't you call that a really good job? Because remember at least the 400,000 are not all but a lot of them are the worst. I don't know what percentage I don't think it's a very high percentage actually but if they got a lot of the bad people first I don't know that feels very successful. I would give a high mark for that number of people in six months.

David Sacks as you know he's in the administration he's got portfolio of crypto and I think AI and he says that there's big news from China and that Huawei their big tech company over there has introduced a new AI chip that's going to compete with Nvidia here. We thought we were all awesome in the United States because we had better chips. So we could get better AI and rule the world. But Huawei is competing. Now their chips are not as good as Nvidia. And people are saying things like well it's going to be a long time before they can catch up. We don't know that. We don't know how long it'll take them to catch up. They've already figured out how to architect their lesser chips so that they act like better chips. They just use more of them and they can approximate Nvidia. They can't get there but they can get close. So China is not really desperate for our chips and they're doing essentially what we're doing by trying to do better at mining rare earth so that we don't have to depend on them. Well they're doing the same thing but what they're doing is building a chip building industry.

Now the problem is that Huawei will start selling its AI chips to other countries. And if China is the one providing the AI tech and not the United States then those countries are going to be a little bit under the thumb of China because they will depend on China for their technology and they have to have AI because everybody will have to have it. So David Sacks is warning us that maybe we should look at loosening up our sales to the non-China companies so that they don't buy from China which seems common sensical. I would say that on the surface that makes sense. But I would also say that in general I feel like it's more likely that China will match Nvidia in a few short years than the chances that they won't. There's just too much riding on it and they'll do everything from bribery to blackmail to outright IP theft. And I don't know is it impossible for them to just get one of the Nvidia chips and look at the architecture and copy it? Is that not possible? Or is it the software? Well even that they can copy. So I'm going to bet that China will surprise us in how quickly they reach parity if not more to Nvidia.

Well Ukraine has attacked yet another refinery in Russia. This a Gazprom refinery in Bashkortostan, Russia. So it's 1300 kilometers from the front line. So they're going pretty deep into Russia. And they use scores of drones and they had a direct hit on the facility. Now I don't know how much of it was destroyed or whether it stopped operation but I was wondering remember I've told you that I was guessing that if Ukraine could take out 20% that was my own estimate of the refining capacity or the energy resources in Russia that Russia's economy would be in such trouble that they might want to do a peace deal. Well according to whatever it was I was reading that I didn't write down the source they may have already, expert projections indicate that sustained disruptions to 40 or 50% of the capacity could tip the balance. So I said 20% would put them in trouble. The experts say 40 to 50%. Guess what they're at? So how much of that they disrupted so far? If I wrote it down I think it was like 17 to 24% something like that. Yeah 17 to 24%. So it's possible that Ukraine is halfway and there's nothing that would stop them from getting to 40 or 50 but they're already halfway to the number that would collapse the Russian economy. Now it's I would say it's obvious that that's the strategy because they don't really have any chance of winning a direct military battle but they could definitely take out 40 to 50% of their refinery capacity and then things get pretty sketchy assuming any of those numbers are real. Now obviously Russia would up their response so you can't predict that that would give Ukraine any victory or anything but it might make Russia sufficiently incentivized to at least talk peace. We'll see.

California legislature, I can't even believe this, passed a bill to create subsidies for news entities for media, the media entities. And it's because Governor Newsom thinks that the media entities in California need a little