 18 months? Because we are at a point where we're probably one to two nanometers away from being able to do what we need Taiwan to strategically do for us.

And so as we scale up our chipfabs as we get more capacity and interestingly, there are these orthogonal technologies being developed. I don't know if you guys saw but neural link was showcasing now a machine that is literally operating at the almost nanometer scale to do the brain operation for the implantation all automatically.

the real reason then is a very different one than what it is today. Today's economic and if you

“take that off the table, I think we'll have a very different attitude to Taiwan. That's number one. Number two,”

sell the chips. And the reason we should sell the chips is we want Nvidia to win. We do not want to give enough oxygen for Huawei to then all of a sudden emerge and have a version of a chip that works. And what Mark said is totally right. These models are catching up. They're almost at the same pace. So the more important thing Jason is probably we should all agree is just like let's have a reasonable KYC for how the models get used so that somebody in a basement doesn't cook up some

bio weapon. Meanwhile, sell the chips, proliferate lead gents and win. I'd rather he win than Huawei win. Mark, I'm going to give you the last word but I'm going to for sure to answer my hard question. China sets up a blockade around Taiwan and they decide they're taking it. Should the U.S. defend it yes or no? I've said this for years. I don't agree with Neil Ferguson on that point. I think that this is a nonsense issue. I think China and Taiwan will reconcile. I think that, well first of all,

“I do want to schedule though Chamoff for that neural link. Next Tuesday, did you build a block?”

We can drill your brain Chamoff. Can I get you? What are you trying to put some empathy into Chamoff? I talked to Elon. He said he does. He can't really just throw it in. There's a boom and then we'll get hooked up. It is the craziest thing. I know I got you scheduled at five o'clock on Tuesday, Chamoff. I thought you had to hold your hand if you're too nervous. Yes, and by the way, I'm getting fired. I'm getting fired. I only had a hard. I want a more miserable chance.

It's given a hug for a given better show. Absolutely. It would be incredible. Yes. And

I would laugh. But now I would giggle. You get into show tunes. You're free break. I know you're yeah, big on the show. I only had a hard one. If I only had a brain. A hard brain. What's the third one? If I only had a neural link. You're going to give you courage, three birds. Okay, move on. All right. Let's move on here. You're bitch now. By the way, I think it's like all those kids. To Moth State home, I took his kids to the Wizard of Oz at this sphere. It was

incredible. You haven't seen it. Yeah, I'm not going to do something. I'm rushing with my kids or hit the craps table. No, I'll be honest with you. I get a little freaked out in large like groups of people. Then yeah, I get, I get it. No, just like when there's a lot of people, like a very nervous. Yeah. Is this because of your newfound celebrity? Is that, is that the issue? No, I don't even want to go there. I just have these bad thoughts of like, oh my God,

what if something happens? How do we get out and like, how is the task? Can you get it to the egg? I don't know. Yeah, exactly. You have panic disorder. Panic disorder. I don't like these large spaces with lots of people. I get a little wind. Anyway, just at a great time. Great show. Tony Robbins lives very near you. Shama, don't you think we can get that to happen? Let's get Tony Robbins in there. Clear that blockage. You're Tony Robbins guy Mark. Why are you so into Tony

Robbins? I love Tony Robbins. I had him at my conference this week. It was incredible. Actually,

he did incredible presentation for now. I'm locked for you. Your success. He claims to that he has you on the roster of $50,000 a year, CEO. I am the number one fan of Tony Robbins. So,

“I mean, well, percentage of your success is attributed to Tony's mentorship. Hey, if it was in”

for Tony Robbins, I don't think there would be a Salesforce. Can you tell us what? What were those big blockages and how did you help you? How did you work through it? Just focusing on, hey, the question, you know, the quality of your life. It's that insight. And just are you asking yourself the right questions? What do you want? What's important to you? How are you getting it? What is preventing you from having it? How will you know that you have it? Just no one

had ever said that to me. And then it was just like, clear to me, wait, I need to write that down. Like, what do I really want right now? What is my point of focus? And that is what gave me motivation. As soon as I got that clarity, I mean, a lot of us do it automatically, but that's not where I was when I was a kid. That's true. Did you run across the polls? Did you do any of that kind of stuff? Many times. Really? Yeah. Of course. Okay. There it is, folks. Hey, we're going to get there.

Absolutely. We had Tony on the show. I tried to get in there and understand his psychology, but he just had us do breathing exercises. All right. The, uh, all in summit is happening again. Fifth year in a row. Wow. We've been doing this for a while all in dot com slash events. September 13th, 14th and 15th. We'll have you back Mark in your six, but when you score so highly on a keynote, we give you two years off so that we can build up the anticipation. So coming

in 2027, our guy, Mark, spanning off. But for this year, all in dot com slash events. Okay.

A public service announcement. I'll look for a announcement. Yes. Nick, just pull up this link. This dog named scooter needs a home. Oh, promise my wife. I do this. Don't get, don't get mad at me. This dog named scooter needs a home. He's in Baldwin Park. Dogs about to die. Lives in Baldwin Park at the animal care and control. They're overwhelmed in LA. There are so many homeless street dogs that are being collected. They're all being put to sleep. Wow. Someone give

his dog a home. Gorgeous dog. It's a scooter. Link link will be on the YouTube channel. Thank you very much. Are you getting a little emotional free break? About to stop being put down? I just don't like these, you know, all these street dogs like they didn't choose that situation. They were in and then they all end up kind of getting pulled in by animal care and control and they all get put to sleep. Kind of sucks. You're dog. I come on. You got to have a heart. No, I have a big heart.

Chemoth. Come on. $10,000 to keep these dogs alive for another week. Can we count on you for that donation? Any pure bread white golden retrievers in that bunch? No, there's just months. Just months. We have a cat that we got at the shelter actually. Cut it. We're going to walk into the shelter, learning something. Looking for a cat. All of a sudden we're in the shelter. This cat's like coming at, you know, my kids and all of a sudden there. Okay. We'll take this cat. What is this cat's

name? This cat's name is cloud. That's our cat. Wow. That's a little bit of a cloud. We have cloud the cat. All right. All right. AI's impact on software. Rippling through the market, Mark, you're on the front lines here. Thank you for reminding me. Yeah. Well, I mean, in pain and suffering

“are lessons, right? I think the Buddha and Tony Robbins both taught us that and the only way to the other”

side is through, as you know, Mark. So Salesforce down in whopping 37% and 90 billion losses for

you service. Now 42% workday 45% 180 billion in market caps been lost and the assumption, Mark, is that AI is going to make it unnecessary for you to use Slack or Salesforce or Hobbespot, whatever it happens to be that you'll just ask your AI to solve this for you and we'll all look at a piece of glass and have no actual software. The AI will just tell us what to do. What's your response to the fear, the criticism, and how are you managing this massive change internally?

You're right. It's the cesspocalypse. I mean, it's not my first cesspocalypse, honestly, but it's the current cesspocalypse. So we are all now drinking the sales for cessprollers and we actually have a Pet Sasquatch as well. Well, he's a little more sassy. That's what I would say. You bring the

cess to cess? We got to bring the cess to cessy. You know, and then you've always been a cessy.

And then number two is, look, the market is re-rated. It's not a mystery. Everybody knows, you guys have been talking about it for a while. I've been living it. So the market software markets re-rated. It happens every now and then. There are cycles. You know, I've been doing sales first for 27 years to enterprise software for 40. And the market's re-rated. So you mentioned how to spot their trading at two times sales. I've never seen that before. They just had a great

quarter. We saw a lot of great quarters. I looked at the top 10 major enterprise software companies. They all had great quarters. And they're all trading at two times sales. So why? Because of everything you just said, there's like, you know, a hypnosis around AI. And, you know, we haven't seen it show up in the numbers yet. If it shows up in the numbers, maybe people will be right. Right now all we know is there's still a lot of enterprise software being sold in the world.

So you've been through this. It's not your first time. This is not my first cessboclips. I mean,

“I remember the cessboclips of 2020 with COVID happened and all of a, we are everything collapsed.”

There was the great cessboclips. What's your strategy? 16. What's that? It in Austin's already. What's your strategy? And how do you deal with, you know, your internal team, obviously, they are compensated through, you know, stock. And this is headwind. And you have competition for employees from open AI andthropic and SpaceX. So how do you deal with rallying the troops? And then how do you develop a strategy?

Well, you're right. I mean, it's a lot easier to be a private company right now where you don't have to be rationalized by the public markets. If you're in the public markets and you get re-rated, that's the reality of being in the public markets. And I think that for what I tell my employees, right, it just told my employees is, look, you can't get drunk on the stock price. If you are like focused on today all the time, and that is how you're getting, you know,

“your emotional state. It's not going to work for you. You have to find a different anchor. So”

I try not to pay really a lot of attention. I'm focused on my customer success.

Hours are revenue. Look, we'll do over 46 billion this year, more than 16 billion in cash flow.

We have more than 83,000 employees. These are the things that I'm focused on. What is the level of customer success that we're delivering? That's really important. I can't control the stock price.

They need to believe in the company and the quality of the success they're delivering to the customers in the long term. And then you look at the market. You look at these other companies, not just us. They're doing great. And I saw some great numbers, but it doesn't really matter the market's re-rated. Well, you've got all that free cash flow. You've been great in acquisitions. So I'm sure you're... I want some great companies, by the way, everything's a little cheaper. I like that.

Yeah, Shemoth, what's your take on this? You've been pretty critical of the SaaS space in previous

episodes, pointing out, hey, how durable are these revenues? So what's your take? I think the low end of the market is basically finished. I think there is no safe space. I think the high end of the market where Mark operates where the large monoliths operate is quite safe. And the tell was this week, the deployment company deal basically shows you what OpenAI is running into. So,

“you know, you have to put in $4 billion. You get all of these folks. You gave them a 17 and a half”

percent preferred guaranteed return. For what? Essentially to stand up a competitor to Ernst and Young Anderson, Deloitte, PWC, Cognizant, et cetera. If you just look at that, that doesn't actually mathematically make that much sense. If you look at what those companies are actually trading at, but why is OpenAI doing this? I think why is because at the high end of the market where all the action is, what people are finding is, hey, hold on a second, this is a lot harder than we thought.

It's not like put in a... put in a prompt and keep that poop in all works. It's not how it works. I think we're a little oversold. And now I think this consolidation and the re-rating can happen in the opposite direction. So, what is the opposite trade? The opposite trade is who has constructed net dollar retention, who has negative turn that's been really predictable, which is a way of saying who has the best relationships. Meaning, they're inside

the CXOs and the C Suite. They have relationships with the CEOs and they're trusted.

“And they've been around for 20 years. Those guys, I think, are positioned to crush.”

Because eventually, Jason, the next trade that has to happen is when the public markets become a little bit less breathless about AI and they ask one simple question, okay, guys, you've spent three trillion dollars in the last four years. What is the ROI of these tokens? And what's going to happen is they're going to have to go to guys like Mark and other people and say, please sell my tokens. And that's the next shooter drop. If you add to ask me, so I think

you're going to see these revenues which are way out of whack like the multiples on revenue, multiples on assets, multiples of... they're not even multiples of EBITDA yet. Those will come way back down. And I think these go back up and you'll find a balance. Yeah, and you've initiated what could only be described as an unprecedented massive stock buyback, Mark, 50 billion.

“I think it's one of the largest in history. Yeah, we were, you know, we want to buy”

back as much as we can. And I would just say that, you know, look, at a high level, there's awesome new capabilities. Like these coding agents are awesome. And Thropic is awesome. Like, I am going to probably use $300 million of Anthropic this year. It sells for coding. Everything's going to be cheaper to make. It's more efficient. I can do things that I just could not do before. I can go faster than ever before. I can implement my software and sell it at the same time.

I've never been able to do that before. I can break through obstacles that I've had, you know,

just by focusing because I have coding agents and humans together working together. Today, I have humans, agents, and headless platforms all interoperating, never before. So the opportunity for my own company and the efficiency that I have in my own company in service and support and distribution and marketing across the board is unprecedented. What I can do for our customers unprecedented. And, you know, to that point, my gosh, have you seen that Thropic? I mean,

it is a rocket ship that will not stop because you can use this product to do these incredible amazing things. And then, and compliment it with platforms like ours, it's, you know, it's, it's impossible to describe what we're going to be able to do for customers. It's going to be

awesome. And never waste a crisis. You've been super focused on the efficiency of the company

ahead count, share by backs. And I'm guessing you're looking at M&A. So it's not your first time. Finished up. One of our biggest deals ever in Formatica, I think it was eight or nine billion dollars.

the AI is very probabilistic. That is, it can kind of kind of figure things out, but it needs to

be grounded in real data, and it needs to have that semantic layer. That means it needs to be locked down into the truth, into a single source of truth, or it just cannot work well. And so our customers want more harmonized data, federated data, integrated data, so we bought Informatica. Our customers want our apps to use those large language models to be able to provide not just automation to their employees, but also to their agents, just like we just said. So like if you call 1 in 100,

no software right now, for the first time in 27 years, you talk to Agent Force. Hey, Agent Force, what's happening? But then after it authenticates you, and you get on the system, and it doesn't know who you are, then boom, it'll auto-escalate you to a human being who says, oh, I can see everything you've been doing. Oh, yeah, you just need to resolve this, this, and that. And so that Trinity of the phone, the web, and the human being are all together. It's all made possible by

this AI, we just could never do that before. That is awesome. Was it controversial, Mark,

to make Slack, headless, was that a big decision, or was that a, was everybody kind of most seeing on board with them? Well, we were the first to, you know, the way that our platform was architected and chamoph, you know, it's so well, because you're coding, you're coding agents, and the company you're building can run right on top of it, and build awesome stuff also. So, you know, number one is we were the first with an XML API, a soap API, a rest API,

a rest API. Now a CLA API, MCP API, we always wanted to have a platform that had every API possible, and our apps are not hard-coded where we had to cut the top off of them. They've always be embedded inside our platform. So now we can stream our apps out through a new API called

AXL, and I can manifest it into any large language model or device or anything, and it just works

“better, actually. I think that, you know, when Jack Dorsey wrote that memo,”

Jake L, and part of what he said is he's going to try to run his company by building a world model. Yes. My initial thought was, well, where is the context mark what you said before? Where's the semantic understanding to create a world model, and a lot of it for a lot of companies, actually, in Slack. It's in Slack and email. Yeah. Those two places. I showed you that Slack bot Jason. I mean, because you run your company on Slack, all your DMs, all your channels,

we're reading that now through the AI, and we can tell you more about your business than you know, because Slack bot is reading stuff that, you know, nobody knew what was happening. And like, I'm using that myself, but I can then connect it into other things, so I have the ability to go into Salesforce and Google and everything. And so when I'm on Slack bot, I can ask it any question about my company. What are my top five deals? What do I do? What are my employees

upset about? What are the top three things I need to focus on? And then boom, I get the information,

“because it has the data. I think you should really look at making Slack more open and cheaper,”

and getting more of that context, because there are limitations in terms of getting your data out, based on, like, which plan you're on, it's just too convoluted. But once I upgraded to higher plan, and you know, it's whatever six, 12, 18k for our small company, I was able to get more and more context to my open claw, flexibility computer, and clawed, and we're testing all of those. And today, I wrote literally before I got on the show, a new prompt that is every two hours

in our Slack, tell me what decisions are being made, who's making those decisions. And what you would handicap those decisions. If you were my chief of staff, if you were a CEO or if you were a board member and a created personas to now evaluate decision making going on, just do that. One way of the new version of Slack, you're going to love adjacent. And you know, that open AI and then thropping, and every AI company is standardized on Slack. Yes. And by the way,

Ann Arcorecils cloud and service clouds as well. So I got to show you what we're doing. Yeah, no, I'll sit with the team. So fun. What's your advice to, let's say you were running a software company that was like, before the AI wave, then you're private, right? There's a bunch of these companies that were supposed to go public, didn't go public. What should they do? Like, what do those boards do? What they, what they're simply next for them for all their tears.

Because they're, I mean, I talked to these CEOs. They're crying with my market cap. I'm not

“getting paid for my work. Guys, grow up. You know, that's what I love about the public markets.”

They rationalize everything all the time. So yeah. Great. Be in the public markets. You want to be in a private market. Your valuation is fantasy land until somebody's actually going to pay you. So I just tell them, hey, you got to focus on your revenue, focus on your customers, focus on your

to your customers? That's what's really, really important. Free break any thoughts for me?

“We're doing a big sales for implementation at O'Holo. And I would say that one of my observations”

over the last six months, because we've talked a lot about using these generative tools, is we've kind of dropped all the vertical software, but we're doubling down our investment in horizontal tools. So we're investing heavily in these platform capabilities that then we're able to build apps and workflows on top of them that are specific to our business, rather than try and buy an off-the-shelf app or workflow tool. So I think that there's kind of a really interesting moment

right now where we talked about this last time. You could kind of discern between founder-led and non-founder-led enterprise software. I also think that there's this kind of vertical horizontal shift where they're kind of trading the same right now, but you could probably break them. You could break that trade. So I think it's probably a good arbitrage there. All right. I think everyone who wants to sell those potato-sleeze seeds, you know.

It's just neat. Some tools to sell them, but the thing that's kind of cool is, you know, we have 15,000 sales people now. So they're out. They're selling these products,

“like Slack and selling to David and so forth. But here's the thing that's interesting.”

In the last 27 years, we calculated somewhere between 20 and 30 million people. We didn't call back. We did not call them back because we didn't have the people to do it. So just this week, I called back 50,000 people, you know, just through agents. So I can qualify. I just bought a company called qualified. So I can qualify the agents. Call people back. The BDR, the SDR function.

I can go outbound. I can do things I can never do before. That is made possible by this AI

automation, linking it to the apps. You can go to another level. Okay, breaking news. I want to get everybody's take on this open AI in a breaking news story. It's considering suing Apple over their chat GPT partnership. As we all know, two years ago, Apple and Open AI announced chat GPT would integrate into Syria, iOS, Mac OS, but according to Bloomberg, the deal has gone so poorly for Open AI that they might sue Apple for breach of contract. Here are Open AI's gripes. Apple

chat GPT integration with in Syria requires users to specifically say chat GPT to get results. We probably all experience this if we haven't given up on Syria, which is the worst personal system ever created. Apple is in its dispassionate to that. It's horrible. It's dispassionate with this product.

How do you get their first and remain worst? Apple hasn't promoted the integration at all, and

users are still overwhelmingly going to the standalone chat GPT app or others. Open AI expected billions of subscription revenue from the deal, and it hasn't come to fruition. According to Bloomberg, Apple's side of the story is, hey, they have concerns about Open AI's privacy practices. Maybe they don't trust the guy in charge over there, which was a reoccurring theme in the lawsuit, and they're annoyed that Open AI, and here is the palace entry,

they're upset that Open AI is building hardware to compete with Apple, and that they've recruited

“their design guru Johnny Ith. Mark Benioff, you know the players. What is going on here?”

Yeah, and it's gonna happen. I love him, but let's just upscale this conversation just one second.

Listen, what has happened? What happened is we have these LLMs, they've started to come all out, come out. Every company's kind of chosen a slightly different path. You had Elon, he went out, he had grock, and he kind of started building these companions and sex box, and all this kind of stuff going on. That was the huge focus of his, the sex bot focus. Then you kind of had Open AI, and they're doing the sort of video thing, and they're also doing ad networks, and crazy stuff

like that. Then you had Gemini, and they have the Nano Banana, and then finally, you've got on Thropeth, and they go, we don't know about those sex box, and we don't know about Nano Banana, but we're gonna do coding agents, and it turned out in Thropeth was right, and all of a sudden, the rocket ship took off, and now everybody's like, "Whoa, where did it in Thropeth? Oh, whoa, they're way up there," and then they're all like, "We're all they're going to do,

coding agents, too, and now they're all resetting, and getting hitting their buttons and going, "Coding agents, everybody, focus, focus, kill Sarah, kill this, get rid of that, sex box off." You know, cursor on, and that's where we are right now, and so everybody, look, this is what's cool about right now, is that everybody is such a dynamic moment in our industry. It's like so exciting, that people have to pivot, and you have to be ready to focus and refocus, and constantly ask

and if you looked at where everybody was a year ago, and where they are now,

they're in a totally different place, because we all know that when the Thropeth 4/6 hit, boom, everyone could code in their companies, and before that they really couldn't, it was a little bit of a productivity improvement, but not as much as we wanted. Now, everybody sees this and goes, "Wow, this is unbelievable. We're even working on technology inside Slack to make it easier for

“everybody to code." So I think it's going to be real crazy news, breaking news there.”

You're going to see some cool stuff with Slack and code. I'm not ready to talk about yet, but there's no question that we are in a new moment in coding. I mean, Chamos got a whole company around

it. A lot of people have companies around it. There's going to be before coding was all about humans,

and like, that's where I started. I was 15 years old, broling game high school, on hands-on keyboard, writing video games, you know, basics, 68, 16502, you know, no, no, now it's like everyone changing or is it the product manager, the developer, or the UX designer, the creator did it all blend into all blended together. Who wins? Who wins? It's all blended together. And by the way, to Mark's point, hands-on keyboard thing, you know, most of our engineers just speak.

So it's like, and so one of our guys just has a foot free operator thing, and then just like, it's all talking. It's all talking. Pedal plus was per flow and talking. There is no cans on keyboard anymore. All right. So let's get back to this story here. We're going to read off in a flow. It's also a dolphin's on keyboard. Yeah. Mahalo for you. Oh, hello. So free bird, two questions. One, now that Sam is shut down the sex spots. How are you filling that void? And then number two,

thank you. And number two, what's your take on the strained relationship here between open AI and the world? And specifically, the Apple world. I don't know what to tell you. There doesn't seem to be a lot of long-term partnerships with open AI. That's a very generous way to say it. What should Apple do? Should they just go back to the loving arms of Google, where they made

$100 billion being partners with them on the search default? You are on mobile. I don't know what to tell.

“I mean, look, at the end of the day, I think Google has a real opportunity to integrate a Gemini”

assistant into all of your personal information and Gemini and calendar. Your Google drive, your Google photos, where all of your personal information sits, it can become your point of calendaring, your point of asking at questions about your personal life. Hey, when did I email this person, et cetera? And in the enterprise context, I think that's also up for grabs with G Suite. And so Google has a real chance to kind of own that assistant interface. Maybe sales force does too

mark. Apple obviously has an embedded install piece. How many people are using Apple services for doing all of their mail, for calendaring, for storing their information? I think a good number do. Yeah. And so that may end up becoming kind of the way that the world silos out. It is like, you'll have an assistant, but the assistant for it to be truly useful to you individually, it has to have access to all of your information, whether it's in an enterprise context or a

personal context. Apple is probably going to need to either build their own or white label with a partner could be anthropic, could be someone else to get this to really work. But they're going

“to be up against a formidable competitor as my point. Because I think Google assistant is going to”

end up being kind of a real kick ass product. Won't say get this flywheel gone. Apple has the clearest path to becoming a top two or three player in AI, simply by buying something like perplexity or a or some AI lab. And then using their hardware footprint, which is extraordinary. I just got this MacBook with 48 gigs of RAM on with an M5. It is unbelievable. And the new ones with the studio coming out are going to have a terabyte of RAM. They are going to have a clear path

to maintaining your privacy, running local models. And that's going to solve people's problems. It's going to be very easy to index all your images without giving the data to opening AI, which nobody trusts or giving it to Gemini. And that's I think a big part of why they picked the current CEO is because he's an engineer and hardware based. I think the future of this is going to be local models running on extraordinary desktop hardware. And if you have employees on this

level of hardware running these models local, which I have started to do, they become 10 times more valuable than the employees not running it. I think Apple is my choice for the next year. I'm not a huge believer in these local models. And the only reason why is I think you want persistence. You have multiple devices. You have multiple persona. You're using a web browser in one instance.

persistence that follows you around in 2026, I think is a breaking feature. So I think you're not going to lug around a five pound MacBook Pro everywhere you go so that you can get knowledge.

Oh wait, you're asking, oh wait, I got a diagnosis from my doctor. Hold on a second.

I don't think that's so right. I think that was your bug or I feel you're both right. The game on the field, though, is you will be able to use eye cloud for this as well. So it's going to be, you know, but no, you're so effortlessly. Well, look, give me your opinion on this. I think the thing that you're assuming is that these form factors don't need to change. And I just wonder, like, don't we have an iPhone moment that we're just all going to be surprised by

where somebody shows up and they're like, this thing and you're like, oh my god, that's the thing. Do you know what I mean? Like, there's a, yeah, there's nothing, there's nothing ingredients here

“where somebody's going to cook something up. And then you have to think about Jason the sunk”

cost of, like, you know, look, Apple is incredible. But that's the product of 40 years, 30 years

of meticulous process optimization. What do you do if the form factors totally different? And the nature of the device is different. How do you pivot that organization? You're hitting on something very important. And it devtails with another sort in the docket, mirroredy, released thinking machines new real time. That was impressive. And this is super impressive. And super impressive. And super, at the same time, has parented putting cameras

into your AirPods. So you're right. And then I use this plug and I've talked about it before. These persistent hardware devices, the watch, the earpieces are going to know your entire reality. They're going to monitor entire desktop. And this is going to lead to a use of tokens that would be 1,000 times what business users are currently using because the way mirrored, and we should have around the pot or at one of our events, the way her model works Friedberg is it's watching your

desktop. It's listening to all the voices and then it's watching your webcam all at the same time. And every 200 milliseconds, it's uploading it to two different models. One is deep thinking and looking backwards, you know, at a maybe a 30 second clip and the other ones in real time. That will 1,000 X the need for tokens. If people are doing this for eight hours a day. Because it's not the turn based. Here's my latest prompt. Here's my question. I got our response.

It's in real time all we squaring in LLM, which is going to require a hardware upgrade to the average desktop mark, depending off what are your thoughts on this brave new world.

“It's one small step for man, one giant leap towards a GI. I think that you”

said it's really well. I mean, the we are in that we've been so kind of think the LLM is the be all end all we're going to go to a GI. I don't really understand how large language models which are only about language and words and we know how it works. It's one word, one word, one word, where we're there for the next word is this. It's going to get us to where we want to go to, which is minority report or agree. All of us science fiction movies that we've seen. But what we saw

in, and I think Jason you'd really articulated that super well, by the way, multi-sensory models. In multi-sensory models, well here's a good one. Oh yeah, me. I'm a multi-sensory model, it a biological computer. I'm a multi-sensory model. I've got these eyes, ears, mouth, you know, work sometimes, some brain, heart, whatever, and some other things going on too that I don't even understand. And it's all running in this biological computer. I'm not exactly a large language

model though. I do have one sometimes. So I would say that multi-sensory models are the next big wave for AI, and then, but we're still not an AGI at that point. But those demos, like the demo, of that model, that was pretty, everyone should see like that was super pretty awesome.

“And then I think we can kind of say, hmm, where are we now on the path? But I think every model company”

is kind of go, hold on, pivot, you know, again, pivot, like saying pivot, every least pivoting. And you're going to have to pick your poison and where are you going next? You know, and you

can't put everything. You can't put everything. You said you were spending $300 million on tokens

with anthropic. Now imagine what this would do to an average employee, if they need it a thousand times the tokens they have now. So instead of spending 150k tokens, you got to spend, you know, a hundred million. But you have some, I don't think that's true. I don't think that that, I think we're getting brainwashed on that. Okay. So I think that's a mistake to think that way. See, I think we are wasting a lot of these tokens. Oh, I have my coding. Here's my, I think I

can convince you this. So here's, so here we're using $300 million of anthropic this year, and we're coding, we're coding, right? The vast majority of those tokens don't need to go to

anthropic. But these ones can have a channel by a smaller model, you need to make sure that can route it to the most affordable. No, or like it a much earlier moment. You know, it's an early moment and to your curve. And I want to connect back to what you said before, which was brilliant Jason, which was the importance of the edge. Because the edge and the cloud are going to come together. Okay. And yes, you're going to have more distributed intelligence. It's going to work together.

That's going to make some ton of sense. What you said, what Chaman said was also completely right. You were both right. Then you combine it to this idea. Let's put it together where we're going. Yes, we're going to have more distributed intelligence. We're going to have intelligence on the edge. We're going to have multi-century models. And yes, you're going to do coding. And it's going to be

more efficient, though. So to think that it's going to be always so expensive, that is just the moment of

“time that we're at right now. And I think there's going to be a hot new company that's going to”

come along and say this. I'm going to sit between you and I'mthropic and open AI. And I'm going to make sure that they owe you only need their tokens when you actually need them. And that is not really where we are right now. Yeah. Does that make sense when I'm saying like totally? You're like a hundred percent. Cool. It's like, oh, I need a shower. And okay, great. All the water. No, no, no. I just need some water. I don't even know how to feel the water. Yeah. Okay. All right, listen, we have

two final topics here. We can talk about inthropic unrolling the dark SPVs. And the impact that has on the market or we can go to everybody's favorite science corner. Well, do both. Just do a quick around the around the neighborhood. Yeah. Okay. Lightening around on what we'll do SPVs last freeberg. What do you got in science corner? Everybody. Well, the, well, the freeberg fans just describe when we skip it. So let's get on the good one. Mark, do you like science corner? No, you do. I do. Come on.

Yeah. Only the good option. Marcus the greatest salesman in Silicon Valley. He loves it all.

“And he wants to hear more. Mar, how did you learn sales? How do we become half as good as you?”

I'm not a good sales. I'm like a, I'm a geek. You want, but you are not a lot of Tony Robbins seminar. Let's go. Let's go over the goals together. Let's roll going to Tony, put out the goals. We're

walking across him. Nick, let's pull up the first chart. This science corner is about the dreaded

El Nino season that is coming up. And so this is a forecast for C surface temperature anomalies. And basically what this means is that the ocean at this point has heated up so much that there's now a forecast on ocean temperatures that are going to exceed anything we have seen in recent history. So we're kind of looking at temperatures that might be four degrees above normal. That doesn't sound like a lot. But let's just look at the image. That top image is the C surface

temperature anomaly. That means how different the C surface or the, the ocean temperatures are. Why does that matter? And this is compared to 1877 when we had the biggest El Nino year ever. And I'll explain what that means in a moment. But why does this all matter? The reason is the oceans are the battery of weather. What happens at one part of the year is that the ocean's absorb heat energy. And absorb absorb absorb absorb gets hotter and hotter and hotter. And then that

heat energy is released into the atmosphere. And then the atmosphere drives the weather events that happen all over the world. And it becomes somewhat predictable that you can estimate what the weather over the next year is going to be like based on how the temperatures are sitting in the ocean today. And at this point, there is so much excess energy stored up in the oceans.

I'll give you guys a statistic. It's about 11 million terawatt hours. The whole planet Earth

uses 25,000 terawatt hours in a year. So 11 million extra terawatt hours of energy is currently stored up. That's 500 years worth of human energy in the ocean. And over the next few months, that energy is going to be released into the atmosphere. And that will absolutely 99 percent confidence that will make the upcoming year the hottest year on record by far that humans have ever experienced or at least that we've experienced in recent history where we didn't have data going

going back a long time. It changes the trade winds, which changes how a lot of the weather evolves from a normal season. It changes the moisture in the atmosphere in certain parts of the world. And I'll just give you some highlights of what this means over the coming year. There will be major atmospheric river events where you just get water dumped on you in the southwest in California in the Gulf Coast. You'll have very low snowfall and very high heat waves

“in the northern part of the U.S. going up to Canada. You guys remember all those fires,”

a couple of years ago in Canada. Interior regions of the U.S. like in Phoenix. And so on, they're already seeing temperatures at 160 degrees in May. A super El Niño, like as forecasted for this year, could extend that duration of these heat tones, which could create temperatures

chattering heat waves. And this is where things start to get a little nasty because when that

“happens, the crops start to fail. And in many parts of the world, Brazil, India, Australia,”

either critical local consumption for large populations, but also major ag export markets.

So if Brazil's crop fails, if Australia's weak crop fails, Australia's weak crop goes to places like Indonesia and the Philippines. Hundreds of millions of people depend on that that we crop. Hundreds of millions of people depend on the exports out of Brazil, Brazil's the world's largest ag exporter. And the scariest one of all is if the monsoons fail, which is now a very high probability event in India. 150 million farmers in India that depend on their agricultural

output, or they don't make any money, they can't survive. And one and a half billion people that depend on that food. So the importance of this El Niño event goes beyond just like an interesting weather anecdote. But if you think about the second and third for effective this over the next year, you could see energy prices spiking and electricity spiking in the grid failing in parts of the southwest, commodity prices spiking all over the world. And then you would see places like

India, the Philippines, Vietnam, starting to face some sort of unrest if there isn't enough food supply that's coming into those markets. And then the question in India is a really nasty one because there isn't a really good solution. India and markets like it that are significantly dependent on having their monsoon event, but also are currently facing a shortage of nitrogen-based fertilizer because of the crisis where they're on in the straight or four moves, which we've talked about

as a double whammy. So over the next year in South Asia, you could see a calorie deficit and a major kind of economic crisis that starts to emerge. So this El Niño event, I just wanted to kind of bring it up as an interesting science corner because the data now seems pretty confirmed that over the next few months we're going to have this record breaking El Niño and these are the sorts of consequences that we'll play out over the next year. This is f*** scary. God damt. What do you do about the food

problem? That's a big problem. That's a big problem. And this is the commodity market.

“Sorry, these are all for this right now. Did this happen the last time we had an El Niño?”

Yes, so when we have El Niño, there's a severity of the sorts of events happening. No, I mean, did we have a food shortage problem in the last El Niño? Oh, yeah. When we have El Niño, there's food shortages that come out of Australia, Brazil, you see these events that's a regular part of the thing. The problem this year is the index is so off the charts. It is so far beyond anything we've seen and it's correlated obviously with

the severity that it triggers a crisis that maybe, you know, really difficult to manage in a lot of places. So the U.S. is a net ag exporter. So from a U.S. perspective, our big issues to worry about are the fire season. By the way, this does decrease Atlantic hurricanes. You're going to have fewer hurricanes this year in the south. But, you know, you have these kind of major storm events that happen in California, the heat waves, electricity prices, we're probably more stable than other

parts of the world. But think about the Brazil, the Ag export market is such a significant part of the economy. And Brazil has a debt problem that this could end up becoming an economic problem in some parts of the world, including Brazil. So the commodity markets are trading the El Nino event pretty actively right now. It's become kind of a focal area for a lot of folks in commodity markets. Can your super seeds help or no? That's a longer term solution. But

I mean, look, we're like at the end of the day having, it's actually a good point. But having

genetics, a crop genetics that can adapt to a more rapidly change in climate is going to be critical

over the next couple of decades. That's a big kind of massive, for another part of this freedberg that as certain places heat up, they actually become viable places to put crops. I eat Canada where the northern part of the United States. So we're seeing the actual places you can grow certain crops that independent of genetic modification is expanding. In other words, farmland is expanding because of global warming. Right. So we increasingly grow soybeans in Canada.

That was not the case two decades ago. Through both plant breeding where we've made the genetics adapt, but also the warmer temperature, the shorter winters and whatnot, they've been able to grow that crop further north. But if you guys go back a couple of years, there were major heat waves

“and droughts in Australia. Huge fires. Yeah. Huge fires. But remember that week goes to Indonesia.”

It goes to Vietnam. It goes to these countries with hundreds of million to people dependent on it.

And then they got to go scramble and find it elsewhere. Now, on a global basis, there's always

a bit of a given a take. But in a year like this, when you have this much energy pumped into the atmosphere, you may not have to give in the take. And that's where things start to buckle. All right. So yeah, it's just like an early warning sign. I know I've given food warnings. Food crisis warnings twice before. And it gave a really good one for Ukraine for years ago. And it turned out that that morning resulted in a negotiation to allow wheat to flow out of Ukraine,

that Russia, Ukraine and other folks made a specific carve out in their war to make sure

which was critical for sure. But thank you for your role in raising awareness for that. So I'll give

you credit for your free break. Mark, thanks for coming on the program. Sorry that at the end of the program, we all want to commit superkou here. But, you know, we have Dr. Doom and he, he has left to end the show. There he is. Well, I mean, what are we going to send the feed? Do you want to wrap with an upbeat and throw up a bandage or something? Doomsday starring David Friedberg coming to the Marvel franchise in December. Yes, he thought Robert Downey Jr was playing him. It's actually

Friedberg. Here's your meme. It's not Mark Benioff's first time here in the Saspocalypse. There it is. First time. He's like, I've been turned this before, boys. I'm buying my stock back. Somebody cut that rope. I'll just lightning around this one. Anthropic has had enough of the shenanigans of the

“multi-tiered, multi-layered SPVs being sold to dentists for 10% load-in fees. I think we all knew this day”

was coming since it's becoming the wild west. They called out specific platforms. And they said we're going to negate them trim off. Tempest in a tea pot or long overdue love punishment for bad actors. Love Mark said it right. All these companies should go public and get evaluation and focus on the higher order bit. And all of these ticky tacky mechanisms that people can use to stay private longer need to get a bullet putt in the set. And these SPVs are the worst. The layered SPVs on SPVs,

on SPVs, on SPVs. By the way, and I will guarantee you this. Once SpaceX goes public, once Anthropic goes public, once OpenAI goes public, you're going to see a litany of these lawsuits back and forth between the perverts of these SPVs. They should not be allowed. They should be all negated if possible. You can't, now you can't unbreak the egg. So I guess you just have to call it what it is. I hope every company adopts this and I hope as a result, these companies

“go public sooner and they rationalize their equity structure faster. I think it's the right thing to”

do. So I like the fact that Anthropic is. Just say. The scratch. Yeah. Well, it's not the scratch. Yeah, I just think that you want to have a lot. Well, you're going to have a lot of people that are going to be very upset once the SpaceX thing comes up because inevitably, because it happened in Uber, somebody gets screwed in a layered SPV somewhere that they didn't know. And they're going to be like, what happened? Read the fine print. You're getting double carry and you paid 10% on the

load in fee and you paid a price 10% over what the last round was. So it's a recipe for disaster, the fine, recipe for disaster, recipe for disaster. Hey, Mark, great job. Thanks so much for coming with all of us. Yeah, come back out. That was great. Time. You were great. Hey, you're Pete. There's a we have a fan question here. This is a fan question that came in by your PR department. They want to know when you do your charity work or your innovation as a founder, are you worse, you know,

at this stage in your career, you're known for both of these things, are you more Steve Jobs and were a Lorraine Powell right now? What is your PR department? It was very, very deeply answered. They faded. Yeah, the best decision I ever made the best when I started Salesforce, we put 1% of our equity, 1% of our profit and 1% of all of our employees time into a foundation. Today,

we've done more than 10 million hours of volunteerism. We've given away more than a billion

dollars and grants and we run over 50,000 nonprofits for free on our platform. That's just Salesforce. Every, every company should do this. It's amazing pledge 1% dot org. That's my advertisement for the show. Everybody should jump on the 1-1 platform. Best decision I ever made 27 years ago. Irrespective of obviously done a huge amount of personal philanthropy to five hospitals,

“just one really. You did one that was really, I think, personal Susan Wajecchi,”

tragically died of cancer and meteorological. You're going to get me crying. Let's not go there. Yes, well, I mean, I've got my best friend, Bestie, my bestie. She was the special person, huh? She's a star. The best. She was the best. Just, I mean, I'm not good at it. I'm not good at it. Tell the audience what we'll do this about Susan. Tell them, it's a good time to do a remembrance.

She, this was one of the great people on the planet, incredible woman, mother of five,

amazing children. And two amazing sisters, great family. Everybody knows Anne, her sister, her sister, Janet at UCSF. Sorry, my eyes are tearing up. I'll just tell you that, you know, she contracted a very rare form of cancer passed away two young a couple years ago now. And she was on our board. She was one of the great people of all time. I'm so grateful that her

I think everybody should. Look, everyone should try to be a Susan. She was one of the absolute

greats. And I have an altar in my office when you come to see me. I'll see what the photos of her.

“It me and I think I burn her every single day. And my heart just stays with her, her husband,”

Dennis, all the children, the sisters, the whole, we shake you family, amazing. And that one of the

great institutions and Silicon Valley, we're lucky to have the whole family. Yeah, she was fantastic.

“All right, well, sadress in peace. Susan, we'll check. Thank you. All right, we'll see you all next time on the”

- Love you guys and park us. - See you guys. - Thanks for your time. - Bye bye.