Chasing Trillion-Dollar Companies, Founder Ambition, Token Budgets, and Regulatory Capture with Sarah & Elad

70% of France is still nuclear in terms of its power generation. 70%. Where are all the accidents and where are all the kerfuffles and, you know, nothing. Nothing's happened. US is 18% and we haven't built a reactor in forty years. We had a safety lobby in the seventies basically kill abundant clean energy for us. There are real outcomes where safety has hurt us. And the question is, where do we want the spectrum to be on AI for this stuff? And there's many worlds, many scenarios, many outcomes. Hi, listeners. Welcome back to No Buyers. Today is just me and Alad talking about risk management, RSI, how many trillion dollar companies there can really be, and the ills of regulatory capture. For For any new founders out there, it's also time to apply to embed Conviction's low overhead high signal grant program for 10 exceptional startups building at the frontier. We hold this program twice a year, and it's $250,000 in cash on an uncapped note, as well as compute and services from our partners, OpenAI, Anthropic, Base ten, and others. Most importantly, it's about the company you keep. Our first handful of cohorts have included companies like Cognition, Chai Discovery, Listen Labs, Physical Intelligence, and Flappy Airplanes, people advancing the frontier and diffusing AI into every corner of the economy. Find the app online at embed.conviction.com. Okay. Let's get started. Sarah G, how are you you doing? A lot. It's good to see you. It's been a while since we just get to hang out with each other. I know. It's been too long. What happened? Where you been? You know, working at companies in DC, trying to take a day off. You? There's just so much going on right now in AI. There's so much going on. It's nonstop. It's very exciting times. You're tracing chasing the next trillion dollar company? Yeah. It's a it's a really interesting point because, basically, what we had is over the last five years or so, we had three companies roughly go from close to zero to a trillion dollars in market cap. Right? Anthropic basically didn't exist five years ago. OpenAI, was still quite early. I think GPT three just come out, and SpaceX was trading at 80, a 100, something like that. And so suddenly we had this massive inflection in terms of valuations of these companies. And I think a lot of people now are assuming that there's a bunch of other trillion dollar companies that will be formed in three to five years. And, you know, that's unprecedented in human history. Usually, it takes twenty years. Right? SpaceX actually took since the early two thousands and Google took since the nineties and, you know, these are usually fifteen, twenty year arcs. And then we had this weird five year inflection. And so I feel like a lot of people now are looking at different areas that are very exciting, very promising areas, robotics, materials, and …