There is only one podcast you need to listen to every week to know everything you need to know in tech: AGENDA: - Largest IPO Ever: SpaceX - OpenAI Files to Go Public - Uber Cuts 23% of HR - Lovable Hits $500M ARR - Apple rebuilds Siri on Google Gemini at WWDC My notes below on this week's show with @jasonlk & @rodriscoll: 1. Why Did Elon Make Such a Strong AI Strategic Play? Over the last 24 months, Elon Musk built the Colossus clusters from ground zero. Backed by big-picture conviction and the planet’s cheapest cost of capital, he deployed $20 billion to $30 billion upfront ahead of revenue. This bold move established an efficient compute layer, allowing him to lease capacity back to competitors like Google and Anthropic. 2. Why Is Revolut Worth Over $100 Billion While Chime Is Worth $5 Billion? Revolut commanded a massive $115 billion valuation because legacy European banks were slow, inefficient, and left easy profit margins unprotected. Chime is worth far less because US banks are generally more efficient. A challenger’s valuation is ultimately dictated by the weakness or efficiency of the incumbents it seeks to disrupt. 3. Why Bending Spoons Is an Amazing Business Bending Spoons scales by acquiring companies, cutting extraneous expenditures, and reducing marketing spend to focus strictly on high-ROI initiatives. It then raises prices aggressively over time. By capitalizing on customer inertia, especially legacy users who rarely churn, it maintains decent net retention and generates significant cash flow. 4. Consumers Don’t Want AI Productivity Tools. They Want to Relax and Be Entertained. There is no major consumer market for AI productivity tools or complex research in non-working life. Consumers do not want to do extra work when they are off the clock. Instead, they want delightful, engaging experiences because their core desires during downtime are simple: relax and stay entertained. 5. Founders Complaining About VCs Often Haven’t Sold Before Founders who complain about poor treatment from VCs often reveal that they have never run a real sales pipeline. Selling stock is not fundamentally different from selling any other product. In standard sales, expected deals routinely collapse and prospects ghost you after repeated follow-ups. Fundraising requires getting over it and moving forward. 6. Why Intelligent, Efficient Businesses Are the Best Places for Employees and Investors Businesses that leverage high intelligence, with AI tokens as a proxy, allow small teams to achieve massive operational output. Because compact teams can accomplish and earn so much through technical leverage, these hyper-efficient organizations can become the best environments for both employees and investors.

The AI infrastructure race is ON. CapEx spend has never been greater. At the centre of it: Nebius. $66BN market cap. Going head-to-head with the largest hyperscalers on the planet. Leopold Aschenbrenner just made them one of his largest positions. I sat down with @nebiusai Co-Founder, @romanchernin and I’ve condensed my notes below: 1. How Reducing the Cost of Intelligence Increases Consumption Reducing the unit cost of intelligence triggers Jevons Paradox: total compute consumption rises as previously uneconomic tasks become viable. At scale, builders move toward tunable open-source architectures and specialized post-training, while frontier labs expand into larger, harder reasoning markets. 2. If Nebius Doubled Pricing, How Would That Impact Demand? Nebius’s pricing power is capped by customer economics. If inference costs rise too high, customer margins break and demand stalls. The real edge is not nominal GPU pricing, but Total Cost of Ownership: caching, runtime optimization, and distillation can shift token economics by an order of magnitude. 3. If Nebius Had 10x the Capacity, Could They Sell It? The real question is not whether raw demand exists, but whether Nebius can diversify it. Bare metal concentrates revenue around a few global giants. Moving up the stack into managed infrastructure and specialized inference expands the market to thousands of application developers. 4. What Is the Single Biggest Threat to Nebius? The biggest threat is extreme consolidation into three to five closed tech empires. If a few conglomerates control the frontier model landscape, independent clouds risk becoming low-margin physical-layer vendors. Survival depends on a broad, democratized ecosystem of independent builders. 5. Who Actually Holds Power Against Nvidia? Power against Nvidia comes from engineering credibility, not political posturing. Nvidia is deeply engineering-driven, so influence comes from proving technical capability across the stack. Differentiation requires a world-class team that reliably executes and earns operational respect. 6. Surviving the Hyper-CapEx War Competing with hyperscaler CapEx requires respecting operational timelines. Capital cannot compress a six-month infrastructure bottleneck, but over 18 to 24 months it matters. It lets providers parallelize execution, secure power, lock data centers, and prepare capacity ahead of GPU deployment. 7. The Shark Rule: Move or Die Cloud infrastructure is a post-sales business: every funding round or contract is only a credit and an opportunity to deliver. Survival requires relentless forward motion, disciplined execution, and focus on daily operations rather than emotional market spikes or consolidation noise. (links below)