Language models are valuable but have a capped upside. The real winners in AI will be those involved in the silicon layer, such as companies rearchitecting compute for these models. Custom silicon providers like AMD and Nvidia will continue to be rewarded. Singular sources of data, like Facebook and Quora, are also valuable. Startups that gather enough data have the potential to become valuable as well. The majority of companies in AI are in the middle and will become highly commoditized. It's important to remember that all models are open source and rely on the data they are trained on.
(0:00) Bestie intros!
(6:47) The VC FOMO frenzy in AI
(25:22) Current LP mindset, VCs leaving boards, startup cram downs and mark downs
(37:23) Macro update: inflation not done, weaker earnings, interest rates
(52:01) Marc Benioff channels his inner Elon Musk, the stock-based compensation boom
(1:11:59) Fox News facing defamation lawsuit over false election fraud claims, TikTok ban heats up, competition with China
(1:34:33) Ukraine update: China's peace proposal, US strategy
(1:46:34) Harvard legacy admissions, Draymond Green on Black History Month
(1:50:01) Stripe chart errata, bestie wrap!
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Intro Music Credit:
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Intro Video Credit:
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Referenced in the show:
https://www.wsj.com/articles/why-i-stood-up-to-disney-florida-woke-corporatism-seaworld-universal-esg-parents-choice-education-defa2506
https://www.thedailybeast.com/bill-maher-shares-definition-of-woke-during-jake-tapper-cnn-interview
https://www.economist.com/business/2023/02/28/investors-are-going-nuts-for-chatgpt-ish-artificial-intelligence
https://podcasts.apple.com/ca/podcast/doug-leone-lessons-from-a-titan/id1154105909?i=1000602027979
https://openai.com/blog/introducing-chatgpt-and-whisper-apis
https://twitter.com/heykahn/status/1628453782177865728
https://www.ft.com/content/21420ce2-92a1-43a0-a153-04ac7c872466
https://www.wsj.com/articles/instacart-sees-revenue-profit-boost-ahead-of-public-listing-1d7891d
https://cdn.statcdn.com/Infographic/images/normal/21023.jpeg
https://www.barrons.com/articles/home-prices-dropping-redfin-fac43ede
https://www.google.com/finance/quote/CRM:NYSE
https://s23.q4cdn.com/574569502/files/doc_financials/2023/q4/CRM-Q4-FY23-Earnings-Press-Release-w-financials.pdf
https://seekingalpha.com/article/4583622-salesforce-inc-crm-q4-2023-earnings-call-transcript
https://twitter.com/altcap/status/1631361678582611970
https://www.investopedia.com/articles/06/fas123r.asp
https://www.wsj.com/articles/in-deposition-rupert-murdoch-says-fox-news-hosts-endorsed-false-2020-election-claims-c9348fc0
https://www.reuters.com/technology/tiktok-develop-parental-control-tool-block-certain-videos-2023-03-01
https://www.reuters.com/technology/white-house-gives-agencies-30-days-impose-federal-device-tiktok-ban-2023-02-27
https://www.wsj.com/articles/house-committee-lays-out-case-for-china-threat-ad62c611
https://www.euronews.com/2023/02/27/chinas-peace-plan-russia-says-no-conditions-for-peaceful-solution-or-ukraine-for-now
https://www.wsj.com/articles/ukraine-war-depleting-u-s-ammunition-stockpiles-sparking-pentagon-concern-11661792188
https://twitter.com/wikileaks/status/1496886759665586177
https://twitter.com/deloreshandy/status/1629516350602264582
https://www.nber.org/system/files/working_papers/w26316/w26316.pdf
https://www.tmz.com/2023/03/01/draymond-green-calls-end-black-history-month-celebrate-all-year
https://www.bloomberg.com/news/newsletters/2023-03-02/how-former-fugee-pras-michel-got-involved-in-1mdb-scandal-big-take
https://www.newyorker.com/magazine/2023/03/06/how-the-biggest-fraud-in-german-history-unravelled
