Podcasts about hundred

A Hundred Honeymoons: A Novel by J.S. Wilson https://www.amazon.com/Hundred-Honeymoons-Novel-J-S-Wilson/dp/1664134204 Women are predators too, only the prey is different? – A.J. Strindberg A Hundred Honeymoons? storyline develops like a carnally driven small town soap opera revolving around two innocent teenagers, Todd and Sally. Drenched in hormonal confusion, Todd?s teenage adventures offer a good number of relatable moments for the reader to quip, ?Yeah, I remember feeling like that.? While Sally?s journey takes her from naive cheerleader to a mature woman. Exploitive and corrupt characters woven throughout, it is a story premeditated with carnal adventures, broken hearts, and true love. Can these infatuated, yet durable teenagers, survive and prove, love does conquer all?

In the week when some cricketers, notably spinners such as Adil Rashid, were bought for astronomical sums in The Hundred auction, Monty Panesar reflects on his first Test appearance exactly 20 years ago. It was in Nagpur in March 2006 where the man who became known as The Sikh of Tweak took his first test wicket - and it was of course none other than the great Sachin Tendulkar. Monty recounts that day, his emotional celebration which became his signature, how Tendulkar presented him with a signed match ball and the impact of that moment. He, Simon Hughes and Simon Mann consider how far the game - which was paying him barely £20,000 at the time - and its rewards have come since. This podcast is available ad-free on The Cricverse Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Katya Witney and Lauren-Winfield Hill on the women's Hundred auction this week that saw player salaries go through the roof. Katya then hosts a panel of Sarah Bryce, Fran Wilson, Lou Meadows & Beth Barrett-Wild to speak about the future of women's cricket. 0:30 Intro & Lauren's Hundred auction experience/04:30 How do players feel about the auction?/06:30 New money in the game and biggest signings/09:15 Salaries: men's vs women's/14:40 Who has the best squads/19:43 Girls in cricket fund panel discussion/33:44 Outro The Metro Bank Girls in Cricket Fund in collaboration with the ECB aims to triple the number of girls' cricket teams by breaking down barriers and creating supportive and inclusive spaces. Help transform the game, head to https://www.metrobankonline.co.uk/cricket/ to champion the future of girls' cricket. Lord's tickets: https://tickets.lords.org/

Ian Ward is joined by Nasser Hussain, Eoin Morgan, Tash Farrant and Ravi Bopara to summarise a historic few days of Hundred Auctions.They discuss the big money signings of James Coles, Jordan Cox and Dani Gibson and they talk through the signing of Abrar Ahmed by Sunrisers Leeds.Plus, hear from Tom Curran and Tilly Corteen-Coleman!-Watch every episode of the Sky Sports Cricket Podcast on YouTube here: Sky Sports Cricket Podcast on YouTubeListen to every episode of the Sky Sports Cricket Podcast here: skysports.com/sky-sports-cricket-podcastYou can listen to the Sky Sports Cricket Podcast on your smart speaker by asking it to "play Sky Sports Cricket Podcast".For all the latest Cricket news, head to skysports.com/cricketFor advertising opportunities or to get in touch with the pod email: skysportspodcasts@sky.uk

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We report on a historic two days with the first major sporting auction taking place in the UK as teams were selected for the women's and men's Hundred competition.We hear from former New Zealand spinner Daniel Vetorri who's coaching the newly named Sunrisers Leeds, World Cup winning bowler Anya Shrubsole who is part of the Southern Brave coaching set-up and Australian legend Meg Lanning who is leading another rebranded team the Manchester Superchargers.And there's analysis by Stephan Shemilt, Aatif Nawaz and two former Hundred players Steven Finn and Alex Hartley.

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England is set to follow the Indian Premier League by introducing a player auction to its Twenty-Twenty franchise cricket competition. The Hundred - as the English league is known - will hold the first of its player auctions overnight in London. RNZ Sports editor Dana Johannsen spoke to Lisa Owen.

Katya Witney and Ben Gardner discuss today's first ever Hundred auction, with franchises both new and old splashing the cash on a day that saw player salary records tumble. 0:29 Intro/1:20 Dani Gibson/5:21 Pre-signings vs auction signings/8:55 High salaries/11:44 Tilly Corteen-Coleman & wicketkeeping market/19:39 Was this actually a mega auction?/21:29 What were the best deals?/23:49 Why are auction dynamics strange?/33:31 Who has the strongest squad? The Metro Bank Girls in Cricket Fund in collaboration with the ECB aims to triple the number of girls' cricket teams by breaking down barriers and creating supportive and inclusive spaces. Help transform the game, head to https://www.metrobankonline.co.uk/cricket/ to champion the future of girls' cricket.

This weeks episode features an in-depth look at the Hundred Hills 50km which kicks off this Saturday at 0900. Our RD James Elson reviews the course, the history of the race and looks at all the likely leading contenders from the stacked womens and mens race fields. Find the full preview post here: https://www.centurionrunning.com/news/2026/03/10/hundred-hills-50km-2026-preview

Epi 348 What happens when you hit 601 pounds and realize your life may depend on changing everything? In this powerful episode of the Our Sleeved Life Podcast, Adrian shares the moment that forced him to face reality—when hospital staff couldn't weigh him normally and had to use a laundry scale in the ER. That moment became the turning point that started his life-changing weight loss journey. Adrian opens up about his experience with morbid obesity, hitting over 600 pounds, struggling to walk just 88 steps, and the emotional toll that came with it. After years of battling his weight and facing serious health risks, he made the decision to undergo gastric sleeve bariatric surgery and rebuild his life. Today, Adrian is more than 250 pounds down, active in the gym, part of a run club, and inspiring thousands by sharing his journey online. This episode dives deep into the realities of bariatric surgery, massive weight loss, mental health, body image, dating after weight loss, loose skin, fitness, and finding confidence again. If you're considering weight loss surgery, currently on your bariatric journey, or searching for motivation to change your health and your life, Adrian's story proves that transformation is possible—even when it feels impossible. Go Follow Adrian and OSLP  Instagram: @itsthisguyAZ @oursleevedlifepodcast Photography: Big Bear Media 512 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Cricket Unfiltered, Menners is joined by Indian cricket journalist Chandresh Narayanan to break down India's dominant T20 World Cup victory and what it means for the future of the format. The pair analyse the explosive batting that powered India to the title, the brilliance of Jasprit Bumrah, and why New Zealand again fell short in a major final. They also discuss Australia's strong finish to the women's multi-format series against India, including a 10-wicket Test win at the WACA and the retirement of Australian great Alyssa Healy. The episode also looks ahead to the IPL, the growing influence of franchise cricket, and broader debates shaping the global game. (02:05) India's T20 dominance and how power hitting has reshaped the format (05:05) Menners addresses the podcast controversy and moving forward with the show (06:50) India's explosive World Cup final performance and key players (12:10) Jasprit Bumrah's impact and why he may be the best multi-format fast bowler ever (15:00) Why New Zealand keep falling short in major tournament finals (21:56) Australia's women dominate the Test vs India and win the multi-format series (23:35) Alyssa Healy's retirement and her legacy in Australian cricket (36:00) Franchise cricket politics, IPL influence, and the Pakistan player debate We've launched our official Cricket Unfiltered merch store thanks to a brilliant partnership with Exactamundo, a longtime supporter of the show.

Yas and Phil are joined by Lawrence Booth to discuss the final of the T20 World Cup, the future of England's T20 side and the news that Rob Key and Brendon McCullum are expected to continue in their respective roles. 0:00 Intro / 0:26 T20 World Cup final / 13:32 Patreon / 14:04 India vs England / 22:41 What next for England? / 32:30 Key & McCullum / 44:53 Brett Randell / 46:10 Wisden Cricket Monthly / 53:07 Outro

Which Pakistani players should be picked for The Hundred and what happens if they aren't? Instagram: @talkSPORT_cricketTwitter: @cricket_ts @fulhamjon @harmy611 @ajarrodkimberYouTube: https://www.youtube.com/@talkSPORTCricketEmail: cricket@talksport.co.ukHosts: Steve Harmison, Jarrod Kimber & Jon NormanExec Producer: Jon Norman Hosted on Acast. See acast.com/privacy for more information.

The T20 World Cup final awaits but the real question is - should this tournament continue to be staged every two years?! Sure, there's a Finn Allen century to marvel at and a Jacob Bethell performance to savour, but what is the care factor here in Australia.So as well as ponder whether New Zealand might be set for their all time cricketing moment against a red hot India on home soil, Corbin and Ed debate if Australian cricket fans care about a trophy that comes around every five minutes. And more broadly, will the Aussie obsession for test cricket ever translate to similar fandom for the T20 variety beyond the four months over Summer.There's plenty more on the agenda too including an intriguing Sheffield Shield round on right now with Travis Head and Matthew Renshaw opening for their states, Adam Zampa hasn't been being retained by the Renegades and Pakistan players being fined for their sub par World Cup.ABC Grandstand cricket commentator Corbin Middlemas is joined by Ed Cowan to bring you all the highlights and match analysis to keep you up to speed. The pair discuss the key players and big issues that are dominating the cricket agenda, the latest in live fixtures with a hit of cricket banter.Catch every episode of ‘The ABC Cricket Podcast,' hosted by Corbin Middlemas on ABC listen or wherever you get your podcasts, and get in touch with them on social media via @abc_sport This podcast was formerly known as ‘The Grandstand Cricket Podcast'

The list of players for the Hundred auction, the England and Wales' franchise cricket competition has been confirmed. It features 16 players from Pakistan, 14 men and two women. We hear from Dr Gregory Ioanndis, professor of sports law at Sheffield Hallam University.Alison Mitchell, Aaron Bryans and Charu Sharma all react to New Zealand's stunning performance against South Africa to progress to the T20 World Cup final and we ask what would it mean for the Black Caps if they were to be crowned champions.Plus, the former England fast bowler Saj Mahmood tells us about his new platform in the UK which is aiming to make the game more affordable to youngsters.Photo Credit: Pakistan's Haris Rauf celebrates after taking the wicket of Sri Lanka's Kamindu Mendis during the second one-day international cricket match between Pakistan and Sri Lanka at the Rawalpindi Cricket Stadium in Rawalpindi on November 14, 2025. (Photo by Farooq Naeem/AFP via Getty Images)

Katya Witney and Lauren Winfield-Hill discuss the cancelling of England's training camp in Abu Dhabi before looking ahead to the upcoming Hundred auction next week. Katya then speaks to England's Lauren Filer about her remodelled action & the summer to come. 1:19 Cancelling of England's training camp & World Cup prep/13:25 the Hundred auction/25:40 Alyssa Healy/30:45 Misconduct in women's cricket/36:50 Lauren Filer preamble/39:47 Lauren Filer interview The Metro Bank Girls in Cricket Fund in collaboration with the ECB aims to triple the number of girls' cricket teams by breaking down barriers and creating supportive and inclusive spaces. Help transform the game, head to https://www.metrobankonline.co.uk/cricket/ to champion the future of girls' cricket. https://booking.ecb.co.uk/event/ed84bbd2-4cd2-4c2e-8c5c-5f683a36f478/summary Lord's Test tickets: https://tickets.lords.org/

Some people live more than a hundred years with no health problems and very little cognitive decline.  How come?  While healthy lifestyles certainly play a part in healthy aging, these "centenarians" share a number of special biological attributes.  Furthermore, these attributes, along with attaining an age of 100 or greater, show a strong genetic component.  Dr. Stacy Andersen of the Boston University School of Medicine has been studying these centenarians and the factors that are associated with not only their attaining an advanced age, but also doing so with no history of major physical or mental health problems.  In her interview, Dr. Andersen discusses what she and her colleagues have discovered about this unusual group of older people.    Key Takeaways: Centenarians are people who have reached 100 years of age, while "supercentenarians" are 110 and older. Recent studies of these groups of adults reveal that during their lives, they have "escaped" diseases such as cancer, cardiovascular problems, dementia, and diabetes that cause earlier mortality among adults born at the same time. Dr. Andersen discusses her work on the genetic bases for being an "escaper", as well as the lifestyle and personality characteristics they have in common.   "The older you get, the healthier you've been." —  Dr. Stacy Andersen   Connect with Dr. Stacy Andersen: BUMC Bio: profiles.bu.edu/Stacy.Andersen     Connect with Therese: Website:  www.criticallyspeaking.net Bluesky: @CriticallySpeaking.bsky.social Instagram: @criticallyspeakingpodcast Email: theresemarkow@criticallyspeaking.net   Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.  

Four. Hundred. Episodes. Somehow, some way… we made it. For this massive milestone, Cole and Bryan are beyond honored to welcome Freddie Johnson of Buffalo Trace to celebrate Episode 400. Having Freddie join us for this one feels right — a true ambassador of bourbon, history, and hospitality sitting down to talk life and whiskey on a landmark episode. Of course, we couldn't do 400 without pouring something special. The boys crack into some absolute heavy hitters — think Pappy and George T. Stagg — but what starts as a celebration of big bottles quickly becomes something deeper. This episode turns into an honest, thoughtful conversation about life, legacy, whiskey, and the relationships that really matter. It's reflective. It's meaningful. It's the kind of episode that reminds us why we started this podcast in the first place. No Whiskey World News. No “What Whiskey Would You Choose?” Just good people, great whiskey, and a moment to appreciate 400 episodes of Chill Filtered.

Thank you all for sticking with me for 700 episodes!Real-world food truck training in about 10 minutes. Profit, pricing, food cost, speed of service, marketing, events, and smart systems—no hype, just what works.Enjoyed this episode? First Hit Follow on Spotify so you never miss a new one: https://bit.ly/3LkAF4w Then go to https://nsfva.org/join/ and become a member today!

Has there been a better finale in cricket than Alyssa Healy's day out in Hobart against India with a 150 and a cheeky couple of overs with the ball. Corbin and Ed are on opposite sides of the coin as to the right time to retire but they're in unison on Healy's legacy and her deserved white ball goodbye.The T20 World Cup has two tantalising semi finals in New Zealand vs South Africa and India vs England to look over including a stand out tournament from Will Jacks and a memorable performance for Sanju Samson.There's also world politics affecting cricketers and broadcasters, a Sanath Jayasuriya mic drop, no draw for the IPL yet and a listener question surrounding the commercial viability of a test in Darwin.ABC Grandstand cricket commentator Corbin Middlemas is joined by Ed Cowan to bring you all the highlights and match analysis to keep you up to speed. The pair discuss the key players and big issues that are dominating the cricket agenda, the latest in live fixtures with a hit of cricket banter.Catch every episode of ‘The ABC Cricket Podcast,' hosted by Corbin Middlemas on ABC listen or wherever you get your podcasts, and get in touch with them on social media via @abc_sport This podcast was formerly known as ‘The Grandstand Cricket Podcast'

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As potential Pakistan player bans for Indian owned teams in The Hundred get debated in the UK, Corbin and Ed ponder the domino effect here in the BBL if the league is privatised. Speaking of the Big Bash, Sydney Thunder join their cross town rivals the Sixers in looking for a new coach for next season and the guys chat through the challenge of finding T20 coaches vs state cricket ones. Plus they aren't happy with the One Day Cup Final being moved leaving zero state cricket on this weekend.The T20 World Cup Super Eights phase still has some “toss of the coin” games left with India and West Indies an unofficial quarter final and after Australia's failure, Ed wouldn't mind seeing a specialist T20 selector who can keep an eye across the international competitions and be locked into that format.There's also the women's series against India and with the announcement of Darwin as the 12th test venue in Australia, expect a bonus quirky history lesson on the ground in Australia that no one remembers.ABC Grandstand cricket commentator Corbin Middlemas is joined by Ed Cowan to bring you all the highlights and match analysis to keep you up to speed. The pair discuss the key players and big issues that are dominating the cricket agenda, the latest in live fixtures with a hit of cricket banter.Catch every episode of ‘The ABC Cricket Podcast,' hosted by Corbin Middlemas on ABC listen or wherever you get your podcasts, and get in touch with them on social media via @abc_sport This podcast was formerly known as ‘The Grandstand Cricket Podcast'

Some huge football topics in the last few weeks and an amazing response to both the Spurs and Leicester situations which unfortunately for both do not look like they're improving. However it's the turn of Eileen Gu to stand tall this week, and after more gleeful messages than I can relay, an inevitable review of the rumoured boycotting of Pakistan players by Indian owned Hundred franchises. Add to that a look at the impact of referees losing confidence in VAR and we have ourselves a Breakdown.

Is this what we're here for? To be the passions' slave? To be the plaything of emotions and impulses? It can't be!

Check out CrabDiving radio podcast Wednesday!

John Meehan returns from episode 30. John Meehan is an instructional coach, professional development specialist, and English teacher from just outside Washington, D.C. He is the author of EDrenaline Rush (2019) and co-author of Fully Engaged (2021) and Playing With Purpose (2026). A nationally recognized speaker on student engagement and gamified instruction, John was named an ASCD Emerging Leader, served on the Bill & Melinda Gates Foundation Teacher Advisory Council, and currently sits on the Pulitzer Center's 2025 Information & AI Teacher Advisory Council. His book EDrenaline Rush was ranked among Book Authority's “Top 10 Teaching Books of All Time.” Alongside Michael Matera in 2021, John co-founded EMC² Learning, a global platform providing hundreds of gamified classroom resources to educators worldwide. EMC² Learning was named the 2023 FETC Pitchfest winner for Best Online Classes and honored in HundrED's 2024 Spotlight on Gamified Curricula. Outside the classroom, he's a CrossFitter and proud new dad. You can connect with John at connect@EMC2Learning.com and www.emc2learning.com

Neil Manthorp is joined by the former England fast bowler Steve Harmison to discuss the week's biggest stories. The Senior Correspondent of The Cricketer George Dobell joins the show to discuss the reports that the IPL-linked Hundred franchises won't sign any Pakistan players in their squad. They discuss that, and the ECB reminding them of their responsibilities. The Lancashire Head Coach Steven Croft joins them to look ahead to the start of the new County Championship season, as they look to return to Division One under new captain Jimmy Anderson. The Glamorgan Head Coach Richard Dawson looks ahead to their first season back in Division One in 21 years, and they round up the week's biggest stories and bring you The Final Word. Hosted on Acast. See acast.com/privacy for more information.

Welcome back to your favorite daily comedy show, where the headlines are real, but our reactions are legally questionable.Today's chaos kicks off with the most unnecessary invention of the year: a Bluetooth-enabled funeral urn from Liquid Death called the “Eternal Playlist.” Yes, you can now haunt your family in surround sound. It's $495, it plays Spotify from beyond the grave, and somehow Moon almost bought one. Because of course he did. If you've ever wanted to DJ your own memorial service, congratulations — capitalism wins again.Then we pivot HARD into the internet's most uncomfortable math problem: an OnlyFans creator claiming she's pregnant after what she called a “breeding mission” involving 400 men. Four. Hundred. Naturally, the internet tagged Maury Povich like he's the Avengers of paternity testing. We discuss whether Maury should come out of retirement, whether this is marketing genius or chaos theater, and whether King Scott is now qualified to host a 400-man DNA special live from The Pageant in St. Louis. (We're not saying we'd do it… but we're also not not saying it.)From there, it's a full-on pop culture roller coaster. The Rock & Roll Hall of Fame nominees drop, and the gang debates whether Iron Maiden, Oasis, Sade, Wu-Tang Clan, and Mariah Carey deserve the nod — while Moon questions whether the Hall means anything anymore. It's passionate. It's slightly heated. It's exactly what a daily comedy show about music opinions should sound like.We also break down Missouri's proposed “Taylor Swift Act” targeting AI deepfakes, Benny Blanco's horrifying bare feet, a Shaky Knees festival lineup that slaps, and the emotional weight of some heartbreaking celebrity news. And because we contain multitudes, we close things out with an all-out war over the greatest TV theme songs of all time. From Fraggle Rock to Perfect Strangers to Thundercats — friendships were tested.This episode is a perfect example of why this daily comedy show works: weird news, celebrity chaos, music debates, childhood nostalgia, and just enough sarcasm to keep it spicy without getting us fired.If you like your entertainment gossip slightly unhinged but still informed, welcome home.Follow The Rizzuto Show → linktr.ee/rizzshow for more from your favorite daily comedy show.Connect with The Rizzuto Show Comedy Podcast online → 1057thepoint.com/RizzShow.Hear The Rizz Show daily on the radio at 105.7 The Point | Hubbard Radio in St. Louis, MO.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Yas Rana and Lawrence Booth reflect on another week of T20 World Cup action, with Harry Brook's game-defining knock against Pakistan making England the first of the four semi-finalists. Also on the show, Yas chats to cricket strategist Eddie Fitzgibbon about the future of the Associate Nations. 0:40 Intro/3:25 England's World Cup performance/7:00 Brook & Buttler/17:42 Usman Tariq & Babar Azam/22:01 England Lions & future England debutants/28:08 Pakistan shadow ban/33:39 India vs South Africa/39:22 West Indies/42:55 Eddie Fitzgibbon/01:00:42 Outro

Jon Norman is joined by the former England fast bowler Steve Harmison to look back at England's two-wicket win over Pakistan to seal their place in the T20 World Cup semi-finals. They praise Harry Brook after he became the 5th England player to score a century in all formats, discuss if it's a good thing that England are winning despite not playing well, and discuss what next for Pakistan after this defeat. Hosted on Acast. See acast.com/privacy for more information.

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Yas, Butch & Azhar Mahmood discuss both the possibility & ramifications of some teams not bidding for any Pakistan players ahead of next month's Hundred draft. 0:15 Intro/4:42:Butch/21:00 Butch & Azhar Mahmood 30:48 Outro

On the eve of the T20 World Cup Super Eights it has been revealed that Hundred franchises part-owned by Indian Premier League teams are being prevented from signing Pakistani players in the forthcoming Hundred auction. Simon Hughes and Simon Mann consider the ramifications of this for the ECB's campaign to improve diversity and inclusivity in the game. They are also joined by writer and commentator Peter della Penna to discuss the associate teams emergence in the T20 World Cup, an encouraging future for USA cricket, the likely semi finalists and when the world's leading T20 batsman, Abishek Sharma, will score his first run in the tournament. For more on the art of T20 batting, subscribe to The Cricverse on Substack. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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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

Yas and Ben reflect on the last week of T20 World Cup action, including Pathum Nissanka's stunning innings that led to Australia's early exit, before previewing the Super Eights. Also on the show, Yas chats to Essex seamer Jamie Porter and Ben hears from Leshia Hawkins about how money from The Hundred is being invested into grassroots facilities to boost access to cricket. 0:00 WPA Health Insurance / 0:41 Intro / 1:21 Pathum Nissanka / 8:14 Australia / 12:15 Super Eights / 29:04 Jamie Porter interview / 58:49 Recreational cricket investment / 1:10:11 Outro

Barney Francis offers an insider's view of the sports media economy, drawing on his huge experience as MD of Sky Sports in the UK and EVP, Studios at IMG, the company's production business. The conversation spans new sports formats, piracy, streaming disruption, rights economics, the creation of The Hundred, the Premier League's move to in-house production, and the structural challenges facing rugby in the UK.  New Formats: Additive vs DisruptiveResilience of Incumbent Rights HoldersPiracy: From Nudge and Wink to Cultural NormThe Netflix Value EquationRights Fragmentation vs. ConsolidationThe "Home of" StrategySky's Consumer-First PhilosophyRugby's Structural FailuresThe Creation of The HundredPremier League Production In-HouseRemote Production and EfficiencyUnofficial Partner is the leading podcast for the business of sport. A mix of entertaining and thought provoking conversations with a who's who of the global industry. To join our community of listeners, sign up to the weekly UP Newsletter and follow us on Twitter and TikTok at @UnofficialPartnerWe publish two podcasts each week, on Tuesday and Friday. These are deep conversations with smart people from inside and outside sport. Our entire back catalogue of 500 sports business conversations are available free of charge here. Each pod is available by searching for ‘Unofficial Partner' on Apple, Spotify and every podcast app. If you're interested in collaborating with Unofficial Partner to create one-off podcasts or series and live events, you can reach us via the website.

In this thrilling episode of 'Yours Truly, Johnny Dollar', we follow the insurance investigator Johnny Dollar as he navigates a complex murder case involving the glamorous Marilyn Major. The story unfolds with Dollar receiving an urgent call that leads him to Hollywood, where he discovers a murder scene and becomes embroiled in a web of deceit, blackmail, and danger. As he investigates, he encounters various suspects, including a distraught husband and a mysterious woman, all while trying to clear his name and solve the case before it's too late. The narrative is filled with suspense, clever dialogue, and classic noir elements, culminating in a dramatic confrontation and resolution.Most insurance investigators wouldn't survive what Johnny Dollar endures in this case — a murder rooted in blackmail, betrayal, and a tangled web of lies involving high-profile stars and shady characters. You've never heard an episode quite like this: a death in Hollywood, a missing set of letters that could blow the lid off a scandal, and a detective racing against time — and killers — to find the truth.When Marilyn Major's lifeless body is discovered with a bullet hole where an earring should be, it kicks off a whirlwind investigation. Johnny Dollar, the sharp-witted insurance sleuth, dives into a world of blackmail, illicit letters, and double-crosses. You'll discover how he pieces together clues from a disheveled penthouse, a secret closet, and a killer who's always one step ahead. This episode is packed with concrete details: a plane trip from Hartford to Hollywood, a secret call to police, and a daring confrontation involving guns, a telephone, and a frantic chase through a Los Angeles hotel.Key insights include: the importance of reading between the lines in blackmail cases, how high-stakes secrets can turn deadly, and the tactical moves Johnny uses to turn suspects against each other. We break down the significance of missing letters signed “Barron” and “Lawrence,” revealing how blackmail leverage can fuel murder plots. You'll also hear how Johnny's quick thinking — tossing a phone into a suspect's face, using a fingernail file as a makeshift tool, and navigating a jail cell — makes all the difference between getting away or getting caught.Why does this matter? Because in a world where secrets are lucrative and danger lurks behind every door, understanding the subtleties of blackmail, deception, and quick action can save lives — and your reputation. Whether you're a true crime fan, a detective in training, or simply looking for a masterclass in detective work, this episode offers tangible tactics and a gripping story that illustrates why Johnny Dollar remains one of radio's most iconic investigators.Perfect for crime enthusiasts, aspiring detectives, and anyone who loves a fast-paced, detailed mystery that leaves no stone unturned. Venture into Hollywood's darker side with Johnny as your guide — it's a wild, explosive ride you won't want to miss.TakeawaysJohnny Dollar is a clever and resourceful investigator.The murder of Marilyn Major sets off a chain of events.Suspense builds as Dollar navigates through suspects.The story highlights themes of love, betrayal, and revenge.Evidence plays a crucial role in solving the case.The character dynamics add depth to the narrative.The use of humor contrasts with the dark themes.The setting in Hollywood adds a glamorous backdrop.The conclusion ties up loose ends effectively.The episode showcases classic radio drama techniques.Johnny Dollar, murder mystery, insurance investigator, Marilyn Major, crime drama, classic radio, detective story, suspense, investigation, noir

PREVIEW FOR LATER TODAY Guest: Rick Fisher. China advances a hundred-year space plan, developing heavy launchers and a lunar gateway to establish a permanent, profitable presence on the moon.1940

The J2/J3 100 Year Vision League kicked off at the weekend, so Jon Steele and James Taylor got together to discuss the big talking points from the opening round of fixtures. In part 1, Jon reviews the East groups, with a particular focus on Yokohama FC v Yamagata, then picks his East MBP and games to watch for matchday 2 (to 24:25). Then in part 2, James talks about Imabari v Kanazawa and Kagoshima v Miyazaki, discusses the postponements, picks a West MBP and games to watch (to end).   Thank you for your support of the J-Talk Podcast and J-Talk: Extra Time. *Join the J-Talk Podcast Patreon here: https://patreon.com/jtalkpod *Find our JLeague Chat Discord server here: https://discord.gg/UwN2ambAwg *Follow JTET on Bluesky here: @jtalket.bsky.social

On this very special episode of The Great Hang Podcast Myka teaches Tim about manifesting. Tim with his very meager means has $100 cash on him so that he can afford most things he walks by. We also have a ton of fun on this episode. Myka gets really mad at Tim and walks off the show Tim is unaffected of course. Great Hang Patreon

A hundred-foot fall at 12,500 feet. A freezing night without shelter. Storms, thin air, and two helicopters fighting for lift. That's where Mark Wellman's story begins—and somehow not where it ends. We sat down with Mark at the Abilities Expo in Dallas to trace the path from a Sierra accident in 1982 to an ascent of El Capitan seven years later built on 7,000 pull-ups, custom gear, and a mindset that refuses to stall.Mark walks us through the mechanics of survival and the reality of rehab—seven months in hospital back then versus the compressed timelines many face today. He shares how PNF-based therapy rebuilt confidence, how depression tried to fill the gaps when therapy stopped, and why adaptive sports like wheelchair tennis and swimming became a lifeline. From there, we step into Yosemite: ranger days in the Valley, the culture of big walls, and the nuts-and-cams vocabulary of modern climbing. Mark breaks down aid systems, fall factors, dynamic ropes, and the dreaded zipper effect with the clarity of a coach who's been on the sharp end and lived to translate it.The ingenuity is as compelling as the grit. With his late partner Mike Corbett, Mark stitched “rock chaps” from canvas and leather to protect insensate skin during multi-day ascents. He explains chest-mounted ascenders and the way peregrine falcons sound like jets when the canyon turns into an echo chamber. We also get candid about the disability community: the balance between hope and acceptance, the legacy of the Christopher & Dana Reeve Foundation, and why community programs and expos matter for turning curiosity into action.If resilience had a blueprint, this conversation sketches it—practical, honest, and grounded in systems you can use. Subscribe, share with a friend who needs fuel for a hard climb, and leave a review with the one challenge you're ready to face next.

Artificial intelligence is rapidly changing how we understand our health — not just how we feel today, but how fast we're actually aging.On this episode of Live Long, host Peter Bowes continues his personal experiment with Hundred, the AI-powered longevity platform that combines advanced blood testing, wearable data and personalized insights to track biological age and guide smarter health decisions.After introducing the app in an earlier conversation, Peter reconnects with Hundred's founder, Tyler Smith, to go deeper into the idea of a “health operating system” — essentially a personal doctor in your pocket. Together they explore how continuous testing and AI analysis could help prevent disease, spot risks earlier, and motivate lasting behavior change — while also addressing the realities of over-testing, false alarms, privacy concerns and health anxiety.Peter also shares the results of his own first round of testing, what surprised him most, and how he's using the data to shape his approach to longevity and healthy aging.-----JOIN HUNDREDOptimize your healthspan and potentially lower your biological age.  Tyler and the team at HUNDRED are offering $75 in credit for add-on tests and supplements from the HUNDRED marketplace when you sign up at hundred.com/livelongpodcastThis podcast is supported by affiliate arrangements with a select number of companies. We have arranged discounts on certain products and receive a small commission on sales. The income helps to cover production costs and ensures that our interviews remain free for all to listen. Visit our SHOP for more details: https://healthspan-media.com/live-long-podcast/shop/Time-line Mitopure (a highly pure form of Urolithin A) boosts the health of our mitochondria – the battery packs of our cells – and improves muscle strength. Time-line is offering LLAMA listeners a 10% discount on its range of products – Mitopure powders, softgels & skin creams.  Use the code LLAMA at checkout-Fit, Healthy & Happy Podcast Welcome to the Fit, Healthy and Happy Podcast hosted by Josh and Kyle from Colossus...Listen on: Apple Podcasts SpotifyEnergyBits algae snacksA microscopic form of life that could help us age better. Use code LLAMA for a 20 percent discountPartiQlar supplementsEnhance your wellness journey with pure single ingredients. 15% DISCOUNT - use code: MASTERAGING15Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the showThe Live Long and Master Aging (LLAMA) podcast, a HealthSpan Media LLC production, shares ideas but does not offer medical advice. If you have health concerns of any kind, or you are considering adopting a new diet or exercise regime, you should consult your doctor.

Joe Juvland and Freddy Morris break down the classic Twilight Zone episode "A Hundred Yards Over the Rim." Join them as they explore the episode's themes, their favorite moments, and the timeless questions Rod Serling leaves us with. Whether you're a longtime fan or new to the Zone, tune in for a thoughtful—and fun—journey through this standout story.

What if the words we speak over our kids aren't just communication, but are actually creation? In this episode of Facing in the Dark, Wayne Stender and Dr. Kathy tackle a new claim from psychologist Dr. Chelsea Haug-Zavaleta that children should receive 100 compliments a day to thrive emotionally. Dr. Kathy challenges the research, explaining that it's not about the number of compliments, it's about the ratio of affirmation to correction and the meaning behind our words. She offers practical insights for balancing affirmation with healthy boundaries, showing how kids form identity through the voices they trust most. Together, Wayne and Dr. Kathy unpack what it means to parent fragile and resilient kids, share how correction can build character rather than shame, and connect the science of affirmation to the biblical power of blessing from Genesis 27. This episode reminds us that spoken love forms lasting truth, and that a few sincere words can build what a hundred empty praises never could.

Today, we welcome Dennis Welch — a lifelong songwriter and creative force who is now experiencing a remarkable musical renaissance in his sixties. Dennis has written more than 500 songs, published two books, played concerts far and wide, and built a body of work anchored in one central identity: storyteller.Dennis's WebsiteDennis on YouTube@Poo_Welch on InstagramDennis's Facebook pageAfter recording an album in 2000, Dennis continued writing but went 18 years without releasing new music… until a single moment changed everything. When his longtime friend, Little River Band guitarist Rich Herring, heard one of Dennis's songs, he offered to produce a single — which turned into an album, and then another, all landing on the first Grammy ballot in multiple categories.His newest album, Strong, released this July, continues this extraordinary creative chapter. Dennis's message is simple but powerful: Never give up. Keep creating. You never know what's around the next corner.A Renaissance at Sixty: Why Now?Dennis, your story is such a powerful example of perseverance. After releasing an album in 2000, you kept writing but didn't return to the studio for nearly two decades. What was happening creatively during those years — and what made this the right moment to reemerge?The Song That Changed EverythingWhen Rich Herring heard one of your songs and offered to produce a single, it sparked an entire new era of your career. Tell us about that moment. What did you feel when you realized this might be the beginning of something big?Storytelling as Your LegacyYou've said that if you could be remembered for just one word, it would be storyteller. How does storytelling show up in your songwriting today, and how has your perspective evolved across 500+ songs?Three Albums, Two Grammy Ballots, and a Creative SurgeWhat Love Makes Us Do and If I Live to Be a Hundred both made the first Grammy ballot in five categories — and now you've released Strong. What themes, emotions, or experiences shaped this newest album?Advice for Creatives Who Feel “It's Too Late”Your message is incredibly encouraging: Don't ever give up. Tune out the naysayers. Do what you're here for. What do you want other artists — especially those who feel their creative window is closing — to understand from your journey?Dennis, if you could leave our listeners with one thought about sustaining creativity across a lifetime — what would it be?Thanks to our sponsor, White Cloud Coffee Roasters. Listeners can enjoy 10% off your first order — just use the code CREATIVITY at checkout at...

In this episode of The Hundred Year Pivot, Demetri and I are joined by geopolitical strategist Kamran Bokhari for a sweeping, historically grounded exploration of how Iran arrived at its present moment of instability—and where it may be heading next. Kamran traces Iran's modern political evolution from Qajar Persia through the Pahlavi monarchy, the 1953 Mosaddegh coup, and the 1979 Islamic Revolution, explaining how the regime's dual-military structure—split between the regular army and the IRGC—was forged in war and later transformed into a vehicle for political and economic dominance. From Iran's revolutionary ideology and fear of encirclement to the rise and possible unraveling of its proxy network, the conversation builds toward a sober assessment of today's protests, currency collapse, and internal decay—arguing that while the Islamic Republic may be weakening in unprecedented ways, the path forward is likely to be turbulent, uncertain, and region-shaping rather than clean or sudden. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper and Silver Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm…