Podcasts about Dilemma

Subscribe to our Newsletter:https://theultimatepartner.com/ebook-subscribe/Check Out UPX:https://theultimatepartner.com/experience/ The Shift from Attention to Trust In this compelling episode, Ashleigh Vogstad, CEO of Transcends, joins Vince Menzione to discuss the tectonic shifts occurring in the global partner ecosystem. Ashleigh shares her firsthand experiences studying AI at Oxford, the rise of the “Trust Economy,” and the controversial Amazon vs. Perplexity lawsuit. They dive deep into the practicalities of becoming a “Frontier Firm,” the importance of building proprietary AI agents, and the ways Gen Z and AI-driven marketplaces are revolutionizing the buyer journey. Whether you are looking to win Microsoft Partner of the Year or navigate the demise of traditional SaaS, this conversation provides a strategic roadmap for leading through the AI revolution. Key Takeaways The economy is shifting from a focus on human attention to a foundation of verified trust. Future commerce will involve “selling to machines” as AI agents begin making purchasing decisions on behalf of humans. Microsoft is prioritizing “Frontier Firms” that integrate AI into every customer interaction and internal process. Gen Z buyers are prioritizing product value and “dupes” over traditional brand names, with 75% of buyers expected to be Gen Z by 2030. To win Partner of the Year, organizations must publicly celebrate “better together” stories with validated customer wins. Modern leaders should transition from a “growth mindset” to a “frontier mindset” to keep pace with rapid technological change. https://youtu.be/xJmd43NvfnI If you're ready to lead through change, elevate your business, and achieve extraordinary outcomes through the power of partnership—this is your community. At Ultimate Partner® we want leaders like you to join us in the Ultimate Partner Experience – where transformation begins. Key Tags Trust Economy, Selling to Machines, Amazon vs Perplexity Lawsuit, Frontier Firm, AI Agents, Copilot Studio, Anthropic Claude, Microsoft Partner of the Year, B2B Marketplaces, Gen Z Buyer Behavior, Digital Freedom, AI Therapy, Ray Kurzweil Singularity, Substack Growth, Co-selling Partnerships, MCI Funding, Azure Accelerate, Agentic AI, Transcending Tech, Ashleigh Vogstad. Transcript Asleigh Vogstad Audio Podcast [00:00:00] Ashleigh Vogstad: The attention economy is about selling to human beings. Now, if you look at something like the Amazon versus Perplexity lawsuit, the whole underlying premise is around the shift of no longer selling to humans directly, but of selling to machines. [00:00:19] Vince Menzione: We just finished Ultimate Partners Winter Retreat here in beautiful Boca to a sold out crowd. Today I’m joined by Ashley Waad. The CEO of transcends for this compelling discussion. Ash, welcome back to the podcasts. [00:00:34] Ashleigh Vogstad: It’s so good to be here, Vince. Thank you. Uh, [00:00:37] Vince Menzione: so well, we’re back in Boca again and we were just here yesterday for the Ultimate Partner Executive Winter Retreat in person. [00:00:44] Vince Menzione: What a great event we had together. [00:00:46] Ashleigh Vogstad: It was phenomenal. Thank you so much for having us there and on stage and, and genuinely the community is like a family, so seeing so many familiar faces and spending some quality time was just great. [00:00:57] Vince Menzione: It has really, truly become like family. It really, I’m, I’m, I’m having so much fun with this and getting to watch. [00:01:04] Vince Menzione: Not just our business grow and our community grow, but to see all of our friends and, uh, organizations like Transcends that have been with us since the beginning, since the very first ultimate partner acting even before the first ultimate partner. And, uh. We were just talking about. I’d love to catch up with what you’ve been doing. [00:01:22] Vince Menzione: Like you just came, you’ve been on a whirlwind. I mean, you’re always, every time like it’s, where’s Ash? She’s, uh, she’s on a plane again, or she’s on, she’s on the slopes. But tell us where you were just this week. [00:01:34] Ashleigh Vogstad: Yeah. The week started in a snowstorm, actually transporting myself from Whistler. I didn’t know if I would make it to the airport, but then down to Silicon Valley and [00:01:45] Vince Menzione: Nice. [00:01:46] Ashleigh Vogstad: Wow, that place is just inspiring and eyeopening. I mean, seeing the Nvidia campus, a MD, it’s really just other worldly and it had me reflecting on, it’s [00:02:00] Vince Menzione: not Whistler. Yeah, it’s [00:02:02] Ashleigh Vogstad: definitely not Whistler. Definitely not Whistler [00:02:05] Vince Menzione: about, [00:02:06] Ashleigh Vogstad: um, yeah, it just had me reflecting on being down there. I used to spend a lot of time in the Valley around 2017 and. [00:02:13] Ashleigh Vogstad: In this theme of AI and kind of what’s really coming, I was, I was thinking about, I had met this woman, Julia Moss Bridge, who’s a neuroscientist studying ai. She had a project called Loving Ai, and I was down there when they had borrowed Sophia, this humanoid robot from S and Robotics. [00:02:32] Vince Menzione: Oh yes. Yes. [00:02:33] Ashleigh Vogstad: Really interesting. [00:02:34] Ashleigh Vogstad: Sophia’s actually a citizen of Saudi. Mm-hmm. First, first robot to actually be made citizen of a country. So they had Sophia set up and the part that was just mind boggling at the time was that Sophia was hosting in real life therapy sessions with actual human beings sitting across the table. And what really struck me as. [00:02:59] Ashleigh Vogstad: Kind of just, you know, that was only eight, nine years ago. And that was esoteric. Wacky and [00:03:05] Vince Menzione: eerie. [00:03:05] Ashleigh Vogstad: Weird. [00:03:05] Vince Menzione: Eerie at the time. [00:03:06] Ashleigh Vogstad: Incredibly eerie. Yeah. I mean, a, a human getting, uh, you know, therapy sessions from a robot sitting across the table. Yeah. And it just had me thinking how far we’ve come today. In 2025, Harvard Business Review said that therapy is actually the number one use case for ai. [00:03:26] Vince Menzione: I’ve heard that. That is striking. I go back to COVID. We were having this conversation last night at at the dinner for the Ultimate Partner event, and I think that COVID allowed us to transcend, [00:03:42] Ashleigh Vogstad: mm-hmm. [00:03:42] Vince Menzione: No pun intended there, but actually accelerate where we are today, that the acceptance of AI and the acceleration, or the ability to accept change so quickly. [00:03:56] Vince Menzione: Started with COVID because we were so, so we were forced on whatever it was, March 10th I think, here in the United States to shut down everything and move to this remote life. [00:04:08] Ashleigh Vogstad: Mm-hmm. [00:04:09] Vince Menzione: And I think we’ve been shocked by that. I think our systems have all been shocked by that. And then here comes chat GBT in November of 2022 and we’re like. [00:04:20] Vince Menzione: Shocked in some respects, but like really everyone has embraced it in such a strong way, and now we’re getting. It’s almost daily update. You know, we’re gonna talk, I know we’re gonna talk about Anthropic and some of the things that’s been happening just in this last month that are striking and changing that have a lot of organizations trying to navigate, which is what, you know, you, you help organizations do. [00:04:43] Vince Menzione: But it feels like this is happening so fast and will continue to happen so fast. And as I said yesterday, I don’t know what this world’s gonna look like by 2030. [00:04:53] Ashleigh Vogstad: You know, and I think the thing is, is that nobody knows what the world is gonna look like in 2030. I’ve been reading Ray Kurz Well’s, the Singularity is nearer, so the original book, the Singularity is near and he’s known to be a very accurate predictionist on the future. [00:05:11] Ashleigh Vogstad: Yeah. But even with someone like that, you know, there, there nobody really knows what the world is gonna look like. And when you talk about COVID. At transcends, we have a value of digital freedom. So I founded the business in 2018, which was pre COVID. I as a fully remote organization, and at the time that was, you know, more groundbreaking, but then very quickly with CI that, that became the so-called new normal. [00:05:37] Ashleigh Vogstad: But we’re always thinking about. You know, remote first doesn’t mean remote only, and I think in this tide of what you’ve talked about, technological change being more acceptable and the pace of change. One of the interesting things that we see as a go-to-market agency is that in-person events are increasing. [00:05:56] Vince Menzione: Yes. [00:05:57] Ashleigh Vogstad: People want and crave the face-to-face. Just like with the ultimate partner series. [00:06:02] Vince Menzione: I felt it. So it was striking yesterday. It, it seems like it’s, again, this was event number nine for us, but to see the, um, uh, receptiveness isn’t the right term, but it was this, uh, people, the, the embracing. Of seeing each other and hugging each other and being in the same room with each other. [00:06:22] Vince Menzione: And even people that didn’t know each other, like by the, the, as the day evolved, this, uh, connection that they all seemed to have with one another during the sessions and participating, everyone actively participated in the sessions. And, um, I said this in the beginning, we’re not a Slack channel and we’re not like some post on LinkedIn. [00:06:43] Vince Menzione: Uh, we’re there, there’s no playbook that’s set today around partnerships or even go to markets and marketing that we could espouse and say, this is the playbook for the next year. Right. It’s, it’s changing so rapidly. [00:06:55] Ashleigh Vogstad: So rapidly, [00:06:57] Vince Menzione: and you’ve embraced it. And I, and what we’re gonna talk about right now, I mean, I, I, you know, you’ve embraced AI in such a strong way. [00:07:04] Vince Menzione: Um, personally and with your business, I want to, I wanna dive in here a little bit. First of all, a couple things For those of those who are listening who don’t know you, I think maybe just a moment about transcends and your role, and then I wanna dive in on how you’re thinking about ai because I know you’re doing some things personally. [00:07:22] Vince Menzione: I want you to share that with, with our listeners and viewers today. [00:07:25] Ashleigh Vogstad: Yeah, great. And I just wanna comment that it was a cool moment yesterday being up on stage with yourself and Mark Monday from ServiceNow and having the audience so engaged and active and Nina Harding from Microsoft stepping up and entering the conversation. [00:07:40] Vince Menzione: So cool. [00:07:41] Ashleigh Vogstad: It just made for such a collaborative experience, which was a cool moment, but yeah. Um, so. I founded this business, transcends a go-to-market agency after being at Microsoft myself. And really our differentiation is deep strategic partnerships with hyperscalers, whether that’s AWS, Google, Microsoft, and you know, that. [00:08:03] Ashleigh Vogstad: It comes with a challenge to be on the leading edge of technology. [00:08:08] Vince Menzione: Yes, [00:08:09] Ashleigh Vogstad: it, it’s really an imperative for our business and we are an AI first firm. Microsoft talks a lot about Frontier Firm, and I’ll take a, a different kind of angle on it. You know, when I think about Frontier. I now think about it as instead of the growth mindset, I now think about a frontier mindset. [00:08:28] Vince Menzione: Frontier mindset. You have to change my principles. [00:08:32] Ashleigh Vogstad: You know, maybe, like you said, the world is changing so rapidly. Yeah, it’s [00:08:36] Vince Menzione: changing rapidly. [00:08:36] Ashleigh Vogstad: And what a frontier mindset means is that as we’re approaching work for our clients, we are thinking about AI innovation in every single customer. Interaction, customer innovation. [00:08:49] Ashleigh Vogstad: So today we’re building AI agents into much of the work that we’re delivering for clients. And as a business owner and leader, I’ve been challenged to also think critically around how I’m choosing to run the company. And right now we’re going through a huge overhaul of where we have data sitting in silos and different applications. [00:09:09] Ashleigh Vogstad: Yep. And getting that into one place with one view so we can start layering on more insight. AI innovation. [00:09:17] Vince Menzione: Yeah. And data’s such an critical part, part of this, as we, we talked about yesterday. But you know, even the, what you said, which is, would, would’ve been striking a year ago to say, we’re an AI first, uh, agency isn’t as striking anymore. [00:09:32] Vince Menzione: Uh, we heard Nina when we were having this conversation on stage yesterday, say that it’s an imperative at Microsoft that the agencies that they choose to work with, the third party vendors that they work with have to be an AI first organization. I have to be a frontier firm, and so I’m a, I am sensitive to the word frontier firm. [00:09:53] Vince Menzione: I understand why Microsoft uses it and I understand the value of what we used to call, you know, customer zero or back in the day we used to say eating your own dog food, but essentially being an organization that has leaned in, in a way, and with ai. Even more so, so important to do it. So tell us, I know you’ve done some things personally as well, but tell, tell us what you’ve done with the organization. [00:10:18] Vince Menzione: Uh, you talked about data and making data available and having, having a true data state as opposed to silos of data, but then you also made some personal investments and sacrifices. I would say. [00:10:30] Ashleigh Vogstad: Yeah. [00:10:30] Vince Menzione: Yeah. In terms of what you’re doing around ai, [00:10:32] Ashleigh Vogstad: so I mean, let’s start on the personal side. I’m the CEO of my organization, and you can read in books or news articles that it is critical for AI transformation to start at the C-suite and specifically in the CEO seat. [00:10:46] Vince Menzione: Yes. [00:10:46] Ashleigh Vogstad: And that really. Landed for me and so I’m personally leading in About two weeks ago, I built an agent, just end-to-end on my own, got into copilot studio. Wow. Got comfortable with the interface. You know, I was clunky moving around in there at first, chose my model. You know, I went with one of the anthropic Claude models for this particular project and built up an agent that can deliver executive communications like. [00:11:14] Ashleigh Vogstad: Thought leadership blogs, uh, LinkedIn posts, but in a particular human being’s voice by ingesting things like their social profiles, their SharePoint sites, where they live and work. And it has been so surprising doing an ab test between just what a chat GBT or a copilot could produce. [00:11:32] Yeah. [00:11:33] Ashleigh Vogstad: In comparison with the authenticity of the voice coming from the agent. [00:11:37] Ashleigh Vogstad: Uh, it was just a really cool experience to roll up the sleeves and get in there. But also I think the, the investment that you’re referring to is, I made a big decision to return to school and uh, got accepted to go to Oxford. [00:11:52] Vince Menzione: Wow. [00:11:52] Ashleigh Vogstad: And I’m studying artificial intelligence there. [00:11:54] Vince Menzione: That is incredible. That is incredible. [00:11:57] Vince Menzione: Oxford, uh, we’ve heard of that school before here in the United States. [00:12:03] Ashleigh Vogstad: You know, it’s been a really great experience. It’s in person, so I’m traveling there about every 60 to 90 days and living on campus. I mean, really, Oxford isn’t. Formally a campus, it’s sort of a, a city and a university all, all ruled into one and the experience has been really powerful. [00:12:21] Ashleigh Vogstad: Yes. One of the things I wanted to get outta the program was a more global perspective, and it’s been fascinating to me that about half the faculty so far, or or professors, guest lecturers that have been coming into the program have been from China or very direct experience working in the Chinese market. [00:12:38] Vince Menzione: That is fascinating. [00:12:39] Ashleigh Vogstad: It’s been a completely different view. Or for example, you know, really digging into some of the legal cases that are driving precedence for how AI is interacting with corporations. [00:12:51] Vince Menzione: Mm. [00:12:51] Ashleigh Vogstad: One of the big ones for me has been looking at Amazon versus p perplexity. This is still a live case that’s happening right now. [00:12:58] Ashleigh Vogstad: And you know, I think it was Forbes magazine that the headline was the End of Commerce for this case because it’s really about. How human beings are being replaced with machines and hearing some of the world’s leading thinkers, leading AI researchers on these topics has just been really expansive. [00:13:19] Vince Menzione: It’s fascinating. [00:13:20] Vince Menzione: I mean, it’s, this started a couple years ago with, uh, Hollywood, in fact. Suing the industry or suing the technology companies with regards to, uh, employment, right? Mm-hmm. About the, the, uh, copyright infringement and what’s gonna happen in the entertainment industry. And I think that was just a one very small example. [00:13:40] Ashleigh Vogstad: You know, voice people think about DeepFakes. Yeah. And they think about video, but actually voice is a big issue. And you look at the, um, you know, the what happened between Scarlett Johansson and her voice in her, and then open AI rolling out a voice that sounded identical. Sounds like her. [00:13:59] Vince Menzione: Yeah. [00:13:59] Ashleigh Vogstad: To Scarlett Johansen and, and where that went. [00:14:01] Ashleigh Vogstad: It’s, it, this is a new ground for, for everybody that we’re going through right now. [00:14:07] Vince Menzione: It is. We can dive and go in so many different directions, but let’s talk about marketing and advertising since that’s kind of. Transcends core, and a lot of the people that watch and listen to us are in the partnership world. [00:14:22] Vince Menzione: They’re leading organizations, they own organizations, the the chief executives or CVPs of organizations. Let’s talk about advertising and where that’s going. [00:14:32] Ashleigh Vogstad: Yeah, great. [00:14:33] Vince Menzione: Yeah, [00:14:33] Ashleigh Vogstad: I mean, uh, I love Marshall McCluen. He’s a Canadian theor, uh, media theorist, and in 1964, he very famously said, the medium is the message. [00:14:43] Ashleigh Vogstad: And what that really means when you peel back the layers is that every type of communication medium has these inherent biases. And I think what we’re experiencing right now is this new medium of artificial intelligence, and I’m really interested in exploring what that means for the media world. So. If I gonna take you back to 1997, there’s this really famous, the Innovator’s Dilemma. [00:15:10] Ashleigh Vogstad: Yes. Kind of a classic business 1 0 1 type book by Clayton Christensen. Yes. And he talks about this theory of disruption where new technologies, emerging technologies start at the low end of the market. They gain this momentum and they eventually displace incumbents. And you know, sometimes seemingly out of nowhere. [00:15:28] Vince Menzione: Yeah. And Microsoft was a good example of this at that time. [00:15:32] Ashleigh Vogstad: Def, [00:15:32] Vince Menzione: yeah. [00:15:33] Ashleigh Vogstad: All the big players. All the big players. I mean, Google go for search as well, right? So that’s one of the classic examples. And so. If we look at storytelling technology, you have things like chat, GBT and Sora entering the scene. And in the beginning, you know, they’re producing a shitty first draft. [00:15:51] Ashleigh Vogstad: Uh, you know, it’s things like post-apocalyptic dogs with five finger human beings. Yeah. Things like this. But, you know, and they really lacked emotional resonance. But as we all know. That’s not the case anymore. No, it’s [00:16:05] Vince Menzione: not. [00:16:06] Ashleigh Vogstad: AI is increasingly producing content that is very powerful and is starting to resonate with people. [00:16:13] Ashleigh Vogstad: You know, I’m definitely not a neuroscientist, but if we, we look into the neuroscience, it’s your cortical sal circuit that. Kind of is responsible for pattern recognition and it compares what you’re seeing in the real world with what you expect to see. So when you take this into a space of advertising, you know, if there’s an ad that is AI generated, that is just weird and kind of. [00:16:38] Ashleigh Vogstad: Tweaking for you. [00:16:39] Vince Menzione: Like that robot we were talking about earlier, [00:16:41] Ashleigh Vogstad: like the robot we were Exactly, yeah. Like Sophia, you enter what psychologists call the uncanny valley, so it’s like what you’re looking at isn’t exactly what you’re expecting to see and the Spidey sense is, is tweaking. You know, that’s a low place of emotional resonance. [00:16:58] Ashleigh Vogstad: This world is changing really, really quickly and we’re seeing AI generated media make huge impacts in the market Now, tools like Luma Dream Machine, I mean, it’s incredible what they can achieve today. [00:17:11] Vince Menzione: It’s fascinating. We see it in, you know, I spend a lot of time on LinkedIn. That’s sort of the world of our business community, and you can very easily detect when someone is doing a post. [00:17:22] Vince Menzione: Or they’re writing an art, whatever they’re doing. Right. Some type of draft of something. Uh, and you can tell when it’s ai, I mean, it’s so easy to tell, and even people are generating reports and claiming that their research papers or studies or whatever they call them, uh, and it’s AI generated and it’s just the authenticity isn’t there. [00:17:39] Vince Menzione: The, the sense that this is real. That it can be trusted is not there. And I think trust is what we’re talking about here too, as well. [00:17:47] Ashleigh Vogstad: Yeah. I mean, let’s go to authenticity ’cause that’s super important. Yeah. And I know a lot of your listeners, you come from the hyperscaler world of partnerships. You need to have that differentiated, better together story. [00:17:59] Ashleigh Vogstad: Yeah. It’s really important to have an authentic voice in market. And I think about that also in terms of platforms and channels. We’re seeing a decrease in certain major social media platforms, and yet Substack spiked 48% in monthly active users last month. [00:18:15] Vince Menzione: That’s [00:18:16] fascinating. [00:18:16] Ashleigh Vogstad: Um, you know, and I think that one of the reasons is it’s viewed as a more authentic channel where you’re getting thought leadership from people that you’re, you know, genuinely interested in hearing their, their points of view. [00:18:28] Ashleigh Vogstad: And I think that’s really an important piece in here. [00:18:31] Vince Menzione: Yeah, you mentioned this yesterday and you had me thinking about it as well because we have used LinkedIn for everything internally, our newsletter, which has been around for six or seven years now. But that Substack is really, and I go to Substack too, to, if I really wanna dig in on a topic. [00:18:47] Ashleigh Vogstad: Mm. [00:18:47] Vince Menzione: And there’s a particular author that I like their point of view, I’ll follow, I’ll follow them on Substack. [00:18:53] Ashleigh Vogstad: Yeah. I mean, and this comes, maybe brings us around to who is the buyer and who is the audience, and who do we need to be thinking about when we’re designing sales and marketing programs. And really we’re, we’re shifting into the place of the Gen Z buyer by 20 30, 70 5% of buyers are gonna be Gen Z. [00:19:12] Ashleigh Vogstad: They’re gonna control 12 trillion in. Spend [00:19:16] Vince Menzione: by 2030. ’cause we, we’ve been, we’ve been saying that the millennial is the new buyer the last three years. I think Jay said it right here at this stage. [00:19:23] Ashleigh Vogstad: Mm. [00:19:24] Vince Menzione: Um, so now it’s Gen Z. [00:19:27] Ashleigh Vogstad: And they’re buying online. Yeah, they’re buying in marketplaces. Yeah. So a stat recently was that roughly half of them made purchases on the social platforms of YouTube, Instagram, or TikTok in the last month. [00:19:39] Ashleigh Vogstad: I mean, that buyer behavior of being inside. Social type application and directly making a purchase. And I think in the B2B world, we need to take lessons from here and start thinking more front and center than we even have been around marketplaces. I mean, part of my reason for being in Silicon Valley this week was to celebrate a $12 million transaction that happened via Marketplace and two years ago that would’ve been a huge deal. [00:20:06] Ashleigh Vogstad: Huge, [00:20:07] Vince Menzione: huge. [00:20:07] Ashleigh Vogstad: And, and it still is a really big deal, but these things are becoming. More and more common experiences. Very much so. We need to be there and in that conversation. [00:20:16] Vince Menzione: So how are you thinking about it? How are you directing your clients to behave or act around it? What are you, what are you doing exactly that we could take to this community perhaps and share with them. [00:20:28] Ashleigh Vogstad: I’ll bring it back to the authenticity piece because you need to have a product that delivers value first and foremost. There is, there is no substitution for that. Yeah, and what I would say is. One of my professors at Oxford, Eric Zow, he has this theory that I’m really digging into and finding very fascinating, which is that for the last several decades we’ve been in the attention economy, and that’s shifting to the trust economy. [00:20:55] Ashleigh Vogstad: Now the attention economy is about selling to human beings. Yeah. It’s about the, the business model is essentially that you need human being eyeballs on lists of recommendation links. Yeah. Whether that’s from Google or from, you know, searching, shopping on Amazon, you get this list of recommendation links and the economic engine that drives that business model is advertising. [00:21:19] Ashleigh Vogstad: Now, if you look at something like the Amazon versus Perplexity lawsuit, the whole underlying premise is around the shift of no longer selling to humans directly, but of selling to machines, or in other words, agents who are making purchases, s on behalf on your behalf. And an agent isn’t going to be razzle dazzled by some inauthentic story. [00:21:44] Vince Menzione: Yeah. [00:21:44] Ashleigh Vogstad: They’re gonna be looking for third party validation on Exactly. You know, they need to be sure that they’re making the right decision. [00:21:51] Vince Menzione: They’re gonna look at surveys, they’re gonna look at customer comments. Like if I went through my Amazon site and I was looking to see what people said about the purchase or the product and specifically Exactly. [00:22:01] Vince Menzione: The agent’s gonna do this on my behalf, is what you’re saying. [00:22:04] Ashleigh Vogstad: This is what I’m saying. Yeah. And, and. I believe that to layer on top of, you know, Eric Z’s philosophy, I’ve been thinking about this in terms of the hyperscaler world, and I think that this is the time to lean into co-selling partnerships. [00:22:18] Ashleigh Vogstad: Yeah, because being third party validated by somebody like AWS Microsoft and having all that co-sell data, what are your recent wins? Yes, that’s really high integrity, trusted data source for an agent to make a purchasing decision, and marketplaces are a key part of that. [00:22:35] Vince Menzione: So we’ll move from AI will take a, a more active role in the marketplace. [00:22:40] Ashleigh Vogstad: I definitely believe so. [00:22:42] Vince Menzione: Which makes total sense. I, you know, we’ve been doing this for nine or 10 years now, and when I was at Microsoft, we started co-selling. In fact, it was, uh, Aaron Feiger was up on stage yesterday talking about it. Right? January of 2016, co-selling began. [00:22:55] Ashleigh Vogstad: Mm. [00:22:56] Vince Menzione: And there were only a few companies doing it. [00:22:59] Vince Menzione: Right. So she worked with one of the very first ones that were doing it. Uh, the challenge we have today is there are tens of thousands of partner organizations in the marketplace that are all trying to get the attention of the Microsoft sellers. Hmm. As, or the Google sellers or the AWS sellers and tell their story. [00:23:19] Vince Menzione: And a seller only has so many minutes in a day, they have a quota that they have to hit. These quotas are tens, if not hundreds of millions of dollars of annual quota of cloud consumption. And I wanna sell my $50,000 widget, whatever it is. Yeah. Right. And I, I don’t understand why I’m not getting a callback. [00:23:38] Vince Menzione: And this, this is the dilemma we’ve faced because of, because of this, uh, scarcity of time and this over overwhelming of tech, you know. Tech, tech buyers trying to make this all happen, so now the AI can come in and help me solve for it as a seller, right? [00:23:55] Ashleigh Vogstad: The AI is definitely acting as an interface to make recommendations to field sellers in different organizations and. [00:24:04] Ashleigh Vogstad: To, to kind of take this on a, a tangent. Dupes. So a dupe. I know people of my generation, we’d think about this like a knockoff Right. You know, a knockoff handbag. [00:24:15] Vince Menzione: Yep. [00:24:15] Ashleigh Vogstad: Dupes have exploded. [00:24:16] Vince Menzione: Fake. Fake Rolexes. [00:24:18] Ashleigh Vogstad: Exactly. The fake Rolex for sure. And I think it was in December, P WC rolled out a survey. 81% of Gen Z were planning to purchase a dupe this holiday season. [00:24:29] Vince Menzione: That’s wild. [00:24:30] Ashleigh Vogstad: Dupes can be, you know, we gave luxury, good examples, but Louis [00:24:34] Vince Menzione: Vuitton and yeah. So, [00:24:35] Ashleigh Vogstad: but furniture, these sorts of things. And the important takeaway here for tech is the same principle will land, is that people are looking for value out of a product, not necessarily a name brand. AI is accelerating this whole process, and agents are gonna be looking at the same thing. [00:24:56] Ashleigh Vogstad: They’re looking for that authenticity in terms of the actual product value. So, you know, beware there’s lots of disruption happening in the market right now with this dupe mentality, which is actually a cultural shift talking about I appreciate value over a superficial. Brand name. In some cases, there’s also a, a small contrary trend where certain luxury goods are rising because yes, things are never that simple. [00:25:22] Vince Menzione: So you work with a lot of these tech companies, a lot of SaaS companies, is we, we call them ISVs, we also call them, uh, software development companies. Now we keep changing these acronyms around. Uh, there’s been a lot of, uh, consternation in that segment, I would say, around ai. Right, because a lot of them are getting told that they’ll be outta business in a few years. [00:25:43] Vince Menzione: Mm-hmm. I think Satya Nadella famously said this last year that SAS will go away. Right? He’s predicting the demise. How do you help some of these organizations to differentiate? And there’s some of these are huge value organizations. We have have them in the room with us, ServiceNow and Veeam and Adobe. [00:26:01] Vince Menzione: Um, how do you help them achieve their results? ’cause that’s what you, you know, your organization is really helping these organizations to achieve their pinnacle as a partner. What do you, what do you say to them now and how do you help them through this time? [00:26:16] Ashleigh Vogstad: I’m on the side of the fence that I really can’t see an organization ripping out something like Salesforce, Adobe, ServiceNow. [00:26:24] Vince Menzione: Agreed. [00:26:24] Ashleigh Vogstad: I mean that the amount of change management and. The extent to which these, these platforms are embedded, actually running and operating organizations. I personally, if, if we’re calling those companies, SaaS companies, I don’t agree that that layer is gonna go away. I mean, we’re seeing these organizations lean into AI in a huge way to borrow Microsofts. [00:26:50] Ashleigh Vogstad: Term, you know, they’re all becoming frontier firms. [00:26:54] Vince Menzione: Yes. [00:26:54] Ashleigh Vogstad: So where I would go to, to answer that question, we do work with many, you know, organizations on that caliber, on things like their marketplace strategy on how to light up the fields of different hyperscalers. It really does come down to things like having a strong drumbeat with the Microsoft field, celebrating your win stories. [00:27:15] Ashleigh Vogstad: Maybe that’s where I’ll land as Please do the marketer, because it sounds so simple, and I don’t know why we kind of continue to come back to this, but we’re talking about that third party validation and really, um, in order to have that, like what the hyperscalers want is you jointly celebrating success. [00:27:36] Ashleigh Vogstad: Here’s the kicker. Publicly. [00:27:38] Vince Menzione: Publicly, [00:27:39] Ashleigh Vogstad: you know, you need a customer story on your website, a press release that contains a quote from your customer. Ideally, also a quote from an executive at one of the hyperscalers. Like, actually lean in to live the value of your better together story. And when you do that, when you, when it comes around to partner of the year time, and we talk to you about, okay, what client stories are we gonna feature? [00:28:03] Ashleigh Vogstad: We’re even gonna know because when we Google you, we can see the public press of the joint wins that you’ve been celebrating. And I can tell you that that is a huge indicator on whether or not you’re well-placed to be in the 4% of partners who actually win Partner of the Year award’s. [00:28:20] Vince Menzione: Fascinating to me. [00:28:21] Vince Menzione: ’cause to me it would feel like table stakes maybe ’cause where we sit is ultimate partner and where this room sits with all the top partners that I just assume that everybody follows that. That, that guidance. [00:28:34] Ashleigh Vogstad: Mm. [00:28:34] Vince Menzione: And so this is really impactful and I want to get here because I know you spent a lot of time here and we’ve talked about it before, but I think the partner of the year awards, when we first met many years ago, that was a you, you’ve expanded the business, but that’s still a core mission and and value that you bring to the community and to the partner ecosystem is helping them through this process. [00:28:55] Vince Menzione: So I know that that’s gonna be coming up soon, so I thought maybe we’d spend a couple moments on that. [00:29:00] Ashleigh Vogstad: Partner of the Year awards, regardless of which partner, I mean, Salesforce has their own awards there. There’s more and more award programs coming out, and they’re a great way to celebrate the incredible work that your organization has done. [00:29:13] Ashleigh Vogstad: Jay McBain is brilliant on this. He’ll talk a lot about the increase in valuation. Yeah. The, the increase in stock valuation or the likelihood that if you’re looking to be acquired, that you’re acquired within 12 months of a partner of the year win it. It’s really impressive. There is strong business value there. [00:29:33] Vince Menzione: He like, he likes, he likes to tell the story of that when the award is handed to them and they go back into the audience, that the private equity people are all over them right then and there and making offers. I mean, that’s the visual that you get [00:29:47] Ashleigh Vogstad: and it’s very powerful. Yeah. Very powerful. It’s very powerful and it, it can make it worthwhile to invest in the process, but don’t invest in the process if you haven’t been investing in the process for the 12 months. [00:29:57] Ashleigh Vogstad: Prior, [00:29:58] Vince Menzione: exactly. [00:29:58] Ashleigh Vogstad: The Microsoft field or you we’re talking about Microsoft Partner of the Year Awards. They need to know about your win that that needs to be top of mind for them. Yeah. How much Azure revenue is it driving? Was it a huge marketplace? Build sales and. You know, one of the questions I get asked a ton, everybody wants to know how do we get money out of the hyperscalers? [00:30:20] Ashleigh Vogstad: How do I get access to marketing development funds or all these different programs? Yeah. You know, at Microsoft, some of these programs are like EI and customer investment funds or Azure Accelerate, you know, and there’s millions and millions and millions of dollars in these, these buckets of funds, but. [00:30:36] Ashleigh Vogstad: An interesting point of view is that it’s actually a scorecard metric for many people at Microsoft who have partnership roles for you to be drawing down those funds. [00:30:45] Vince Menzione: Yes. [00:30:45] Ashleigh Vogstad: You know, your interests are actually aligned here, and so again, when it comes to Partner of the Year awards, how much money have you pulled down? [00:30:54] Ashleigh Vogstad: How much have you been an activating partner of key Microsoft programs that they’re pushing? What are you doing with marketplace rewards? How are you resing? Those into your business. These are the types of things that you really wanna be thinking about. Sitting it. You know, this time of year we probably will get the awards were likely be due in July. [00:31:13] Ashleigh Vogstad: They haven’t officially announced timelines, but you’ve got a few months to start moving these pieces into place. [00:31:18] Vince Menzione: And there are quite a few of them. And to your point, Nina, when she was up on stage here yesterday, there were at least 10 or 12 award. Uh. Funding categories that were on her, that were on her slide. [00:31:31] Vince Menzione: Her partner, her partner slide. So, [00:31:33] Ashleigh Vogstad: and what great looks like for a partner is that you understand your end-to-end funnel as it is mapped to Microsoft’s SEM model, the Microsoft customer Engagement model. Mm-hmm. The first stage there, inspire and design. That’s really the marketing space of lead generation. [00:31:50] Ashleigh Vogstad: So how are you generating leads with webinars, in-person, event activations, digital campaigns, and then at the very end, in the fifth column, you have the Microsoft outcomes that you’re driving. Yes. Whether that’s Azure consumed revenue, marketplace build sales, co-pilot, monthly active usage, these sorts of things. [00:32:10] Ashleigh Vogstad: And in each of those SEM swim lanes. There’s Microsoft funding associated to it. And that’s one of the things that Nina Harding was showing yesterday. When and where does it make sense to make requests for EA funds versus Azure accelerate the MCI funding? There’s different workshop proof of concept funding, and those all fall at specific stages in that EM model. [00:32:33] Vince Menzione: And what you’re also pointing out in this conversation is that the co the partners need to understand that mm, they need to understand MM. We talked about it years ago. I’ve had, haven’t had anybody on stage recently talk about m You could probably take us through that if we wanted to devote some time here, uh, and then understand all of those categories and how to access those funds. [00:32:52] Ashleigh Vogstad: Yeah, it’s critical and. The number one place we point partners, if you want a quick overview of what that looks like is to Microsoft’s FY 26 solution playbooks. Nice. They’re available on the web for download. There’s, well, there used to be three, but they’ve added a few agen being, being one. So, so there’s a handful of, they had [00:33:11] Vince Menzione: simplified it, now they’re, now they’re expanding it back again. [00:33:14] Ashleigh Vogstad: Yeah, exactly. I think there’s now a breakout for security as well. Yes. So take a look at those playbooks. It will map programs and incentives very specifically to each solution area and to each sales play that are gonna be available to you. And then we’re always happy to guide people through the details [00:33:32] Vince Menzione: as well. [00:33:32] Vince Menzione: I love that. I love that. And reach out to the. Ashley is just amazing at this process. I’ve, I’ve watched her for years now, work with some of the top, what have become the pinnacle partners of Microsoft and with the award season coming up. So we wanna make sure we have a plug there. But I also wanna talk about like, podcasts with you. [00:33:50] Vince Menzione: Um, you’ve been on this podcast multiple times, been in the studio before doing this, and I understand you have your own podcast now. So tell us about that. [00:33:58] Ashleigh Vogstad: Yeah, Vince, I just wanna say. As a friend and a mentor. You’ve been so inspiring. Thank you. And I think from years ago when we met, there was this seed in my brain of, you know, I, I should really get out there. [00:34:13] Ashleigh Vogstad: And you talk a lot about growth mindset and fear setting is, is one of Tim Ferriss’s terms? Yes. And models. [00:34:21] Vince Menzione: I love Tim Ferris. I’ve been, been a fan of his for 10 years now. So that’s settled. We all got started with this. Sorry. Sorry, I [00:34:26] Ashleigh Vogstad: interrupt. No, no, not at all. [00:34:27] Vince Menzione: Yeah. [00:34:28] Ashleigh Vogstad: And. I think it’s just been, it’s been back there. [00:34:31] Ashleigh Vogstad: Yeah. That I’m really passionate around having voice is how I think about it. And as a marketing agency, we’re really amplifying the voice, um, or helping companies to find their voice, particularly in hyperscaler partnerships. And what better way to assist, you know, authentically the amazing people in our network, in our community and our clients than with our own channel where we can celebrate their stories and success? [00:35:00] Vince Menzione: Very cool. [00:35:01] Ashleigh Vogstad: So the podcast is called Transcending Tech. It’s about [00:35:06] Vince Menzione: very cool transcending tech. Just so you don’t [00:35:08] Ashleigh Vogstad: transcending tech. [00:35:08] Vince Menzione: It’s out there now. [00:35:10] Ashleigh Vogstad: It, we just released our first episode. Okay. I think two days ago. [00:35:13] Vince Menzione: So by the time we’re live, yes. We’ll, we’ll be able to access it. Good. [00:35:17] Ashleigh Vogstad: You will be able to access it. [00:35:18] Ashleigh Vogstad: The first episode is with Alyssa Fit. Patrick from Elastic. [00:35:21] Vince Menzione: Oh my goodness. [00:35:22] Ashleigh Vogstad: And the concept of the podcast, it’s long form and it’s really about getting to the people behind the platforms. [00:35:29] Vince Menzione: Very cool. [00:35:29] Ashleigh Vogstad: And to the stories that transcend technology. So we’re here to get to know the human beings behind. Agents. [00:35:38] Vince Menzione: Yeah. [00:35:38] Ashleigh Vogstad: And taking the time to, to go in deep and really explore that. [00:35:43] Vince Menzione: So I am excited to see all the developments here with the, with the podcast. And you’re gonna be joining us again. You were just here, you in Boca. But you’ll be joining us again in Bellevue. Not too far a little bit. Closer ride or travel, uh, for you to come to Bellevue. [00:35:57] Vince Menzione: We’re gonna be hosting the first ultimate partner live, which is our larger events in this beautiful facility, this new Intercontinental hotel, which is fabulous. And, uh, you’re gonna be taking a more active role. Your leadership around AI is. Palpable and we’re gonna love to have you on stage and talking through some of the changes. [00:36:17] Vince Menzione: I, I suspect by the time we get to Bellevue we’ll have a lot more to talk about. That hasn’t even happened yet. [00:36:23] Ashleigh Vogstad: Yeah, I’m really excited. I’ll have been through my next cohort at at Oxford, kind of coming out hot from there back to the Pacific Northwest, and really excited to just share the learnings and Awesome. [00:36:35] Ashleigh Vogstad: Genuinely. It’s also helping me in my own research, really formulate particularly around the role of ag agentic AI in hyperscaler partnerships. [00:36:43] Vince Menzione: That’s so cool. And then what I’ll say is this, and I don’t know, we on the space perspective, and I’ll, the team will probably hang me for this because we haven’t done it yet, but if you wanna bring the podcast along with you, there might be, we’ll see if we can find an extra room for you to set up. [00:36:58] Vince Menzione: If you wanna do some interviews while you’re. In, at the event. So [00:37:02] Ashleigh Vogstad: you’re so generous, Vince. [00:37:03] Vince Menzione: That’s [00:37:04] Ashleigh Vogstad: amazing. [00:37:04] Vince Menzione: Thank you. Again, I can’t say for certainty yet, but, uh, let’s see, let’s see what happens with that. So, uh, let, let’s, uh, you know, I always, we, we have known each other for years and I just assume everybody knows this amazing Ashley sda. [00:37:19] Vince Menzione: But, um, we always, I like to ask this question because it helps us kind of dig in a little bit about you personally. And it’s my favorite question. I ask all my guests this question now, and it’s, um, you’re hosting a dinner party, Ashley, you are, pick a pace, place, you wanna have this dinner. We could talk about parts of the world. [00:37:36] Vince Menzione: You’ve traveled all extensively. Uh, and you can invite any three people, guests from the present. Or the past to this amazing dinner party you’re throwing. Whom would you invite and why? [00:37:52] Ashleigh Vogstad: It’s a beautiful question, Vince and. Instantly I go to a place in terms of the location, since you asked that part, which was surprising. [00:38:01] Ashleigh Vogstad: I, I like that is my home. I, I love where I live up in Whistler, Canada and [00:38:08] Vince Menzione: I hear it’s beautiful. I haven’t been yet, [00:38:10] Ashleigh Vogstad: it’s so gorgeous and it’s, it’s my own sanctuary. You know, I live on a plane 75% of the time and coming back to that place is really grounding for me. Yes. So, so I would love to have it at, at my home and to invite. [00:38:24] Ashleigh Vogstad: Pippa Malrin would be one. She, Pippa [00:38:26] Vince Menzione: Malrin. [00:38:27] Ashleigh Vogstad: Yeah. She’s sure. I get an advisor to the White House for many administrations. Okay. She’s an economist and she just has really interesting perspective on geopolitics. Uh, I follow her on Substack ’cause she’s a big substack. Okay, now [00:38:41] Vince Menzione: I need to look. This is awesome. [00:38:42] Vince Menzione: The [00:38:43] Ashleigh Vogstad: mal, she’s fantastic. I would say Dr. Lisa Sue, the CEO, Dr. Lisa of a md. [00:38:49] Vince Menzione: Okay. Yes, yes. I know a little bit about her. [00:38:51] Ashleigh Vogstad: So she was one of Time Mag, I think she was the only woman in Time Magazine’s, group of people of the year, which was basically this AI cohort in including, you know, the Elon Musks of the world. [00:39:03] Ashleigh Vogstad: Uh, it’s just so impressive what she’s doing with leadership in a MD. I don’t think it’s as public as. Anybody else who is on the cover of that magazine, but it’s incredibly powerful. [00:39:14] Vince Menzione: Yeah, they’ve made a com uh, turnaround’s probably not the right word, but it seems like they’ve made a tremendous, uh, gains turnaround probably in the last few years. [00:39:23] Ashleigh Vogstad: I would say that many would say turnaround. And then lastly is Dr. Fefe Lee, who. For those in the AI space, particularly AI research space. I mean, she’s arguably number one. Um, she’s leading at Stanford currently. [00:39:37] Vince Menzione: Wow. This is gonna be a heady conversation, but you know, I love conversations. So if you don’t mind, maybe I’ll bring dessert and come, come in for a few moments, maybe do some podcast interviews there. [00:39:48] Vince Menzione: How’s that? [00:39:49] Ashleigh Vogstad: That sounds absolutely perfect, Vince, [00:39:50] Vince Menzione: so, so good. So good to have you here today. So great. Good to have you in the studio again, and, uh, excited for transcends and all the great work you’re doing. Um. This time with ai. I think you, uh, we talked about this a little bit last night. I think you’ve made some really wise, personal and professional decisions about how to lead and how to take this forward and not kind of rest on your laurels, which you see so many organizations do People fear change [00:40:17] Ashleigh Vogstad: Hmm. [00:40:18] Vince Menzione: And you embrace it, which is just, it’s astounding to me that you do that and, um. I look forward to working with you in the future and for years and years to come. So I will ask you one more question though, because we are still at the precipice of these tectonic shifts and we’re still early in 2026. And so for our listeners and our viewers today, what would be the one thing you would tell them that they need to go do now that possibly they haven’t done yet as they prepare for 2026 and beyond? [00:40:52] Ashleigh Vogstad: The generic phrase would be, be curious, but if we want an action, it would be go build an agent. [00:40:59] Vince Menzione: Go build an agent [00:41:00] Ashleigh Vogstad: if, if you haven’t already. Yeah. And, and I’m, yeah. Speaking hopefully to like a business audience, you know, to, to anyone. Yeah. Really, um, find something that is interesting that you’re passionate about. [00:41:12] Ashleigh Vogstad: A, a use case that it doesn’t have to be some big thing. It could be quite mundane, but just something that’s gonna help you in your role. It’s, you know, what is creativity is an interesting question, and I can tell you that sitting down and hands-on keys and actually creating something is, is a beautiful, powerful experience. [00:41:32] Vince Menzione: Yeah. Awesome. All right. We’re all gonna go create agents this weekend, so thank you for listening. Thank you for viewing the Ultimate Guide to partnering on our YouTube channel, ultimate Partner, and on each end of your platforms at the Ultimate Guide to partnering. Thank you for being with us and supporting us all these years. [00:41:50] Vince Menzione: Thank you. Don’t forget, ultimate Partner Live is coming soon, May 11th through the 13th in beautiful Bellevue, Washington. I hope to see you there.

Citrini Research claims AI agents will replace white-collar jobs by 2028, triggering a massive economic crash (and repricing of SaaS stocks). Sam Jacobs, AJ Bruno, and Asad Zaman analyze the validity of this thesis and the immediate impact on enterprise valuation multiples. The discussion moves to the practical realities of the innovator's dilemma, specifically how legacy software companies must cannibalize their own revenue to survive. They cover strategies for GTM transformation, the loss of pricing power in traditional SaaS, and why Gong's pivot to "Chief Revenue Architect" signals a deeper identity crisis in the market. Key Takeaways: * The hardest part of adapting to AI is destroying your current margins. Sam Jacobs argues that leaders get emotionally attached to ARR, noting that "the hardest part of the innovator's dilemma is price... the only way to get out of it is to... go towards a worse business" in the short term. * Pivoting sounds great on paper, but is far harder in practice. Asad Zaman highlights the operational difficulty of telling investors about the actual steps involved; e.g. "I'm going to do a reorg and I'm then going to change my strategy that's actually going to increase churn... That's a war at the board level." * Title changes don't fix structural issues. Asad Zaman and Sam Jacobs advise revenue leaders against accepting Gong's new "Chief Revenue Architect" title because "it's going to hurt your career moving forward... This sounds like you were demoted to rev ops to me." Your Hosts: Host: Sam Jacobs Host: AJ Bruno  Host: Asad Zaman Topline is more than a Podcast! Subscribe to Topline Newsletter: https://www.joinpavilion.com/topline-newsletter Watch on the YouTube channel: https://www.youtube.com/@TOPLINE-Media Join the free Topline Slack channel to connect with 600+ revenue leaders to keep the conversation going beyond the podcast: https://www.joinpavilion.com/topline-slack Chapters: 00:00 Intro 02:04 The Citrini Report Examined 07:05 Startups vs. Innovator's Dilemma 12:35 SaaS Valuation Repricing 15:29 Losing Pricing Leverage to AI 21:29 Is White Collar Work Dead? 25:10 Margin Compression Strategy 31:17 Restructuring Engineering Teams 35:09 Microsoft's Product Pivot 39:54 How AI Improves CEO Workflow 44:50 Gong's Chief Revenue Architect 51:17 Why the CRO Title Matters 55:14 AI Predictions Looking Ahead

Send a textThe America First Global Health Strategy promises something African health advocates have demanded for decades: ownership. Through time-bound bilateral compacts, countries co-finance health programs with the US, gradually taking over as American funding tapers. By year five, they're supposed to own and sustain these systems themselves.But what if ownership without authority is just dependency with a new face?In this episode, we sit down with Nelson Aghogho Evaborhene, PhD fellow in Global Health Governance at Roskilde University, to unpack how these compacts actually work. Nelson has written several major analyses of the AFGH, and his conclusion is stark: these agreements transfer responsibility to African governments without transferring commensurate control over technology, data, procurement, or even the political conditions under which funding continues.We explore Nigeria's $3 billion compact and its religious conditionalities, the South Africa precedent where funding was cut for political reasons despite strong performance, how bilateralism fragments the continental institutions Africa has been building, and why—even with full domestic financing—health systems remain vulnerable to collapse if they can't produce what they need.Reading: Nelson's articlesRebalancing Risk and Responsibility Under the America First Global Health StrategyThe America First Global Health Strategy and the Dilemma of Pan-AfricanismAmerica First and the Fragmentation of Global Health: How Africa can Reimagine Its AgencyProtecting global health in the era of the America First StrategyTo support us, consider becoming a paid subscriber on Patreon or making a one-time donation via PayPal. Subscribe to our weekly newsletter: globalhealthunfiltered.comFollow us on X (@unfiltered_gh), LinkedIn, Instagram, and TikTok.

The culture's biggest lie about good and evil is that they're equal and opposite forces locked in an endless cosmic tug-of-war. Al, Zach, John Luke, and Christian explore why that idea quietly reshapes how we see God, Satan, heaven, and hell — and why C.S. Lewis insists it falls apart under real Christian theology. From Jesus' temptation in the wilderness to Lewis' picture of hell as a shrinking, hollow existence, the guys explore how evil is a distortion of what God created as good. In this episode: Matthew 4, verses 1–11; 1 John 2, verses 15–17; 1 Timothy 6, verses 11–16; 2 Corinthians 12, verses 7–10; Hebrews 12, verses 26–28; 1 Kings 8, verse 27; Acts 7 Today's conversation is about Lesson 7 of C.S. Lewis on Christianity taught by visiting Hillsdale professor Michael Ward. Take the course with us at no cost to you! Sign up at http://unashamedforhillsdale.com/. More about C.S. Lewis on Christianity: Encounter the faith & wisdom of C.S. Lewis C.S. Lewis's writings bring the great questions of the Christian faith to life. Through his imaginative and invigorating style, Lewis answers these questions in ways that are compelling to those outside Christianity and energizing to those within the Christian faith. In this free, seven-lecture course, Professor Michael Ward—a leading scholar of C.S. Lewis—will explore Lewis's: argument for objective moral value in response to the rise of modern subjectivism; bittersweet path to conversion and the role of enjoyment in the Christian life; advice regarding the proper way to pray and read the Bible; teachings concerning the purpose of pain and how to confront suffering and loss; insights about the nature of heaven and hell. This course examines these fundamental topics not only through his classic works—including Mere Christianity, The Screwtape Letters, and The Abolition of Man—but also through Lewis's personal experiences with doubt, conversion, suffering, grief, and joy. Through this course, students will discover Lewis's core lessons regarding the truth and goodness of the Christian faith and how to apply those lessons to one's life.  Join us today in discovering C.S. Lewis's enduring lessons about the meaning and practice of Christianity. Sign up at ⁠http://unashamedforhillsdale.com/ Check out At Home with Phil Robertson, nearly 800 episodes of Phil's unfiltered wisdom, humor, and biblical truth, available for free for the first time! Get it on Apple, Spotify, Amazon, and anywhere you listen to podcasts! https://podcasts.apple.com/us/podcast/at-home-with-phil-robertson/id1835224621 Listen to Not Yet Now with Zach Dasher on Apple, Spotify, iHeart, or anywhere you get podcasts. Chapters: 00:00 Jesus vs. Satan Arm Wrestling 05:12 Why Satan Isn't Jesus' Equal 09:40 The Temptation of Jesus & True Authority 15:05 Plato's Dilemma & What Makes Something Good 20:40 Heaven Isn't Hell's Opposite 26:05 Annihilation, Eternal Torment & Lewis' View 31:30 Can There Be Pain in Heaven? 36:10 When Suffering Turns Into Glory 41:20 Bureaucracy & How Evil Operates 46:10 Taking Hold of Eternal Life Now — Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Aswath Damodaran, a professor at NYU, where he teaches corporate finance and equity valuation. In today's episode, Professor Damodaran explains why he trimmed two Magnificent Seven stocks. He digs into AI's real impact on valuations and moats, why big software incumbents face an Innovator's Dilemma, and why the biggest risk isn't tech spending itself, but overconfidence and debt-fueled capex that could ripple beyond tech.  He also weighs in on corporate Bitcoin balance sheets, sports franchises as “trophy assets” driven by billionaire demand rather than cash flows, and the rise of prediction markets. (0:00) Starts (0:34) Professor Damodaran on the Magnificent Seven (7:26) OpenAI's growth, AI's impact on valuations, and software industries (16:07) High capex investment risks (23:10) Market timing (33:43) Trust and the rise of gold and silver (45:12) Cryptocurrencies on company balance sheets (47:42) Sports franchises (52:27) Prediction markets ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Part-Time Justin can't figure out how to celebrate his birthday. Learn more about your ad choices. Visit megaphone.fm/adchoices

We throw ourselves into a brutally fun Disney Would You Rather showdown where every choice comes with a consequence — and there's absolutely no fence-sitting allowed. Encanto is coming to Animal Kingdom… so do you double down with another blockbuster attraction or finally fix Tomorrowland once and for all? Only visit EPCOT during festivals… or give them up forever in exchange for a free table service meal every visit? Build a fifth gate in Orlando… or continually expand the four parks we already love? And that's just the beginning. We debate ride strategy chaos like standby-only Guardians vs virtual queue forever, losing all boat rides vs losing all dark rides, and whether you'd rather guarantee Flight of Passage stays under 30 minutes or finally see the Yeti working perfectly again. Then we dive into dining dilemmas, resort loyalty tests, and park-day strategy battles that reveal what kind of Disney fan you really are — rope drop every day or close the parks every night? Plan everything 60 days out or completely wing it? This episode is part nostalgia, part strategy, part chaos — and 100% the kind of conversation that will have you yelling your answers at your speakers.

Herzlich willkommen zu Ihrem morgendlichen Newsletter! Heute geht es um Kosten zusätzlich erkaufter Gasmengen für Deutschland, die letztlich beim Verbraucher landen, den ZDF-KI-Skandal, der mittlerweile für hitzige Debatten im Bundestag sorgt und das Dilemma der deutschen Klimapolitik, deren Maßnahmen laut Gericht nachgebessert werden müssen.

Hey girlies - welcome back to the monthly instalments of JFG! This week, Izzy is reading through your dilemmas and trying to make your conundrums a bit less overwhelming to work through.. we have a long distance lover from the UK + a situationship that has been dragging on for 4 year too long.. thank you SO much for listening and I hope we've helped! XxSee omnystudio.com/listener for privacy information.

Emma and Isabel get into all of this week's episodes - the Jesse/West dynamic on Summer House, the continued Southern Charm cast chaos in Mexico, part 2 of the RHOP reunion, and Erika & Denise's vulnerability on last week's Bev Hills. Summer House 1:00Southern Charm 34:00RHOP 47:30RHOBH 58:00ShopMy: https://shopmy.us/shop/commentsbycelebsLeesa.com for 25% off mattresses plus get an extra $50 off with promo code COMMENTSSKIMS.com - after you place your order, be sure to let them know we sent you! Select "podcast" in the survey and be sure to select our show in the dropdown menu that followsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's Daily Puck Drop, Jason "Puck" Puckett kicks off the Thursday show chatting about his show with Ryan Divish on Wednesday where they talked about the future of Logan Gilbert. Will the Mariners end up paying Gilbert a fair market value contract or will they trade him before he's a free agent?Rob Staton, SeahawksDraftBlog.com, joins Puck to discuss this week's NFL combine, plus, contract future for Ken Walker and a surprising landing spot.  Also, is DeMarcus Lawrence retiring and if so, could the Seahawks look to the Raiders for Maxx Crosby?KJ-Arent's with Mitch Levy  chat about last weeks prediction show, why Steve Ballmer NEEDS to be the Seahawks owner, why Mitch feels Ken Walker is leaving and Mitch is headed to Dad's Weekend in Tucson and could be his last!  You can watch and listen to the full show during the LIVE Daily puck Drop, but once the live show is over, the full show is ONLY available for Puck's Posse members. Join today at PuckSports.com for just $5/month!  “On This Day….”   Thriller is a hit for MJ and the worst interviewer ever celebrates a birthday! Puck wraps up the show with, “Hey, What the Puck!?”    The Seahawks looming decision to go to the White House (1:00) Puck (6:30) Rob Staton, SeahawkDraftBlog.com  (31:47) KJ-Arent's w/ Mitch Levy  ( 43:25 ) “On This Day….” ( 45:16) “Hey, What the Puck!” 

After reporting state/church news, we talk with Texas schoolteacher Gigi Cervantes who tells us why she quit her job rather than force the Ten Commandments on students.

Meet Amra Pajalic author of Time Kneels Between Mountainsaward winning author, educator, and PhD researcher. In 2009 she won the Melbourne Prize for Literature's Civic Choice Award for her debut novel The Good Daughter, which has since been re-released as Sabiha's Dilemma. Her latest novel, Time Kneels Between Mountains is a wonderful book. It is set in 1992 in Srebrenica,  a town in Bosnia which experienced deep conflict and trauma at this point in history. It tells the story of the teenage girl Seka, who tries to fight against the injustices she sees during this time of collective trauma, and also her fight to survive. Amra Pajalic Website Amra Pajalic Substack Buy Amra's Books Amra's Instagram   Click to join my mailing listTeachers Pay Teachers StoreGrab a copy of History, Her Story, Our Story from Amazon!If you would like to support the podcast, you and Buy Me a CoffeeWrite a review on Podchaser, Apple or Spotify.The History Detective Season 1 & 2 Album is now available on Spotify and all of your music streaming services.Contact: Instagram @HistoryDetective9, email historydetective9@gmail.comHistory Detective WebsiteAll music written and performed by Kelly Chase.

Beim Antrittsbesuch in Peking hat Bundeskanzler Friedrich Merz einen versöhnlichen Ton angeschlagen: strategische Partnerschaft, kein Konfrontationskurs. Im Mittelpunkt des Besuchs stehen eindeutig die Wirtschaftsbeziehungen – Merz hat aber auch Chinas Einfluss auf Russland und den Krieg in der Ukraine angesprochen. Mit Kritik an seinen chinesischen Gastgebern hat sich Merz sehr zurückgehalten.[01:39]Direkt aus Peking berichtet Helene Bubrowski – und hat dort Bayer-CEO Bill Anderson getroffen, der mit der Wirtschaftsdelegation angereist ist. Bayer ist seit fast 150 Jahren in China aktiv und betreibt fünf Produktions- und fünf Innovationszentren. Anderson sieht China längst nicht mehr nur als Absatzmarkt, sondern als Forschungspartner – Decoupling hält er für den falschen Weg.[11:02]Zurück in Berlin: Michael Bröcker hat mit Esra Limbacher gesprochen, dem Sprecher des Seeheimer Kreises. Der SPD-Fraktionsvize fordert einen echten Mentalitätswechsel: „Wir haben momentan ein System in Deutschland, das ist echt stark auf Kontrolle und Berichtspflichten ausgelegt. Da müssen wir einen Wechsel hinbekommen und sagen: Ich vertraue als Staat Bürgern und Unternehmen – und misstraue nicht in erster Linie." Die bisherigen Reformvorschläge aus der Union nennt Limbacher Stückwerk.[14:29]Hier geht es zur Anmeldung für den Space.TableTable Briefings - For better informed decisions.Sie entscheiden besser, weil Sie besser informiert sind – das ist das Ziel von Table.Briefings. Wir verschaffen Ihnen mit jedem Professional Briefing, mit jeder Analyse und mit jedem Hintergrundstück einen Informationsvorsprung, am besten sogar einen Wettbewerbsvorteil. Table.Briefings bietet „Deep Journalism“, wir verbinden den Qualitätsanspruch von Leitmedien mit der Tiefenschärfe von Fachinformationen. Professional Briefings kostenlos kennenlernen: table.media/testenHier geht es zu unseren WerbepartnernImpressum: https://table.media/impressumDatenschutz: https://table.media/datenschutzerklaerungBei Interesse an Audio-Werbung in diesem Podcast melden Sie sich gerne bei Laurence Donath: laurence.donath@table.media Hosted on Acast. See acast.com/privacy for more information.

What is consciousness for, and why did it evolve? Can we change our “default” consciousness? These are some of the questions that Michael Pollan says began to preoccupy him after his first psychedelic experience, which altered his ordinary consciousness so profoundly that he wanted to learn everything he could about the mysteries of sentience, thought and selfhood. We talk to him about what he uncovered and challenges of studying a phenomenon that he says we'll never understand completely. Pollan's new book is “A World Appears: A Journey Into Consciousness.” Guests: Michael Pollan, author, "A World Appears: A Journey Into Consciousness" - professor emeritus, UC Berkeley Graduate School of Journalism; his other books include "In Defense of Food," "The Omnivore's Dilemma" and "How to Change Your Mind." Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, if you’re an Australian with even a drop of British or Irish blood, Amelia has a warning that might cost you hundreds of dollars.And, is it okay for celebrities to ask us for money? After the deaths of millennial TV icons James Van Der Beek and Eric Dane, their families have started GoFundMe campaigns — and not everyone’s happy about it. Holly, Jessie, and Amelia have very different takes on whether it’s okay to solicit for donations when you live on a multi-million dollar ranch. Also, the new Married At First Sight villain,Tyson has landed. Jessie thinks his quest for a 'submissive' woman and his 'manosphere' vibes reflect what women are dealing with out in the dating world. While Holly‘s pearls are clutched about the podcast he’s doubtless going to start when he leaves the show. So, ‘should’ this man be on primetime TV? Plus, a listener dilemma we can’t stop talking about. Vanessa is overwhelmed, over-worked, and considering quitting her job because her husband’s 'big career' has left her doing 100 percent of the heavy-lifting at home. Jessie says "life is long, just quit," while Holly is asking: if every woman is making the 'choice' to scale back, is it actually a choice at all?Plus, we deep dive into PHAARC — the probably not real (but very relatable) 'medical' condition currently ruining your work life. SUBSCRIBE here: Support independent women's media What To Listen To Next: Listen to our latest episode: Mia & Amelia On CBK: The Clothes, The Curse, The Love Story Listen: Prince William Has Entered The Chat Listen: The New Dating Rule That Blew Up A Comments Section Listen: 'Prince' Andrew's Arrest Is Not What You Think It Is Listen: Angelina Jolie & The Existential Threat Of Desirable Older Women Listen: MAFS & The Specific Cruelty of the ‘Sexual Chemistry’ Question Listen: All The Gossip From The Wuthering Heights Premiere (And Why Mia Walked Out) Listen: Wuthering Heights & the ‘Bad Man’ Controversy Connect your subscription to Apple Podcasts Discover more Mamamia Podcasts here including the very latest episode of Parenting Out Loud, the parenting podcast for people who don't listen to... parenting podcasts. SUBSCRIBE here: Support independent women's media Watch Australia's #1 podcast, Mamamia Out Loud: Mamamia Out Loud on YouTube What to read: Grey's Anatomy and Euphoria actor Eric Dane has died, aged 53. Legendary actor James Van Der Beek has died, aged 48. 'I'd never thought twice about donating to a GoFundMe. Until my friends wanted to start one for me.' Mamamia recaps MAFS: The 'Mean Girls' face-off with the experts. It's not laziness, it's PHAARC. The new condition hitting the workforce. THE END BITS: Check out our merch at MamamiaOutLoud.com GET IN TOUCH: Feedback? We’re listening. Send us an email at outloud@mamamia.com.au Share your story, feedback, or dilemma! Send us a voice message. Join our Facebook group Mamamia Outlouders to talk about the show. Follow us on Instagram @mamamiaoutloud and on Tiktok @mamamiaoutloudBecome a Mamamia subscriber: https://www.mamamia.com.au/subscribeSee omnystudio.com/listener for privacy information.

A debate breaks out over the fictional character deaths that still haunt listeners, followed by a question about whether constant lying can become someone's truth, and a dilemma between seeing every germ or witnessing the full journey of your food before it hits the plate. Then the team weighs in on who has the worst potty mouth, whether life is better with free gas or endless green lights, comparisons to a commercial jingle singer, and a showdown over everyone's real height, pillow preferences, and who would dominate a puzzle challenge.

Finding balance is something almost all of us are striving for, whether we are raising children, building careers, or stepping into a new season of life. In this episode, I'm joined by Maura Carlin and Christie Derrico, hosts of the The Balance Dilemma, for a thoughtful conversation about ambition, identity, and the constant evolution of what balance really means.      Maura and Christie share how their friendship began, how their podcast has evolved over nearly 100 episodes, and the powerful stories they've uncovered along the way. From working mothers navigating career pivots to couples redefining partnership roles, their guests offer honest reflections on what it takes to build a life that feels intentional. We also talk about boundaries, reinvention, and how our children's generation is approaching work and family in new ways. If you have ever questioned how to juggle professional goals with personal priorities, this episode will resonate with you.       Get full show notes, transcript, and more information here: harrietlibovhomes.com/65 See my current listings here: harrietlibovhomes.com

Jeffrey Praissman sits down with Michael Normyle, NASDAQ's economist, to unpack the Fed's latest message—and why balancing inflation and employment has gotten harder. They discuss AI data-center investment and why it boosts growth more than jobs, how reduced immigration changes the “break-even” pace of hiring, what's driving today's uncertainty, and why small businesses feel higher rates more than large caps.

Support the show: http://www.newcountry963.com/hawkeyeinthemorningSee omnystudio.com/listener for privacy information.

Buy My Book The Retirement You Didn't See Coming Let's Chat About Your Retirement Plans Book a time for us to talk Episode Description You've worked hard to build your nest egg. Now your adult children are struggling in a brutal housing market, drowning in debt, and navigating unstable careers. You want to help—but how much is too much? Will you enable dependence? Rob them of resilience? And what about your own retirement security? This episode tackles the question every parent wrestles with, but nobody wants to say out loud: should you sacrifice your retirement to help your kids? We explore the competing pressures, the frameworks for thinking it through, and the practical questions that will help you find your answer—without the guilt. Why This Is So Hard This question sits at the intersection of love, money, values, and generational change. You're feeling competing pressures: You want to help - They're entering a harder world: housing costs, debt, unstable jobs You don't want to enable dependence - You want them resilient, not reliant You've earned this money - You delayed gratification for decades. You want to enjoy it The inheritance question looms - IHT planning, fairness, timing—give now or later? Everyone has an opinion. Your friends do it differently. Society sends mixed messages. You're stuck in limbo. Four Frameworks for Thinking This Through Framework 1: Support vs. Rescue Support: House deposit in an impossible market. Health insurance during job transition. Education that opens doors. Rescue: Repeatedly bailing out credit card debt. Funding an unaffordable lifestyle. Solving problems they need to learn to solve. Ask: "Is this help moving them toward independence or keeping them stuck?" Framework 2: Timing—Now vs. Later Give now: They benefit when they need it most (30s-40s). You see the impact. Potential IHT savings. You can guide usage. Wait: Maintain security. Unknown future needs (healthcare, care costs). Flexibility if circumstances change. The truth: Most people never regret helping when they had the means. Many regret waiting too long. Framework 3: Equity vs. Need Equal feels fair. Need-based feels compassionate. One child struggles financially. Another thrives. One chose meaningful but lower-paying work. One has health issues. Both approaches can work. Transparency tends to avoid resentment. Framework 4: The Oxygen Mask Principle Your first obligation: secure your own retirement. If you give away too much and run out, you become their burden anyway. Most adult children don't want that. The question isn't "Can we afford to help?" It's "Can we afford to help without jeopardizing our own security?" Six Practical Questions to Ask Yourself 1. What values do we want to pass on? Independence? Family solidarity? Generosity? Different values = different decisions. 2. What did our parents do, and how do we feel about it? Your experience shapes your instincts—for better or worse. Sometimes we repeat patterns. Sometimes we overcorrect. 3. What do our children actually need vs. want? Have honest conversations. "What are the biggest barriers you're facing?" You might be surprised. 4. What are we comfortable with, emotionally? Forget "should." What can you live with? If helping makes you anxious, that anxiety poisons the gift. 5. What's our plan if they ask for more? Jobs are lost. Relationships end. Health issues arise. Do you have boundaries? Can you say no? 6. How do we communicate this? Clear communication avoids misunderstanding. Tell them your plans. Be honest. Your kids aren't mind readers. The Bottom Line There's no perfect answer. No formula. No rulebook. Some families give generously and strengthen bonds. Some create entitlement. Some don't give at all, and kids thrive. Some kids feel abandoned. It depends on the people, context, values, and communication. The worst thing you can do? Avoid the conversation. With your partner. Your planner. Your children. When money and family mix, silence breeds assumption. Assumption breeds resentment. Give yourself permission to set boundaries. You're not a bad parent if you say no. You're not selfish if you prioritise your security. You're not weak if you help. You're just human, navigating a complicated situation with love. Loving your children and taking care of yourself are not mutually exclusive. Humans vs Retirement - The messy, emotional, human side of retirement.

Nico, Marcus and Jack discuss the concerns surrounding our backline with the early injuries to Jeremy Howe and Darcy Moore, and speaking of the skipper, when is the right time to hand over the mantle to Nick Daicos? Hosted on Acast. See acast.com/privacy for more information.

A pigeon dilemma leads to an interesting email, DIRT ALERT: RIP Robert Carradine, myTalk Restaurant Rescue Fund: Shaunie Grigsby of Flava Café, and re (try to) remember Pickles and Jambu See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this conversation, Ian Stewart discusses the nature of mathematical inquiry, the motivations behind problem-solving in mathematics, and the importance of storytelling in making math relatable. He explores the relationship between nature and mathematics, emphasizing how patterns in nature inspire mathematical concepts. Stewart also addresses the role of AI in mathematical discovery and the importance of choosing meaningful problems to work on. He concludes by highlighting the vital role of mathematics in society and its significant contributions to the economy.Takeaways-Mathematics is driven by curiosity and the desire to solve problems-Nature serves as a significant source of inspiration for mathematical ideas.-Mathematicians often seek deeper understanding beyond just solving problems.-AI can be a powerful tool in mathematical discovery, but it raises questions about understanding-Choosing problems that interest you is crucial for success in mathematics.-Mathematics has a profound impact on various industries and the economy.Chapters00:00 The Origins of Mathematical Problems06:12 Breaking Down Complex Problems09:57 The Beauty of Mathematical Proofs15:21 The Role of Storytelling in Mathematics20:10 Nature as Inspiration for Mathematics24:30 The Pursuit of Mathematical Extremes27:00 The Complexity of the Four Color Theorem Proof28:38 The Impact of Computer-Aided Proofs on Understanding31:21 The Quest for Deeper Mathematical Insights32:11 AI and the Evolving Boundaries of Mathematics34:35 The Dilemma of Solving Without Understanding38:49 Guiding the Next Generation of MathematiciansYou can purchase Ian Stewart's book here. Follow Noah on Instagram, LinkedIn, Twitter, Bluesky Follow Breaking Math on Substack, Patreon, Twitter, Instagram, Website, YouTube, TikTokFollow Autumn on Twitter, BlueSky, Instagram, SubstackBecome a guest hereemail: breakingmathpodcast@gmail.com

In this episode of Golf Party Live, Donna tackles one of the most common (and most frustrating!) questions beginner golfers ask: "Why do all my clubs go the same distance?" If you've ever felt confused or discouraged because your 7-iron, 9-iron, and even your driver all seem to fly the same yardage — this episode is for you. Donna breaks down why this happens, why it's completely normal, and why it does not mean you're doing anything wrong. In fact, it's a phase almost every beginner goes through — and understanding it is the first step toward real improvement. In This Episode, We Cover: • Why most beginners hit all their clubs the same distance • The #1 reason: inconsistent contact • Why "scooping" the ball adds loft and steals distance • How helping the ball into the air actually hurts your shots • Why swing speed often stays the same across clubs for beginners • The purpose of beginner golf sets and why they exist • How distance gaps develop as your swing improves • Simple ways to start creating better contact and separation • Why patience and confidence matter more than power Key Takeaway: If all your clubs go the same distance — you're not broken. You're learning. With better contact, proper setup, and trust in the process, distance and consistency will come naturally. This episode is designed to relieve frustration, build confidence, and help you understand what's really happening in your swing.

The Pharisees' Dilemma 

Vier Jahre nach Beginn der russischen Vollinvasion senden wir eine besondere Folge von Streitkräfte und Strategien - produziert in Kiew. Stefan Niemann und Kai Küstner besuchen eine ukrainische Familie, die seit Wochen ohne Strom und Heizung lebt. Der fünfjährige Lew sagt, er warte darauf, dass der Krieg endlich vorbei sei. Seine Eltern harren aus - trotz Kälte, Dunkelheit und nächtlicher Angriffe. "Wir werden kämpfen. Wenn es schwierig wird, unterstützen wir uns gegenseitig und bleiben eine Einheit", sagt sein Vater Sewolod.Die Hosts erleben an einem Tag junge Menschen bei einer Techno-Nacht in Kiew, die sich zwischen Luftalarm und Lebenswillen ein paar Stunden Normalität gönnen. An einem anderen Tag besuchen sie eine geheime Drohnenfabrik. Unter größten Sicherheitsvorkehrungen wurden sie an den Ort gebracht - Handys eingeschlossen im Faradayschen Käfig, Kameras tabu. Das deutsche Start-up Quantum Systems entwickelt dort gemeinsam mit einem ukrainischen Partner moderne Aufklärungsdrohnen. Ein seltener Einblick in eine Hightech-Produktion - an einem Ort, der selbst zum Angriffsziel werden könnte. Im Gespräch mit dem Leiter des ARD-Studios Kiews, Vassili Golod, geht es um sein Exklusiv-Interview mit Präsident Wolodymyr Selenskyj und um die Perspektiven im beginnenden fünften Kriegsjahr. Golod beschreibt auch das Dilemma bei der Mobilisierung: "Alle Ukrainer wollen siegen, aber nicht alle wollen kämpfen". Zudem besuchen die beiden Hosts die ARD-Korrespondentin Rebecca Barth in ihrer Wohnung. Sie berichtet über das Leben in den von Russland besetzten Gebieten, die sie als eine Art "Freiluftgefängnis" beschreibt. Es geht um systematische Russifizierung, Repression - und darum, was das für Kinder und ihre Familien bedeutet. Diese besondere Ausgabe über Widerstandswillen und Erschöpfung geht der Frage nach, woher die Menschen in der Ukraine nach vier Jahren Krieg die Kraft nehmen, weiterzumachen. Lob und Kritik, alles bitte per Mail an streitkraefte@ndr.de Vier Jahre im Verteidigungskampf:https://www.tagesschau.de/ausland/europa/ukraine-russland-vier-jahre-krieg-100.html Wie der Krieg Deutschland verändert hat:https://www.tagesschau.de/inland/innenpolitik/ukraine-krieg-deutschland-102.htmlGespräch mit Rebecca Barth:https://www.ardaudiothek.de/episode/urn:ard:episode:9e2dbaea8c947e04/ Alle Folgen von “Streitkräfte und Strategien” https://www.ndr.de/nachrichten/info/podcast2998.html Tipp: ARD Story - “Putin und Trump · Ziemlich beste Feinde?” https://1.ard.de/Ziemlich_beste_Feinde

This episode hits a little different, we were 24 hours away from our biggest Singles event in San Diego and we had to express our gratitude with everyone who was showing up and tell you the reality on betting on yourself ! We know everyone missed the Spill The Tea segment the episode before so we hope you enjoy the stories & the follow up questions on the stations !Support the show

Career regret is more common than most professionals admit. In Bill Gurley's survey, 7 out of 10 people said they would restart their careers if given the chance, revealing widespread dissatisfaction with their chosen paths. After decades of working alongside successful founders, Bill distilled what actually leads to meaningful, energizing work into his book  Running Down a Dream, offering a clear path to designing a career you don't want to escape from. Now on Spotify video! In this episode, Bill reveals how to build your dream job and shares what top professionals do differently to create careers that bring both success and fulfillment. In this episode, Hala and Bill will discuss: (00:00) Introduction (02:17) The Career Regret Crisis (06:57) Designing Your Own Career Path (12:53) How Curiosity Over Passion Drives Success (22:10) Bill's Journey From Engineering to Venture Capital (28:45) Mastering Career Fundamentals for Growth (41:34) The Power of Mentors and Peers in Career Development (52:10) Dot-Com Crash Lessons and the AI Wave (54:20) Unit Economics and Business Fundamentals (1:06:39) Smart ROI Decisions for Entrepreneurs (1:16:47) Making Tough Calls in Leadership (1:21:34) Traits of Extraordinary Founders Bill Gurley is a renowned Silicon Valley venture capitalist and general partner at Benchmark, known for early, pivotal investments in companies like Uber, Zillow, and Grubhub. With over 20 years at Benchmark, he is recognized as a top tech investor and the author of the influential blog Above the Crowd. In his new book, Running Down a Dream, Bill breaks down the components of balancing joy with success and identifies the key principles of career fulfillment. Sponsored By: Indeed - Get a $75 sponsored job credit to boost your job's visibility at⁠ Indeed.com/profiting⁠ Shopify - Start your $1/month trial at⁠ Shopify.com/profiting⁠. Spectrum Business - Keep your business connected seamlessly. Visit ⁠https://spectrum.com/Business⁠ to learn more. Northwest Registered Agent - Build your brand and get your complete business identity at⁠ northwestregisteredagent.com/paidyap⁠ Framer - Publish beautiful and production-ready websites. Go to⁠ Framer.com/profiting⁠ and get 30% off their Framer Pro annual plan. Quo - Run your business communications the smart way. Try Quo for free, plus get 20% off your first 6 months when you go to⁠ quo.com/profiting⁠ Working Genius - Discover your natural gifts and thrive at work. Go to⁠ workinggenius.com⁠ and get 20% off with code PROFITING Experian - Manage and cancel your unwanted subscriptions and reduce your bills. See ⁠experian.com⁠ for details. Huel -  Get all the daily nutrients you need with Huel. Grab Huel today and get 15% OFF with my code PROFITING at⁠ huel.com/PROFITING⁠.  Resources Mentioned: Bill's Book, Running Down A Dream: ⁠bit.ly/BGDream⁠  Bill's X (Twitter): ⁠x.com/bgurley⁠  Bill's Website: ⁠abovethecrowd.com⁠  Designing Your Life by Bill Burnett: ⁠bit.ly/BB-DYL⁠  One Up On Wall Street by Peter Lynch: ⁠bit.ly/PL-OUOWS⁠  Innovator's Dilemma by Clayton Christensen: ⁠bit.ly/CC-ID⁠  Greenlights by Matthew McConaughey: ⁠bit.ly/MM-GL⁠  Active Deals -⁠ youngandprofiting.com/deals⁠  Key YAP Links Reviews -⁠ ratethispodcast.com/yap⁠ YouTube -⁠ youtube.com/c/YoungandProfiting⁠ Newsletter - ⁠youngandprofiting.co/newsletter⁠  LinkedIn -⁠ linkedin.com/in/htaha/⁠ Instagram -⁠ instagram.com/yapwithhala/⁠ Social + Podcast Services:⁠ yapmedia.com⁠ Transcripts -⁠ youngandprofiting.com/episodes-new⁠  Entrepreneurship, Entrepreneurship Podcast, Business, Business Podcast, Self Improvement, Self-Improvement, Personal Development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Marketing, Negotiation, Side Hustle, Startup, Mental Health, Career, Leadership, Mindset, Growth Mindset, Business Ideas, Growth Hacks, Workplace, Career Podcast

Five years ago, Michael Pollan — the acclaimed author of The Botany of Desire, The Omnivore's Dilemma, and How to Change Your Mind — went looking for an answer to one of life's great mysteries: "How does three pounds of brain matter generate subjective experience?" The result is his luminous new book, A World Appears: A Journey Into Consciousness, which comes out tomorrow. Great journalists like Michael have a nose for story and a knack for timing. Both are on display in A World Appears. It's a page-turner teeming with maverick characters. It's a startling look at the emerging science of plant sentience. And it's an urgent exploration of a question we can't afford to ignore: Could consciousness — that is, "subjective or felt experience," the trippy miracle that when we open our eyes, a world appears — emerge in AI? * * * A World Appears is the Next Big Idea Club's latest selection. To get an early copy, a personal note from Michael, and an invitation to a Q&A with him on March 10, become a member at nextbigideaclub.com⁠⁠. Code PODCAST gets you a super secret discount (spoiler: it's 20% off). If you enjoyed this episode, check out our conversations with Antonio Damasio, David Chalmers (here and here), Sara Walker, Paul Bloom, Robert Sapolsky, Sam Harris, and Gaurav Suri and Jay McClelland. Watch The Next Big Idea on YouTube! You can find our episodes ⁠⁠⁠here⁠⁠⁠. Follow Rufus on ⁠⁠LinkedIn⁠⁠, subscribe to our ⁠⁠Substack⁠⁠, or send us an email at ⁠podcast@nextbigideaclub.com⁠. We love getting fan mail. Sponsored By: Bitdefender — Get 30% off your plan at bitdefender.com/idea Factor — Head to ⁠factormeals.com/idea50off⁠ and use code idea50off to get 50% off your first box Granola — Get three months free at granola.ai/idea Shopify — Start your $1/month trial at ⁠⁠⁠shopify.com/nbi⁠⁠⁠

Church buildings don't just house Christians—they are built to facilitate so much more—each building quietly tells a story about what your church values. Long before a word is preached, the space itself establishes the way in which people will engage—how people understand authority, worship, and the mission. For each denomination, and each tradition the building guides believers to better understand their theology in different ways. From persecuted Anabaptists meeting in homes and fields, to simple Baptist meetinghouses in the New World, to revival-era preaching spaces, suburban church complexes, and today's eclectic mix of megachurches, old buildings and minimalist spaces—by examining what Baptists have built—we ask a foundational question for today: what do our meeting spaces say about what we believe, prioritize and whether our buildings still serve the mission they were meant to support?In today's episode of the Postscript, I'm joined by Dr. David Bains, professor at Howard College of Arts and Sciences at Samford University. Dr. Bains teaches courses that examine the interaction between theology, culture and religious life. His research has appeared in over a dozen books and journals. Today we hope that Dr. Bains will help us better understand the correlation between the historic Baptist mission and the buildings in which they met.For more information, please follow the link to read the notes for Ep. 260Visit https://magiccityreligion.org/spaces-for-worship/varieties/classic-auditorium/combination/ to see a recent project of Dr. Bains.Visit http://lfbi.org/learnmore 

YOUR REVENUE PROBLEM IS A CONVERSATION PROBLEM.The money you're missing is hiding in the calls you're not measuring.Create real visibility.Create real accountability.

The Emergency Management Network PodcastEpisode Title: Authority, Responsibility, and the Emergency Manager's DilemmaHosts: Todd DeVoe and Dan ScottIn this episode of The Emergency Management Network Podcast, Todd DeVoe and Dan Scott take a deep dive into one of the profession's defining tensions: the gap between authority and responsibility. Emergency managers are expected to coordinate complex systems, anticipate cascading failures, and help guide communities through crisis, yet they often operate without direct command authority over the agencies responsible for action. That reality creates a professional dilemma that is rarely discussed openly but felt daily across the field.Todd and Dan explore how responsibility often finds the emergency manager before authority does. When disaster strikes, communities look for coordination, clarity, and leadership, not organizational charts. The conversation examines how emergency managers become accountable for outcomes they do not fully control, and how influence, credibility, and trust often matter more than formal power in driving results.The discussion moves beyond operations into philosophy and ethics. Drawing on ideas from Aristotle, Plato, and Stoic thought, the episode reflects on what it means to carry responsibility simply because you understand risk and consequence. The more an emergency manager sees the interdependencies within a community, the harder it becomes to step back and treat preparedness as someone else's job. Responsibility becomes a moral obligation, not just a professional duty.Todd and Dan also talk candidly about the personal weight that comes with this role. The profession often lives in the space between expectation and authority, and that space can produce both purpose and strain. They explore how burnout emerges when responsibility expands without structural authority, and how relationships, communication, and long-term trust building become the real levers of leadership.The episode reframes authority in emergency management as relational rather than positional. It is built over time through competence, consistency, and the ability to align people and systems before the crisis begins. The conversation highlights how emergency managers shape decisions, influence direction, and steward coordination, even when they are not the ones issuing orders.Throughout the discussion, Todd and Dan return to practice. Governance, culture, and institutional design all shape how authority is shared and how responsibility is carried. The profession continues to evolve, but the dilemma remains a constant. Emergency managers operate at the intersection of policy, operations, and ethics, balancing public expectations with the realities of fragmented authority.This episode challenges listeners to reflect on their own role in that tension. Authority may not always sit in the emergency manager's office, but responsibility often does. The question becomes how to lead effectively within that reality, how to build influence where command is limited, and how to continue stewarding preparedness in systems that are never fully aligned.Todd and Dan close with a reminder that the work of emergency management begins long before the incident and continues long after the headlines fade. The profession is not defined by command, but by stewardship, trust, and the quiet work of aligning people and systems toward resilience. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit emnetwork.substack.com/subscribe

Karina Mößbauer präsentiert das Pioneer Briefing.

מה קורה כשחברות מצליחות פוגשות טכנולוגיה שמשנה את חוקי המשחק? פרק שלישי בסדרה על איך AI משנה ומעצב את מאנדיי מחדש. בפרק רועי מן וערן זינמן, המנכ״לים של מאנדיי, מדברים עם דריה ורטהיים על האתגר שבשינוי. ערן ורועי מביאים דוגמאות ותהליכי מחשבה מהספר "The Innovator's Dilemma" ומסבירים למה דווקא החברות החזקות, הארגונים שמנוהלים הכי טוב, הם אלו שנמצאים בסיכון הכי גבוה להיפגע בזמן מהפכת ה-AI. אז איך מאזנים בין הצרכים של הלקוחות הקיימים וההתחייבויות המוצריות שכבר עשינו, לבין הצורך להמר על עתיד לא ידוע? מדוע קשה לחברות תוכנה לשחרר פרדיגמות ישנות? למה הדינמיקה בשוק היא זו שעתידה לנצח? ובמה ה-AI שונה מכל מהפכה טכנולוגית שראינו בעבר? האזינו לפרק. כתבו לנו בתגובות ובלינדקאין של Startup for Startup מה חשבתם על הפרק. See omnystudio.com/listener for privacy information.

Why is iterating hardware so difficult and what would we do if it came time to start a business.In Episode #515 of 'Meanderings', Juan & I discuss: Clayton Christensen's 'The Innovator's Dilemma' book, why incumbents like IBM and Blockbuster struggled with disruptive shifts, how spin-outs can help large firms explore new markets, whether today's tech giants (NVIDIA, Amazon, Alphabet) are genuinely pivoting faster than past eras, the trap of single‑thesis bets (e.g., x402 via Coinbase/Circle), the difference between wealth and money via Paul Graham's classic essay, my slow‑ship shift toward building something around livestreaming/value-for-value/OpenClaw-style agents, Juan's practical plan to buy and streamline existing local service businesses and the enduring challenge of measuring value in a world awash with AI-generated content. No boostagrams but we do appreciate the streaming!Stan Link: https://stan.store/meremortalsTimeline:(00:00:00) Intro(00:00:36) The Innovator's Dilemma book(00:05:20) From hardware to software: DiSASSter(00:10:58) CapEx arms race: Nvidia up, Apple lagging(00:15:04) Incumbents can't buy their way out every time(00:19:13) Is AI truly disruptive? Capital, energy, and hype checks(00:24:50) Business cycles repeat: pivots, exits, and getting left behind(00:29:34) Investing today: concentration, tech dominance, and copper(00:34:05) Investing is prediction: outcomes vs decisions(00:38:02) Finding exposure: beware tiny bets inside behemoths(00:41:01) Boostagram Lounge and supporter shout-outs(00:42:04) Micropayments, value, and streaming money(00:45:19) Why Lightning may not fit continuous payments(00:49:53) Two paths: analogue community vs full-tilt AI grind(00:53:41) A niche edge: 'human-made' as a selling point(01:03:31) A creator's plan: livestreaming with OpenClaw automation(01:08:02) Work futures: lifestyle businesses and human uniqueness(01:14:58) Zero-to-one vs sustainment: knowing your role(01:20:04) Juan's near-term play: buy, streamline, and bundle SMBs(01:23:40) Wrap-up and sign-off Connect with Mere Mortals:Website: https://www.meremortalspodcasts.com/Discord: https://discord.gg/jjfq9eGReUTwitter/X: https://twitter.com/meremortalspodsInstagram: https://www.instagram.com/meremortalspodcasts/TikTok: https://www.tiktok.com/@meremortalspodcastsValue 4 Value Support:Boostagram: https://www.meremortalspodcasts.com/supportPaypal: https://www.paypal.com/paypalme/meremortalspodcast

In this episode, I talk about why I don't think I'm built for the traditional influencer path. From an introvert's perspective, I crave solitude, depth, and protection of self. While influencing is powerful and meaningful, constant visibility can be costly for someone who thinks and feels deeply.This isn't a “never.” It's a “not yet.” I hope one day I'm brave enough to be fully seen on my own terms. Think less noise, more intention. More like the J. Cole approach: create, then retreat.

Chris Markowski, the Watchdog on Wall Street, delves into the complexities of the financial world, emphasizing the importance of truth over narratives. He discusses the current economic indicators, the alarming state of consumer debt, and the impact of tariffs on the economy. The conversation also covers the housing market crisis, challenges in commercial real estate, and the role of personal CFO programs. Markowski critiques the fallacy of free services and highlights the monopolistic issues in food delivery and agriculture, advocating for a more secure food system.

Hugh discusses Iran and talks with Texas Congressman Chip Roy, Salena Zito, Eliana Johnson, Sen. Tom Cotton, Vic Matus, Josh Kraushaar, Jim Talent, Seth Mandel, and Daniel Runde.See omnystudio.com/listener for privacy information.

Dan Bardell and Sky Sports' Dave Reed are back to give you an extensive preview Aston Villa v Leeds United.

What did AOC reveal about her foreign policy vision during her trip to Germany and the Munich Security Conference? Why is the US about to illegally attack Iran, again? Proof from the New York Times that the Democratic Party as we know it is in crisis. And what we can learn about tech-worker backlash against AI and Anthropic's fight with the Pentagon.  Subscribe to the Un-Diplomatic Newsletter: https://www.un-diplomatic.com/ Watch Un-Diplomatic Podcast on YouTube: https://www.youtube.com/watch?v=T0q9ZVYoIQY Disclaimer: The views expressed are those of the individuals and not of any institutions.

Practical tips for ego-transcendence.

Fluent Fiction - Hungarian: Fork in the Road: Árpád's Dilemma in High-Tech Város Find the full episode transcript, vocabulary words, and more:fluentfiction.com/hu/episode/2026-02-20-23-34-02-hu Story Transcript:Hu: A város szívében, ahol a modern építmények az égbe nyúlnak, Árpád lassan sétált a jövőbe mutató utcákon.En: In the heart of the city, where modern structures reach towards the sky, Árpád walked slowly through the streets pointing towards the future.Hu: Körülötte mindenhol digitális táblák villogtak, és a tömeg gyors tempóban suhant el mellette.En: Around him, digital signs flashed everywhere, and the crowd rushed past him at a fast pace.Hu: A High-Tech Város télen is volt, de már érezte a tavasz közelgő ünnepének izgalmát a levegőben.En: Though it was still winter in the High-Tech Város, he could already feel the excitement of the upcoming spring festival in the air.Hu: Árpád, egy kíváncsi és kalandvágyó fiatalember, most nagy döntés előtt állt.En: Árpád, a curious and adventurous young man, was now facing a significant decision.Hu: Egy külföldi munkalehetőség várta, ami szakmai fejlődést ígért.En: An overseas job opportunity awaited him, promising professional growth.Hu: Azonban a családja, különösen a húga, Katalin támogatásra szorult.En: However, his family, especially his sister Katalin, needed his support.Hu: Katalinnak nehézségei voltak az iskolában, és Árpád mindig ott volt, hogy segítsen neki.En: Katalin was having difficulties at school, and Árpád was always there to help her.Hu: Zoltán, Árpád legjobb barátja, mindig azt mondta: „Ha álmodsz valamiről, ne engedd el!”En: Zoltán, Árpád's best friend, always said, "If you dream of something, don't let it go!"Hu: De Árpád számára a család is álom volt.En: But for Árpád, family was also a dream.Hu: Hogyan hagyhatná el őket, amikor szükségük van rá?En: How could he leave them when they needed him?Hu: Az utcán a magas toronyépületek között Árpád megállt.En: On the street, among the tall skyscrapers, Árpád stopped.Hu: A távolban látta a közlekedési központot, ahol a járművek új kezdetekbe vitték az embereket.En: In the distance, he could see the transport hub, where vehicles carried people to new beginnings.Hu: Állt, és a szíve kettészakadt.En: He stood there, his heart torn apart.Hu: Az élete két útra ágazott: az egyik a karrier felé, a másik haza.En: His life branched into two paths: one towards his career, and the other homewards.Hu: Mély levegőt vett, és elképzelte a jövőt mindkét úton.En: He took a deep breath and imagined the future on both paths.Hu: Az egyik út sikerrel és új élményekkel ígérkezett, a másik azonban biztonsággal és családi szeretettel.En: One path promised success and new experiences, but the other offered safety and family love.Hu: Árpád végül a hazavezető utat választotta.En: Árpád eventually chose the path leading home.Hu: De nem adta fel a karrierlehetőségét sem.En: Yet he did not give up his career opportunity either.Hu: Otthon elmagyarázta a családjának a helyzetet.En: At home, he explained the situation to his family.Hu: Ügyelt rá, hogy magyarázata egyszerű legyen: „Külföldre nem megyek, de távmunkában dolgozhatom. Otthon is segíthetek, és mégis előre lépek.”En: He made sure his explanation was simple: "I won't go abroad, but I can work remotely. I can help at home, and still move forward."Hu: A döntés nem volt egyszerű, de helyesnek tűnt.En: The decision wasn't easy, but it seemed right.Hu: Árpád így megtanulta, hogy a növekedés nem mindig jelenti a mindent hátrahagyást.En: Árpád thus learned that growth doesn't always mean leaving everything behind.Hu: Néha kreatív megoldásokra van szükség, amelyek tiszteletben tartják az értékeinket.En: Sometimes creative solutions are needed that honor our values.Hu: Ahogy ült az ablak mellett, és figyelte a hópelyheket az éj sötétjén át táncolni, tudta, hogy ez az új terv mindent megváltoztat, de nem veszíti el azt, ami igazán fontos.En: As he sat by the window, watching the snowflakes dance through the dark night, he knew this new plan would change everything, yet he wouldn't lose what truly mattered. Vocabulary Words:structures: építményekflashed: villogtakcrowd: tömegpace: tempóbanexcitement: izgalmátadventurous: kalandvágyóopportunity: munkalehetőségprofessional: szakmaigrowth: fejlődéstsupport: támogatásradifficulties: nehézségeiskyscrapers: toronyépületektransport hub: közlekedési központotheart: szívetorn apart: kettészakadtbranches: ágazottexperiences: élményekkelsafety: biztonsággaleventually: végülremotely: távmunkábanexplanation: magyarázatacreative solutions: kreatív megoldásokrahonor: tiszteletben tartjákvalues: értékeinketdance: táncolniplan: tervchange: megváltoztatsnowflakes: hópelyhekettruly mattered: igazán fontos

OpenClaw's creator makes headlines by joining OpenAI after GitHub fame and a whirlwind of VC and big tech offers, redefining what's possible for independent developers in the AI arms race. Is this the year agentic AI goes mainstream, and are the big players ready for that disruption? OpenClaw, OpenAI and the future | Peter Steinberger OpenAI disbands mission alignment team Opinion | I Left My Job at OpenAI. Putting Ads on ChatGPT Was the Last Straw. - The New York Times Introducing GPT‑5.3‑Codex‑Spark Anthropic releases Sonnet 4.6 Exclusive: Pentagon threatens to cut off Anthropic in AI safeguards dispute Google's Pixel 10a Launches on March 5 for $499 Google's AI drug discovery spinoff Isomorphic Labs claims major leap beyond AlphaFold 3 Gemini 3 Deep Think: AI model update designed for science Radio host David Greene says Google's NotebookLM tool stole his voice A new way to express yourself: Gemini can now create music Why an A.I. Video of Tom Cruise Battling Brad Pitt Spooked Hollywood GPT-5 outperforms federal judges 100% to 52% in legal reasoning experiment An AI project is creating videos to go with Supreme Court justices' real words I used Claude to negotiate $163,000 off a hospital bill. In a complex healthcare system, AI is giving patients power. Sony Tech Can Identify Original Music in AI-Generated Songs AI Pioneer Fei-Fei Li's Startup World Labs Raises $1 Billion Yann v. Yoshua on directed systems Dr. Oz pushes AI avatars as a fix for rural health care. Not so fast, critics say An AI Agent Published a Hit Piece on Me An Ars Technica Reporter Blamed A.I. Tools for Fabricating Quotes in a Bizarre A.I. Story Plain Dealer using AI to write reporters' stories Mediahuis trials use of AI agents to carry out 'first-line' news reporting DJI's first robovac is an autonomous cleaning drone you can't trust Leaked Email Suggests Ring Plans to Expand 'Search Party' Surveillance Beyond Dogs ai;dr I hate my AI pet with every fiber of my being Thanks a lot, AI: Hard drives are sold out for the year, says WD Students Are Being Treated Like Guinea Pigs:' Inside an AI-Powered Private School peon-ping — Stop babysitting your terminal Hugo Barra makes a to-do agent Raspberry Pi soars 40% as CEO buys stock, AI chatter builds Hosts: Leo Laporte, Jeff Jarvis, and Emily Forlini Download or subscribe to Intelligent Machines at https://twit.tv/shows/intelligent-machines. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: monarch.com with code IM bitwarden.com/twit preview.modulate.ai spaceship.com/twit

OpenClaw's creator makes headlines by joining OpenAI after GitHub fame and a whirlwind of VC and big tech offers, redefining what's possible for independent developers in the AI arms race. Is this the year agentic AI goes mainstream, and are the big players ready for that disruption? OpenClaw, OpenAI and the future | Peter Steinberger OpenAI disbands mission alignment team Opinion | I Left My Job at OpenAI. Putting Ads on ChatGPT Was the Last Straw. - The New York Times Introducing GPT‑5.3‑Codex‑Spark Anthropic releases Sonnet 4.6 Exclusive: Pentagon threatens to cut off Anthropic in AI safeguards dispute Google's Pixel 10a Launches on March 5 for $499 Google's AI drug discovery spinoff Isomorphic Labs claims major leap beyond AlphaFold 3 Gemini 3 Deep Think: AI model update designed for science Radio host David Greene says Google's NotebookLM tool stole his voice A new way to express yourself: Gemini can now create music Why an A.I. Video of Tom Cruise Battling Brad Pitt Spooked Hollywood GPT-5 outperforms federal judges 100% to 52% in legal reasoning experiment An AI project is creating videos to go with Supreme Court justices' real words I used Claude to negotiate $163,000 off a hospital bill. In a complex healthcare system, AI is giving patients power. Sony Tech Can Identify Original Music in AI-Generated Songs AI Pioneer Fei-Fei Li's Startup World Labs Raises $1 Billion Yann v. Yoshua on directed systems Dr. Oz pushes AI avatars as a fix for rural health care. Not so fast, critics say An AI Agent Published a Hit Piece on Me An Ars Technica Reporter Blamed A.I. Tools for Fabricating Quotes in a Bizarre A.I. Story Plain Dealer using AI to write reporters' stories Mediahuis trials use of AI agents to carry out 'first-line' news reporting DJI's first robovac is an autonomous cleaning drone you can't trust Leaked Email Suggests Ring Plans to Expand 'Search Party' Surveillance Beyond Dogs ai;dr I hate my AI pet with every fiber of my being Thanks a lot, AI: Hard drives are sold out for the year, says WD Students Are Being Treated Like Guinea Pigs:' Inside an AI-Powered Private School peon-ping — Stop babysitting your terminal Hugo Barra makes a to-do agent Raspberry Pi soars 40% as CEO buys stock, AI chatter builds Hosts: Leo Laporte, Jeff Jarvis, and Emily Forlini Download or subscribe to Intelligent Machines at https://twit.tv/shows/intelligent-machines. Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: monarch.com with code IM bitwarden.com/twit preview.modulate.ai spaceship.com/twit

Tickets for AIEi Miami and AIE Europe are live, with first wave speakers announced!From pioneering software-defined networking to backing many of the most aggressive AI model companies of this cycle, Martin Casado and Sarah Wang sit at the center of the capital, compute, and talent arms race reshaping the tech industry. As partners at a16z investing across infrastructure and growth, they've watched venture and growth blur, model labs turn dollars into capability at unprecedented speed, and startups raise nine-figure rounds before monetization.Martin and Sarah join us to unpack the new financing playbook for AI: why today's rounds are really compute contracts in disguise, how the “raise → train → ship → raise bigger” flywheel works, and whether foundation model companies can outspend the entire app ecosystem built on top of them. They also share what's underhyped (boring enterprise software), what's overheated (talent wars and compensation spirals), and the two radically different futures they see for AI's market structure.We discuss:* Martin's “two futures” fork: infinite fragmentation and new software categories vs. a small oligopoly of general models that consume everything above them* The capital flywheel: how model labs translate funding directly into capability gains, then into revenue growth measured in weeks, not years* Why venture and growth have merged: $100M–$1B hybrid rounds, strategic investors, compute negotiations, and complex deal structures* The AGI vs. product tension: allocating scarce GPUs between long-term research and near-term revenue flywheels* Whether frontier labs can out-raise and outspend the entire app ecosystem built on top of their APIs* Why today's talent wars ($10M+ comp packages, $B acqui-hires) are breaking early-stage founder math* Cursor as a case study: building up from the app layer while training down into your own models* Why “boring” enterprise software may be the most underinvested opportunity in the AI mania* Hardware and robotics: why the ChatGPT moment hasn't yet arrived for robots and what would need to change* World Labs and generative 3D: bringing the marginal cost of 3D scene creation down by orders of magnitude* Why public AI discourse is often wildly disconnected from boardroom reality and how founders should navigate the noiseShow Notes:* “Where Value Will Accrue in AI: Martin Casado & Sarah Wang” - a16z show* “Jack Altman & Martin Casado on the Future of Venture Capital”* World Labs—Martin Casado• LinkedIn: https://www.linkedin.com/in/martincasado/• X: https://x.com/martin_casadoSarah Wang• LinkedIn: https://www.linkedin.com/in/sarah-wang-59b96a7• X: https://x.com/sarahdingwanga16z• https://a16z.com/Timestamps00:00:00 – Intro: Live from a16z00:01:20 – The New AI Funding Model: Venture + Growth Collide00:03:19 – Circular Funding, Demand & “No Dark GPUs”00:05:24 – Infrastructure vs Apps: The Lines Blur00:06:24 – The Capital Flywheel: Raise → Train → Ship → Raise Bigger00:09:39 – Can Frontier Labs Outspend the Entire App Ecosystem?00:11:24 – Character AI & The AGI vs Product Dilemma00:14:39 – Talent Wars, $10M Engineers & Founder Anxiety00:17:33 – What's Underinvested? The Case for “Boring” Software00:19:29 – Robotics, Hardware & Why It's Hard to Win00:22:42 – Custom ASICs & The $1B Training Run Economics00:24:23 – American Dynamism, Geography & AI Power Centers00:26:48 – How AI Is Changing the Investor Workflow (Claude Cowork)00:29:12 – Two Futures of AI: Infinite Expansion or Oligopoly?00:32:48 – If You Can Raise More Than Your Ecosystem, You Win00:34:27 – Are All Tasks AGI-Complete? Coding as the Test Case00:38:55 – Cursor & The Power of the App Layer00:44:05 – World Labs, Spatial Intelligence & 3D Foundation Models00:47:20 – Thinking Machines, Founder Drama & Media Narratives00:52:30 – Where Long-Term Power Accrues in the AI StackTranscriptLatent.Space - Inside AI's $10B+ Capital Flywheel — Martin Casado & Sarah Wang of a16z[00:00:00] Welcome to Latent Space (Live from a16z) + Meet the Guests[00:00:00] Alessio: Hey everyone. Welcome to the Latent Space podcast, live from a 16 z. Uh, this is Alessio founder Kernel Lance, and I'm joined by Twix, editor of Latent Space.[00:00:08] swyx: Hey, hey, hey. Uh, and we're so glad to be on with you guys. Also a top AI podcast, uh, Martin Cado and Sarah Wang. Welcome, very[00:00:16] Martin Casado: happy to be here and welcome.[00:00:17] swyx: Yes, uh, we love this office. We love what you've done with the place. Uh, the new logo is everywhere now. It's, it's still getting, takes a while to get used to, but it reminds me of like sort of a callback to a more ambitious age, which I think is kind of[00:00:31] Martin Casado: definitely makes a statement.[00:00:33] swyx: Yeah.[00:00:34] Martin Casado: Not quite sure what that statement is, but it makes a statement.[00:00:37] swyx: Uh, Martin, I go back with you to Netlify.[00:00:40] Martin Casado: Yep.[00:00:40] swyx: Uh, and, uh, you know, you create a software defined networking and all, all that stuff people can read up on your background. Yep. Sarah, I'm newer to you. Uh, you, you sort of started working together on AI infrastructure stuff.[00:00:51] Sarah Wang: That's right. Yeah. Seven, seven years ago now.[00:00:53] Martin Casado: Best growth investor in the entire industry.[00:00:55] swyx: Oh, say[00:00:56] Martin Casado: more hands down there is, there is. [00:01:00] I mean, when it comes to AI companies, Sarah, I think has done the most kind of aggressive, um, investment thesis around AI models, right? So, worked for Nom Ja, Mira Ia, FEI Fey, and so just these frontier, kind of like large AI models.[00:01:15] I think, you know, Sarah's been the, the broadest investor. Is that fair?[00:01:20] Venture vs. Growth in the Frontier Model Era[00:01:20] Sarah Wang: No, I, well, I was gonna say, I think it's been a really interesting tag, tag team actually just ‘cause the, a lot of these big C deals, not only are they raising a lot of money, um, it's still a tech founder bet, which obviously is inherently early stage.[00:01:33] But the resources,[00:01:36] Martin Casado: so many, I[00:01:36] Sarah Wang: was gonna say the resources one, they just grow really quickly. But then two, the resources that they need day one are kind of growth scale. So I, the hybrid tag team that we have is. Quite effective, I think,[00:01:46] Martin Casado: what is growth these days? You know, you don't wake up if it's less than a billion or like, it's, it's actually, it's actually very like, like no, it's a very interesting time in investing because like, you know, take like the character around, right?[00:01:59] These tend to [00:02:00] be like pre monetization, but the dollars are large enough that you need to have a larger fund and the analysis. You know, because you've got lots of users. ‘cause this stuff has such high demand requires, you know, more of a number sophistication. And so most of these deals, whether it's US or other firms on these large model companies, are like this hybrid between venture growth.[00:02:18] Sarah Wang: Yeah. Total. And I think, you know, stuff like BD for example, you wouldn't usually need BD when you were seed stage trying to get market biz Devrel. Biz Devrel, exactly. Okay. But like now, sorry, I'm,[00:02:27] swyx: I'm not familiar. What, what, what does biz Devrel mean for a venture fund? Because I know what biz Devrel means for a company.[00:02:31] Sarah Wang: Yeah.[00:02:32] Compute Deals, Strategics, and the ‘Circular Funding' Question[00:02:32] Sarah Wang: You know, so a, a good example is, I mean, we talk about buying compute, but there's a huge negotiation involved there in terms of, okay, do you get equity for the compute? What, what sort of partner are you looking at? Is there a go-to market arm to that? Um, and these are just things on this scale, hundreds of millions, you know, maybe.[00:02:50] Six months into the inception of a company, you just wouldn't have to negotiate these deals before.[00:02:54] Martin Casado: Yeah. These large rounds are very complex now. Like in the past, if you did a series A [00:03:00] or a series B, like whatever, you're writing a 20 to a $60 million check and you call it a day. Now you normally have financial investors and strategic investors, and then the strategic portion always still goes with like these kind of large compute contracts, which can take months to do.[00:03:13] And so it's, it's very different ties. I've been doing this for 10 years. It's the, I've never seen anything like this.[00:03:19] swyx: Yeah. Do you have worries about the circular funding from so disease strategics?[00:03:24] Martin Casado: I mean, listen, as long as the demand is there, like the demand is there. Like the problem with the internet is the demand wasn't there.[00:03:29] swyx: Exactly. All right. This, this is like the, the whole pyramid scheme bubble thing, where like, as long as you mark to market on like the notional value of like, these deals, fine, but like once it starts to chip away, it really Well[00:03:41] Martin Casado: no, like as, as, as, as long as there's demand. I mean, you know, this, this is like a lot of these sound bites have already become kind of cliches, but they're worth saying it.[00:03:47] Right? Like during the internet days, like we were. Um, raising money to put fiber in the ground that wasn't used. And that's a problem, right? Because now you actually have a supply overhang.[00:03:58] swyx: Mm-hmm.[00:03:59] Martin Casado: And even in the, [00:04:00] the time of the, the internet, like the supply and, and bandwidth overhang, even as massive as it was in, as massive as the crash was only lasted about four years.[00:04:09] But we don't have a supply overhang. Like there's no dark GPUs, right? I mean, and so, you know, circular or not, I mean, you know, if, if someone invests in a company that, um. You know, they'll actually use the GPUs. And on the other side of it is the, is the ask for customer. So I I, I think it's a different time.[00:04:25] Sarah Wang: I think the other piece, maybe just to add onto this, and I'm gonna quote Martine in front of him, but this is probably also a unique time in that. For the first time, you can actually trace dollars to outcomes. Yeah, right. Provided that scaling laws are, are holding, um, and capabilities are actually moving forward.[00:04:40] Because if you can put translate dollars into capabilities, uh, a capability improvement, there's demand there to martine's point. But if that somehow breaks, you know, obviously that's an important assumption in this whole thing to make it work. But you know, instead of investing dollars into sales and marketing, you're, you're investing into r and d to get to the capability, um, you know, increase.[00:04:59] And [00:05:00] that's sort of been the demand driver because. Once there's an unlock there, people are willing to pay for it.[00:05:05] Alessio: Yeah.[00:05:06] Blurring Lines: Models as Infra + Apps, and the New Fundraising Flywheel[00:05:06] Alessio: Is there any difference in how you built the portfolio now that some of your growth companies are, like the infrastructure of the early stage companies, like, you know, OpenAI is now the same size as some of the cloud providers were early on.[00:05:16] Like what does that look like? Like how much information can you feed off each other between the, the two?[00:05:24] Martin Casado: There's so many lines that are being crossed right now, or blurred. Right. So we already talked about venture and growth. Another one that's being blurred is between infrastructure and apps, right? So like what is a model company?[00:05:35] Mm-hmm. Like, it's clearly infrastructure, right? Because it's like, you know, it's doing kind of core r and d. It's a horizontal platform, but it's also an app because it's um, uh, touches the users directly. And then of course. You know, the, the, the growth of these is just so high. And so I actually think you're just starting to see a, a, a new financing strategy emerge and, you know, we've had to adapt as a result of that.[00:05:59] And [00:06:00] so there's been a lot of changes. Um, you're right that these companies become platform companies very quickly. You've got ecosystem build out. So none of this is necessarily new, but the timescales of which it's happened is pretty phenomenal. And the way we'd normally cut lines before is blurred a little bit, but.[00:06:16] But that, that, that said, I mean, a lot of it also just does feel like things that we've seen in the past, like cloud build out the internet build out as well.[00:06:24] Sarah Wang: Yeah. Um, yeah, I think it's interesting, uh, I don't know if you guys would agree with this, but it feels like the emerging strategy is, and this builds off of your other question, um.[00:06:33] You raise money for compute, you pour that or you, you pour the money into compute, you get some sort of breakthrough. You funnel the breakthrough into your vertically integrated application. That could be chat GBT, that could be cloud code, you know, whatever it is. You massively gain share and get users.[00:06:49] Maybe you're even subsidizing at that point. Um, depending on your strategy. You raise money at the peak momentum and then you repeat, rinse and repeat. Um, and so. And that wasn't [00:07:00] true even two years ago, I think. Mm-hmm. And so it's sort of to your, just tying it to fundraising strategy, right? There's a, and hiring strategy.[00:07:07] All of these are tied, I think the lines are blurring even more today where everyone is, and they, but of course these companies all have API businesses and so they're these, these frenemy lines that are getting blurred in that a lot of, I mean, they have billions of dollars of API revenue, right? And so there are customers there.[00:07:23] But they're competing on the app layer.[00:07:24] Martin Casado: Yeah. So this is a really, really important point. So I, I would say for sure, venture and growth, that line is blurry app and infrastructure. That line is blurry. Um, but I don't think that that changes our practice so much. But like where the very open questions are like, does this layer in the same way.[00:07:43] Compute traditionally has like during the cloud is like, you know, like whatever, somebody wins one layer, but then another whole set of companies wins another layer. But that might not, might not be the case here. It may be the case that you actually can't verticalize on the token string. Like you can't build an app like it, it necessarily goes down just because there are no [00:08:00] abstractions.[00:08:00] So those are kinda the bigger existential questions we ask. Another thing that is very different this time than in the history of computer sciences is. In the past, if you raised money, then you basically had to wait for engineering to catch up. Which famously doesn't scale like the mythical mammoth. It take a very long time.[00:08:18] But like that's not the case here. Like a model company can raise money and drop a model in a, in a year, and it's better, right? And, and it does it with a team of 20 people or 10 people. So this type of like money entering a company and then producing something that has demand and growth right away and using that to raise more money is a very different capital flywheel than we've ever seen before.[00:08:39] And I think everybody's trying to understand what the consequences are. So I think it's less about like. Big companies and growth and this, and more about these more systemic questions that we actually don't have answers to.[00:08:49] Alessio: Yeah, like at Kernel Labs, one of our ideas is like if you had unlimited money to spend productively to turn tokens into products, like the whole early stage [00:09:00] market is very different because today you're investing X amount of capital to win a deal because of price structure and whatnot, and you're kind of pot committing.[00:09:07] Yeah. To a certain strategy for a certain amount of time. Yeah. But if you could like iteratively spin out companies and products and just throw, I, I wanna spend a million dollar of inference today and get a product out tomorrow.[00:09:18] swyx: Yeah.[00:09:19] Alessio: Like, we should get to the point where like the friction of like token to product is so low that you can do this and then you can change the Right, the early stage venture model to be much more iterative.[00:09:30] And then every round is like either 100 k of inference or like a hundred million from a 16 Z. There's no, there's no like $8 million C round anymore. Right.[00:09:38] When Frontier Labs Outspend the Entire App Ecosystem[00:09:38] Martin Casado: But, but, but, but there's a, there's a, the, an industry structural question that we don't know the answer to, which involves the frontier models, which is, let's take.[00:09:48] Anthropic it. Let's say Anthropic has a state-of-the-art model that has some large percentage of market share. And let's say that, uh, uh, uh, you know, uh, a company's building smaller models [00:10:00] that, you know, use the bigger model in the background, open 4.5, but they add value on top of that. Now, if Anthropic can raise three times more.[00:10:10] Every subsequent round, they probably can raise more money than the entire app ecosystem that's built on top of it. And if that's the case, they can expand beyond everything built on top of it. It's like imagine like a star that's just kind of expanding, so there could be a systemic. There could be a, a systemic situation where the soda models can raise so much money that they can out pay anybody that bills on top of ‘em, which would be something I don't think we've ever seen before just because we were so bottlenecked in engineering, and this is a very open question.[00:10:41] swyx: Yeah. It's, it is almost like bitter lesson applied to the startup industry.[00:10:45] Martin Casado: Yeah, a hundred percent. It literally becomes an issue of like raise capital, turn that directly into growth. Use that to raise three times more. Exactly. And if you can keep doing that, you literally can outspend any company that's built the, not any company.[00:10:57] You can outspend the aggregate of companies on top of [00:11:00] you and therefore you'll necessarily take their share, which is crazy.[00:11:02] swyx: Would you say that kind of happens in character? Is that the, the sort of postmortem on. What happened?[00:11:10] Sarah Wang: Um,[00:11:10] Martin Casado: no.[00:11:12] Sarah Wang: Yeah, because I think so,[00:11:13] swyx: I mean the actual postmortem is, he wanted to go back to Google.[00:11:15] Exactly. But like[00:11:18] Martin Casado: that's another difference that[00:11:19] Sarah Wang: you said[00:11:21] Martin Casado: it. We should talk, we should actually talk about that.[00:11:22] swyx: Yeah,[00:11:22] Sarah Wang: that's[00:11:23] swyx: Go for it. Take it. Take,[00:11:23] Sarah Wang: yeah.[00:11:24] Character.AI, Founder Goals (AGI vs Product), and GPU Allocation Tradeoffs[00:11:24] Sarah Wang: I was gonna say, I think, um. The, the, the character thing raises actually a different issue, which actually the Frontier Labs will face as well. So we'll see how they handle it.[00:11:34] But, um, so we invest in character in January, 2023, which feels like eons ago, I mean, three years ago. Feels like lifetimes ago. But, um, and then they, uh, did the IP licensing deal with Google in August, 2020. Uh, four. And so, um, you know, at the time, no, you know, he's talked publicly about this, right? He wanted to Google wouldn't let him put out products in the world.[00:11:56] That's obviously changed drastically. But, um, he went to go do [00:12:00] that. Um, but he had a product attached. The goal was, I mean, it's Nome Shair, he wanted to get to a GI. That was always his personal goal. But, you know, I think through collecting data, right, and this sort of very human use case, that the character product.[00:12:13] Originally was and still is, um, was one of the vehicles to do that. Um, I think the real reason that, you know. I if you think about the, the stress that any company feels before, um, you ultimately going one way or the other is sort of this a GI versus product. Um, and I think a lot of the big, I think, you know, opening eyes, feeling that, um, anthropic if they haven't started, you know, felt it, certainly given the success of their products, they may start to feel that soon.[00:12:39] And the real. I think there's real trade-offs, right? It's like how many, when you think about GPUs, that's a limited resource. Where do you allocate the GPUs? Is it toward the product? Is it toward new re research? Right? Is it, or long-term research, is it toward, um, n you know, near to midterm research? And so, um, in a case where you're resource constrained, um, [00:13:00] of course there's this fundraising game you can play, right?[00:13:01] But the fund, the market was very different back in 2023 too. Um. I think the best researchers in the world have this dilemma of, okay, I wanna go all in on a GI, but it's the product usage revenue flywheel that keeps the revenue in the house to power all the GPUs to get to a GI. And so it does make, um, you know, I think it sets up an interesting dilemma for any startup that has trouble raising up until that level, right?[00:13:27] And certainly if you don't have that progress, you can't continue this fly, you know, fundraising flywheel.[00:13:32] Martin Casado: I would say that because, ‘cause we're keeping track of all of the things that are different, right? Like, you know, venture growth and uh, app infra and one of the ones is definitely the personalities of the founders.[00:13:45] It's just very different this time I've been. Been doing this for a decade and I've been doing startups for 20 years. And so, um, I mean a lot of people start this to do a GI and we've never had like a unified North star that I recall in the same [00:14:00] way. Like people built companies to start companies in the past.[00:14:02] Like that was what it was. Like I would create an internet company, I would create infrastructure company, like it's kind of more engineering builders and this is kind of a different. You know, mentality. And some companies have harnessed that incredibly well because their direction is so obviously on the path to what somebody would consider a GI, but others have not.[00:14:20] And so like there is always this tension with personnel. And so I think we're seeing more kind of founder movement.[00:14:27] Sarah Wang: Yeah.[00:14:27] Martin Casado: You know, as a fraction of founders than we've ever seen. I mean, maybe since like, I don't know the time of like Shockly and the trade DUR aid or something like that. Way back in the beginning of the industry, I, it's a very, very.[00:14:38] Unusual time of personnel.[00:14:39] Sarah Wang: Totally.[00:14:40] Talent Wars, Mega-Comp, and the Rise of Acquihire M&A[00:14:40] Sarah Wang: And it, I think it's exacerbated by the fact that talent wars, I mean, every industry has talent wars, but not at this magnitude, right? No. Yeah. Very rarely can you see someone get poached for $5 billion. That's hard to compete with. And then secondly, if you're a founder in ai, you could fart and it would be on the front page of, you know, the information these days.[00:14:59] And so there's [00:15:00] sort of this fishbowl effect that I think adds to the deep anxiety that, that these AI founders are feeling.[00:15:06] Martin Casado: Hmm.[00:15:06] swyx: Uh, yes. I mean, just on, uh, briefly comment on the founder, uh, the sort of. Talent wars thing. I feel like 2025 was just like a blip. Like I, I don't know if we'll see that again.[00:15:17] ‘cause meta built the team. Like, I don't know if, I think, I think they're kind of done and like, who's gonna pay more than meta? I, I don't know.[00:15:23] Martin Casado: I, I agree. So it feels so, it feel, it feels this way to me too. It's like, it is like, basically Zuckerberg kind of came out swinging and then now he's kind of back to building.[00:15:30] Yeah,[00:15:31] swyx: yeah. You know, you gotta like pay up to like assemble team to rush the job, whatever. But then now, now you like you, you made your choices and now they got a ship.[00:15:38] Martin Casado: I mean, the, the o other side of that is like, you know, like we're, we're actually in the job hiring market. We've got 600 people here. I hire all the time.[00:15:44] I've got three open recs if anybody's interested, that's listening to this for investor. Yeah, on, on the team, like on the investing side of the team, like, and, um, a lot of the people we talk to have acting, you know, active, um, offers for 10 million a year or something like that. And like, you know, and we pay really, [00:16:00] really well.[00:16:00] And just to see what's out on the market is really, is really remarkable. And so I would just say it's actually, so you're right, like the really flashy one, like I will get someone for, you know, a billion dollars, but like the inflated, um, uh, trickles down. Yeah, it is still very active today. I mean,[00:16:18] Sarah Wang: yeah, you could be an L five and get an offer in the tens of millions.[00:16:22] Okay. Yeah. Easily. Yeah. It's so I think you're right that it felt like a blip. I hope you're right. Um, but I think it's been, the steady state is now, I think got pulled up. Yeah. Yeah. I'll pull up for[00:16:31] Martin Casado: sure. Yeah.[00:16:32] Alessio: Yeah. And I think that's breaking the early stage founder math too. I think before a lot of people would be like, well, maybe I should just go be a founder instead of like getting paid.[00:16:39] Yeah. 800 KA million at Google. But if I'm getting paid. Five, 6 million. That's different but[00:16:45] Martin Casado: on. But on the other hand, there's more strategic money than we've ever seen historically, right? Mm-hmm. And so, yep. The economics, the, the, the, the calculus on the economics is very different in a number of ways. And, uh, it's crazy.[00:16:58] It's cra it's causing like a, [00:17:00] a, a, a ton of change in confusion in the market. Some very positive, sub negative, like, so for example, the other side of the, um. The co-founder, like, um, acquisition, you know, mark Zuckerberg poaching someone for a lot of money is like, we were actually seeing historic amount of m and a for basically acquihires, right?[00:17:20] That you like, you know, really good outcomes from a venture perspective that are effective acquihires, right? So I would say it's probably net positive from the investment standpoint, even though it seems from the headlines to be very disruptive in a negative way.[00:17:33] Alessio: Yeah.[00:17:33] What's Underfunded: Boring Software, Robotics Skepticism, and Custom Silicon Economics[00:17:33] Alessio: Um, let's talk maybe about what's not being invested in, like maybe some interesting ideas that you would see more people build or it, it seems in a way, you know, as ycs getting more popular, it's like access getting more popular.[00:17:47] There's a startup school path that a lot of founders take and they know what's hot in the VC circles and they know what gets funded. Uh, and there's maybe not as much risk appetite for. Things outside of that. Um, I'm curious if you feel [00:18:00] like that's true and what are maybe, uh, some of the areas, uh, that you think are under discussed?[00:18:06] Martin Casado: I mean, I actually think that we've taken our eye off the ball in a lot of like, just traditional, you know, software companies. Um, so like, I mean. You know, I think right now there's almost a barbell, like you're like the hot thing on X, you're deep tech.[00:18:21] swyx: Mm-hmm.[00:18:22] Martin Casado: Right. But I, you know, I feel like there's just kind of a long, you know, list of like good.[00:18:28] Good companies that will be around for a long time in very large markets. Say you're building a database, you know, say you're building, um, you know, kind of monitoring or logging or tooling or whatever. There's some good companies out there right now, but like, they have a really hard time getting, um, the attention of investors.[00:18:43] And it's almost become a meme, right? Which is like, if you're not basically growing from zero to a hundred in a year, you're not interesting, which is just, is the silliest thing to say. I mean, think of yourself as like an introvert person, like, like your personal money, right? Mm-hmm. So. Your personal money, will you put it in the stock market at 7% or you put it in this company growing five x in a very large [00:19:00] market?[00:19:00] Of course you can put it in the company five x. So it's just like we say these stupid things, like if you're not going from zero to a hundred, but like those, like who knows what the margins of those are mean. Clearly these are good investments. True for anybody, right? True. Like our LPs want whatever.[00:19:12] Three x net over, you know, the life cycle of a fund, right? So a, a company in a big market growing five X is a great investment. We'd, everybody would be happy with these returns, but we've got this kind of mania on these, these strong growths. And so I would say that that's probably the most underinvested sector.[00:19:28] Right now.[00:19:29] swyx: Boring software, boring enterprise software.[00:19:31] Martin Casado: Traditional. Really good company.[00:19:33] swyx: No, no AI here.[00:19:34] Martin Casado: No. Like boring. Well, well, the AI of course is pulling them into use cases. Yeah, but that's not what they're, they're not on the token path, right? Yeah. Let's just say that like they're software, but they're not on the token path.[00:19:41] Like these are like they're great investments from any definition except for like random VC on Twitter saying VC on x, saying like, it's not growing fast enough. What do you[00:19:52] Sarah Wang: think? Yeah, maybe I'll answer a slightly different. Question, but adjacent to what you asked, um, which is maybe an area that we're not, uh, investing [00:20:00] right now that I think is a question and we're spending a lot of time in regardless of whether we pull the trigger or not.[00:20:05] Um, and it would probably be on the hardware side, actually. Robotics, right? And the robotics side. Robotics. Right. Which is, it's, I don't wanna say that it's not getting funding ‘cause it's clearly, uh, it's, it's sort of non-consensus to almost not invest in robotics at this point. But, um, we spent a lot of time in that space and I think for us, we just haven't seen the chat GPT moment.[00:20:22] Happen on the hardware side. Um, and the funding going into it feels like it's already. Taking that for granted.[00:20:30] Martin Casado: Yeah. Yeah. But we also went through the drone, you know, um, there's a zip line right, right out there. What's that? Oh yeah, there's a zip line. Yeah. What the drone, what the av And like one of the takeaways is when it comes to hardware, um, most companies will end up verticalizing.[00:20:46] Like if you're. If you're investing in a robot company for an A for agriculture, you're investing in an ag company. ‘cause that's the competition and that's surprising. And that's supply chain. And if you're doing it for mining, that's mining. And so the ad team does a lot of that type of stuff ‘cause they actually set up to [00:21:00] diligence that type of work.[00:21:01] But for like horizontal technology investing, there's very little when it comes to robots just because it's so fit for, for purpose. And so we kinda like to look at software. Solutions or horizontal solutions like applied intuition. Clearly from the AV wave deep map, clearly from the AV wave, I would say scale AI was actually a horizontal one for That's fair, you know, for robotics early on.[00:21:23] And so that sort of thing we're very, very interested. But the actual like robot interacting with the world is probably better for different team. Agree.[00:21:30] Alessio: Yeah, I'm curious who these teams are supposed to be that invest in them. I feel like everybody's like, yeah, robotics, it's important and like people should invest in it.[00:21:38] But then when you look at like the numbers, like the capital requirements early on versus like the moment of, okay, this is actually gonna work. Let's keep investing. That seems really hard to predict in a way that is not,[00:21:49] Martin Casado: I think co, CO two, kla, gc, I mean these are all invested in in Harvard companies. He just, you know, and [00:22:00] listen, I mean, it could work this time for sure.[00:22:01] Right? I mean if Elon's doing it, he's like, right. Just, just the fact that Elon's doing it means that there's gonna be a lot of capital and a lot of attempts for a long period of time. So that alone maybe suggests that we should just be investing in robotics just ‘cause you have this North star who's Elon with a humanoid and that's gonna like basically willing into being an industry.[00:22:17] Um, but we've just historically found like. We're a huge believer that this is gonna happen. We just don't feel like we're in a good position to diligence these things. ‘cause again, robotics companies tend to be vertical. You really have to understand the market they're being sold into. Like that's like that competitive equilibrium with a human being is what's important.[00:22:34] It's not like the core tech and like we're kind of more horizontal core tech type investors. And this is Sarah and I. Yeah, the ad team is different. They can actually do these types of things.[00:22:42] swyx: Uh, just to clarify, AD stands for[00:22:44] Martin Casado: American Dynamism.[00:22:45] swyx: Alright. Okay. Yeah, yeah, yeah. Uh, I actually, I do have a related question that, first of all, I wanna acknowledge also just on the, on the chip side.[00:22:51] Yeah. I, I recall a podcast that where you were on, i, I, I think it was the a CC podcast, uh, about two or three years ago where you, where you suddenly said [00:23:00] something, which really stuck in my head about how at some point, at some point kind of scale it makes sense to. Build a custom aic Yes. For per run.[00:23:07] Martin Casado: Yes.[00:23:07] It's crazy. Yeah.[00:23:09] swyx: We're here and I think you, you estimated 500 billion, uh, something.[00:23:12] Martin Casado: No, no, no. A billion, a billion dollar training run of $1 billion training run. It makes sense to actually do a custom meic if you can do it in time. The question now is timelines. Yeah, but not money because just, just, just rough math.[00:23:22] If it's a billion dollar training. Then the inference for that model has to be over a billion, otherwise it won't be solvent. So let's assume it's, if you could save 20%, which you could save much more than that with an ASIC 20%, that's $200 million. You can tape out a chip for $200 million. Right? So now you can literally like justify economically, not timeline wise.[00:23:41] That's a different issue. An ASIC per model, which[00:23:44] swyx: is because that, that's how much we leave on the table every single time. We, we, we do like generic Nvidia.[00:23:48] Martin Casado: Exactly. Exactly. No, it, it is actually much more than that. You could probably get, you know, a factor of two, which would be 500 million.[00:23:54] swyx: Typical MFU would be like 50.[00:23:55] Yeah, yeah. And that's good.[00:23:57] Martin Casado: Exactly. Yeah. Hundred[00:23:57] swyx: percent. Um, so, so, yeah, and I mean, and I [00:24:00] just wanna acknowledge like, here we are in, in, in 2025 and opening eyes confirming like Broadcom and all the other like custom silicon deals, which is incredible. I, I think that, uh, you know, speaking about ad there's, there's a really like interesting tie in that obviously you guys are hit on, which is like these sort, this sort of like America first movement or like sort of re industrialized here.[00:24:17] Yeah. Uh, move TSMC here, if that's possible. Um, how much overlap is there from ad[00:24:23] Martin Casado: Yeah.[00:24:23] swyx: To, I guess, growth and, uh, investing in particularly like, you know, US AI companies that are strongly bounded by their compute.[00:24:32] Martin Casado: Yeah. Yeah. So I mean, I, I would view, I would view AD as more as a market segmentation than like a mission, right?[00:24:37] So the market segmentation is, it has kind of regulatory compliance issues or government, you know, sale or it deals with like hardware. I mean, they're just set up to, to, to, to, to. To diligence those types of companies. So it's a more of a market segmentation thing. I would say the entire firm. You know, which has been since it is been intercepted, you know, has geographical biases, right?[00:24:58] I mean, for the longest time we're like, you [00:25:00] know, bay Area is gonna be like, great, where the majority of the dollars go. Yeah. And, and listen, there, there's actually a lot of compounding effects for having a geographic bias. Right. You know, everybody's in the same place. You've got an ecosystem, you're there, you've got presence, you've got a network.[00:25:12] Um, and, uh, I mean, I would say the Bay area's very much back. You know, like I, I remember during pre COVID, like it was like almost Crypto had kind of. Pulled startups away. Miami from the Bay Area. Miami, yeah. Yeah. New York was, you know, because it's so close to finance, came up like Los Angeles had a moment ‘cause it was so close to consumer, but now it's kind of come back here.[00:25:29] And so I would say, you know, we tend to be very Bay area focused historically, even though of course we've asked all over the world. And then I would say like, if you take the ring out, you know, one more, it's gonna be the US of course, because we know it very well. And then one more is gonna be getting us and its allies and Yeah.[00:25:44] And it goes from there.[00:25:45] Sarah Wang: Yeah,[00:25:45] Martin Casado: sorry.[00:25:46] Sarah Wang: No, no. I agree. I think from a, but I think from the intern that that's sort of like where the companies are headquartered. Maybe your questions on supply chain and customer base. Uh, I, I would say our customers are, are, our companies are fairly international from that perspective.[00:25:59] Like they're selling [00:26:00] globally, right? They have global supply chains in some cases.[00:26:03] Martin Casado: I would say also the stickiness is very different.[00:26:05] Sarah Wang: Yeah.[00:26:05] Martin Casado: Historically between venture and growth, like there's so much company building in venture, so much so like hiring the next PM. Introducing the customer, like all of that stuff.[00:26:15] Like of course we're just gonna be stronger where we have our network and we've been doing business for 20 years. I've been in the Bay Area for 25 years, so clearly I'm just more effective here than I would be somewhere else. Um, where I think, I think for some of the later stage rounds, the companies don't need that much help.[00:26:30] They're already kind of pretty mature historically, so like they can kind of be everywhere. So there's kind of less of that stickiness. This is different in the AI time. I mean, Sarah is now the, uh, chief of staff of like half the AI companies in, uh, in the Bay Area right now. She's like, ops Ninja Biz, Devrel, BizOps.[00:26:48] swyx: Are, are you, are you finding much AI automation in your work? Like what, what is your stack.[00:26:53] Sarah Wang: Oh my, in my personal stack.[00:26:54] swyx: I mean, because like, uh, by the way, it's the, the, the reason for this is it is triggering, uh, yeah. We, like, I'm hiring [00:27:00] ops, ops people. Um, a lot of ponders I know are also hiring ops people and I'm just, you know, it's opportunity Since you're, you're also like basically helping out with ops with a lot of companies.[00:27:09] What are people doing these days? Because it's still very manual as far as I can tell.[00:27:13] Sarah Wang: Hmm. Yeah. I think the things that we help with are pretty network based, um, in that. It's sort of like, Hey, how do do I shortcut this process? Well, let's connect you to the right person. So there's not quite an AI workflow for that.[00:27:26] I will say as a growth investor, Claude Cowork is pretty interesting. Yeah. Like for the first time, you can actually get one shot data analysis. Right. Which, you know, if you're gonna do a customer database, analyze a cohort retention, right? That's just stuff that you had to do by hand before. And our team, the other, it was like midnight and the three of us were playing with Claude Cowork.[00:27:47] We gave it a raw file. Boom. Perfectly accurate. We checked the numbers. It was amazing. That was my like, aha moment. That sounds so boring. But you know, that's, that's the kind of thing that a growth investor is like, [00:28:00] you know, slaving away on late at night. Um, done in a few seconds.[00:28:03] swyx: Yeah. You gotta wonder what the whole, like, philanthropic labs, which is like their new sort of products studio.[00:28:10] Yeah. What would that be worth as an independent, uh, startup? You know, like a[00:28:14] Martin Casado: lot.[00:28:14] Sarah Wang: Yeah, true.[00:28:16] swyx: Yeah. You[00:28:16] Martin Casado: gotta hand it to them. They've been executing incredibly well.[00:28:19] swyx: Yeah. I, I mean, to me, like, you know, philanthropic, like building on cloud code, I think, uh, it makes sense to me the, the real. Um, pedal to the metal, whatever the, the, the phrase is, is when they start coming after consumer with, uh, against OpenAI and like that is like red alert at Open ai.[00:28:35] Oh, I[00:28:35] Martin Casado: think they've been pretty clear. They're enterprise focused.[00:28:37] swyx: They have been, but like they've been free. Here's[00:28:40] Martin Casado: care publicly,[00:28:40] swyx: it's enterprise focused. It's coding. Right. Yeah.[00:28:43] AI Labs vs Startups: Disruption, Undercutting & the Innovator's Dilemma[00:28:43] swyx: And then, and, but here's cloud, cloud, cowork, and, and here's like, well, we, uh, they, apparently they're running Instagram ads for Claudia.[00:28:50] I, on, you know, for, for people on, I get them all the time. Right. And so, like,[00:28:54] Martin Casado: uh,[00:28:54] swyx: it, it's kind of like this, the disruption thing of, uh, you know. Mo Open has been doing, [00:29:00] consumer been doing the, just pursuing general intelligence in every mo modality, and here's a topic that only focus on this thing, but now they're sort of undercutting and doing the whole innovator's dilemma thing on like everything else.[00:29:11] Martin Casado: It's very[00:29:11] swyx: interesting.[00:29:12] Martin Casado: Yeah, I mean there's, there's a very open que so for me there's like, do you know that meme where there's like the guy in the path and there's like a path this way? There's a path this way. Like one which way Western man. Yeah. Yeah.[00:29:23] Two Futures for AI: Infinite Market vs AGI Oligopoly[00:29:23] Martin Casado: And for me, like, like all the entire industry kind of like hinges on like two potential futures.[00:29:29] So in, in one potential future, um, the market is infinitely large. There's perverse economies of scale. ‘cause as soon as you put a model out there, like it kind of sublimates and all the other models catch up and like, it's just like software's being rewritten and fractured all over the place and there's tons of upside and it just grows.[00:29:48] And then there's another path which is like, well. Maybe these models actually generalize really well, and all you have to do is train them with three times more money. That's all you have to [00:30:00] do, and it'll just consume everything beyond it. And if that's the case, like you end up with basically an oligopoly for everything, like, you know mm-hmm.[00:30:06] Because they're perfectly general and like, so this would be like the, the a GI path would be like, these are perfectly general. They can do everything. And this one is like, this is actually normal software. The universe is complicated. You've got, and nobody knows the answer.[00:30:18] The Economics Reality Check: Gross Margins, Training Costs & Borrowing Against the Future[00:30:18] Martin Casado: My belief is if you actually look at the numbers of these companies, so generally if you look at the numbers of these companies, if you look at like the amount they're making and how much they, they spent training the last model, they're gross margin positive.[00:30:30] You're like, oh, that's really working. But if you look at like. The current training that they're doing for the next model, their gross margin negative. So part of me thinks that a lot of ‘em are kind of borrowing against the future and that's gonna have to slow down. It's gonna catch up to them at some point in time, but we don't really know.[00:30:47] Sarah Wang: Yeah.[00:30:47] Martin Casado: Does that make sense? Like, I mean, it could be, it could be the case that the only reason this is working is ‘cause they can raise that next round and they can train that next model. ‘cause these models have such a short. Life. And so at some point in time, like, you know, they won't be able to [00:31:00] raise that next round for the next model and then things will kind of converge and fragment again.[00:31:03] But right now it's not.[00:31:04] Sarah Wang: Totally. I think the other, by the way, just, um, a meta point. I think the other lesson from the last three years is, and we talk about this all the time ‘cause we're on this. Twitter X bubble. Um, cool. But, you know, if you go back to, let's say March, 2024, that period, it felt like a, I think an open source model with an, like a, you know, benchmark leading capability was sort of launching on a daily basis at that point.[00:31:27] And, um, and so that, you know, that's one period. Suddenly it's sort of like open source takes over the world. There's gonna be a plethora. It's not an oligopoly, you know, if you fast, you know, if you, if you rewind time even before that GPT-4 was number one for. Nine months, 10 months. It's a long time. Right.[00:31:44] Um, and of course now we're in this era where it feels like an oligopoly, um, maybe some very steady state shifts and, and you know, it could look like this in the future too, but it just, it's so hard to call. And I think the thing that keeps, you know, us up at [00:32:00] night in, in a good way and bad way, is that the capability progress is actually not slowing down.[00:32:06] And so until that happens, right, like you don't know what's gonna look like.[00:32:09] Martin Casado: But I, I would, I would say for sure it's not converged, like for sure, like the systemic capital flows have not converged, meaning right now it's still borrowing against the future to subsidize growth currently, which you can do that for a period of time.[00:32:23] But, but you know, at the end, at some point the market will rationalize that and just nobody knows what that will look like.[00:32:29] Alessio: Yeah.[00:32:29] Martin Casado: Or, or like the drop in price of compute will, will, will save them. Who knows?[00:32:34] Alessio: Yeah. Yeah. I think the models need to ask them to, to specific tasks. You know? It's like, okay, now Opus 4.5 might be a GI at some specific task, and now you can like depreciate the model over a longer time.[00:32:45] I think now, now, right now there's like no old model.[00:32:47] Martin Casado: No, but let, but lemme just change that mental, that's, that used to be my mental model. Lemme just change it a little bit.[00:32:53] Capital as a Weapon vs Task Saturation: Where Real Enterprise Value Gets Built[00:32:53] Martin Casado: If you can raise three times, if you can raise more than the aggregate of anybody that uses your models, that doesn't even matter.[00:32:59] It doesn't [00:33:00] even matter. See what I'm saying? Like, yeah. Yeah. So, so I have an API Business. My API business is 60% margin, or 70% margin, or 80% margin is a high margin business. So I know what everybody is using. If I can raise more money than the aggregate of everybody that's using it, I will consume them whether I'm a GI or not.[00:33:14] And I will know if they're using it ‘cause they're using it. And like, unlike in the past where engineering stops me from doing that.[00:33:21] Alessio: Mm-hmm.[00:33:21] Martin Casado: It is very straightforward. You just train. So I also thought it was kind of like, you must ask the code a GI, general, general, general. But I think there's also just a possibility that the, that the capital markets will just give them the, the, the ammunition to just go after everybody on top of ‘em.[00:33:36] Sarah Wang: I, I do wonder though, to your point, um, if there's a certain task that. Getting marginally better isn't actually that much better. Like we've asked them to it, to, you know, we can call it a GI or whatever, you know, actually, Ali Goi talks about this, like we're already at a GI for a lot of functions in the enterprise.[00:33:50] Um. That's probably those for those tasks, you probably could build very specific companies that focus on just getting as much value out of that task that isn't [00:34:00] coming from the model itself. There's probably a rich enterprise business to be built there. I mean, could be wrong on that, but there's a lot of interesting examples.[00:34:08] So, right, if you're looking the legal profession or, or whatnot, and maybe that's not a great one ‘cause the models are getting better on that front too, but just something where it's a bit saturated, then the value comes from. Services. It comes from implementation, right? It comes from all these things that actually make it useful to the end customer.[00:34:24] Martin Casado: Sorry, what am I, one more thing I think is, is underused in all of this is like, to what extent every task is a GI complete.[00:34:31] Sarah Wang: Mm-hmm.[00:34:32] Martin Casado: Yeah. I code every day. It's so fun.[00:34:35] Sarah Wang: That's a core question. Yeah.[00:34:36] Martin Casado: And like. When I'm talking to these models, it's not just code. I mean, it's everything, right? Like I, you know, like it's,[00:34:43] swyx: it's healthcare.[00:34:44] It's,[00:34:44] Martin Casado: I mean, it's[00:34:44] swyx: Mele,[00:34:45] Martin Casado: but it's every, it is exactly that. Like, yeah, that's[00:34:47] Sarah Wang: great support. Yeah.[00:34:48] Martin Casado: It's everything. Like I'm asking these models to, yeah, to understand compliance. I'm asking these models to go search the web. I'm asking these models to talk about things I know in the history, like it's having a full conversation with me while I, I engineer, and so it could be [00:35:00] the case that like, mm-hmm.[00:35:01] The most a, you know, a GI complete, like I'm not an a GI guy. Like I think that's, you know, but like the most a GI complete model will is win independent of the task. And we don't know the answer to that one either.[00:35:11] swyx: Yeah.[00:35:12] Martin Casado: But it seems to me that like, listen, codex in my experience is for sure better than Opus 4.5 for coding.[00:35:18] Like it finds the hardest bugs that I work in with. Like, it is, you know. The smartest developers. I don't work on it. It's great. Um, but I think Opus 4.5 is actually very, it's got a great bedside manner and it really, and it, it really matters if you're building something very complex because like, it really, you know, like you're, you're, you're a partner and a brainstorming partner for somebody.[00:35:38] And I think we don't discuss enough how every task kind of has that quality.[00:35:42] swyx: Mm-hmm.[00:35:43] Martin Casado: And what does that mean to like capital investment and like frontier models and Submodels? Yeah.[00:35:47] Why “Coding Models” Keep Collapsing into Generalists (Reasoning vs Taste)[00:35:47] Martin Casado: Like what happened to all the special coding models? Like, none of ‘em worked right. So[00:35:51] Alessio: some of them, they didn't even get released.[00:35:53] Magical[00:35:54] Martin Casado: Devrel. There's a whole, there's a whole host. We saw a bunch of them and like there's this whole theory that like, there could be, and [00:36:00] I think one of the conclusions is, is like there's no such thing as a coding model,[00:36:04] Alessio: you know?[00:36:04] Martin Casado: Like, that's not a thing. Like you're talking to another human being and it's, it's good at coding, but like it's gotta be good at everything.[00:36:10] swyx: Uh, minor disagree only because I, I'm pretty like, have pretty high confidence that basically open eye will always release a GPT five and a GT five codex. Like that's the code's. Yeah. The way I call it is one for raisin, one for Tiz. Um, and, and then like someone internal open, it was like, yeah, that's a good way to frame it.[00:36:32] Martin Casado: That's so funny.[00:36:33] swyx: Uh, but maybe it, maybe it collapses down to reason and that's it. It's not like a hundred dimensions doesn't life. Yeah. It's two dimensions. Yeah, yeah, yeah, yeah. Like and exactly. Beside manner versus coding. Yeah.[00:36:43] Martin Casado: Yeah.[00:36:44] swyx: It's, yeah.[00:36:46] Martin Casado: I, I think for, for any, it's hilarious. For any, for anybody listening to this for, for, for, I mean, for you, like when, when you're like coding or using these models for something like that.[00:36:52] Like actually just like be aware of how much of the interaction has nothing to do with coding and it just turns out to be a large portion of it. And so like, you're, I [00:37:00] think like, like the best Soto ish model. You know, it is going to remain very important no matter what the task is.[00:37:06] swyx: Yeah.[00:37:07] What He's Actually Coding: Gaussian Splats, Spark.js & 3D Scene Rendering Demos[00:37:07] swyx: Uh, speaking of coding, uh, I, I'm gonna be cheeky and ask like, what actually are you coding?[00:37:11] Because obviously you, you could code anything and you are obviously a busy investor and a manager of the good. Giant team. Um, what are you calling?[00:37:18] Martin Casado: I help, um, uh, FEFA at World Labs. Uh, it's one of the investments and um, and they're building a foundation model that creates 3D scenes.[00:37:27] swyx: Yeah, we had it on the pod.[00:37:28] Yeah. Yeah,[00:37:28] Martin Casado: yeah. And so these 3D scenes are Gaussian splats, just by the way that kind of AI works. And so like, you can reconstruct a scene better with, with, with radiance feels than with meshes. ‘cause like they don't really have topology. So, so they, they, they produce each. Beautiful, you know, 3D rendered scenes that are Gaussian splats, but the actual industry support for Gaussian splats isn't great.[00:37:50] It's just never, you know, it's always been meshes and like, things like unreal use meshes. And so I work on a open source library called Spark js, which is a. Uh, [00:38:00] a JavaScript rendering layer ready for Gaussian splats. And it's just because, you know, um, you, you, you need that support and, and right now there's kind of a three js moment that's all meshes and so like, it's become kind of the default in three Js ecosystem.[00:38:13] As part of that to kind of exercise the library, I just build a whole bunch of cool demos. So if you see me on X, you see like all my demos and all the world building, but all of that is just to exercise this, this library that I work on. ‘cause it's actually a very tough algorithmics problem to actually scale a library that much.[00:38:29] And just so you know, this is ancient history now, but 30 years ago I paid for undergrad, you know, working on game engines in college in the late nineties. So I've got actually a back and it's very old background, but I actually have a background in this and so a lot of it's fun. You know, but, but the, the, the, the whole goal is just for this rendering library to, to,[00:38:47] Sarah Wang: are you one of the most active contributors?[00:38:49] The, their GitHub[00:38:50] Martin Casado: spark? Yes.[00:38:51] Sarah Wang: Yeah, yeah.[00:38:51] Martin Casado: There's only two of us there, so, yes. No, so by the way, so the, the pri The pri, yeah. Yeah. So the primary developer is a [00:39:00] guy named Andres Quist, who's an absolute genius. He and I did our, our PhDs together. And so like, um, we studied for constant Quas together. It was almost like hanging out with an old friend, you know?[00:39:09] And so like. So he, he's the core, core guy. I did mostly kind of, you know, the side I run venture fund.[00:39:14] swyx: It's amazing. Like five years ago you would not have done any of this. And it brought you back[00:39:19] Martin Casado: the act, the Activ energy, you're still back. Energy was so high because you had to learn all the framework b******t.[00:39:23] Man, I f*****g used to hate that. And so like, now I don't have to deal with that. I can like focus on the algorithmics so I can focus on the scaling and I,[00:39:29] swyx: yeah. Yeah.[00:39:29] LLMs vs Spatial Intelligence + How to Value World Labs' 3D Foundation Model[00:39:29] swyx: And then, uh, I'll observe one irony and then I'll ask a serious investor question, uh, which is like, the irony is FFE actually doesn't believe that LMS can lead us to spatial intelligence.[00:39:37] And here you are using LMS to like help like achieve spatial intelligence. I just see, I see some like disconnect in there.[00:39:45] Martin Casado: Yeah. Yeah. So I think, I think, you know, I think, I think what she would say is LLMs are great to help with coding.[00:39:51] swyx: Yes.[00:39:51] Martin Casado: But like, that's very different than a model that actually like provides, they, they'll never have the[00:39:56] swyx: spatial inte[00:39:56] Martin Casado: issues.[00:39:56] And listen, our brains clearly listen, our brains, brains clearly have [00:40:00] both our, our brains clearly have a language reasoning section and they clearly have a spatial reasoning section. I mean, it's just, you know, these are two pretty independent problems.[00:40:07] swyx: Okay. And you, you, like, I, I would say that the, the one data point I recently had, uh, against it is the DeepMind, uh, IMO Gold, where, so, uh, typically the, the typical answer is that this is where you start going down the neuros symbolic path, right?[00:40:21] Like one, uh, sort of very sort of abstract reasoning thing and one form, formal thing. Um, and that's what. DeepMind had in 2024 with alpha proof, alpha geometry, and now they just use deep think and just extended thinking tokens. And it's one model and it's, and it's in LM.[00:40:36] Martin Casado: Yeah, yeah, yeah, yeah, yeah.[00:40:37] swyx: And so that, that was my indication of like, maybe you don't need a separate system.[00:40:42] Martin Casado: Yeah. So, so let me step back. I mean, at the end of the day, at the end of the day, these things are like nodes in a graph with weights on them. Right. You know, like it can be modeled like if you, if you distill it down. But let me just talk about the two different substrates. Let's, let me put you in a dark room.[00:40:56] Like totally black room. And then let me just [00:41:00] describe how you exit it. Like to your left, there's a table like duck below this thing, right? I mean like the chances that you're gonna like not run into something are very low. Now let me like turn on the light and you actually see, and you can do distance and you know how far something away is and like where it is or whatever.[00:41:17] Then you can do it, right? Like language is not the right primitives to describe. The universe because it's not exact enough. So that's all Faye, Faye is talking about. When it comes to like spatial reasoning, it's like you actually have to know that this is three feet far, like that far away. It is curved.[00:41:37] You have to understand, you know, the, like the actual movement through space.[00:41:40] swyx: Yeah.[00:41:40] Martin Casado: So I do, I listen, I do think at the end of these models are definitely converging as far as models, but there's, there's, there's different representations of problems you're solving. One is language. Which, you know, that would be like describing to somebody like what to do.[00:41:51] And the other one is actually just showing them and the space reasoning is just showing them.[00:41:55] swyx: Yeah, yeah, yeah. Right. Got it, got it. Uh, the, in the investor question was on, on, well labs [00:42:00] is, well, like, how do I value something like this? What, what, what work does the, do you do? I'm just like, Fefe is awesome.[00:42:07] Justin's awesome. And you know, the other two co-founder, co-founders, but like the, the, the tech, everyone's building cool tech. But like, what's the value of the tech? And this is the fundamental question[00:42:16] Martin Casado: of, well, let, let, just like these, let me just maybe give you a rough sketch on the diffusion models. I actually love to hear Sarah because I'm a venture for, you know, so like, ventures always, always like kind of wild west type[00:42:24] swyx: stuff.[00:42:24] You, you, you, you paid a dream and she has to like, actually[00:42:28] Martin Casado: I'm gonna say I'm gonna mar to reality, so I'm gonna say the venture for you. And she can be like, okay, you a little kid. Yeah. So like, so, so these diffusion models literally. Create something for, for almost nothing. And something that the, the world has found to be very valuable in the past, in our real markets, right?[00:42:45] Like, like a 2D image. I mean, that's been an entire market. People value them. It takes a human being a long time to create it, right? I mean, to create a, you know, a, to turn me into a whatever, like an image would cost a hundred bucks in an hour. The inference cost [00:43:00] us a hundredth of a penny, right? So we've seen this with speech in very successful companies.[00:43:03] We've seen this with 2D image. We've seen this with movies. Right? Now, think about 3D scene. I mean, I mean, when's Grand Theft Auto coming out? It's been six, what? It's been 10 years. I mean, how, how like, but hasn't been 10 years.[00:43:14] Alessio: Yeah.[00:43:15] Martin Casado: How much would it cost to like, to reproduce this room in 3D? Right. If you, if you, if you hired somebody on fiber, like in, in any sort of quality, probably 4,000 to $10,000.[00:43:24] And then if you had a professional, probably $30,000. So if you could generate the exact same thing from a 2D image, and we know that these are used and they're using Unreal and they're using Blend, or they're using movies and they're using video games and they're using all. So if you could do that for.[00:43:36] You know, less than a dollar, that's four or five orders of magnitude cheaper. So you're bringing the marginal cost of something that's useful down by three orders of magnitude, which historically have created very large companies. So that would be like the venture kind of strategic dreaming map.[00:43:49] swyx: Yeah.[00:43:50] And, and for listeners, uh, you can do this yourself on your, on your own phone with like. Uh, the marble.[00:43:55] Martin Casado: Yeah. Marble.[00:43:55] swyx: Uh, or but also there's many Nerf apps where you just go on your iPhone and, and do this.[00:43:59] Martin Casado: Yeah. Yeah. [00:44:00] Yeah. And, and in the case of marble though, it would, what you do is you literally give it in.[00:44:03] So most Nerf apps you like kind of run around and take a whole bunch of pictures and then you kind of reconstruct it.[00:44:08] swyx: Yeah.[00:44:08] Martin Casado: Um, things like marble, just that the whole generative 3D space will just take a 2D image and it'll reconstruct all the like, like[00:44:16] swyx: meaning it has to fill in. Uh,[00:44:18] Martin Casado: stuff at the back of the table, under the table, the back, like, like the images, it doesn't see.[00:44:22] So the generator stuff is very different than reconstruction that it fills in the things that you can't see.[00:44:26] swyx: Yeah. Okay.[00:44:26] Sarah Wang: So,[00:44:27] Martin Casado: all right. So now the,[00:44:28] Sarah Wang: no, no. I mean I love that[00:44:29] Martin Casado: the adult[00:44:29] Sarah Wang: perspective. Um, well, no, I was gonna say these are very much a tag team. So we, we started this pod with that, um, premise. And I think this is a perfect question to even build on that further.[00:44:36] ‘cause it truly is, I mean, we're tag teaming all of these together.[00:44:39] Investing in Model Labs, Media Rumors, and the Cursor Playbook (Margins & Going Down-Stack)[00:44:39] Sarah Wang: Um, but I think every investment fundamentally starts with the same. Maybe the same two premises. One is, at this point in time, we actually believe that there are. And of one founders for their particular craft, and they have to be demonstrated in their prior careers, right?[00:44:56] So, uh, we're not investing in every, you know, now the term is NEO [00:45:00] lab, but every foundation model, uh, any, any company, any founder trying to build a foundation model, we're not, um, contrary to popular opinion, we're

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On this episode of the Business of Strength Podcast, Dan Goodman breaks down why gyms owners delay or handle price increases emotionally. In this episode, we cover when a price increase is earned, the metrics that should be in place first, and how to communicate it clearly and professionally.• Price increases should reflect strong demand and consistent value, not solve short-term cash flow issues.• Metrics to have in place:– 70%+ trial conversion– 95%+ retention– 70%+ session capacity– Current clients have not recently received a rate increase• If sessions aren't full, fix utilization before raising prices. Retention remains the clearest indicator of value.• Executing the letter: keep it simple, direct, and respectful. Acknowledge loyalty, state the new rate and effective date, and express appreciation. The goal is clarity, not persuasion.• Reminder: Trainer Empire — March 7th & 8th, London, England. Systems, leadership, sales, and operations for coaches and gym owners.Get your Ticket HERE -  https://london.businessofstrength.com/Support our Sponsors of the Show:TurnKey Coach https://turnkey.coach/business-of-strength/ Ignite Entrepreneurs https://ignite-entrepreneurs.comSimmons Mediahttps://simmonsmedia.co/ Naamly https://www.naamly.com/

Today we covered three main topics: quick thoughts on Iowa men's basketball after a home loss to Purdue and how expectations should stay grounded in year one of Ben McCollum with a largely rebuilt roster; reaction to FBS coaches unanimously recommending expanding the NCAA football redshirt participation limit from four games to nine, including an argument that five years to play five would make more sense; and discussion of Iowa two-sport athlete Ben Kueter's challenge balancing football and wrestling, including how weight-class demands may have limited his football impact and influenced his wrestling results. If you love the show and want to show support, tell your friends! And, check out our exclusive content at Patreon.com/washedupwalkons where you can find extra podcast episodes, exclusive merchandise, Merch discounts with every tier, private Walkon discord channel access, and more! Find us on social media @washedupwalkons Visit TheWashedUpWalkons.com for all of our episodes, merchandise, and more! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.