Dave: "Masa Son, welcome to the show. What's going on?" Masa: "Dave, I sold my entire NVIDIA position." Dave: "How much?" Masa: "All 32.1 million shares. $5.8 billion." Dave: "And why did you do that?" Masa: "To go all-in on AI." Dave: "You sold your NVIDIA stock... to invest in AI." Masa: "Yes." Dave: "NVIDIA makes the chips that run AI." Masa: "Correct." Dave: "So you sold the shovels to buy lottery tickets." Masa: "I prefer to call them 'high-conviction bets.'" Dave: "Got it. And this is your second time selling NVIDIA completely." Masa: "That's right." Dave: "In 2019, you sold $4 billion worth." Masa: "Yes." Dave: "Which would be worth $150 billion today." Masa: "I'm aware." Dave: "So you already missed out on $146 billion from the first sale." Masa: "When you say it like that—" Dave: "And now you're doing it again. To put $30 billion into OpenAI." Masa: "And a $1 trillion AI manufacturing hub in Arizona." Dave: "Right. Because WeWork worked out so well." Masa: "That was a stain on my life, Dave." Dave: "Cost you $11.5 billion in equity losses. Plus another $2.2 billion in debt." Masa: "Adam and I fell in love." Dave: "You fell in love with a guy who wanted to trademark the word 'We.'" Masa: "He had vision." Dave: "And before that, you lost $70 billion in the dot-com crash. The largest personal loss in history." Masa: "But then I made it back with Alibaba." Dave: "After a six-minute meeting." Masa: "Jack Ma is very persuasive." Dave: "So your entire investment strategy is falling in love during short meetings and then losing generational wealth." Masa: "I believe in the singularity." Dave: "Right. So just to recap: you've lost $70 billion, missed out on another $146 billion, burned $13.7 billion on WeWork, and now you're selling NVIDIA at what might be the worst possible time to bet it all on Sam Altman." Masa: "Sometimes you have to push all your chips to the center of the table." Dave: "You've done that four times and lost three of them." Masa: "But that one Alibaba win though." Dave: "Okay. Thanks for calling in."

The moment you've ACTUALLY been waiting for... Introducing Deep Research! Rolling out now, Deep Research browses hundreds of sites to craft an organized report AND gives you an annotated list of sources for deeper exploration, all of which you can add directly to your notebook.