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Had Ada Palmer back on – this time to talk about Machiavelli, perhaps the most misunderstood thinker of all time.Machiavelli cut his teeth as a high-level diplomat for Florence, a position from which he got to closely observe the most important rulers in Europe at the time, including the ones who were on the path to destroying his dearly beloved Florence.In 1513 the Medici retook control of Florence and, wrongly suspecting Machiavelli of participating in a coup attempt, fired, tortured, and exiled him.Machiavelli could have left exile and worked for any number of different principalities that would have been eager to make use of his talents.Instead, he decided to rot in the countryside and compile his career's lessons about power, politics, and human nature into a book he dedicated to the very man whose new regime had tortured and exiled him, Lorenzo di Piero de' Medici.But at least the Medici were in a position to use his insights to defend Florence. Machiavelli the patriot did not want any other hands to touch these books, because those hands, armed further with these lessons, might pose an existential danger to Florence.The closest modern analogy, at least as Machiavelli would have seen it, would be Szilard's letter warning FDR about the possibility of a nuclear fission bomb.What were those insights? And how were they inspired by Machiavelli's dangerous diplomatic missions all across Europe, and his extensive reading of antiquity? Watch this episode with Ada Palmer to find out!By the way, Ada is launching a new podcast which I'm very excited about. The first season will be about Machiavelli - a perfect way to dive deeper into the topics we discussed in this episode. Subscribe at Beforecast's website to be notified of the first episode, subscribe on YouTube, follow her on Patreon, and if you want even more Ada, check out her FixTheNews Podcast episode, and check out her books and more.Watch on YouTube; read the transcript.Sponsors* Cursor recently saved one of my podcast recordings. When a video file from a shoot came out corrupted, I pointed Cursor at it: it recovered the footage on its own, tracking down the right reference file from the file's metadata and realigning the out-of-sync audio. My whole team now uses Cursor for everyday tasks, not just coding. Get started at cursor.com/dwarkesh* Jane Street's hiring process has been going viral on Twitter lately. The memes are pretty funny, but I wanted to see what their interviews were actually like. So I had Ricson, one of Jane Street's ML researchers, walk me through a retired puzzle: he gave me an image dataset where 50% of the files had been corrupted – I had to figure out how to recover them. If you're interested in these sorts of puzzles, you can find Jane Street's open roles at janestreet.com/dwarkesh* Crusoe is turning the AI datacenter buildout into an industrial process. At their massive Colorado factory, they assemble Spark units, modular datacenters with power, cooling, and fire suppression built in. They also manufacture specific components in-house to skip the longest lead times. Crusoe has experience running these Spark units on a range of energy sources, including solar and used EV batteries, ensuring they don't get bottlenecked by grid availability. Learn more at crusoe.ai/dwarkeshTimestamps(00:00:00) – How Florence bargained with Cesare Borgia for survival(00:15:08) – Machiavelli's analytical innovations(00:23:58) – Why popes became warlords(00:36:13) – Why the common people demanded nepotism(00:47:57) – Cesare Borgia brought terror to rulers and justice to the people(00:57:55) – Art as a proxy for war(01:06:41) – Florence, a city famous in hell(01:15:57) – The Prince was a job application to Machiavelli's torturers(01:41:39) – During the Renaissance, original ideas had to be couched in antiquity(01:50:44) – Why copyright began with the Inquisition(02:02:12) – Machiavelli wasn't Machiavellian Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe
SpaceX's IPO is three times oversubscribed at $250 billion, and Hut 8 has closed a $4.25 billion, BBB-rated note for its Beacon Point AI data center. Welcome back to The Blockspace Podcast! Reuters has reported that SpaceX's IPO round could come in at $250 billion, a 3x oversubscription from the company's planned $75 billion. Plus, Cormint CEO Jamie McAvity joins us to give an optimistic outlook on bitcoin mining with hashrate stagnant – even as hashprice flirts with all-time lows. For other news, we cover Keel's $458 million convertible note; Hut 8's $4.25 billion senior secured note for its Beacon Point data center, the second investment-grade bond for project-level financing for the burgeoning AI firm; Crusoe hitting pause on a proposed 10 GW data center in Wyoming; and OpenAI's plans for its own 10 GW, $500 billion project in Ohio. Check out our latest report, “What's a Megawatt Worth?” where we quantify the trillion dollar opportunity for bitcoin miners venturing into the AI sector. Subscribe to our newsletter to receive updates for all of our shows and content.
Kinsella on Liberty Podcast: Episode 491. https://youtu.be/lfjpoKCWBDA I've known Paul Cwik, Professor of Economics and Finance at the University of Mount Olive and fellow of the Mises Institute since I started attending the Austrian Scholars Conference in 1995. He is an Austrian and libertarian of sorts but had some qualms with my anti-IP writing so presented a paper "Is There Room for Intellectual Property Rights in Austrian Economics?" at the Austrian Scholars Conference in 2008, which I attended and commented on. After 18 years we finally decided to get around to talking about this. I had planned on an hour but we ended up talking for 3. It turns out we were old friends but not that close; we didn't know much about each other. So the first 30-50 minutes or so is more preliminary discussion. To his credit, he read a good deal of the huge deluge of material I sent to read up on and asked many very good questions. He did not engage in intentional equivocation that is characteristic of many on the pro-IP side, and he was reasonable in conceding many of my points and was willing to ponder my push back. I was hoping to get him to see the light, since I have in person seen many people change their minds on IP after a long discussion but have never had it happen while recording. We did not resolve the issue, partly because we just didn't have enough time to keep going, but I think we made some progress. Maybe we will have a Part 2 later. Who knows. For now, some relevant links pertaining to some of the topics discussed. I will organize this better later. (Not to be confused with Bryan Cwik, who also has opinions on IP: “Good Ideas is Pretty Scarce”; Bryan Cwik, "Property Rights in Non‐rival Goods" (2, 3, 4); "Labor as the Basis for Intellectual Property Rights" (2; 3); Gamrot, Labor as the Basis for Intellectual Property Rights: Against Cwik.) IP Proponents Do Not Even Know The Difference Between Patent, Copyright, Trademark … Types of Intellectual Property It is impossible to own ideas Intellectual Property Rights as Negative Servitudes The “Ontology” Mistake of Libertarian Creationists See the Appendix to What Libertarianism Is: section “Concept and Definition of “Property”” The Structural Unity of Real and Intellectual Property Gamrot, Labor as the Basis for Intellectual Property Rights: Against Cwik The “Ontology” Mistake of Libertarian Creationists Objectivists: “All Property is Intellectual Property” A Recurring Fallacy: “IP is a Purer Form of Property than Material Resources” New Working Paper: Machan on IP “Aggression” versus “Harm” in Libertarianism Kinsella v. Schulman on Logorights and IP The Nature, Properties, and Characteristics of Goods (Igloo Coolers case) Fraud, Restitution, and Retaliation: The Libertarian Approach Libertarian Answer Man: Bitcoin and Fraud KOL274 | Nobody Owns Bitcoin (PFS 2019) On Property Rights in Superabundant Bananas and Property Rights as Normative Support for Possession Libertarian Answer Man: Self-ownership for slaves and Crusoe; and Yiannopoulos on Accurate Analysis and the term “Property”; Mises distinguishing between juristic and economic categories of “ownership” There are No Good Arguments for Intellectual Property Defamation as a Type of Intellectual Property (and trademark) KOL207 | Patent, Copyright, and Trademark Are Not About Plagiarism, Theft, Fraud, or Contract KOL020 | “Libertarian Legal Theory: Property, Conflict, and Society: Lecture 3: Applications I: Legal Systems, Contract, Fraud” (Mises Academy, 2011) Copying vs. Plagiarism: A Recent Illustration—Grau vs. Hernandez on Milei Re the practice of attribution and credit: see Stephan Kinsella, “Mises, Rothbard, Hoppe: An Indispensable Framework,” in Rothbard at 100: A Tribute and Assessment, Stephan Kinsella and Hans-Hermann Hoppe, eds. (Houston: Papinian Press and Property and Freedom Society, 2026), in the section “Excursus: The Role of Ideas in Human Action” “Copying, Patent Infringement, Copyright Infringement are not “Theft”, Stealing, Piracy, Plagiarism, Knocking Off, Ripping Off“ Intellectual Property Rights as Negative Servitudes Stop calling patent and copyright “property”; stop calling copying “theft” and “piracy” IP Proponents Do Not Even Know The Difference Between Patent, Copyright, Trademark … Fraud: A Libertarian Theory of Contract: Title Transfer, Binding Promises, and Inalienability, Part III.E “The Title-Transfer Theory of Contract,” Part IV.C Labor and Leisure Rothbard on the Main Fallacy of our Time: Marx's Labor Theory of Value KOL037 | Locke's Big Mistake: How the Labor Theory of Property Ruined Political Theory “Hume on Intellectual Property and the Problematic “Labor” Metaphor” Cordato and Kirzner on Intellectual Property Labor, Value, Metaphors, Locke, Intellectual Property Concise Tweet on the Problem with IP Against Intellectual Property After Twenty Years: Looking Back and Looking Forward: Part IV.D: "Overreliance on “labor” metaphors also leads to confusion about IP. Locke correctly argued that the first person to “mix his labor with” an unowned resource owns it, since he thereby establishes an objective link to the resource which gives him a better claim to it than latecomers.[55] However, Locke based his argument on the confused and unnecessary idea that a person “owns” his labor and “therefore” owns resources that he mixes it with. But labor is not owned—it is an action, something a person performs with his body, which he does own—and this assumption is not needed for the Lockean labor-mixture argument to work.[56] This mistaken notion leads some people to favor IP because they figure that if you own a scarce resource because you mix your labor with it, you also own useful ideas that are produced with your labor. The related Smith-Ricardo-Marx labor theory of value, which underlies Marxism and socialism, is also sometimes used to support IP, as when people argue that if you work or labor, you “deserve” some kind of reward or profit. All this focus on labor must be rejected as overly metaphorical and confused, and, frankly, Marxian.[57]" On Libertarian Legal Theory, Self-Ownership and Drug Laws: p. 632 Libertarianism After Fifty Years: What Have We Learned?, p. 687 Creationism: Libertarian and Lockean Creationism: Creation As a Source of Wealth, not Property Right Libertarian Creationism KOL012 | “The Intellectual Property Quagmire, or, The Perils of Libertarian Creationism,” Austrian Scholars Conference 2008 KOL037 | Locke's Big Mistake: How the Labor Theory of Property Ruined Political Theory Part III.C.2 C. Contract and Fraud Arguments for IP Fraud and Plagiarism “Copying, Patent Infringement, Copyright Infringement are not “Theft”, Stealing, Piracy, Plagiarism, Knocking Off, Ripping Off“ IP by Contract I discuss problems with the contractual argument for IP in: Kinsella (2008, pp. 51–55) — Against Intellectual Property Kinsella, April 8, 2025. “KOL458 | Patent and Copyright versus Innovation, Competition, and Property Rights (APEE 2025).” Kinsella on Liberty Podcast. Link Kinsella, Law and Intellectual Property in a Stateless Society, Part III.C Against Intellectual Property After Twenty Years: Looking Back and Looking Forward, n.46 June 13, 2021. “Richard O. Hammer: Intellectual Property Rights Viewed As Contracts.” C4SIF Blog. https://c4sif.org/2021/06/richard-o-hammer-intellectual-property-rights-viewed-as-contracts/ 2023t, Stephan Kinsella on the Logic of Libertarianism and Why Intellectual Property Doesn't Exist, text at n.52 Jan. 8, 2025. “David Gordon on IP.” C4SIF Blog. https://c4sif.org/2025/01/david-gordon-on-ip/ See also Wendy McElroy's perceptive comments on this issue in Kinsella (March 19, 2013). “McElroy: ‘On the Subject of Intellectual Property' (1981).” C4SIF Blog. Link Bouckaert (1990, pp. 795 & 804–805). Bouckaert, Boudewijn (1990). “What is Property?” Harv. J. L. & Pub. Pol'y 13, no. 3: 775–816 (attached) Related Links Hoppe on Intellectual Property The Universal Principles of Liberty A Selection of my Best Articles and Speeches on IP Key Works The Problem with Intellectual Property (2025) “Intellectual Property and Libertarianism”, Mises Daily (Nov. 17, 2009). Concise case against IP. An Overview of Libertarian Property Rights and the Case Against IP (from KOL341) How To Think About Property “The Overwhelming Empirical Case Against Patent and Copyright” Other Recommended KOL483 | The Economics and Ethics of Intellectual Property, Loyola University—New Orleans (a very good recent overview) KOL 037 | Locke's Big Mistake: How the Labor Theory of Property Ruined Political Theory Shownotes/Topical Summary (Grok) Stephan Kinsella with Paul Cwik • 2 hours 56 minutes In this nearly 3-hour conversation, Stephan Kinsella and economist Paul Cwik explore their personal histories, shared libertarian and Austrian foundations, and engage in a detailed, respectful debate on intellectual property — particularly copyright. Kinsella lays out his principled case against IP while Cwik defends copyright (but rejects patents). Timestamps & Detailed Summary 0:02 – Introduction and Casual Catch-Up Kinsella and Cwik greet each other and set the stage. Cwik explains he has wanted to discuss IP with Kinsella for years because their views differ. He notes he has persuaded people in person on IP and hopes to document the conversation. They acknowledge this is not a typical Kinsella podcast. 1:38 – How Long Have They Known Each Other? They reminisce about Mises Institute events. Kinsella's first was in 1990; Cwik started attending in 1995. They recall the Austrian Scholars Conferences and the tight-knit Austrian community at Auburn in the 1990s. ...
In this episode, Chris sits down with John McQueeney, State Representative for House District 97 in Tarrant County, Texas and member of the State Affairs Committee covering power grid and electric policy. In the last six weeks alone, John's committee has run three interim data center hearings. He is also drafting the Data Center Responsibility Act for the January 2027 session - the bill that will set the framework for how Texas handles the data center build-out for a generation. Texas has 440 gigawatts of applications in the queue against roughly 110 gigawatts of current peak capacity. Someone has to sort out what's real, what's speculative, and who pays for the grid when it all comes online. John is one of the people doing that work. They discuss: Why the data center industry is losing a PR battle it should be winning The tax story hyperscalers haven't been telling How the large load approval process works in Texas, end to end - from TSP submission to ERCOT study to Approved to Energize What's real vs. speculative in the 440 GW pipeline Behind-the-meter data centers as grid stabilizers What the Data Center Responsibility Act will cover The railroad analogy: why communities that miss this build-out will fall behind for decades Timestamps:(00:00) Intro(02:27) Why Data Centers Are a "12 Out of 10" for Texas(08:17) A Day Without a Data Center(09:34) Inside Stargate: Lancium, Crusoe, Oracle & OpenAI(14:34) When One Data Center Funds 30% of a City's Budget(17:03) The Vicious Restudy Cycle & the Batch Zero Fix(28:55) 440 GW of Applications Chasing 105 GW of Capacity(35:53) The 75 MW Threshold & Going Behind the Meter(48:36) Drafting the Data Center Responsibility Act(54:19) North Texas's Hidden Risk in Batch Zero(01:08:35) Who Actually Pays for the Grid Buildout?(01:14:32) Data Centers Are a National Security Issue(01:18:12) Data Centers in Space & the Long Arc ----- Presented by Airshare: Trusted across the country for fractional ownership, jet cards, charter, and aircraft management, Airshare gives you a smarter way to fly private - over 25 years of experience, operating their own fleet, with the top safety ratings in the industry. Drive up to the FBO, walk on, and go. Go to flyairshare.com to learn more. ----- Sponsored by Collateral Partners: Collateral Partners builds institutional-grade investor materials for private credit, private equity, real estate, and family office firms - the kind of marketing collateral that helps you close capital. Learn more at collateral.com/fort. ----- Chris on Social Media: X: https://x.com/fortworthchris Instagram: https://www.instagram.com/thepowerspodcast LinkedIn: https://www.linkedin.com/in/chrispowersjr/ Visit our website: https://www.powerspod.com/Leave a review on Apple: https://bit.ly/45crFD0Leave a review on Spotify: https://bit.ly/3Krl9jO
New blackboard lecture with Reiner Pope: how do chips actually work - starting with basic logic gates, and working up to why GPUs, TPUs, FPGAs, and the human brain each look the way they do.Reiner is CEO of MatX, a new chip startup (full disclosure - I'm an angel investor). He was previously at Google, where he worked on software efficiency, compilers, and TPU architecture.Watch this one on YouTube so you can see the chalkboard. Read the transcript.Sponsors* Crusoe was one of only five GPU clouds that made the gold tier in SemiAnalysis' most recent ClusterMAX report. Gold-tier providers like Crusoe delivered 5-15% lower TCO than silver-tier clouds, even with identical GPU pricing. This is because optimizations like early fault detection and rapid node replacement don't necessarily show up in the sticker price, but still matter a ton in the real world. Learn more at crusoe.ai/dwarkesh* Cursor is where I do most of my work—from reading research papers to visualizing technical concepts to coding up internal tools for the podcast. Most recently, I used it to build two different review interfaces for my essay contest, one that anonymizes submissions for scoring and another that lets me see applicants' essays next to their resumes and websites. Whatever you're working on, you should try doing it in Cursor. Get started at cursor.com/dwarkesh* Jane Street let me ask Ron Minsky and Dan Pontecorvo, two senior Jane Streeters, a bunch of questions about how they use AI. We discussed everything from the types of models they're training to how they think about the future of trading to why they're more bullish than ever on hiring technical talent. You can watch the full conversation and learn more about their open positions at janestreet.com/dwarkeshTimestamps00:00:00 – Building a multiply-accumulate from logic gates00:16:31 – Muxes and the cost of data movement00:26:10 – How systolic arrays work00:39:11 – Clock cycles and pipeline registers00:51:51 – FPGAs vs ASICs01:03:25 – Cache vs scratchpad01:07:27 – Why CPU cores are much bigger than GPU cores01:12:00 – Brains vs chips01:15:33 – A GPU is just a bunch of tiny TPUs Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe
Luister het eerste hoofdstuk in de Abel Club en het gehele luisterboek in je favoriete luisterboeken app!Drievoudig Kinderjury-winnaar Kevin Hassing verrast zijn lezers op een nieuwe avontuurlijke serie. ''Ruby Crusoe – Het vertrek'' is het eerste deel en gaat over de twaalfjarige Ruby, dochter van de beroemde schipbreukeling Robinson Crusoe.Terwijl haar broers huiveren bij de overlevingsverhalen van hun vader, verlangt Ruby naar één ding: ook overleven op een eiland. Dus springt ze stiekem aan boord van een schip, om weken later op een onbewoond eiland te stranden. Algauw ontdekt ze dat overleven zwaar en eenzaam is. Net wanneer ze de moed dreigt te verliezen, doet ze een angstaanjagende ontdekking…-Duik in een wereld van luisterverhalen, audioseries, podcasts en luisterboeken voor kinderen. Meer kinderverhalen? Bekijk de afspeellijst Abel ClubVolg ons ook op Instagram @abel_luisterverhalen#rubycrusoe #kevinhassing #kinderboek #kinderverhalen #luisterboek
David Reich is back.He and collaborator Ali Akbari just published a paper that overturns a long-standing consensus about human evolution — that natural selection has been dormant in our species since the agricultural revolution.By scaling ancient DNA sequencing and developing a new statistical method, they found that selection has actually sped up.Selection went especially bonkers during the Bronze Age (around 3,000 years ago).That's when gene frequencies for everything from immune function to body fat to intelligence were most in flux.Over the last 10,000 years, selection pushed the genetic predictor of cognitive performance up by roughly a full standard deviation — most of it between 4,000 and 2,000 years ago.After we finished recording, David sketched out on a whiteboard his new heretical model about who the Neanderthals really were. Luckily, I took out my iPhone and managed to record it.He thinks the standard story (that Neanderthals are some separate archaic lineage we interbred with a little) just doesn't fit the evidence. Instead, he proposes that Neanderthals are essentially genetically-swamped modern humans.A small population somewhere around the Caucasus invented Middle Stone Age technology roughly 300,000 years ago and expanded outward. The ones that moved into Europe interbred with local archaic humans, got genetically swamped, and became Neanderthals. The same expansion went into Africa, met much more diverged archaic Africans, and that mixture became us.This means Neanderthals and modern humans share the same cultural ancestry — the only difference is which archaic humans they mixed with afterward.David is a brilliant and rigorous scholar. It was a real delight to learn from him again.Watch on YouTube; read the transcript.Sponsors* Cursor was super useful as I prepped for this episode. Whenever I had a question, I'd have Cursor kick off a few different models simultaneously and then compare their responses. I found that this led to better results than I could get out of any individual LLM. If you've only used Cursor for coding, you should try using it for research. Check it out at cursor.com/dwarkesh* Jane Street uses an internal currency called “hive bucks” to allocate compute through a real-time auction – and anyone can change anyone else's bids or even kill their jobs! Everyone just trusts each other to act in the firm's best interest, which is what lets the system work in the first place. If this weird and high-trust culture sounds like your kind of thing, Jane Street's hiring at janestreet.com/dwarkesh* Crusoe's ML infra team built fastokens, an open-source tokenizer that delivers a ~9x speedup over Hugging Face and up to 40% faster time-to-first token – on real production workloads! Crusoe achieved these results by parallelizing things and using some clever engineering to handle duplicates without cross-thread coordination. Learn more at crusoe.ai/dwarkeshTimestamps(00:00:00) – Ancient DNA suggests strong selection over last 10,000 years(00:15:45) – Natural selection intensified during the Bronze Age(00:35:02) – Why didn't evolution max out intelligence?(00:57:21) – Evolution is limited by time, not population size(01:09:02) – Why no farming before the Ice Age?(01:17:13) – The Neanderthal puzzle David can't stop thinking about(01:54:10) – The methodology behind this breakthrough Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe
This Week In Startups is made possible by:Render - render.com/twistVanta - vanta.com/twistNorthwest Registered Agent - northwestregisteredagent.com/twistHave you wanted to invest in venture capital alongside your 401k contributions, but struggled to find a way to place a bet? Search no more, for the AngelList team has created USVC, a new fund that will accept investments of as little as $500 from folks who lack accreditation. USVC's Ankur Napgal swung by the show to chat about investment strategies, access, fees, and just how illiquid the venture-like vehicle will prove to be.Jason and Alex were then joined by Jon Durbin, core contributor at Chutes, and Yash Goenka, co-founder and CEO of Humwork. Chutes is the most valuable Bittensor subnet, focused on aggregating GPUs to offer trustless AI compute. Humwork wants to help bring a human into your agentic workflow to unstick your agent when it runs into a hitch. The show closes with a news lightning round — enjoy!Timestamps:0:00 Intro + Plaud AI sponsor read (Jason demos the NotePin S)2:06 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!3:50 Episode overview: USVC, Chutes, Humwork7:41 USVC structure: $500 min, no accreditation, quarterly redemptions10:28 Northwest Registered Agent - Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist11:39 Fee structure breakdown: 1% mgmt fee, ~2.5% net expense ratio15:41 USVC portfolio: xAI, Anthropic, OpenAI, Crusoe, Vercel16:17 Strategy: 1/3 emerging managers, 1/3 growth, 1/3 secondaries19:00 $1B cap and path to expanding the fund20:33 Vanta - Compliance and security shouldn't be a deal-breaker for startups to win new business. Vanta makes it easy for companies to get a SOC 2 reports fast. Get $1,000 off for a limited time at https://www.vanta.com/twist28:00 What is sovereign compute? Permissionless GPU networks explained30:10 Render - Find out why 5 million developers are already using the all-in-one cloud platform, Render. Go to https://render.com/twist and apply for the Render Startup Program to get $500-$100,000 in free credits, depending on your stage and backers.44:53 Usage history: 160B tokens/day peak, free-to-paid transition46:41 GPU pricing: from $0.77/hr to $3.50/hr as shortage bites49:13 DeepSeek censorship demo: Taiwan test on DeepSeek chat57:27 Permissionless supply curves: Uber/Airbnb analogy for induced demand59:20 Yash Goenka, co-founder of Humwork (YC S26)1:00:49 Lightning Round: Ryan Cohen wants to buy eBay — Jason's hot take1:12:36 Lightning Round: Cerebras IPO update ($27–36B valuation range)1:14:05 Lightning Round: Spirit Airlines / JetBlue / M&A regulation debate1:19:10 OFF-DUTY: Star Wars: Maul - Shadow Lord1:32:57 Alex's OFF-DUTY: Captain of IndustrySubscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Lon:X: https://x.com/lonsFollow Alex:X: https://x.com/alexLinkedIn: https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisCheck out all our partner offers: https://partners.launch.co/Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarlandCheck out Jason's suite of newsletters: https://substack.com/@calacanisFollow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.com
I asked Jensen about TPU competition, Nvidia's lock on the ever more bottlenecked supply chain needed to make advanced chips, whether we should be selling AI chips to China, why Nvidia doesn't just become a hyperscaler, how it makes its investments, and much more. Enjoy!Watch on YouTube; read the transcript.Sponsors* Crusoe's cloud runs on state-of-the-art Blackwell GPUs, with Vera Rubin deployment scheduled for later this year. But hardware is only part of the story—for inference, Crusoe's MemoryAlloy tech implements a cluster-wide KV cache, delivering up to 10x faster TTFT and 5x better throughput than vLLM. Learn more at crusoe.ai/dwarkesh* Cursor helped me build an AI co-researcher over the course of a weekend. Now I have an AI agent that I can collaborate with in Google Docs via inline comment threads! And while other agentic coding tools feel like a total black-box, Cursor let me stay on top of the full implementation. You can try my co-researcher out at github.com/dwarkeshsp/ai_coworker, or get started on your own Cursor project today at cursor.com/dwarkesh* Jane Street spent ~20,000 GPU hours training backdoors into 3 different language models, then challenged my audience to find the triggers. They received some clever solutions—like comparing the base and fine-tuned versions and extrapolating any differences to reveal the hidden backdoor—but no one was able to solve all 3. So if open problems like this excite you, Jane Street is hiring. Learn more at janestreet.com/dwarkeshTimestamps(00:00:00) – Is Nvidia's biggest moat its grip on scarce supply chains?(00:16:25) – Will TPUs break Nvidia's hold on AI compute?(00:41:06) – Why doesn't Nvidia become a hyperscaler?(00:57:36) – Should we be selling AI chips to China?(01:35:06) – Why doesn't Nvidia make multiple different chip architectures? Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe
Erwan Menard - SVP Product Management @Crusoe talks about… SHOW: 1008SHOW TRANSCRIPT: The Reasoning Show #1008 TranscriptSHOW VIDEO: SPONSORS:VENTION - Ready for expert developers who actually deliver?Visit ventionteams.comSHOW NOTES:Topic 1 - Welcome to the show. Tell us a bit about your background, and what you focus on now at Crusoe. Topic 2 - There has obviously been a lot of coverage of AI data center buildouts all over the world for the last few years. Tell us about Crusoe, and your approach to providing “neocloud” services. Topic 3 - What are the biggest challenges facing Crusoe today and in the immediate future - is it technology, energy, financing for expansions, etc.?Topic 4 - Crusoe started as a bitcoin-focused company and has evolved to more of a GenAI-focus. What types of architectural changes did you have to make for this new type of workload? And how do those impact the quality of the services your customers expect from Crusoe?Topic 5 - Is your focus more on environments to enable model training and customization, or more focus on inference for customer-facing applications? Topic 6 - A lot has changed in AI in the last couple years. What has changed the most in the last couple years, and what are you expecting to change the most over the next couple years? Topic 7 - Sovereign AI and Private AI have become much bigger topics over the last 12-18 months, and we'd expect that to grow. What unique things is Crusoe doing to adapt to these changing requirements from customers?Send a textFEEDBACK? Email: show @ reasoning dot show Bluesky: @reasoningshow.bsky.social Twitter/X: @ReasoningShow Instagram: @reasoningshow TikTok: @reasoningshow
O programa Meio-Dia em Brasília desta sexta-feira, 20, fala sobre a nova decisão do ministro do Supremo Tribunal Federal (STF) Alexandre de Moraes de ouvir em depoimento o presidente da União Nacional dos Auditores Fiscais (Unafisco) após ele fazer uma série de críticas à conduta do magistrado.Além disso, o jornal também fala sobre as consequências políticas do desfile da Acadêmicos de Niterói e sobre a petição apresentada pelo PL contra o governo Lula por crime eleitoral.Meio-Dia em Brasília traz as principais notícias e análises da política nacional direto de Brasília. Com apresentação de José Inácio Pilar e Wilson Lima, o programa aborda os temas mais quentes do cenário político e econômico do Brasil. Com um olhar atento sobre política, notícias e economia, mantém o público bem informado. Transmissão ao vivo de segunda a sexta-feira às 12h. Apoie o jornalismo independente. Assine O Antagonista e Crusoé com 10% via Pix ou Google Pay: https://assine.oantagonista.com.br/ Siga O Antagonista no X: https://x.com/o_antagonista Acompanhe O Antagonista no canal do WhatsApp. Boletins diários, conteúdos exclusivos em vídeo e muito mais. https://whatsapp.com/channel/0029Va2SurQHLHQbI5yJN344 Leia mais em www.oantagonista.com.br | www.crusoe.com.br
The Information's Sri Muppidi talks with TITV Host Akash Pasricha about OpenAI finalizing its massive $100 billion funding round and what the new Series C structure means for a 2026 IPO. We also talk with Ann Gehan about Hungryroot's potential public offering and the resurgence of high-quality consumer IPOs, Avery Marquez about the "race to go public" between AI titans, and we get into AMD's strategic financial backstop for Crusoe with Miles Kruppa. Finally, we discuss the "SaaS is dead, long live SaaS" shift with Dallas Dolen from PwC.Articles discussed on this episode: https://www.theinformation.com/articles/openai-finalizing-first-commitments-100-billion-mega-roundhttps://www.theinformation.com/articles/hungryroot-posts-55-revenue-growth-eyes-potential-2026-ipohttps://www.theinformation.com/articles/amd-backstop-300-million-crusoe-loan-following-nvidia-playbookSubscribe: YouTube: https://www.youtube.com/@theinformation The Information: https://www.theinformation.com/subscribe_hSign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agendaTITV airs weekdays on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts.Follow us:X: https://x.com/theinformationIG: https://www.instagram.com/theinformation/TikTok: https://www.tiktok.com/@titv.theinformationLinkedIn: https://www.linkedin.com/company/theinformation/
In this episode of Founded & Funded, Ben Gilbert, co-host of the Acquired podcast, sits down with Chase Lochmiller, co-founder and CEO of Crusoe-AI, the company building what it calls AI factories, including its massive campus in Abilene, Texas, which are designed to power this new era of intelligence. In this conversation, Ben and Chase explore the physical reality behind today's AI revolution. Why modern AI workloads demand entirely new infrastructure. How energy has become the primary bottleneck to scaling intelligence. What it takes to compress multi-year building timelines into months. And how Crusoe's energy-first philosophy, from capturing flared methane to siting facilities near abundant wind power, shaped its path to building one of the world's largest AI computing campuses. This is a must-watch for anyone building in AI or rethinking infrastructure for the next era of intelligence. Full Transcript: https://www.madrona.com/the-infrastructure-of-intelligence-inside-crusoes-ai-factory-in-texas Chapters: (00:00) - Introduction (02:46) - Scale and Power Requirements (03:55) - Job Creation and Construction Progress (05:11) - Creative Solutions and Manufacturing Capabilities (06:25) - Modular Design and Infrastructure Optimization (07:42) - Data Center Construction and Assembly Process (09:07) - Technical Infrastructure and Cooling System (10:33) - Power Sourcing and Renewable Energy (11:56) - Wind Energy Utilization and AI Infrastructure (13:16) - AI Workload Flexibility and Energy Considerations (14:38) - Entrepreneurial Journey and Company Evolution (16:11) - Background in AI and Transition to Data Centers (17:40) - Early Business Model and Bitcoin Mining (19:14) - Infrastructure Evolution and Future Outlook (21:17) - Cloud Platform Services
“The Further Adventures of Robinson Crusoe; Being the Second and Last Part of his life, And of the Strange Surprizing Accounts of his Travels Round three Parts of the Globe.” After the death of his wife, Robinson Crusoe is overcome by the old wanderlust, and sets out with his faithful companion Friday to see his island once again. Thus begins a journey which will last ten years and nine months, in which Crusoe travels over the world, along the way facing dangers and discoveries in Madagascar, China, and Siberia.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
“The Further Adventures of Robinson Crusoe; Being the Second and Last Part of his life, And of the Strange Surprizing Accounts of his Travels Round three Parts of the Globe.” After the death of his wife, Robinson Crusoe is overcome by the old wanderlust, and sets out with his faithful companion Friday to see his island once again. Thus begins a journey which will last ten years and nine months, in which Crusoe travels over the world, along the way facing dangers and discoveries in Madagascar, China, and Siberia.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
“The Further Adventures of Robinson Crusoe; Being the Second and Last Part of his life, And of the Strange Surprizing Accounts of his Travels Round three Parts of the Globe.” After the death of his wife, Robinson Crusoe is overcome by the old wanderlust, and sets out with his faithful companion Friday to see his island once again. Thus begins a journey which will last ten years and nine months, in which Crusoe travels over the world, along the way facing dangers and discoveries in Madagascar, China, and Siberia.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
“The Further Adventures of Robinson Crusoe; Being the Second and Last Part of his life, And of the Strange Surprizing Accounts of his Travels Round three Parts of the Globe.” After the death of his wife, Robinson Crusoe is overcome by the old wanderlust, and sets out with his faithful companion Friday to see his island once again. Thus begins a journey which will last ten years and nine months, in which Crusoe travels over the world, along the way facing dangers and discoveries in Madagascar, China, and Siberia.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
“The Further Adventures of Robinson Crusoe; Being the Second and Last Part of his life, And of the Strange Surprizing Accounts of his Travels Round three Parts of the Globe.” After the death of his wife, Robinson Crusoe is overcome by the old wanderlust, and sets out with his faithful companion Friday to see his island once again. Thus begins a journey which will last ten years and nine months, in which Crusoe travels over the world, along the way facing dangers and discoveries in Madagascar, China, and Siberia.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
“The Further Adventures of Robinson Crusoe; Being the Second and Last Part of his life, And of the Strange Surprizing Accounts of his Travels Round three Parts of the Globe.” After the death of his wife, Robinson Crusoe is overcome by the old wanderlust, and sets out with his faithful companion Friday to see his island once again. Thus begins a journey which will last ten years and nine months, in which Crusoe travels over the world, along the way facing dangers and discoveries in Madagascar, China, and Siberia.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
“The Further Adventures of Robinson Crusoe; Being the Second and Last Part of his life, And of the Strange Surprizing Accounts of his Travels Round three Parts of the Globe.” After the death of his wife, Robinson Crusoe is overcome by the old wanderlust, and sets out with his faithful companion Friday to see his island once again. Thus begins a journey which will last ten years and nine months, in which Crusoe travels over the world, along the way facing dangers and discoveries in Madagascar, China, and Siberia.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
Episode 144Happy New Year! This is one of my favorite episodes of the year — for the fourth time, Nathan Benaich and I did our yearly roundup of AI news and advancements, including selections from this year's State of AI Report.If you've stuck around and continue to listen, I'm really thankful you're here. I love hearing from you.You can find Nathan and Air Street Press here on Substack and on Twitter, LinkedIn, and his personal site. Check out his writing at press.airstreet.com.Find me on Twitter (or LinkedIn if you want…) for updates on new episodes, and reach me at editor@thegradient.pub for feedback, ideas, guest suggestions.Outline* (00:00) Intro* (00:44) Air Street Capital and Nathan world* Nathan's path from cancer research and bioinformatics to AI investing* The “evergreen thesis” of AI from niche to ubiquitous* Portfolio highlights: Eleven Labs, Synthesia, Crusoe* (03:44) Geographic flexibility: Europe vs. the US* Why SF isn't always the best place for original decisions* Industry diversity in New York vs. San Francisco* The Munich Security Conference and Europe's defense pivot* Playing macro games from a European vantage point* (07:55) VC investment styles and the “solo GP” approach* Taste as the determinant of investments* SF as a momentum game with small information asymmetry* Portfolio diversity: defense (Delian), embodied AI (Syriact), protein engineering* Finding entrepreneurs who “can't do anything else”* (10:44) State of AI progress in 2025* Momentous progress in writing, research, computer use, image, and video* We're in the “instruction manual” phase* The scale of investment: private markets, public markets, and nation states* (13:21) Range of outcomes and what “going bad” looks like* Today's systems are genuinely useful—worst case is a valuation problem* Financialization of AI buildouts and GPUs* (14:55) DeepSeek and China closing the capability gap* Seven-month lag analysis (Epoch AI)* Benchmark skepticism and consumer preferences (”Coca-Cola vs. Pepsi”)* Hedonic adaptation: humans reset expectations extremely quickly* Bifurcation of model companies toward specific product bets* (18:29) Export controls and the “evolutionary pressure” argument* Selective pressure breeds innovation* Chinese companies rushing to public markets (Minimax, ZAI)* (21:30) Reasoning models and test-time compute* Chain of thought faithfulness questions* Monitorability tax: does observability reduce quality?* User confusion about when models should “think”* AI for science: literature agents, hypothesis generation* (23:53) Chain of thought interpretability and safety* Anthropomorphization concerns* Alignment faking and self-preservation behaviors* Cybersecurity as a bigger risk than existential risk* Models as payloads injected into critical systems* (27:26) Commercial traction and AI adoption data* Ramp data: 44% of US businesses paying for AI (up from 5% in early 2023)* Average contract values up to $530K from $39K* State of AI survey: 92% report productivity gains* The “slow takeoff” consensus and human inertia* Use cases: meeting notes, content generation, brainstorming, coding, financial analysis* (32:53) The industrial era of AI* Stargate and XAI data centers* Energy infrastructure: gas turbines and grid investment* Labs need to own models, data, compute, and power* Poolside's approach to owning infrastructure* (35:40) Venture capital in the age of massive GPU capex* The GP lives in the present, the entrepreneur in the future, the LP in the past* Generality vs. specialism narratives* “Two or 20”: management fees vs. carried interest* Scaling funds to match entrepreneur ambitions* (40:10) NVIDIA challengers and returns analysis* Chinese challengers: 6x return vs. 26x on NVIDIA* US challengers: 2x return vs. 12x on NVIDIA* Grok acquired for $20B; Samba Nova markdown to $1.6B* “The tide is lifting all boats”—demand exceeds supply* (44:06) The hardware lottery and architecture convergence* Transformer dominance and custom ASICs making a comeback* NVIDIA still 90–95% of published AI research* (45:49) AI regulation: Trump agenda and the EU AI Act* Domain-specific regulators vs. blanket AI policy* State-level experimentation creates stochasticity* EU AI Act: “born before GPT-4, takes effect in a world shaped by GPT-7”* Only three EU member states compliant by late 2025* (50:14) Sovereign AI: what it really means* True sovereignty requires energy, compute, data, talent, chip design, and manufacturing* The US is sovereign; the UK by itself is not* Form alliances or become world-class at one level of the stack* ASML and the Netherlands as an example* (52:33) Open weight safety and containment* Three paths: model-based safeguards, scaffolding/ecosystem, procedural/governance* “Pandora's box is open”—containment on distribution, not weights* Leak risk: the most vulnerable link is often human* Developer–policymaker communication and regulator upskilling* (55:43) China's AI safety approach* Matt Sheehan's work on Chinese AI regulation* Safety summits and China's participation* New Chinese policies: minor modes, mental health intervention, data governance* UK's rebrand from “safety” to “security” institutes* (58:34) Prior predictions and patterns* Hits on regulatory/political areas; misses on semiconductor consolidation, AI video games* (59:43) 2026 Predictions* A Chinese lab overtaking US on frontier (likely ZAI or DeepSeek, on scientific reasoning)* Data center NIMBYism influencing midterm politics* (01:01:01) ClosingLinks and ResourcesNathan / Air Street Capital* Air Street Capital* State of AI Report 2025* Air Street Press — essays, analysis, and the Guide to AI newsletter* Nathan on Substack* Nathan on Twitter/X* Nathan on LinkedInFrom Air Street Press (mentioned in episode)* Is the EU AI Act Actually Useful? — by Max Cutler and Nathan Benaich* China Has No Place at the UK AI Safety Summit (2023) — by Alex Chalmers and Nathan BenaichResearch & Analysis* Epoch AI: Chinese AI Models Lag US by 7 Months — the analysis referenced on the US-China capability gap* Sara Hooker: The Hardware Lottery — the essay on how hardware determines which research ideas succeed* Matt Sheehan: China's AI Regulations and How They Get Made — Carnegie EndowmentCompanies Mentioned* Eleven Labs — AI voice synthesis (Air Street portfolio)* Synthesia — AI video generation (Air Street portfolio)* Crusoe — clean compute infrastructure (Air Street portfolio)* Poolside — AI for code (Air Street portfolio)* DeepSeek — Chinese AI lab* Minimax — Chinese AI company* ASML — semiconductor equipmentOther Resources* Search Engine Podcast: Data Centers (Part 1 & 2) — PJ Vogt's two-part series on XAI data centers and the AI financing boom* RAAIS Foundation — Nathan's AI research and education charity Get full access to The Gradient at thegradientpub.substack.com/subscribe
Philip Johnston is co-founder and CEO of Starcloud, a company building data centers in space to solve AI's power crisis. Starcloud has already launched the first NVIDIA H100 GPU into orbit and is partnering with cloud providers like Crusoe to scale orbital computing infrastructure.As AI demand accelerates, data centers are running into a new bottleneck: access to reliable, affordable power. Grid congestion, interconnection delays, and cooling requirements are slowing the deployment of new AI data centers, even as compute demand continues to surge. Traditional data centers face 5-10 year lead times for new power projects due to permitting, interconnection queues, and grid capacity constraints.In this episode, Philip explains why Starcloud is building data centers in orbit, where continuous solar power is available and heat can be rejected directly into the vacuum of space. He walks through Starcloud's first on-orbit GPU deployment, the realities of cooling and radiation in space, and how orbital data centers could relieve pressure on terrestrial power systems as AI infrastructure scales.Episode recorded on Dec 11, 2025 (Published on Jan 13, 2026)In this episode, we cover: [04:59] What Starcloud's orbital data centers look like (and how they differ from terrestrial facilities)[06:37] How SpaceX Starship's reusable launch vehicles change space economics[10:45] The $500/kg breakeven point for space-based solar vs. Earth [14:15] Why space solar panels produce 8x more energy than ground-based arrays [21:19] Thermal management: Cooling NVIDIA GPUs in a vacuum using radiators [25:57] Edge computing in orbit: Real-time inference on satellite imagery [29:22] The Crusoe partnership: Selling power-as-a-service in space [31:21] Starcloud's business model: Power, cooling, and connectivity [34:18] Addressing critics: What could prevent orbital data centers from workingKey Takeaways:Starcloud launched the first NVIDIA H100 GPU into orbit in November 2024 Space solar produces 8x more energy per square meter than terrestrial solar Breakeven launch cost for orbital data centers: $500/kg Current customers: DOD and commercial Earth observation satellites needing real-time inference Target: 10 gigawatts of orbital computing capacity by early 2030s Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant
Instagram is giving you some control over your algorithm. Is Instacart using algorithmic pricing? SpaceX thinks it will be worth $1.5 trillion. Has DeepSeek been smuggling chips? And what if your startup's side-hustle can plug into the AI CAPEX bonanza? Instagram Will Start Letting You Pick What Shows Up in Your Reels (Wired) Same Product, Same Store, but on Instacart, Prices Might Differ (NYTimes) SpaceX to Pursue 2026 IPO Raising Far Above $30 Billion (Bloomberg) DeepSeek is Using Banned Nvidia Chips in Race to Build Next Model (The Information) Boom Supersonic raises $300M to build natural gas turbines for Crusoe data centers (TechCrunch) Learn more about your ad choices. Visit megaphone.fm/adchoices
Crusoe will pay Boom $1.25 billion for more than a gigawatt of generating capacity with deliveries of the turbines starting in 2027. Learn more about your ad choices. Visit podcastchoices.com/adchoices
Dr. Jeffrey Herbener explains why “Crusoe economics” isn't a caricature but the indispensable starting point for economics and liberty—built from action, property, and exchange.Sponsored by Steven Berger.Recorded at the Mises Supporters Summit in Delray Beach, Florida, on October 18, 2025.
Send us a textInvest in pre-IPO stocks with AG Dillon & Co. Contact aaron.dillon@agdillon.com to learn more. Financial advisors only.00:00 - Intro00:07 - Tether $10B+ Profit Fuels $20B Buyback Ambition01:05 - Ripple $500M Raise at $40B Valuation Boosts Global Payment Push01:53 - Decagon Eyes $4-5B Valuation on 100x ARR Multiple02:38 - Crusoe Tender Implies $13B Valuation (+30%)03:20 - Google-Wiz $32B Deal (+39%) Clears DOJ04:09 - Armis $435M Pre-IPO Round at $6.1B (+36%)04:52 - Harvey Raises $150M at $8B Valuation (+multi-round 2025 surge)05:34 - OpenAI Revenue Soars … $574.9B Secondary Valuation (+15%)06:35 - OpenAI 1M Business Customers + 800M Weekly Users07:25 - OpenAI-AWS $38B Cloud Deal Reshapes Infra Market07:55 - Lambda + Microsoft Multibillion AI Infra Deal (+90.1%)08:56 - Gemini Prediction Markets Expand Crypto Derivatives Frontier09:57 - Perplexity v. Amazon Tests AI Agent Commerce Rules10:54 - Anthropic $70B revenue + wins Cognizant Deal12:19 - Epic Games-Google Settlement Redefines App-Store Economics13:15 - SpaceX Starlink 8M Users >> $446.3B Secondary Valuation (+11.6%)
Is AI infrastructure the next great buildout — or the next bubble waiting to burst?In this episode, Jake Corley (@jacobcorley) and Justin Ballard (@JLB_Oso) break down what might be the largest capital migration in modern history — the trillion-dollar rush to build data centers, generation, and power infrastructure for AI.From Fermi America's $13B IPO to Crusoe's $10B valuation, from China's 40-GW dams to America's permitting gridlock — this one connects the dots between energy, compute, and capital.We explore: ⚡ The $250B+ pouring into AI infrastructure this year ⚡ How off-grid power and natural gas are reshaping the landscape ⚡ Whether the boom is sustainable — or headed for a shakeout ⚡ Why China's generation advantage could reshape the AI arms race ⚡ The fusion of AI, Power, and Bitcoin — and what it means for the next decadeIt's AI x Power x Bitcoin — and the lines are blurring fast.
Chase Lochmiller is the CEO and co-founder of Crusoe. If you're a regular listener, Crusoe isn't new to the pod. This summer, Cody sat down with Chase's Co-founder and COO, Cully Cavness, during our live event in Austin.This latest episode was recorded live at the inaugural MCJ Summit in San Francisco at the beautiful Autodesk Gallery. Cody and Chase dive into how Crusoe is building data centers at the intersection of AI and energy. Chase traces his path from MIT soccer captain and mountaineer to climate-focused entrepreneur, and how those experiences shaped Crusoe's core values of preparation, curiosity, and speed.He shares the story behind the company's 1.2-gigawatt Abilene, TX project, its energy-first approach to powering AI infrastructure, and his vision for an era of abundant energy and intelligence. The discussion also explores the future of AI labor, grid integration, and what digital abundance could mean for society at large.Special thanks to our MCJ Summit attendees and our kind sponsors: Autodesk Foundation, Borusan, Cedar Grove, CSC Leasing, Mitsui O.S.K. Lines, Obayashi, Palantir, and Safire Partners.Episode recorded on Oct 15, 2025 (Published on Oct 29, 2025)In this episode, we cover: [01:14] Chase's early love of math, science, and soccer [02:42] Realizing academia moved too slow for his energy [04:32] How his entrepreneurial father shaped his path [05:05] Climbing Everest and the origins of “Think Like a Mountaineer” [09:32] Defining Crusoe as a clean AI infrastructure company [10:47] Building vertically integrated “AI factories” [16:24] Inside the 1.2 GW Abilene project for OpenAI and Oracle [20:52] Crusoe's energy-first approach to compute build-outs [25:36] Using AI demand to accelerate next-gen energy solutions [30:24] When AI becomes a power orchestrator [33:31] Digital labor and AI's impact on GDP and society [38:41] How Chase hopes Crusoe is remembered in 30 years Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant
Leslie Picker, Carl Quintanilla, and Michael Santoli kicked off the hour with new consumer data and the latest on the trade front out of Washington - before breaking down this morning's cooler-than-expected inflation report with Goldman's Chief U.S. Economist, and Bespoke's Paul Hickey. Plus: get the read out from Ford earnings with former CEO Mark Fields - and a deep-dive on JPMorgan's latest move into the crypto space. Also in focus: a check in on the AI complex... AI data center start-up Crusoe just raising new money at a $10B+ valuation - with backers including Nvidia and Salesforce. Crusoe's CEO joined the team at Post 9 to talk the news, and whether this massive domestic investment in data centers will really pay off. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Crusoe CEO Chase Lochmiller talks with TITV Host Akash Pasricha about Crusoe's $1.3 billion funding and the company's ambition to take cloud computing into outer space. We also talk with The Information Reporters Stephanie Palazzolo, Kalley Huang, and Erin Woo about why OpenAI employees are calling the company's culture shift "Facebookification." Next, TITV Host Akash Pasricha talks with The Information's Rocket Drew about SoftBank's renewed robotics ambitions and the acquisition talks with Agility Robotics, as well as David Bell, CEO of Remedy Robotics, about how robots are revolutionizing medicine. Lastly, we get into the future of wearables with Premise's Co-Founder Vanessa Larco.Articles discussed on this episode:https://www.theinformation.com/articles/openai-readies-facebook-erahttps://www.theinformation.com/articles/softbank-hunts-humanoid-robot-startupsTITV airs on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts.Subscribe to: - The Information on YouTube: https://www.youtube.com/@theinformation4080/?sub_confirmation=1- The Information: https://www.theinformation.com/subscribe_hSign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agenda
Send us a text00:00 - Intro00:07 - Kalshi Fields $10B+ Valuation Offers Post-$5B Raise01:12 - Crusoe $1.38B Raise at $10B+ Valuation Fuels AI Infra Expansion02:31 - Redwood Materials $350M Series E at $6B Valuation Boosts Battery Recycling04:04 - OpenEvidence $200M Series C at $6B Valuation Drives Medical AI Adoption05:35 - Cohere $7B Tender Offer Amid $150M ARR Enterprise LLM Growth06:40 - Synthesia $4B GV-Led Round Talks Post-Adobe $3B Acquisition Bid08:05 - Suno $100M+ Raise at $2B+ Valuation in AI Music Surge09:04 - Anduril Acquires AIRS to Bolster Multi-Domain Infrared Sensing10:13 - Revolut Mexico Banking Launch Amid $4B Revenue Expansion11:18 - X Launches Inactive Handle Marketplace for Premium Monetization12:10 - Anthropic Tens of Billions Google TPU Deal Expands Compute Footprint13:08 - OpenAI $15B Wisconsin Data Center Partnership with Oracle14:17 - OpenAI Acquires Sky AI Mac Interface Team in Consumer Push
Hui Wen Chan, Senior Director of Sustainability at Crusoe, describes how the rapid rise of AI is reshaping energy demand and Crusoe's efforts to design more sustainable data centers. She explains how Crusoe leverages stranded energy sources, repurposed electric vehicle batteries, on-site renewables, and innovative energy-efficient cooling technologies to design and build gigawatt-scale AI data center infrastructure that reduces water and carbon footprints. She also shares why Crusoe emphasizes modularity and location-based energy sourcing, and how its customers—ranging from AI startups to tech hyper-scalers—are integrating climate into their computing strategy. Hui reflects on her path from microfinance and Citi's ESG team to climate tech and offers practical advice for others pursuing careers at the intersection of AI and sustainability. This episode is a part of our HBS alumni series, which also features Eric Adamson who works on agricultural robotics at Oishii, and Danielle Colson who works at Mantel, a carbon capture technology start-up. Visit our website (climaterising.org) to explore the entire series!
As the co-founder of MusicGorilla, Alexia Erlichman has built a powerhouse platform that connects independent musicians with top industry opportunities in film, TV, advertising, and gaming. A graduate of NYU, Alexia began her career in production with Miramax Films, Tribeca Productions, and Robert Rodriguez before launching MusicGorilla with her husband, Lawrence. With over a decade of entertainment experience, she now champions artist empowerment, helping musicians get their work discovered, licensed, and celebrated—all while running the company from the Northeast with their spirited rescue dog, Crusoe.In this episode, Alexia Erlichman joins Michael Walker to explore how independent artists can harness technology, community, and creative collaboration to thrive in the evolving music industry.Key Takeaways:How AI and digital tools are reshaping music creation—and why they'll never replace human creativity.The power of collaboration and community in building a sustainable music career.Practical strategies for artists to get their songs heard, licensed, and monetized in today's industry.---→ Learn more about Alexia and her work at: musicgorilla.com.Book an Artist Breakthrough Session with the Modern Musician team: https://apply.modernmusician.me/podcast
Danielle Rapson, HBS alum and Co-founder and COO of Mantel, joins Climate Rising to explain how her company is developing a novel molten-based carbon capture system for hard-to-abate industrial sectors. Danielle shares the story of how Mantel spun out of an MIT lab, what sets its technology apart from existing amine-based carbon capture, and why the economics of steam reuse are critical to its efficiency. She also discusses how Mantel's early projects in pulp and paper and oil refining are shaping its path to commercialization, and what policy and regulatory incentives—like 45Q and Canada's carbon tax—mean for scaling carbon removal solutions. This episode is part of our alumni series, which also features Eric Adamson, Robotics Executive at Oishii and co-founder of Tortuga AgTech, and Hui Wen Chan of Crusoe, which uses stranded energy to power AI data centers. Explore the full series at climaterising.org. Resources Mentioned • Mantel – Developing molten material-based carbon capture for industrial emissions • Breakthrough Energy Fellows – A program supporting early-stage climate tech innovators • The Engine – VC firm backing tough tech startups out of MIT • MCJ – "My Climate Journey," a podcast and investor network on climate tech • Kruger– Canadian pulp and paper partner for Mantel's first demonstration project • 45Q Tax Credit (U.S. IRS) – U.S. tax credit for carbon capture and sequestration • Canada's Carbon Tax Policy – A national carbon pricing mechanism incentivizing low-carbon tech Host and Guest Host: Mike Toffel, Professor, Harvard Business School (LinkedIn) Guest: Danielle Rapson, Co-founder & COO, Mantel (LinkedIn)
Literature's most famous castaway, Robinson Crusoe, was washed up on a desert island - where he would remain for 28 years - on 30th September, 1659. By selecting this date, author Daniel Defoe ensured that his fictional protagonist's fate pre-dated the real-life estrangement of Royal Navy man Alexander Selkirk, who was stranded some 46 years later: 14 years prior to Defoe writing his novel. In this episode, Arion, Rebecca and Olly explain how his story pioneered not only the English novel, but also the movie trailer; ask whether Crusoe's narrative voice sounds like an authentic young man of the period, or betrays the fact that Defoe was nearly sixty when he created him; and dig around in the writer's early career (including, but not limited to, creating perfume from civets)... Further Reading: • Daniel Defoe profile (The British Library): https://www.bl.uk/people/daniel-defoe • ‘Debunking the Myth of the ‘Real' Robinson Crusoe' (National Geographic, 2016): https://www.nationalgeographic.com/culture/article/robinson-crusoe-alexander-selkirk-history • The Shipwreck scene from ‘Robinson Crusoe' (1927): https://www.youtube.com/watch?v=OCaYAD1ZGuM This episode first aired in 2021Love the show? Support us! Join
Eric Adamson, Robotics Executive at Oishii and co-founder of Tortuga AgTech, joins Climate Rising to share how automation and AI are transforming fruit farming. Eric explains how his team designed a strawberry-harvesting robot capable of operating in outdoor tunnels and vertical farms, bringing operational efficiency, labor savings, and climate resilience to high-value crops. He discusses why harvest is the hardest—and most impactful—problem in agriculture to automate, what it took to move from lab demo to field-scale deployment, and how they integrated custom robotics and 17 on-device AI models to achieve 97% picking accuracy. Eric also shares his climate thesis on why controlled environments reduce emissions, waste, and chemical use, and how UV-powered robots and environmental buffering help adapt to floods, fungi, and labor volatility. This episode is part of our alumni series, which also features Danielle Colson of Mantel, a carbon-capture climate-tech start-up, and Hui Wen Chan of Crusoe, which uses stranded energy to power AI data centers. Explore the full series at climaterising.org
Send us a text00:00 - Intro00:54 - Databricks Targets $100b in New Round01:53 - Canva Launches Tender at $42b Valuation02:49 - Crusoe Eyes $1b Raise at $10b Valuation03:27 - Anthropic Doubles Raise to $10b at $170b04:15 - Eight Sleep Raises $100m at $1.5b04:47 - Manus Hits $90m ARR in 6 Months05:17 - Anduril Sponsors Ohio State Athletics06:18 - Stripe / MetaMask Launch mUSD Stablecoin
WBSRocks: Business Growth with ERP and Digital Transformation
Send us a textRecent developments across the enterprise technology landscape highlight a strong push toward AI-driven efficiency, enhanced integration, and strategic partnerships. Resulticks' launch of Genie, an AI-powered marketing agent, promises to reduce workloads by 40% while boosting real-time audience engagement. Simpplr is expanding its platform extensibility with custom apps that enable seamless enterprise integrations, while iFabric Corp adopts BlueCherry® ERP to drive smarter supply chain and operational growth. Talkdesk's After Hours feature improves customer and agent satisfaction by extending support beyond standard business times. Additionally, ARIS has partnered with ProcessMaker to introduce a new task mining solution, Cleo and Programmers.io announced a fresh partnership, and Crusoe unveiled new managed services. Strategic alliances also continue to shape the market, with Phenom teaming up with Deloitte, Progress releasing over 50 free UI components, and QAD announcing a new CEO to lead its next phase of growth.In today's episode, we invited a panel of industry analysts for a live discussion on LinkedIn to analyze current enterprise software stories. We covered many grounds including the direction and roadmaps of each enterprise software vendors. Finally, we analyzed future trends and how they might shape the enterprise software industry.Background Soundtrack: Away From You – Mauro SommFor more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs. rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.
(0:00) James Litinsky, MP Materials (13:32) Lisa Su, AMD (29:45) Chase Lochmiller, Crusoe (43:26) Jensen Huang, Nvidia Thanks to our partners for making this happen: NYSE : https://www.nyse.com Visa: https://usa.visa.com Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect
This episode kicks off with an exclusive interview featuring Cristóbal Valenzuela, CEO of AI video company Runway, who discusses their innovative enterprise sales strategy and the "forward-deployed technical artists" helping companies embrace non-traditional content creation. Our second guest, Tomas Tungus, General Partner at Theory Ventures, reveals the key metrics he's fixated on when assessing AI startups, offering a data-heavy dive into financial health, growth rates, and the nuances of revenue reporting in the fast-paced AI market. Finally, the episode concludes with an update on Crusoe, the data center company making a bold play in the cloud computing space. Reporter Anissa Gardezy details Crusoe's ambitious revenue projections for its AI cloud business and its role in major projects like Stargate, as it aims to compete with industry giants like Oracle and ultimately become a leading cloud provider.Articles discussed on this episode:https://www.theinformation.com/articles/how-runway-hopes-to-outrun-openai-google-in-the-ai-video-race https://www.theinformation.com/articles/upstart-crusoes-audacious-plan-take-cloud-giantshttps://www.theinformation.com/articles/inside-the-start-of-project-stargate-and-the-startup-powering-lt https://www.theinformation.com/articles/how-ai-can-upend-the-internet-ad-model
Cully Cavness is the co-founder, president, and COO of Crusoe, an energy-first AI infrastructure company. In this live episode recorded in Austin, Texas, Cully shares how Crusoe evolved from capturing flared gas for Bitcoin mining to becoming a leading developer of hyperscale data centers. He discusses the company's pivotal role in Project Stargate—a $500B AI infrastructure effort led by OpenAI, SoftBank, and Oracle—and how Crusoe is building a 1.2 gigawatt data center campus in Abilene, Texas. Cully reflects on the decision to divest its original Bitcoin business, the company's vertical integration strategy, and how energy abundance will shape the future of AI. In this episode, we cover: [00:24] An overview of Crusoe [01:08] Its role in Project Stargate and Abilene data center[03:41] Shift from outbound to inbound interest[06:17] Company pivots and existential startup bets[09:09] Sale of Bitcoin mining business to NYDIG[11:40] Flared gas capture and climate impact overview[14:57] From digital flare mitigation to stranded wind use[17:27] Cully's personal energy background and worldview[22:14] Why AI could drive climate and fusion breakthroughs[25:47] Details of the 1.2 GW Abilene campus for Oracle[36:42] 3,500 skilled trades supporting data center build[44:42] Natural gas as a bridge fuel + CCS investmentsEpisode recorded on June 10, 2025 (Published on June 17, 2025) Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant
Somebody loves us all. Rosalynde Vas Dias discusses three poems by Elizabeth Bishop: “Sestina” (1956), “Filling Station” (1956), and “Crusoe in England” (1971). John McCoy with Rosalynde Vas Dias and Marina McCoy.
Somebody loves us all. Rosalynde Vas Dias discusses three poems by Elizabeth Bishop: “Sestina” (1956), “Filling Station” (1956), and “Crusoe in England” (1971). John McCoy with Rosalynde Vas Dias and Marina McCoy.
Our 207th episode with a summary and discussion of last week's big AI news! Recorded on 04/14/2025 Hosted by Andrey Kurenkov and Jeremie Harris. Feel free to email us your questions and feedback at contact@lastweekinai.com and/or hello@gladstone.ai Read out our text newsletter and comment on the podcast at https://lastweekin.ai/. Join our Discord here! https://discord.gg/nTyezGSKwP In this episode: OpenAI introduces GPT-4.1 with optimized coding and instruction-following capabilities, featuring variants like GPT-4.1 Mini and Nano, and a million-token context window. Concerns arise as OpenAI reduces resources for safety testing, sparking internal and external criticisms. XAI's newly launched API for Grok 3 showcases significant capabilities comparable to other leading models. Meta faces allegations of aiding China in AI development for business advantages, with potential compliances and public scrutiny looming. Timestamps + Links: Tools & Apps (00:03:13) OpenAI's new GPT-4.1 AI models focus on coding (00:08:12) ChatGPT will now remember your old conversations (00:11:16) Google's newest Gemini AI model focuses on efficiency (00:14:27) Elon Musk's AI company, xAI, launches an API for Grok 3 (00:18:35) Canva is now in the coding and spreadsheet business (00:20:31) Meta's vanilla Maverick AI model ranks below rivals on a popular chat benchmark Applications & Business (00:25:46) Ironwood: The first Google TPU for the age of inference (00:34:15) Anthropic rolls out a $200-per-month Claude subscription (00:37:17) OpenAI co-founder Ilya Sutskever's Safe Superintelligence reportedly valued at $32B (00:40:20) Mira Murati's AI startup gains prominent ex-OpenAI advisers (00:42:52) Hugging Face buys a humanoid robotics startup (00:44:58) Stargate developer Crusoe could spend $3.5 billion on a Texas data center. Most of it will be tax-free. Projects & Open Source (00:48:14) OpenAI Open Sources BrowseComp: A New Benchmark for Measuring the Ability for AI Agents to Browse the Web Research & Advancements (00:56:09) Sample, Don't Search: Rethinking Test-Time Alignment for Language Models (01:03:32) Concise Reasoning via Reinforcement Learning (01:09:37) Going beyond open data – increasing transparency and trust in language models with OLMoTrace (01:15:34) Independent evaluations of Grok-3 and Grok-3 mini on our suite of benchmarks Policy & Safety (01:17:58) OpenAI countersues Elon Musk, calls for enjoinment from ‘further unlawful and unfair action' (01:24:33) OpenAI slashes AI model safety testing time (01:27:55) Ex-OpenAI staffers file amicus brief opposing the company's for-profit transition (01:32:25) Access to future AI models in OpenAI's API may require a verified ID (01:34:53) Meta whistleblower claims tech giant built $18 billion business by aiding China in AI race and undermining U.S. national security
Steve's guest is noted economist L. Randall Wray, one of the early developers of modern money theory. As many times as this podcast has talked about MMT, it's always topical. In fact, just last week, Elon Musk discovered 14 magic money computers in government agencies! So, Trump had to hire the richest man in the world who hired who knows how many hundreds of young tech kids to discover what we've been saying for 30 years, which is that Congress appropriates money, and then the computers keystroke it into people's accounts. There's no mystery about this at all, but they think they've discovered not only something that people didn't know, but something that's, oh, it's so scary. It's nefarious that the government uses computers to increase the size of people's accounts. Well, that's spending. That's the way it's done. Clearly, this is a good time to revisit the valuable insights of MMT and look at the implications for building a society that serves its people. This episode dives deep into the fundamentals, debunking misconceptions about government spending, the role of taxes, and the myth that the US government can run out of money, like a household. Randy and Steve talk about changes in the economy due to financialization, and the difference between budget constraints and inflation constraints. Randy explains why we need to look at the history of debt in order to understand money. He talks about banking, including transactions between the Federal Reserve and the Treasury. The conversation breaks down complex concepts into relatable terms, sometimes with a touch of humor. Illustrating the creation of currency, Randy describes an imaginary scenario in which the fictional characters Robinson Crusoe and Friday devise a currency to facilitate barter. Randy: So, they come up with the idea of, ‘hey, we can use seashells as a medium of exchange.' And this is where money came from. It was Robinson Crusoe and Friday. Okay, think about this a little bit. It's pretty bizarre. We've got Crusoe and Friday marooned on a desert island. I can think of two much more likely scenarios. Okay, one, Crusoe came from Europe. What do Europeans do when they come across native people? Steve: Kill them. Anyone with an interest in how the economy truly operates will learn something from this episode. L. Randall Wray is a Professor of Economics at the Levy Economics Institute of Bard College, and Emeritus Professor at University of Missouri-Kansas City. He is one of the developers of Modern Money Theory and his newest book on the topic is Understanding Modern Money Theory: Money and Credit in Capitalist Economies (Elgar), forthcoming in spring 2025. Recent books on MMT include Making Money Work for Us (Polity, November 2022), a companion illustrated guide, Money For Beginners (Polity, May 2023, with Levy Institute graduate Heske Van Doornen), and the third edition of Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems (Springer, 2024). He is also the author of Why Minsky Matters (Princeton, 2015) as well as the author, co-author, and editor of many other books. Find more of his work at levyinstitute.org
All your Bitcoin mining news from this week, in 30 minutes or less! Including CoreWeave's downgraded IPO, Crusoe selling assets to NYDIG plus Riot bidding for Rhodium's mining assets!You're listening to The Mining Pod. Subscribe to the newsletter, trusted by over 10,000 Bitcoiners: https://newsletter.blockspacemedia.comWant to mine Bitcoin? Check out the Blockspace Media store today!Welcome to The Mining Pod! This week, we dive into Bitcoin's difficulty adjustments with hash rate approaching 850 EH/s while miners face compressed hash prices at $48.63. We analyze Core Weave's IPO reduction from $4B to $1.5B amid market skepticism. Plus, breaking news on Crusoe's mining operations exit to NYDIG, Riot's $185M offer for Rhodium's Rockdale assets, and the hilarious irony of anti-ordinals Ocean Mining processing Taproot Wizards transactions. Join us for expert analysis on the evolving mining and AI compute landscapes.# Notes:- Difficulty adjustment estimated at 5.6%- Hash prices at $48.63 per hash per day- Network hash rate approaching 850 EH/s- Core Weave IPO reduced to $1.5B from $4B- Riot offering $185M for Rhodium assets- Crusoe selling all mining operations to NYDIGTimestamps:00:00 Start02:16 Hashrate Forecast04:56 What's up with CoreWeave?06:31 Kramer video17:38 Crusoe Sells Assets to NYDIG21:52 Riot and Rockdale25:37 Cry Corner: CATS, Wizards vs Ocean
For this week's mining news, a surprising decision on Crusoe and Upstream Data's patent dispute and more.Welcome back to The Mining Pod! Today, the gang covers news that Blockspace broke regarding a surprising mixed decision in Crusoe and Upstream Data's patent dispute. Plus, Lancium gets in on the Project Stargate action with a 1.2 GW AI campus, a data recap from Hashrate Index's 2024 Year-in-Review, and TSMC is fabbing ASIC chips for Bitdeer's SEALMINER series in the U.S.A. And finally, for this week's cry corner, scammers hijack Riot Platform's X account to lure folks into the Solana memecoin casino. Timestamps:00:00 Start01:28 Difficulty report05:36 Crusoe & Upstream14:54 Lancium's Project Stargate Deal27:34 Hashrate Index 2024 Year-in-Review45:36 TSMC US fabbed chips for Bitdeer51:34 Cry corner: Riot HackPublished twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!
Dylan Patel, founder of SemiAnalysis and one of my go-to experts on semiconductors and data center infrastructure joins me to discuss AI in 2025. Several key themes emerged about where AI might be headed in 2025:1/ Big Tech's accelerating CapEx and market adjustmentsThe hyperscalers are racing ahead in capital expenditure, with Microsoft's annual outlay likely to surpass $80 billion (up from around $15 billion just five years ago). By mid-decade, total annual investments in AI-driven data centers could climb from around $150–200 billion today to $400–500 billion. While these expansions power more advanced models and services, such rapid spending raises questions for investors. Are shareholders ready for ongoing, multi-fold increases in data center build-outs?2/ The competitive landscape and new infrastructure playersThe expected explosion in AI workloads is drawing in a wave of new specialized GPU cloud providers—names like CoreWeave, Niveus, Crusoe—each gunning to become the next vital utility layer of AI compute. Unlike the hyperscalers, these players tap different pools of capital, including real-estate-like finance and private credit, enabling them to ramp up aggressively. This dynamic threatens the established order and could squeeze margins as competition heats up. The market is starting to understand that.3/ The semiconductor supply chain isn't the only bottleneckWe often talk about GPU shortages, but the real sticking point is broader infrastructural complexity. Yes, Nvidia and TSMC can ramp up chip supply. But even if you have enough high-end silicon, you still need power infrastructure and grid connectivity. Building multi-gigawatt data centers in the US—each the size of a utility-scale power plant—is now firmly on the agenda. In some states, data centers already consume 30% of the grid's electricity. By 2027, AI data centers alone could account for 10% or more of total US electricity consumption, straining America's aging infrastructure.4/ Commoditization of models and margin pressureA year ago, advanced language models were scarce and expensive. Today, open-source variants like Llama 3.1 are driving commoditization at speed, slicing away the profit margins of plain-vanilla model-serving. If your model doesn't outperform the best open source, you're forced to compete on price—and that's a race to the bottom. Currently, only a handful of players (OpenAI and Anthropic among them) enjoy meaningful margins. As models proliferate, value will increasingly flow to those offering distinctive tools, integrating closely into enterprise workflows and locking in switching costs.5/ Into 2025: exponential curves and new market normsDespite these challenges—soaring costs, stalled infrastructure build-outs, margin erosion—Dylan is confident that exponential scaling will continue. The sector's appetite for GPUs, specialized chips and next-gen data centers appears insatiable. We could easily see record-breaking fundraising rounds north of $10 billion for private AI ventures—funded by sovereign wealth funds and other capital pools that have barely scratched the surface of their capacity to invest in AI infrastructure. There's also a very tangible productivity angle. AI coding assistants continue to reduce the cost of software development. Some software companies could be looking at 20–30% staff reductions in these technical teams as high-level coding becomes automated. This shift, still in its early days, will have profound downstream effects on the entire software ecosystem.Find us:Exponential ViewSemiAnalysis
Hyperscalers are coming to Bitcoin mining. Actually, it's the other way around!Welcome back to The Mining Pod! In today's show were ripping on Hut 8's $12 billion build out in Louisiana for a full hyperscaler facility. Yes, that's nearly 6x the marketcap of Hut 8 currently! We also go into Crusoe's $600M raise from Founders Fund, our scoop on DCG spinning out Foundry's self-mining assets, Riot joining the HODL gang with Microstrategy and MARA and some final thoughts on Coinbase listing random tokens for ‘just the funsies.' Oh, also Texas is going to do a Bitcoin Reserve!Timestamps:00:00 Start01:54 Difficulty update04:29 Hut 8 plans 1,000 MW in Louisiana10:19 Crusoe Closes $600M Raise13:35 DCG creates new company18:56 Riot Offering of 0.75% Convertible Senior Notes27:52 Coinbase lists Peanut the Squirrel (PNUT) memcoin33:20 Texas Bitcoin ReservePublished twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!
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