Brad Gerstner sits down with Satya Nadella (Microsoft) and Sam Altman (OpenAI) to unpack the $3 trillion AI buildout transforming technology, business, and the global economy. They dive deep into the OpenAI?Microsoft partnership, how it unlocked massive scale in the cloud, and what it reveals about the future of intelligence and capital.Nadella breaks down how Microsoft is expanding Azure and Copilot to meet explosive demand. Altman shares his view on progress, power, and the human drive to push boundaries. A candid, energizing conversation about building the future at scale. Enjoy another episode of BG2!

(00:00) Intro
(02:28) Microsoft?s Investment in OpenAI
(03:19) The Nonprofit Structure and Its Impact
(05:46) Health, AI Security, and Resilience
(07:50) Models, Exclusivity, and Distribution
(08:58) Revenue Sharing and AGI Milestones
(11:38) OpenAI?s Growth and Compute Commitments
(15:21) Compute Constraints and Scaling
(21:27) The Future of AI Devices and Consumer Use
(24:31) Regulation and the Patchwork Problem
(28:01) Looking Ahead to 2026 and Beyond
(37:10) Microsoft?s Strategic Value from OpenAI
(57:15) The Economics of AI and SaaS
(1:04:28) Productivity, Jobs, and the Age of AI
(1:10:43) Reindustrialization of America

Produced by Dan ShevchukMusic by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:Brad Gerstner @altcap https://x.com/altcap

BG2 Pod @bg2pod https://x.com/BG2Pod

Pre-Order Runnin' Down a Dream now: https://a.co/d/0oIPPve

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they unpack the $3T AI buildout, circular revenue red flags, and whether the boom is becoming a bubble. They dive into the rise of stablecoins and the new financial rails reshaping money, the fight over AI regulation in America, and Bill?s next chapter?his new book Runnin' Down a Dream and what it means to build a career you actually love. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(02:00) Two Years of BG2

(03:45) Bill Stepping Back to Write His Book

(06:00) Runnin' Down a Dream

(07:00) The AI CapEx Bubble?

(09:30) Sham vs. Real Transactions in AI

(11:00) Microsoft?OpenAI Credits & Cloud Economics

(13:00) Nvidia?s Investments: Healthy or Hype?

(17:00) CoreWeave, Hidden Leverage & Demand Risks

(19:15) $3 Trillion CapEx: Are We Overbuilding AI?

(21:45) The MAG5 CapEx Surge: Too Much, Too Fast?

(24:30) Meta?s CapEx Comeback & AI ROI

(25:30) OpenAI?s Race for Escape Velocity

(28:30) AI Regulation: State Patchwork Madness

(30:30) Why Federal Preemption Is Critical

(33:15) The Colorado & California AI Acts

(35:00) Stablecoin Surge: $18T in Settlements

(36:45) Gurley?s Crypto Conversion

(38:30) From PIX to FedNow: The Future of Digital Money

(41:00) Coinbase, Circle, and the 4% Yield Revolution

(43:00) Why Visa & Banks Fear Stablecoins

(45:00) Gurley: ?I?m Jumping on the Crypto Train?

(46:00) Brad on Invest America (Trump Accounts)

(49:00) Implementation Timeline & Treasury Update

(50:30) Bill?s Book: Runnin' Down a Dream

(53:15) The Great Career Reset: Passion vs. Grind

(55:00) Bezos? Regret Minimization Framework

(57:00) Who the Book Is For

(59:00) Gurley?s Next Mission

Show Notes:

All-In Summit: Bill Gurley presents 2,851 Miles: https://www.youtube.com/watch?v=F9cO3-MLHOM

Plain English: This Is How the AI Bubble Could Burst: https://podcasts.apple.com/us/podcast/this-is-how-the-ai-bubble-could-burst/id1594471023?i=1000728026459

Bezos? Regret Minimization Framework: https://www.youtube.com/watch?v=jwG_qR6XmDQ

Produced by Dan Shevchuk

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, Brad and Clark Tang sit down with Jensen Huang, founder & CEO of NVIDIA, for a sweeping deep dive on the new era of AI. From the $100B partnership with OpenAI to the rise of AI factories, sovereign AI, and protecting the American Dream?this episode explores how accelerated computing is reshaping the global economy. NVIDIA, OpenAI, hyperscalers, and global infrastructure: the AI race is on. Don?t miss this must-listen BG2.

(00:00) Intro
(0:37) The Year in AI Recap
(3:24) OpenAI Stargate & Nvidia Investment
(8:41) Nvidia Accelerated Compute TAM
(18:55) $NVDA ROI ? Glut or Bubble?
(27:45) Roundtripping Claims
(31:10) Annual Release Cadence & Extreme Co-design
(40:45) Future of ASICs & Economics
(53:47) Nvidia's Competitive Moat
(56:55) Elon, X.ai & Colossus 2
(58:47) Sovereign AI & Global Buildout
(1:02:21) The AI Administration
(1:07:43) Chinese AI Chips & NVIDIA?s Role
(1:17:24) H-1B, Talent, & the American Dream
(1:29:33) Invest America & American Right to Rise
(1:37:40) The Future Ahead

Produced by Dan Shevchuk

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, guest host Altimeter?s Apoorv Agrawal explores how OpenAI is reshaping enterprise with Sherwin Wu, Head of Engineering OpenAI Platform, and Olivier Godement, Head of Product OpenAI Platform. From T-Mobile?s AI voice support to Amgen?s drug breakthroughs to Los Alamos? air-gapped supercomputer?this episode dives into the real world of AI at scale. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(01:50) OpenAI?s Enterprise Mission: Beyond ChatGPT

(06:00) Case Study: T-Mobile <> Voice & Support 

(11:30) Case Study: Amgen <> Accelerating Drug Development

(13:45) Case Study: Los Alamos National Lab 

(17:00) Why 95% of AI Deployments Fail?

(20:30) Physical vs Digital Autonomy: Scaffolding & Infrastructure

(26:00) GPT-5: Release, Benchmarks vs Behavior

(30:00) GPT-5 Feedback: Instruction Following, Hallucinations, Code Quality

(33:00) Multimodality: Text, Voice, and Video

(35:30) Audio: Realtime API vs Stitched Audio

(38:00) Model Customization & Reinforcement Fine-Tuning (RFT)

(43:00) Rapid Fire: Long/Short Picks 

(1:03:00) Highlights and Lowlights @ OpenAI

Show Notes:

T-Mobile Partnership: https://www.t-mobile.com/news/business/t-mobile-launches-intentcx-with-openai

Amgen Partnership: https://openai.com/index/gpt-5-amgen/

Los Alamos Partnership: https://www.lanl.gov/media/news/0130-open-ai

MIT AI Report: https://mlq.ai/media/quarterly_decks/v0.1_State_of_AI_in_Business_2025_Report.pdf

Produced by Dan Shevchuk

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Apoorv Agrawal @apoorv03 https://x.com/apoorv03

Sherwin Wu @sherwinwu https://x.com/sherwinwu
Olivier Godement @oliviergodement  https://x.com/oliviergodement

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they dive deep into China?s explosive innovation across AI and EVs, the rise of open-source models, lessons for U.S. competitiveness, the real story on tariffs and trade?and what America must do to win the global tech race. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(01:20) OpenAI, Anthropic, Private Market Overheating

(03:30) China's Role in the Global Tech Order

(04:50) Why Bill Went to China

(06:40) Dan Wang's Breakneck: Engineers vs Lawyers

(10:30) Xiaomi, BYD, and Auto Innovation

(14:00) Factory Productivity, Automation, and the Jobs Debate

(15:20) Open Source Model Culture in China

(19:30) Can the US Compete Without Reform?

(23:30) Tariffs, Trade Deals, and a Path to Cooperation

(28:00) Waymo, Baidu, and Cost Innovation

(33:00) Is China Winning Global Trade?

(36:30) Debunking the Subsidy Narrative

(38:30) What the CEOs Who Visit China Actually Say

(41:30) China's AI Ecosystem: DeepSeek, Qwen, Alibaba Cloud

(44:00) Open Source in China and the US: Strategic Choices

(48:00) VC Pullback from China & What's Still Happening on the Ground

(53:00) China's New K-Visa vs US Skilled Immigration Policies

(56:30) Gurley: Read Dan Wang?s Breakneck, Watch the Ground Game

(01:03:00) VC Pullback from China

Show Notes:

Open Source Development in China https://merics.org/sites/default/files/2021-05/MERICS%20Primer%20Open%20Source%202021_0.pdf

Lei Jun 2024 Annual Speech: https://www.youtube.com/live/l5f3wvLwLXY

Produced by Dan Shevchuk

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss open-source models in China and the US, the compute arms race, tariffs and the reordering of global trade, and more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(3:55) Open-Source Models in China

(17:54) Future of American Open-Source Models

(26:30) Compute Arms Race

(47:05) China, Tariffs, and Reordering of Global Trade

Show Notes:

Artificial Analysis - Intelligence vs. Price

Mary Meeker Bond Deck

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they welcome Michael Dell  to discuss the Invest America Act, lessons learned from the 90?s, government spending, budget deficit, the AI talent war, AI's Role in Economic Growth and Productivity, the explosion in AI compute and demand, the markets, and more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(4:13) Lessons from the 90?s at Dell

(8:37) Invest America Act Signed Into Law

(27:12) Government Spending and Budget Deficit

(36:05) The AI Talent War 

(46:25) AI's Role in Economic Growth and Productivity

(53:42) AI Compute?Explosion in Demand

(1:03:53) Market Check

Show Notes:

Invest America

Next Gen Personal Finance

Play Nice But Win: A CEO's Journey from Founder to Leader

Milken Institute: The Economic Impact of Invest America Accounts

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Michael Dell @MichaelDell

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, recording from the Coatue East Meets West stage, they welcome OpenAI CPO Kevin Weil to discuss all things OpenAI. Enjoy another episode of BG2!

Show Notes:

Coatue EMW 2025 Slides

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley

Kevin Weil @kevinweil
BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they welcome Coatue?s Thomas and Philippe Laffont to discuss the AI Super cycle, Stablecoin and crypto, consumer AI, NVIDIA GPU?s, Macroeconomics, publc markets, VC markets, M&A?s, insights for founders and CEO?s, and more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(02:36) The AI Super Cycle

(07:47) Stablecoin & Cryptocurrency

(16:19) Consumer AI & Impact on $GOOG

(22:54) GPU Allocation v Cloud Revenue Market Share

(28:56) AI Impact on Macro + Debt

(35:20) Private Markets, IPO?s, M&A?s

(45:59) Golden Age of Margin Expansion

(51:48) Jevon?s Paradox

(53:19) Insights for Founders and CEOs

Show Notes:

Coatue EMW 2025 Slides

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss the pace of AI and data walls, China?s startups, immigration and talent acquisition, rare earths, chips, China trade deal, corporate governance, Delaware incorporation rights, & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(04:24) Pace of AI + Data Walls

(11:43) China's 1000 Startup Strategy

(26:18) Talent Acquisition and Immigration Policies

(36:24) Rare Earths, Chips / China Trade Deal

(53:46) Corporate Governance and Delaware Dilemna

Show Notes:

Reddit v. Anthropic

China?s ?Thousand Startups Bloom?

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss the overturning of the AI Diffusion Rule, Brad?s trip to the Middle East, Middle East Deals, China Tariffs, Reconciliation Bill, Invest America, Delaware Incorporation Rights, Momentum in Crypto, Open Source AI in China, & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(02:02) AI Diffusion Rule and Middle East Deals

(20:31) China Tariff Deal

(31:10) Reconciliation Bill

(44:06) Invest America inclusion in the bill

(49:09) Delaware Incorporation Rights

(59:51) Major Momentum in Crypto

(01:06:28) Open Source AI in China

Show Notes:

WSJ - The Tech Industry Is Huge?and Europe?s Share of It Is Very Small

Welcome to the China Hawk Industrial Complex

China's Baidu to make latest Ernie AI model open-source as competition heats up

Lodestar Multipliers in Delaware and Federal Attorney Fee Awards

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they revisit arguments about free trade, and discuss updates on tariff negotiations, export controls, the new AI cold war, NVIDIA H20 chip ban, rare earth ban, DeepSeek, Tesla, & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(02:15) Complex Systems

(06:00) Tariff Negotiations & Free Trade

(23:19) Export Controls: AI War, H20 & Rare Earth Ban

(42:29) New AI Cold War & Zero Sum Game

(52:37) $TSLA & Market Check

Show Notes:

Financial Times - US rare earth champion faces trade war test after tariffs halt China sales

CNBC - U.S. chip controls will benefit China?s Nvidia rivals like Huawei: Analysts

Project Syndicate - Trump?s $16 Trillion Trade Blind Spot

NYTimes - I Just Saw the Future. It Was Not in America (Thomas L. Friedman)

Ezra Klein Podcast feat. Thomas Friedman

John Mearsheimer and Jeffrey Sachs | All-In Summit 2024

Reuters - China hits back at US tariffs with export controls on key rare earths

NYTimes - Nvidia Says U.S. Will Restrict Sales of More of Its A.I. Chips to China

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss market uncertainty, globalism and tariffs, M&A, Wiz and GOOG, NVDA GTC, consumer AI demand, AI unit economics, & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(02:20) Liberation Day & Tariffs

(19:18) US Open Source vs China Open Source

(34:34) OpenAI Fundraise

(52:25) Coreweave IPO & AI Demand

(01:04:03) Rumors on TikTok deal

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley
BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss market uncertainty, globalism and tariffs, M&A, Wiz and GOOG, NVDA GTC, consumer AI demand, AI unit economics, & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(02:21) Market Uncertainty

(07:28) Globalism and Tariff Policies

(25:07) $GOOG Acquisition of Wiz + M&A Environment 

(40:33) $NVDA Market Position

(55:37) Government Regulations & Impact on AI

(1:04:45) Consumer AI Demand

(1:10:33) AI Unit Economics

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Grok 3, AI memory, voice, and evaluations, China, DOGE, the public market pullback, & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(01:40) Grok 3

(05:55) Grok?s Leverage of X Platform

(07:25) AI Consumer Market & SEO

(23:04) AI Memory

(26:15) AI Voice

(29:05) Future AI Assets

(33:29) AI Acceleration in China

(36:09) Regulatory Challenges

(37:46) AI CapEx and Investing Dynamics

(48:38) Government Spending + DOGE

(1:00:51) Golden State Warriors

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss DeepSeek, globalism vs national interests, Trump tariffs, open source, DOGE, & more. . Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(03:20) DeepSeek & Open Source

(37:03) Trump Tariffs

(50:31) DOGE

(01:04:19) Tech and Political Uncertainty

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

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Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by a surprise guest, and discuss Stargate, executive orders, TikTok, DOGE, Public Valuations & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(01:21) Stargate

(15:07) Dylan Patel and Semianalysis take on Stargate

(17:56) Stargate?s Impact on AI Competitive Landscape

(29:03) DeepSeek

(32:03) Special Guest Rene Haas (CEO of ARM Holdings)

(49:46) DeepSeek continued

(51:53) Trumps Executive Orders & Regulatory Freeze

(54:10) Coordination in AI Legistlation

(59:38) US National Debt and Balancing the Budget

(1:01:08) TikTok

(1:05:48) Tech Check

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

Rene Haas @renehaas237

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Brad?s public market predictions, AI enthusiasm and fears, interest rates, inflation, DOGE, federal budget analysis, big tech capex, scaling inference, Satya Nadella, Jensen Huang, Elon Musk, AI reasoning models, chain of thought,  & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(02:58) Frontline Ideas for 2025

(07:02) The Bogeyman (Interest Rates and Inflation)

(09:21) Mega Cap Valuations & Expectations

(14:02) Big Tech CapEx

(16:51) Scaling Inference

(20:11) Future of AI

(39:50) Role of Power in AI Development

(42:58) Interest Rates & Economic Growth

(45:11) Federal Spending & DOGE

(54:15) Regulatory Landscape for AI

(01:01:27) Co-opetition in AI

(01:17:06) Reasoning Models & Chain of Thought

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Dylan Patel, Founder & Chief Analyst at SemiAnalysis, to discuss origins of SemiAnalysis, Google's AI workload, NVIDIA's competitive edge, the shift to GPUs in data centers, the challenges of scaling AI pre-training, synthetic data generation, hyperscaler capital expenditures, the paradox of building bigger clusters despite claims that pretraining is obsolete, inference-time compute, NVIDIA's comparison to Cisco, evolving memory technology, chip competition, future predictions, & more. Enjoy another episode of BG2!

Timestamps:

(00:00) Intro

(01:50) Dylan Patel Backstory

(02:36) SemiAnalysis Backstory

(04:18) Google's AI Workload

(06:58) NVIDIA's Edge

(10:59) NVIDIA's Incremental Differentiation

(13:12) Potential Vulnerabilities for NVIDIA

(17:18) The Shift to GPUs: What It Means for Data Centers

(22:29) AI Pre-training Scaling Challenges

(29:43) If Pretraining Is Dead, Why Bigger Clusters?

(34:00) Synthetic Data Generation

(36:26) Hyperscaler CapEx

(38:12) Pre-training and Inference-tIme Reasoning

(41:00) Cisco Comparison to NVIDIA

(44:11) Inference-time Compute

(53:18) The Future of AI Models and Market Dynamics

(01:00:58) Evolving Memory Technology

(01:06:46) Chip Competition

(01:07:18) AMD

(01:10:35) Google?s TPU

(01:14:51) Amason?s Tranium

(01:17:33) Predictions for 2025 and 2026

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

Dylan Patel @dylan522p

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Satya Nadella, CEO of Microsoft, to discuss becoming Microsoft?s CEO, Advice for CEO?s, Microsoft?s Investment in OpenAI, Legacy Search, Ten Blue Links, Consumer and Enterprise AI, The Future of AI Agents, Infinite Memory, CoPilot, Microsoft?s Capital Expenditure, Open AI?s future, AI safety & more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(01:31) Becoming Microsoft CEO

(06:42) Satya?s Memo to CEO Committee

(10:42) Satya?s Advantage as a CEO

(11:34) Advice for CEOs

(15:01) Microsoft?s Investment in OpenAI

(19:42) AI Arms Race

(23:55) Legacy Search and Consumer AI

(28:07) The Future of AI Agents

(38:32) Near-Infinite Memory

(39:47) Copilot Approach to AI Adoption

(50:26) Leveraging AI within Microsoft

(56:03) CapX

(01:00:20) The Cost of Model Scaling and Inference

(01:15:15) Open AI Conversion to Profit

(01:18:05) Next Steps for OpenAI

(01:19:43) Open vs. Closed and Safe AI

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they get in the Thanksgiving spirit, and discuss China, DOGE, Governor Newsom?s EV Tax Credit, Service Titan IPO, FedNow, Tariffs, Anthropic Open Source, Warren Buffet?s Thanksgiving letter, Conspiracy Theories, Invest America, & more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(01:40) Innovation in China & U.S. Competitiveness

(05:43) DOGE & Balancing the Budget

(10:43) Service Titan IPO & ?Compounding Ratchet?

(15:36) Gov Newsom Attack on Tesla

(18:33) FedNow + Innovations in Payment Systems

(23:44) Tariffs as Negotiation Tactics

(27:36) Anthropic Open Source AI

(30:39) Warren Buffett's Philanthropy

(40:06) Invest America

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss AI Scaling Laws, the future of inference, AI memory and actions, National Full Self-Driving Regulations, FSD 13, Robotaxi and Waymo, Department of Government Efficiency (DOGE), & more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(02:00) AI Scaling Laws

(05:54) Implications of AI Scaling Trends

(12:20) The Future of Inference and Data Quality

(17:51) AI Memory and Actions

(21:47) National Full Self-Driving Regulation

(23:14) FSD 13

(29:41) Market Disruption: Winners and Losers in the Auto Industry

(31:18) The Future of OEM?s

(40:41) Department of Government Efficiency (DOGE)

(54:47) Tech Market Check

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Jamin Ball (Partner at Altimeter) to discuss the state of venture capital and incentives, implications of overcapitalization, the future of power law returns, AI?s impact on investment strategies, the future of AI and CapEx, the market?s reactions to the 2024 election, the evolution of search and AI integration, Nasa, SpaceX, & more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(00:52) Bill?s Dad | from Nasa to SpaceX

(06:20) State of VC and Incentives w/ Jamin Ball

(12:31) Implications of Overcapitalization

(25:08) The Future of Power Law Returns

(38:28) The Impact of AI on Investment Strategies

(46:00) Future of AI and Capital Expenditure

(52:21) Market Reactions to 2024 Election

(01:00:45) Evolution of Search and AI Integration

Produced by Benny Beausoleil

Music by Yung Spielberg

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Jamin Ball @jaminball?

Shownotes 

Clouded Judgement Substack

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Sunny Madra (Groq) they discuss Jensen Huang?s recent appearance on the podcast, including scaling intelligence towards AGI, NVIDIA's strategic positioning, the role of CUDA in the developer ecosystem, the future of inference workloads, systems-level thinking,  Elon Musk's influence on AI development, the future of AI assistants, open vs closed AI models, safety and security in AI development, & more. Enjoy another episode of BG2.

Chapters

(00:00) Introduction and Initial Reactions to Jensen

(04:32) NVIDIA's Position in Accelerated Compute

(05:11) CUDA and NVIDIA?s Competitive Moat

(12:53) Challenges to NVIDIA?s Competitive Advantage

(18:22) Future Outlook on Inference

(24:46) The Insatiable Demand for AI and Hardware

(27:12) Elon Musk' and X.ai

(31:47) Scaling AI Models and Clusters

(34:17) Economic Models and Funding in AI

(39:08) The Future of AI Pricing and Consumption Models

(42:25) Memory, Actions, and Intelligent Agents

(47:08) The Role of AI in Business Productivity

(51:03) Open vs Closed Models in AI Development

Produced by Benny Beausoleil

Music by Yung Spielberg

#jensenhuang #nvidia #bradgerstner #billgurley #clarktang #xai #memphiscluster #elonmusk #noambrown #openai #gptstrawberry

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, Jensen Huang, CEO of NVIDIA, makes a guest appearance. In Bill?s absence, Brad is joined by Clark Tang (Partner at Altimeter) as they discuss with Jensen scaling intelligence towards AGI, the acceleration of machine learning, NVIDIA's competitive advantages, the significance of inference alongside training, future market dynamics in the AI landscape, the impact of AI on various industries, the future of work, inference time reasoning, AI?s potential to enhance productivity, the balance between open source and closed source, Elon?s Memphis Supercluster, X.ai, OpenAI, the safe development of AI, & more. Enjoy another episode of BG2.

Chapters

(00:00) Introduction

(1:50) The Evolution of AGI and Personal Assistants

(06:03) NVIDIA's Competitive Moat

(15:51 ) The Future of Inference and Training in AI

(19:01) Building the AI Infrastructure

(31:35) Inventing a New Market in an AI Future

(38:40) The Impact of OpenAI

(43:25) The Future of AI Models

(46.44) X.ai and Memphis Supercluster

(51:21) Distributed Computing and Inference Scaling

(55:54) Inference Time Reasoning and Its Importance

(01:00:46) AI's Role in Growing Business and Improving Productivity

(01:08:00) Ensuring Safe AI Development

(01:12:31) The Balance of Open Source and Closed Source AI

#jensenhuang #nvidia #bradgerstner #billgurley #clarktang #xai #memphiscluster #elonmusk #noambrown #openai #gptstrawberry

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss private sector interest in nuclear energy, AI supply and demand, OpenAI Strawberry o1,inference constraints, the evolution of AI models, the state of VC, zombiecorns, & more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(00:36) The U.S. Nuclear Renaissance

(08:15) AI Fast and Furious

(11:19) OpenAI Strawberry o1

(17:15) Inference Constraints

(20:18) Open AI Breaking Out

(35:00) State of VC

(43:52) ?Quasi-Public Companies?

(48:32) Liquidity / IPOs

(58:41) Tech Market Check

Available on Apple, Spotify, www.bg2pod.com

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Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they sit down with Maureen Zawalick (Vice President at Diablo Canyon Power Plant) to discuss the importance of nuclear power, the history and future of Diablo Canyon Power Plant, the role of AI in the nuclear industry, the cost differential of nuclear energy in the US and China, Gen 4 reactors, regulation, litigation, & more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(04:14) Maureen Zawalick | VP at Diablo Canyon

(06:13) The Need for Diablo

(10:07) The Importance of Nuclear Power

(15:50) License Renewal and the Future of Diablo

(18:39) Hope for Expanding Nuclear Power

(25:22) Nuclear Waste

(30:29) Cost Differential: US vs China

(38:56) Factors Contributing to Cost Differential

(45:07) Implications of China?s Nuclear Leadership

(47:42) Nuclear Energy and AI Supremacy

(50:58) The Innovation Gap and Gen 4 Reactors

(57:27) Overcoming Challenges

(01:03:45) A Call for Government Support

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

****

Shownotes:

US Navy Nuclear Propulsion Program 2020

ITIF.org - How Innovative Is China in Nuclear Power

NYTimes - Nuclear Power Can Save the World

Reuters - Constellation talking to Pennsylvania on Three Mile Island restart

Julie Dewahl - Nuclear Past Present Future

Breakthrough Institute - China?s Impressive Rate of Nuclear Construction

Next Big Future - US Nuclear Cost 5-10x More Than China

Energy.gov - Newly Signed Bill to Boost Nuclear

Advanced Nuclear - Nuclear Commercial Liftoff

LA Times - Loan to keep Diablo Canyon nuclear plant open

South Korea Builds Nuclear Plants Quickly and Cheaply

Nuclear Power in South Korea

Westinghouse Electric's Chinese 'Trojan Horse'

Friends of the Earth sues DOE over Billion Dollar Award to Diablo Canyon

Revitalizing America?s Nuclear Energy Supply Chain

Idaho Natl Laboratory - Recommendations to Improve the Nuclear Regulatory Commission Reactor Licensing and Approval Process

5 charts to explain why nuclear power is making a comeback

Podcast - The cost of nuclear - Catalyst w/ Shayle Kann

RIC 2024 Opening Session - Remarks by NRC Chair Christopher T. Hanson

A One-on-One with NRC Chair Christopher Hanson

Bill Gates on Bipartisan Support for Nuclear Power

Podcast w/ PG&E CEO Patricia Poppe

Germany Reacts to Trump's UNGA Speech

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss the Public Market Volatility, AI Air Pocket, $GOOG Ruling, Search GPT & more Enjoy another episode of BG2.

Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(02:27) Public Market Reset 

(13:04) Corporate and Individual Tax Cut Expiration

(16:40) Indicators of Economic Health

(30:40) AI Air Pocket

(46:02) Japan Yen Carry Trade

(50:34) Navigating Market Volatility 

(56:30) $GOOG Ruling & Monopoly Status 

(01:05:21) Search GPT and Evolving AI Landscape

(1:18:17) The Need for Regulatory Clarity in AI

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Silicon Valley?s Political 180, META?s Open AI disruption, the importance of a COVID Postmortem and Dr. Jay Bhattacharya, Wiz IPO, FSD 12.5, Crowdstrike, & more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(01:38) The Perceived Political Realignment in Silicon Valley

(18:02) Engagement Between Silicon Valley and Washington

(27:21) Meta's Open Source Strategy (405b)

(47:37) Post-Mortem on the COVID-19 Pandemic

(58:37) Wiz IPO and Acquisitions

(01:03:37) The Impact of AI on Self-Driving Cars

(01:10:33) Lessons from the CrowdStrike Incident

(01:16:11) Spotify's Success under Daniel Ek 

Available on Apple, Spotify, www.bg2pod.com

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Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

BG2 Pod @bg2pod https://x.com/BG2Pod

****

Shownotes

Open Source AI Is the Path Forward - Letter by Mark Zuckerberg

Misha Laskin on Training Data Podcast

Freda Duan tweet on self-driving cars in China

Dr. Jay Bhattacharya on Tetragrammaton with Rick Rubin

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss the looming presidential election and its impact on public market tech funds, public market dispersion, AI hype versus reality, Calcium CT scans, and more. Enjoy another episode of BG2.

Timestamps:

(00:00) Intro

(03:50) Public Market Dispersion (Mag 7 + Consumer Stocks)

(22:05) AI Costs vs AI Revenue

(47:25) Calcium CT Scans

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Shownotes:

AI?s $600B Question by David Cahn

Widowmaker Documentary

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they recap Coatue Conference and discuss Elon?s pay package, Tesla's shareholder vote, ISS controversy, AI market trends, OpenAI IPO, Delaware court case, and more. Enjoy another episode of BG2.

Timestamps:

(00:00) Overview of Coatue?s East Meets West Conference

(5:05) AI and Market Trends

(18:17) Insights on Venture Markets and IPOs 

(24:15) Challenges and Opportunities in Going Public 

(30:05) The Case for OpenAI Going Public

(33:03) Challenges and Considerations for IPOs

(35:55) SPECIAL GUEST: Coatue Founder Phillipe Laffont

(39:27) AI Startups Staying Lean

(42:31) AI Agents and the Future of Work

(45:28) Tesla's Shareholder Vote and ISS Controversy 

(50:57) Delaware's Legal Precedent and Corporate Implications 

(58:27) Globalization and Competitive Advantage

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss Pre-IPO market Changes, the reality versus perception of AI's future potential, the state of software, the impact of excess capital in the late-stage market, the importance of capitalism and immigration for the future of the United States, and more. Enjoy another episode of Bg2.

Timestamps:

(00:00) Intro

(02:16) Letter from Brad?s Mom

(07:28) The Changing Landscape of the Pre-IPO Market

(24:50) AI Hype Cycle

(33:19) Is Software Dead?

(37:03) The Impact of Excess Capital in the Late-Stage Market

(42:18) How AI Spending Affects Investments

(54:52) Opportunities for Investments in the Public Markets

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap

Bill Gurley @bgurley

BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss OpenAI ChatGPT-4o, Astra, Consumer AI, Enterprise AI, China Tariffs, Trade Regulation, the tech markets, and more. Enjoy another episode of Bg2.

Timestamps:

(00:00) Intro

(00:40) Open AI Launches GPT-4 Omni

(10:29) Chat GPT-4o Benchmarks

(14:11) Voice as the New GUI

(20:01) Breakout Power of ChatGPT

(22:09) Consumer AI vs Enterprise AI Landscape

(27:51) AI Disruption

(35:45) Regulation & Industrial Policy

(43:47) China Tariffs

(53:15) Tech Market Check

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://x.com/altcap 

Bill Gurley @bgurley https://x.com/bgurley 

BG2 Pod @bg2pod https://x.com/BG2Pod

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Sunny Madra (Head of Groq Cloud) they discuss AI Models, Data Scaling, Enterpise AI, Personal AI, the tech markets, and more. Enjoy another episode of Bg2.

Timestamps:

(00:00) Intro

(01:10) $META Llama 3

(20:40) Enterprise AI

(36:50) Personal AI

(50:07) $TSLA Earnings Call & Rideshare

(52:10) Tech Check

Available on Apple, Spotify, www.bg2pod.com

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Brad Gerstner @altcap https://x.com/altcap

Bill Gurley @bgurley https://x.com/bgurley

Sunny Madra @sundeep https://x.com/sundeep

BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss The Great IPO Debate, Tesla Robotaxi vs. Uber, and a Tech Check. Enjoy another episode of Bg2.

Timestamps:

(00:00) Introduction + Eclipse

(01:56) The Great IPO Debate

(41:33) Tesla Robotaxi vs. Uber

(01:10:27) Market Check

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://twitter.com/altcap 

Bill Gurley @bgurley https://twitter.com/bgurley 

BG2 Pod @bg2pod https://twitter.com/BG2Pod

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss the challenge of forecasting the AI Supercycle, Stargate and the massive AI supercomputer build out,  AI demand overhyped or underhyped, and current market valuations. Enjoy another episode of Bg2.

Timestamps:

(0:00) Intro

(2:49) Demand for Compute Is Virtually Unlimited

(27:53) Everywhere we Look we are building more and bigger Supercomputers 

(35:49) The AI Induced Power Gap & The Need for Nuclear

(50:21) Valuations / Market Check

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://twitter.com/altcap  

Bill Gurley @bgurley https://twitter.com/bgurley 

BG2 Pod @bg2pod https://twitter.com/BG2Pod

Shownotes:

What's next for AI agents ft. LangChain's Harrison Chase: https://www.youtube.com/watch?v=pBBe1pk8hf4

Tesla FSD Model 12: https://twitter.com/bg2pod/status/1769378291658666226?s=46&t=tiuRwY6s_lj81akJSCmJkw Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI | Lex Fridman Podcast #419: Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI | Lex Fridman Podcast #419

OpenAI CEO on GPT-4 vs GPT-5 | Sam Altman and Lex Fridman: https://www.youtube.com/watch?v=CJEC0aAjRJE 

Jevons Paradox: https://en.wikipedia.org/wiki/Jevons_paradox 

MSFT and OpenAI $100bn supercomputer project: https://twitter.com/theinformation/status/1773798028907811059?s=20

Biden administration on how to generate more electricity to meet massive demand for AI computing: https://twitter.com/axios/status/1774758834952659223?s=20 

Nuclear reactors planned and proposed: https://world-nuclear.org/information-library/current-and-future-generation/plans-for-new-reactors-worldwide.aspx 

U.S. approves $1.5bn loan to restart Michigan nuclear plant: https://www.nytimes.com/2024/03/27/business/energy-environment/holtec-palisades-nuclear-plant-loan.html 

Josh Wolfe?s talk to Congress: https://twitter.com/wolfejosh/status/1685323817521139712 

Our World in Data - cleanest and safest sources of energy: https://ourworldindata.org/safest-sources-of-energy 

How Regulation killed Supersonic: https://www.heritage.org/transportation/commentary/its-time-let-supersonic-flight-soar-again

Natural gas is stronger in the U.S.: https://www.iea.org/commentaries/natural-gas-is-now-stronger-than-ever-in-the-united-states-power-sector 

Baseload in the U.S. has been flat for many years: https://energytransition.nema.org/baseload-generation/ 

Amazon goes nuclear: https://www.theregister.com/2024/03/04/amazon_acquires_cumulus_nuclear_datacenter/ 

I-95 Bridge reopened in 12 days: https://www.bloomberg.com/news/articles/2023-06-28/resurrection-of-i-95-in-just-two-weeks-is-dubbed-small-miracle?embedded-checkout=true 

SF cleaned up in a week: https://www.smh.com.au/world/north-america/sanfran-s-mean-streets-become-clean-streets-for-biden-xi-and-co-20231116-p5ekd0.html 

Texas trumps California as key US energy transition driver:https://www.reuters.com/markets/commodities/texas-trumps-california-key-us-energy-transition-driver-2023-05-04/ 

Brad?s tweet on CT scan: https://twitter.com/altcap/status/1774919531414368402?s=20

Americans favor more nuclear energy: https://www.pewresearch.org/short-reads/2023/08/18/growing-share-of-americans-favor-more-nuclear-power/ 

Producing new nuclear plants have gone down in France and up in the U.S. tweet: https://twitter.com/cremieuxrecueil/status/1773221106591166946?s=46&t=832RL3Gm0XtyDEuhy-Gkzg 

GenAI company revenue multiples tweet: https://twitter.com/asanwal/status/1772821841578754492?s=46&t=832RL3Gm0XtyDEuhy-Gkzg 

Gurley?s tweet on 60x reduction from top model: https://twitter.com/bgurley/status/1774896120310686003?s=20 

Congress provides record funding for fusion energy:https://www.fusionindustryassociation.org/congress-provides-record-funding-for-fusion-energy/ 

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Bob Mylod, (Chair of Board, Bookings.com & Managing Partner of Annox Capital) they discuss stock compensation, Google Gemini / Apple, TikTok US & the New AI Cold War, MSFT / Inflection & VC Valuations for LLM?s. Enjoy another episode of Bg2.

Timestamps:

(0:00) Intro 

(2:07) Bob Mylod | Stock-Based Compensation

(58:03) Apple's Potential Partnership with Google on AI

(1:04:00) Tiktok The Future of TikTok in the US

(01:12:34) Microsoft's Acquisition of Inflection

(01:18:06) The Durability of LLM Business Models

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://twitter.com/altcap 

Bill Gurley @bgurley https://twitter.com/bgurley 
BG2 Pod @bg2pod https://twitter.com/BG2Pod

Shownotes:

Bookings 2023 Notice of Annual Stockholders? Meeting and Proxy Statement June 2023 (page 63 for Stock-Based Compensation Expense as a % of net cash provided by operating activities) https://bit.ly/3ISIauw

Michael Mauboussin - Stock-Based Compensation Paper: https://mgstn.ly/4cshBKn

Tom Hearden Tweet: https://bit.ly/4cqCoxQApoorv

Agarwal Tweet: https://bit.ly/3VumL2G

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss Tesla?s Full Self-Driving V12 and imitation learning, AI model improvements: open vs. closed, & more. Enjoy another episode of Bg2.

Timestamps:

(0:00) Intro + Phase Shifts

(3:42)Tesla FSD 12 & Imitation Learning

(28:32) AI Model Improvements | Open vs Closed Models

(49:10) Elon Musk Delaware Court Case

(58:30) Macro Market Outlook

Available on Apple, Spotify, www.bg2pod.com

Follow:

Brad Gerstner @altcap https://twitter.com/altcap 

Bill Gurley @bgurley https://twitter.com/bgurley 

BG2 Pod @bg2pod https://twitter.com/BG2PodShownotes:

#BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss earnings, inflation, interest rates, the impact of AI on Big Tech, NVDA, chips, fabs, Altman?s $7T to meet AI Compute needs, & more. Enjoy another episode of Bg2.

Timestamps:

(0:00) Introduction

(3:14) Earnings / Inflation / Rates

(10:16) Impact of AI on Google / Meta

(32:47) Why not also MSFT/Apple/Amazon?

(57:06) Chips, Fabs, Future Compute Needs

Available on Apple, Spotify, www.linktr.ee/bg2pod

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Bill Gurley @gurley https://twitter.com/bgurley

BG2 Pod @bg2pod https://twitter.com/BG2Pod

Shownotes:

TSMC founder Morris Chang on the evolution of the semiconductor industry

https://youtu.be/r_8XClnnvIk?si=rAylAfxpJa0kHiNv

#BillGurley #BradGerstner #BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week we are joined by Box Co-Founder & CEO, Aaron Levie. They discussed software valuations, public markets earnings, all things AI and legal immigration. Enjoy another Episode of Bg2.

Available on Apple, Spotify, www.linktr.ee/bg2pod

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Aaron Levie @levie https://twitter.com/levie

BG2 Pod @bg2pod https://twitter.com/BG2Pod

The rumors were true. Enjoy another Episode of Bg2.

____________________________________

(0:00) Introduction and discussion on current market trends

(3:12) Main topic: AI and its recent surge in venture capital investing

(14:04) Discussion on the potential issues in AI companies

(25:00) Analysis of public software valuations and their implications

(33:01) Future of investing in tech companies

(38:27) State of startups and challenges in raising capital

(46:37) Comparing the 1999 bubble to the current economic situation

(54:45) Analyzing Javier Milei's Speech at Davos

(1:01:20) Historical examples of the effects of open and closed economies

(1:09:09) Conclusion and farewell

____________________________________

The acceleration of global GDP per capita over centuries highlights the impact of free market capitalism and innovation on human prosperity.

Venture capital investing and the tech industry play a significant role in driving progress and economic growth through fostering innovation and risk-taking by entrepreneurs.

The current venture capital correction and its impact on startups emphasize the importance of adjusting to market realities, such as valuation and capital availability, for long-term success.

#BillGurley #BradGerstner #BG2pod