Podcasts about Soto

Brodes hosted on WIP Saturday afternoon telling fans to STOP saying THIS ONE THING about the Phillies!

Le président des États-Unis a soigneusement évité le sujet lors de son discours sur l'état de l'union, mais sa gestion de l'affaire Jeffrey Epstein, du nom de cet ancien financier et criminel sexuel mort en prison en 2019, pourrait pénaliser durablement Donald Trump et le parti républicain, estime Jérôme Viala-Gaudefroy, chargé de cours à Sciences Po et invité de RFI, ce 25 février 2026. Après avoir lui-même encouragé dans ses discours une vision conspirationniste de l'affaire Epstein, Donald Trump a freiné pendant de long mois la publication des documents concernant l'ancien financier et criminel sexuel américain. « Il était obligé de rendre publics ces documents », notamment les près de trois millions de fichiers finalement publiés par le ministère de la Justice, le 30 janvier, après un vote du Congrès en ce sens, explique Jérôme Viala-Gaudefroy, chargé de cours à Sciences Po à Paris. Mais en les « caviardant », il fait preuve d'un manque de transparence « en contradiction avec les discours tenus auprès de sa base électorale », à qui il avait promis la publication de tous les fichiers, sans censure, rappelle-t-il. Ces contradictions entre promesses de transparence totale d'abord, et freins à la publication des documents ensuite, pourraient faire l'effet d'un « lent poison qui pourrait détourner des urnes » des électeurs républicains, sans pour autant qu'ils se tournent vers un bulletin démocrate. Ce qui pourrait tout de même avoir des conséquences importantes pour le parti républicain lors des élections de mi-mandat à la fin de l'année, estime Jérôme Viala-Gaudefroy.   Les ramifications de l'affaire Epstein en Amérique centrale Plusieurs pays d'Amérique centrale sont cités dans les centaines de milliers de documents rendus publics progressivement dans l'affaire Epstein. En 2019 déjà, la police mexicaine avait enquêté sur 10 000 vidéos pédopornographiques impliquant des enfants honduriens, mexicains et guatémaltèques. Depuis, plusieurs journalistes, notamment au Honduras, ont repris ces traces et mis au jour un réseau de traite d'êtres humains, explique la correspondante de RFI à Tegucigalpa, Marie Griffon. Dans son bureau, Wendy Funès, directrice du média indépendant Reporteros de Investigación, lui raconte les découvertes réalisées avec quatre autres médias honduriens et mexicains : « Nous pensons qu'il y a eu un trafic de filles mineures dans des réseaux de traite d'êtres humains, d'exploitation sexuelle. Cela impliquerait également les maras, les gangs honduriens… Au Honduras, pour l'instant, ces affaires ont été délibérément cachées. Personne n'en parle, on étouffe le sujet. Nous, de notre côté, nous avons osé publier et nous exigeons qu'il y ait maintenant une enquête judiciaire. Car, pour l'instant, il reste encore beaucoup de zones d'ombre. »   Mort du chef de cartel «El Mencho» au Mexique : un «effet domino» sur le continent ? Les journaux du continent américain s'interrogent sur les conséquences de la mort d'El Mencho, le chef du cartel de Jalisco Nouvelle génération. Pour l'heure, estime la presse, il y a plus de questions que de réponses. Selon Proceso, un effet domino pourrait se produire en Colombie et en Équateur : la Colombie, pays producteur de cocaïne, et l'Équateur, pays de transit. Ces dernières années, le cartel de Jalisco Nouvelle génération y avait dépassé le cartel de Sinaloa. D'où une question centrale : la disparition d'El Mencho va‑t‑elle provoquer des scissions et une nouvelle vague de violences entre factions dissidentes, au Mexique comme en Colombie ? s'interroge la revue mexicaine. Ces luttes de pouvoir pourraient également s'étendre en Équateur, poursuit Proceso, où plusieurs groupes criminels revendiquent ouvertement leur appartenance au cartel de Jalisco Nouvelle génération. Le site spécialisé Insight Crime apporte toutefois une nuance : oui, les dynamiques internes risquent de changer et les alliances peuvent évoluer, mais « tout indique que cette économie criminelle » va se maintenir en place et que le cartel, comme ses ramifications, n'est «pas près de disparaître».   Cuba : incertitude sur les livraisons de pétrole L'île communiste s'apprête à recevoir un nouveau chargement d'aide humanitaire venu du Mexique. Le média officiel Cubadebate publie une photo d'un cargo transportant principalement des haricots et du lait en poudre, soit près de 200 tonnes de marchandises. Parti ce mardi (24 février 2026), le navire doit arriver dans les prochains jours à Cuba, précise le site. De l'aide humanitaire et non du pétrole, que le Mexique n'est plus en mesure d'envoyer en raison des menaces de sanctions de Donald Trump. Les médias cubains et américains peinent d'ailleurs à déterminer si certaines exportations de pétrole vers Cuba sont désormais autorisées ou non. Après la décision de la Cour suprême américaine de révoquer une grande partie des droits de douane imposés par Washington, Cubadebate tente d'expliquer les implications pour Cuba : la fin des taxes visant les pays commerçant avec l'île. Un article qui a généré des commentaires « confus », ironise le site indépendant 14ymedio, qui estime que les nouvelles mesures prises par Trump montrent que les États‑Unis entendent continuer à empêcher l'entrée de pétrole à Cuba. Pourtant, note Bloomberg, des sources au sein du gouvernement américain assurent que les exportations de pétrole seront bien autorisées… mais uniquement pour des entreprises privées. Or, rappelle le média économique, les PME cubaines ne peuvent importer que de petites quantités de carburant et n'ont pas le droit de le revendre. Autrement dit, le blocus pétrolier n'est pas levé.   Au Pérou, une nouvelle première ministre dans le « chaos » et « l'improvisation »  « Chaos et improvisation », titre El Comercio à Lima, après la nomination surprise d'une nouvelle Première ministre : Denisse Miralles, une économiste de droite. Une désignation inattendue puisque quelques heures plus tôt, une autre personnalité avait été pressentie : Hernando de Soto, ancien candidat à la présidentielle, rappelle le journal dans un éditorial très critique. Ce changement de dernière minute interroge sur  « la capacité » du nouveau président de gauche — le huitième en moins de dix ans — à « gouverner de manière autonome face aux forces politiques » représentées au Parlement, ajoute El Comercio. Pour La República, le nouveau gouvernement résulterait même d'un « pacte de corruption ». Le journal estime qu'Hernando de Soto a été « sacrifié » sur l'autel des «querelles de pouvoir» au sein du Parlement.   Dans le journal de la 1ère... En Martinique, on aiguise les sabres et on prépare les machines en vue du démarrage de la campagne sucrière 2026, explique Benoît Ferrand, d'Outre-mer La 1ère.

Nicolás Lúcar, periodista de Exitosa, cuestionó el Gabinete Ministerial liderado por Denisse Miralles, luego de la controversia con Hernando de Soto. "No es nada nuevo, es más de lo mismo", comentó. Noticias del Perú y actualidad, política.

On the latest episode of The Mets Pod, Connor Rogers and Joe DeMayo recap Joe's trip to Mets spring training in Port St. Lucie, which includes notes on Juan Soto, Nolan McLean, Jonah Tong, Christian Scott, Luis Robert Jr, and so much more. Later, SVP of Player Development Andy Green joins the show to discuss all the top prospects in the farm system, and Joe sits down for an exclusive interview with top prospect A.J. Ewing after the first Mets spring training game. Finally, the show wraps with a Mailbag featuring questions about Dylan Ross, Ryan Lambert, and Mets targets in a fantasy baseball dynasty draft. Be sure to subscribe to The Mets Pod at Apple Podcasts, Spotify, or wherever you get your podcasts. Today's Show: 00:00 Welcome to the show 00:50 Joe recaps his trip to spring training 01:35 PSL Notes: McLean, Soto, Robert Jr, Scott, Tong, and more 05:20 Bo Bichette at third base 08:45 Interview with Mets SVP of Player Development Andy Green 09:00 New player development facility breaks ground 09:30 Jeff Albert promotion, how it affects the staff 10:05 Carson Benge development and big league readiness 11:50 A.J. Ewing last season and what's next 13:00 Next wave of pitching prospects: Wenninger, Santucci, Watson 14:15 Evaluating Mitch Voit, future position 15:25 Developing relievers: Dylan Ross and Ryan Lambert  16:50 2026 big picture goals for the Mets farm system 17:55 Goodbye to Andy Green 20:40 Down on the Farm: A.J. Ewing 21:10 Interview with top prospect A.J. Ewing 21:25 Ewing's first Grapefruit League game action 21:40 Breakout in 2025, what was learned in 2024 22:20 Ewing's self-scouting report  22:30 Main goals for 2026 23:05 Winning in Double-A Binghamton 23:35 Hearing the hype, not focusing on it 23:55 Playing mini-basketball in the clubhouse, who's the best? 24:20 Goals for taking the next step in CF 24:40 Goodbye to A.J. 28:30 Mailbag: Dylan Ross and Ryan Lambert in the bullpen? 33:10 Mailbag: Mets picks in a fantasy baseball dynasty draft? 41:40 Closing Thoughts Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On Night 31 of 40 Days & 40 Nights, EJ discusses Tarik Skubal's decision to limit his time in the WBC to just one start with Team USA, Juan Soto's goal to dethrone Shohei Ohtani as league MVP, Kevin Durant's comments on his future with USA Basketball, the Cowboys plan to franchise tag George Pickens and the grudge match between Manny Pacquiao and Floyd Mayweather being set for September Watch "40 Days & 40 Nights" hosted by EJ Stewart LIVE every Weekday at 8am & 6pm Eastern on YouTube, X and Instagram!

En esta edición de No Hay Derecho abordaremos, entre otros temas: - Familiares del caso Bustíos cuestionan decisión del TC que libera a Daniel Urreti. - Hernando de Soto: presidente José María Balcázar tomará juramento del nuevo gabinete este martes. - Rafael López Aliaga ahora propone poner carpas en la selva para delincuentes más peligrosos: “No es necesario construir cárceles”. - Las amenazas de Keiko Fujimori y Rafael López Aliaga a José Balcázar. - Pier Figari oculta a empresas de Joaquín Ramírez que le pagaron US$180 mil. - El presidente y ministra de Economía se reunieron con titulares de JNE, ONPE y Reniec. - Debate presidencial 2026: Candidatos expondrán sus propuestas durante seis días y en grupos - Exclusiva: José Balcázar se distancia de Perú Libre.

Nicolás Lúcar, periodista de Exitosa, señaló que la designación de Hernando de Soto como premier le garantiza al gobierno de José Balcázar "un mínimo de estabilidad política" y responsabilidad en la gestión pública. Además, destacó la red de contactos internacionales que posee el economista. Noticias del Perú y actualidad, política.

AAD PARTE 1: El Ministerio para la Transición Ecológica define la denominada "Zona de Transición Justa del Suroccidente" para dar respuesta al cese de actividad de la Central Térmica del Narcea, también denominada Central Térmica de Soto de la Barca, en el municipio de Tineo, propiedad de Natrugy; y los cierres de la Mina de Pilotuerto (Tineo) y Pozo Cerredo (Degaña) y la explotación minera del municipio de Cangas del Narcea. El Gobierno central incluye dentro de la Zona de Transición Justa del Suroccidente 6 municipios: Degaña, Tineo, Cangas del Narcea, Salas, Allande e Ibias. HOY hablamos en "Asturias al día" de la situación socio-económica de estos 6 concejos con: Beatriz Egido, Secretaria General de CCOO en el Suroccidente, Óscar Arbas, presidente de APESA, la Asociación de Profesionales y Empresarios Autónomos del Suroccidente Asturiano, Belén Liste, gerente del Grupo de Desarrollo Rural Alto Narcea-Muniellos y José Luis Fernández Berguño, de la plataforma El Suroccidente también es Asturias. AAD PARTE 2: La concesión del IV Premiu Nacional de Lliteratura a Berta Piñán, la Estratexa de Normalización del Gobiernu d’Asturies o la próxima publicación de l’actualización das Normas ortográficas del eonaviego formen parte de l’actualidá de l’Academia de la Llingua Asturiana. Xosé Ramón Iglesias Cueva “Monchu”, académicu de númberu de l’ALLA. AAD PARTE 3: Entrevistamos a Mario Arias, actual primer Teniente de Alcalde de Uviéu y ex-senador, es desde el domingo el presidente del PP en la capital de Asturies.

Parfois, sans même s'en douter, un petit changement, une découverte, peut chambouler notre monde. On tire un petit fil et au final, toute la pelote se déroule et nous fait profondément évoluer.C'est ce que je vois se dessiner par moments sous mes yeux au fil des 6 mois d'accompagnement en naturopathie que je propose, ces femmes qui finissent par éclore, se révéler à elles-mêmes, revoir différents pans de leur vie, de leurs habitudes alimentaires à leurs carrières en passant par la refonte totale de leur batterie de cuisine ou de leur placard à pharmacie.C'est ce que j'ai vécu pour ma part au fil de ma formation à la naturopathie, et c'est aussi ce qu'a vécu Camille en commençant à s'intéresser de plus près à son cycle menstruel au naturel. Je vous propose aujourd'hui de découvrir son parcours et de retirer avec nous, une à une, les couches de l'oignon au fil de notre échange. Allez, à vos casques ! Avant de vous lancer dans l'écoute de cet épisode, je tiens à vous préciser qu'il évoque un épisode de violences sexuelles et est donc à écouter dans les meilleures conditions possibles. Merci et très bonne écoute.—Pour retrouver Camille, suivre ses cours et son travail, rendez-vous sur son compte instagram ou sur ce lien pour découvrir toutes ses actus !Les thématiques de la grossesse et de la parentalité vous intéressent aussi ? Découvrez sans plus attendre HEALTHY MAMMA, mon second podcast dédié à ces sujets.Découvrez HEALTHY CYCLES, mon programme en ligne et en autonomie pour vous aider à reconnecter avec votre cycle menstruel, équilibrer vos hormones et soulager vos maux ou bien HEALTHY MAMMA, le programme qui vous accompagne pour une grossesse et un post-partum sains et sereins ! Vous préférez un suivi individuel et main dans la main ? Je vous propose mon ACCOMPAGNEMENT HOLISTIQUE, individuel ou en couple, mêlant naturopathie, phytothérapie, aromatologie, symptothermie et bien d'autres techniques pour vous reconnecter à votre corps et atteindre enfin votre objectif santé ! Par ici pour découvrir toutes les informationset par là pour réserver un appel découverte gratuit ! Et rendez-vous par là si vous souhaitez réserver une consultation pour votre bébé ou enfant !Je vous propose également de vous former à la symptothermie avec mon programme HEALTHY SYMPTOTHERMIE, pour vous permettre d'adopter une contraception 100 naturelle et fiable à 98,2% après formation (contre 97,6% de fiabilité pour la pilule, chiffres de l'OMS) ! Par ici pour en savoir plus et rejoindre l'aventure !Et enfin, n'hésitez pas à découvrir mes ebooks : HEALTHY FOOD, le guide de l'alimentation hormonale et HEALTHY PUBERTÉ, pour accompagner les jeunes filles vers leur vie de femmes.Si vous aimez Healthy Living et souhaitez m'aider à faire connaître le podcast, n'hésitez pas à le partager autour de vous auprès de personnes que cela pourrait aider ou intéresser. N'hésitez pas également à laisser des appréciations et commentaires sur votre application d'écoute préférée. It means the world to me!Pour ne rien manquer des actualités du podcast, pensez à vous abonner sur votre plateforme d'écoute préférée, à me rejoindre sur insta et à vous inscrire à la newsletter dans laquelle je partage chaque mois une avalanche de good vibes et astuces healthy ! Je vous retrouve également sur youtube pour visionner vos épisodes préférés en versions sous-titrée, accessible aux sourds et malentendants ! Création originale : Marion PezardRéalisation & production : Marion PezardMontage & mixage : Marion PezardMusique : Alice, Hicham ChahidiHébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

En esta edición de No Hay Derecho abordaremos, entre otros temas: - Hernando de Soto será el nuevo primer ministro del Gobierno de José Balcázar. - José Balcázar plagió la tesis de su propio hijo para publicarla como un libro de su autoría. - TC anula condena contra Daniel Urresti por caso Hugo Bustíos y ordena su libertad inmediata. - Asociación de familiares de víctimas y heridos de las protestas sociales del 2022 y 2023 piden no votar por partidos que integran “el pacto mafioso”. - Exclusiva: Los representantes de partidos que ingresaron a Palacio.

Nicolás Lúcar, periodista de Exitosa, indicó que la designación de Hernando de Soto como premier de José Balcázar podría darle tranquilidad a nuestro país durante el proceso electoral. Noticias del Perú y actualidad, política.

Yarissa Matos-Soto, Founder of The Curioux, speaks with Humanitarian AI Today producer, Brent Phillips about the critical need to effectively assess artificial intelligence for outcomes and risks within the humanitarian sector. Drawing from her background as a biochemist, data specialist and startup founder, Yarissa explains how her organization, The Curioux, provides advisory services to help for-profit organizations structure their data strategy and pipelines to make data more actionable. Beyond her corporate work, she discusses her passion for environmental science, specifically her efforts to create open-source intelligence for biodiversity that aggregates hyper-local data. She also highlights her leadership role with the Association for Latin American Professionals (ALFA), where she works to formalize the local economy in Puerto Rico through networking and AI training initiatives. The conversation explores the practical realities of deploying technology in challenging environments, emphasizing the "hidden costs" of connectivity in places like Puerto Rico and Ukraine. Yarissa shares insights on how local professionals navigate rolling blackouts and infrastructure hurdles to maintain digital livelihoods. Looking toward the future, she envisions AI becoming an invisible operating layer in daily life and encourages humanitarian workers to view AI as a tool for augmentation rather than a threat, urging them to find use cases that make practical sense for their missions.

In this episode of Empowered With Gina, Gina Zapanta sits down with Los Angeles City Attorney Heidi Feldstein Soto for a candid conversation about resilience, leadership, and public service.Heidi shares how a career setback early in her professional journey ultimately redirected her toward greater purpose. From growing up in Puerto Rico in an interfaith household to becoming the first Latina elected as LA City Attorney, her story is rooted in persistence, integrity, and an unwavering commitment to justice.The conversation explores what it truly means to be a civil servant, why traditional “work-life balance” is often a myth for women in leadership, and how coalition-building helped her office rescue more than 250 minors from sex trafficking in Los Angeles. Heidi also speaks on character, accountability, and why kindness and credibility will outlast any title.This episode is a masterclass in conviction, collaboration, and choosing impact over comfort.Topics include:• Overcoming professional setbacks• Women in leadership• Public service and civil responsibility• Combating sex trafficking in Los Angeles• Leadership under pressure• Character, resilience, and legacySubscribe for more empowering conversations that challenge you to lead boldly and live life by design.

Master Sergeant (Ret.) Hector Soto joins Gulf War Side Effects to share an incredible journey — from joining the Army at just 17 years old to serving as an 82nd Airborne Combat Medic during Desert Shield and Desert Storm, and ultimately completing 35 years of military service.Hector and Wade first met in Combat Medic School at Fort Sam Houston in 1990, and this episode brings listeners inside the real experience of preparing for war, deploying to Saudi Arabia, and operating on the front lines as a young medic during one of America's most defining conflicts.Gulf War Illness Study : https://ucsd.co1.qualtrics.com/jfe/form/SV_8kroz7Jamr365hQGet access to past and bonus content with exclusive guest. Please help support the podcast and veterans so we can keep making the show - patreon.com/GulfWarSideEffects▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬Life Wave Patches: https://lifewave.com/kevinsimon/store/products*Here is my recommendations on what patches to get and what has helped me.Ice Wave - this helps with my neuropathy.x39 - this helps me with brain fog and my shakesx49 - helps with bone strengthGludifion - helps get rid of toxinsMerch: https://gulfwar-side-effects.myspreadshop.com/Contact me with your questions, comments, or concerns at kevinsimon@gulfwarsideeffects.com

Rugby Club Luxembourg hosts Oxbridge this weekend in Stade Josy Barthel. This weekend on The Lisa Burke Show, rugby takes centre stage as Rugby Club Luxembourg (RCL) prepares to welcome a combined Oxford-Cambridge “Oxbridge” team to Stade Josy Barthel for what is believed to be their first ever visit to the Grand Duchy. Seniors player and schools rugby coordinator Matthew Dennis Soto explains that the fixture offers a perfect mid‑season test for RCL, while also reconnecting him with university teammates from his PGCE days at Oxford, in a match he jokes might even mark a “secret retirement” at 80 minutes. The game also plugs Luxembourg directly into one of the sport's oldest traditions: the varsity rugby culture that has produced generations of international players since the first iconic Oxbridge match in 1872. On the show, Matthew tells us how the Oxford and Cambridge system has historically functioned as an informal England trial, with selectors once taking 15 to 20 players from a single varsity match into national squads. Today, professional academies have taken over much of that role, but the commitment remains close to professional standards: double daily training sessions, gym and pitch work, video analysis and eight hours of study woven through the day. That intensity, he argues, leaves graduates ready for both professional rugby and demanding careers beyond sport, thanks to a culture where “buy‑in” is non‑negotiable and no one can simply skip training because they are tired. RCL's aim is to build that ethos, with more Luxembourgish now spoken at training than English or French, and a growing number of locally raised players feeding into the national team. Rugby Club Luxembourg: 500 members, 54 nationalities, one “tribe” Vice President Tony Whiteman sketches the remarkable growth of RCL, founded in 1973 and now boasting around 500 active members encompassing players, referees and coaches, making it one of Luxembourg's largest sporting organisations. The club currently represents 54 nationalities and competes in Germany's First Division, a notable achievement for a country of Luxembourg's size and a testament to decades of volunteer‑driven development. Tony's own story mirrors that journey: arriving from New Zealand “for 18 months” to play rugby, finding community in the legendary Irish pub The Black Stuff, and staying to build a life, a family and a career, helped along by a network of club members who even opened professional doors in finance. And he has done the same for so many more. Belonging, discipline and life skills on and off the pitch A recurring theme of the discussion is rugby's unique capacity to create belonging across ages, body types and backgrounds. Nathan Sneyd, now a familiar voice from “Let's Talk Sport” and a long‑standing squash coach in Luxembourg, describes rugby as a “jigsaw of athletes”, where fast and slow, tall and short, heavy and light all fit together in different positions toward a shared objective. That sense of purpose and identity, symbolised by a simple shirt colour, translates into powerful benefits for mental health and social integration, especially for newcomers who might otherwise dismiss Luxembourg as “quiet” if they never join a club or community. Tony highlights rugby's thread of decency: respect for referees, listening to coaches, learning discipline from adults outside the family, as a life school that employers value, noting that his own first job in Luxembourg came precisely because a manager trusted the work ethic of sportspeople. Women's rugby and infrastructure: the next frontier Looking ahead, the guests agree that women's rugby represents one of the biggest growth opportunities, both globally and at RCL. The club has established a women's section with regular training, and women's rugby is cited as one of the fastest‑growing areas of the sport, yet limited pitch space in Luxembourg City is now a hard constraint on how far that momentum can go. As Director of Rugby Antoine Alric (who could not join the recording) works across elite competition, 350‑plus youth players and an expanding women's programme, the club is lobbying for at least half a pitch more in the short term and, eventually, a second ground to match demand. For listeners inspired to get involved, Nathan underlines how approachable Luxembourg's sporting community is: from elite racer Dylan Pereira inviting Instagram messages from aspiring drivers to RCL's own open‑door culture, often the first step is as simple as showing up or sending a message, and letting the game, and the community around it, do the rest. https://rcl.lu/

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

El podcast perennial de la (re)generación del trigger. Tertulia cultural y sociológica acerca de lo divino y de lo humano de la mano de Popy Blasco. Esta semana charlando animadamente acerca de San Valentín, nuestras parejas favoritas de la historia, romcoms y películas de amor, Grace Jones con Villarejo, escuchando a Juan López Soto y Jaime Hortelano y maravillas mil. Emitiendo desde la potentísima señal de Subterfuge Radio. Hosted on Acast. See acast.com/privacy for more information.

Mets owner Steve Cohen spoke to reporters on Monday, leaving the guys with another good impression. Meanwhile, Francisco Lindor could miss Opening Day with a hamate bone injury, and Juan Soto is moving to left field? Despite it all, the Mets' Spring Training vibes are great. Chris and Jack break down all the latest Mets news on this episode of Bleav in Mets. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Rita Maestre, de Más Madrid, dedica un video a criticar a Jesús Huerta de Soto… pero no le sale muy bien. Hosted on Acast. See acast.com/privacy for more information.

Welcome back for Part 2 of my catch up with my friend Linette Ramos de Soto . We really got rolling in this second half. Linette learns how weird I am and asks the questions that most Christ-followers have, but never ask.  It's a good time and February 17th starts the Chinese New Year of the Fire Horse (moving out of the Snake)(Fun "Amy" fact: My first business name idea was "Serpentine Images")... So we're celebrating another New Year here with Part 2. Also, it's the start of Ramadan and the last day before Lent. Lot's of celebration and reflection for many. Perfect atmosphere to meet up with Linette and really get into 2026. Linette is a multifaceted talent. On top of being a book author, she's written some songs and I'd like to direct you all to her albums:  Spotify: Here Apple Music: Here Linette's business: Breads and Threads: Here Buy Linette's book: Here Ramblings of a Chicken Lady This is a 3 part podcast, so come back next week for more catch up with Linette and this show. God bless you all! ****If you liked The Apprenticeship Diaries (T.A.D.), please follow us, rate, and review us! Also, get our webpage to climb on the search engine by visiting it HERE. If you would like to donate to the show, we greatly appreciate the support. Click here to throw us a little love.

Steve Cohen shut the door on the idea of a New York Mets captain, but comments from Francisco Lindor and Juan Soto about last year's clubhouse raise even bigger questions. Is there truly no need for a captain… or is it exactly what this team lacks? Lindor insists the clubhouse was united and focused on winning, while Soto's blunt remarks about “drama” suggest something very different may have been happening behind the scenes. From chemistry questions to roster turnover to lingering rumors about tension, the conversation dives into what really went wrong and whether it actually mattered on the field. Was the Mets' disappointing season about pitching and performance… or something deeper inside the room?

Conversation with Gemini You said podcast title and description for this segment: 00;00;00;00 - 00;00;07;02 Unknown Steve Cohen made it very clear there will never be a captain of the New York Mets as long as he owns the team. 00;00;07;05 - 00;00;32;13 Unknown And I said, hold that thought, because at 11:00, I want you to hear from both Lindor and Soto and maybe, maybe, maybe not. That comment from Cohen will make more sense, right? Because I listen to everything Lindor and Soto said over the weekend. And they sound very different. They are painting very, very different pictures right. So before I provide any more comment, let's hear from these guys. 00;00;32;19 - 00;00;56;08 Unknown Let's start with Francisco Lindor, who was asked a very simple question. Hey, what's up with the locker room? Francisco? There's been questions this offseason about chemistry on the on the team and in the clubhouse. Can you address that as far as guys getting along and and pulling for each other? Yeah I mean we've always proved for each other, we always wanted what's best for each other. 00;00;56;10 - 00;01;15;23 Unknown We all best friends that that's not how it works in the clubhouse. But we are friends. We're good teammates. We, care for each other. We love for each other. We love each other. And we want the best for each other, you know? And we have a lot of new faces here that, guys seemed like they're going to work hard and they're going to do whatever it takes to win. 00;01;15;24 - 00;01;33;18 Unknown You know, to me, that's what it comes down to is all about winning. And everybody pulling in the same direction. So he gives us the typical not all best friends, but we're friends. Yeah. Oh good. What's his by the way any clubhouse or locker room. Yeah. You don't have to be best friends with everybody. But just you have to be able to get along and work together. 00;01;33;18 - 00;01;53;08 Unknown And he makes clear that they did. Right. And so that there really doesn't appear to be any issues, according to Lindor about last year's locker room. Now, let's hear from one Soto first. Hey, one, what's your relationship like with Francisco Lindor? Because we heard so much about, hey, maybe those two don't get along. One how would you describe your relationship with Francisco Lindor? 00;01;53;10 - 00;02;16;06 Unknown I think it's a great relationship. We talk all the time in the game and everything. We help each other very quick answer, but to the point and like, yeah, it's all great. So so far everything is good, right? This is where things get a little murky. Soto is now asked about the locker room. Carlos, when those ads describe the clubhouse last year is maybe getting a little bit too corporate at times. 00;02;16;08 - 00;02;39;24 Unknown What was your perception of it? As in the past, we forget about it. We focus in 2026, focusing on 2026. How could you maybe prevent that from happening this time around? Have fun. Forget about all the drama and everything. Focus on the game and wins on ball games. Whoa. I mean, when you said forget about all the drama, right? 00;02;39;26 - 00;02;59;23 Unknown Isn't he confirming talking about. He's confirming that was drama. Well, he's but not necessarily will endure. No, I think I agree with you. I think that's what people wanted and immediately think about. But I think it was other drama, in fact, not even drama with him. I think it was drama that he was witnessing. Yeah, I think it has nothing to do with Lindor, honestly, because think about this. 00;02;59;23 - 00;03;17;03 Unknown Juan Soto gave you in those three answers, like pretty straightforwardness. There he is, though. Yeah, he's no beat around the bush. He's not going to fluff it up. He's going to tell you exactly what he thinks. So there were issues. I'm not going to talk about the drama that's in the past and let's just win games. Yet. When asked about Lindor, oh, it's all good. 00;03;17;05 - 00;0 ...

John Harbaugh joins the Giants reporting directly to ownership, seemingly placing Joe Schoen under him. Harbaugh also discussed Rex Ryan for DC. Gio tests a joke before C-Lo's update. Juan Soto talks Bo Bichette, Devin Williams avoids Diaz comparisons, and a baseball work stoppage looms. Bryce Harper critiques the Phillies GM, and Kansas State fires Jerome Tang for his press conference outburst.

Obama says “aliens are real” on a podcast, walks it back on Instagram, and Jerry wants no part of them. C-Lo returns with Reggie Miller talking 90s Bulls with Obama, Harbaugh and Biden sound alike, and Juan Soto moves past the drama. Finally, a look at Pebble Beach and the auction of Tom Seaver's 1969 ring and Hall of Fame plaque.

C-Lo's back with a tiny bit more from All-Star Weekend, and Juan Soto's views on Bo Bichette & moving to left field. Also, Devin Williams won't compare himself to Diaz. We talk about the likely MLB work stoppage next year. Bryce Harper criticized the Phillies GM for blabbing too much.

Soto and Lindor reflect on 2025 and like what they see heading into 2026. Put the dunk contest out to pasture. Hour 4.

.Soto and Lindor reflect on 2025 and like what they see heading into 2026

The New York Mets stay busy reshaping the roster, and we're breaking it all down in this episode.We start with the arrivals of MJ Melendez and Bryan Hudson, what each brings to the table, and how they fit into the Mets' evolving depth chart heading into 2026. Then we dive into the big storyline: Francisco Lindor's surgery, the recovery timeline, and what it means for the infield and early-season expectations.Plus, the latest buzz around Juan Soto — new reports, defensive positioning, and a potential shift to left field that could have ripple effects across the entire outfield alignment and DH mix.To wrap things up, we continue our positional rankings series with our Top 10 entering 2026 at LF, CF, RF, and DH, highlighting breakout candidates, elite bats, and where the Mets stack up against the rest of the league.Roster moves, timelines, projections, and plenty of debate — let's get into it.FOLLOW on Instagram, YouTube & X: @cupofmetsSUBSCRIBE on Spotify, Apple or wherever you get your favorite podcasts!DOWNLOAD The SeatGeek App! Use Code: "CUPOFMETS" at First Purchase to get $20.00 off!

Julie Nelson has been practicing Zen Buddhism for more than 20 years. Along the way, she was deemed accomplished enough and dedicated enough to become a teacher in the Soto tradition. Hence her other name, Seido Sensei. She has contributed articles to Tricycle magazine, writes on her own blog, and she's the author of a book titled Practicing Safe Zen: Navigating the Pitfalls on the Road to Liberation. She is also an emeritus professor of economics from the University of Massachusetts, Boston, has two kids and two grandkids, and lives in New Hampshire. In Julie's own words: “her spiritual home is the Greater Boston Zen Community, a group that experienced three waves of teacher abuses of power. She is deeply saddened when people, either in addition to or instead of realizing benefits from their work with a spiritual teacher, suffer great harm.” The central focus of this conversation is the vital importance ethical behavior among spiritual teachers, institutional accountability, and the protection of vulnerable students. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff is joined by Jason Fry ("Faith & Fear in Flushing") to discuss Lindor's injury, Soto's move, and more. Plus, there's another edition of "What Can the Mets Do For You?" and we have a surprise appearance from "Yoda". Join us! #Mets #LGM

Marc Ciria: "Con Soto Grado, Fran Soto en el CTA y Louzán en la RFEF, tenemos el pack perfecto para que el Barça no gane nada"

Francisco Lindor is heading for hand surgery, and the Evan and Tiki crew debate if the star shortstop can be ready for Opening Day. Plus, Craig Carton and Chris McMonigle wonder how long it will take Lindor to get his power stroke back, and more reactions to Juan Soto moving to left field.

Francisco Lindor is heading for hand surgery, and the Evan and Tiki crew debate if the star shortstop can be ready for Opening Day. Plus, Craig Carton and Chris McMonigle wonder how long it will take Lindor to get his power stroke back, and more reactions to Juan Soto moving to left field.

Francisco Lindor is heading for hand surgery, and the Evan and Tiki crew debate if the star shortstop can be ready for Opening Day. Plus, Craig Carton and Chris McMonigle wonder how long it will take Lindor to get his power stroke back, and more reactions to Juan Soto moving to left field.

Hour 3: Brian Cashman is way too comfortable. Lindor's injury and Soto's move to left are nothing to worry about.

With Francisco Lindor's hamate bone injury looming, the show pivots to the sudden wave of baseball injury news around the league, including Corbin Carroll and Jackson Holliday also dealing with hamate issues. The guys explain why this injury can be deceptively tricky, why power can take longer to return even after the “six week” timeline, and why Yankee fans are bracing for the next bad spring training update when Boone and Cashman meet the media. They also revisit the original “three big stories” debate, weigh Soto's move to left field against Lindor's injury as the most important headline, and take early calls from fans on what the Mets should do if Lindor is not ready. Then the conversation swings back to the Knicks, breaking down the overtime loss to Indiana, Karl-Anthony Towns disappearing, Brunson forcing it late, and the accusation that Rick Carlisle coached like he was trying to lose.

Three major stories broke after the show ended, but the conversation quickly zeroes in on the most polarizing one. Evan and Tiki debate Juan Soto's move from right field to left field, why it actually makes sense at Citi Field, and why the timing and explanation from the Mets still feels strange. The discussion digs into Soto's defensive history, his split time between left and right field throughout his career, and whether the World Baseball Classic played a bigger role than the team wants to admit. Plus, questions about roster construction, fan reaction, and why this move was obvious to some long before it became official, even if it still feels awkward the way it rolled out.

The show opens with three major stories that broke after the show ended the night before. The Knicks suffer a brutal overtime loss to an undermanned Pacers team, Francisco Lindor's hamate bone injury raises concerns about Opening Day and lingering power issues, and the Mets announce a surprising positional shift for Juan Soto from right field to left field on the eve of spring training. Evan and Tiki debate which storyline actually matters most, why the Soto move makes sense on the field but feels strange in timing and messaging, and how the World Baseball Classic factors into both conversations. Plus, fan calls, injury comparisons around baseball, and why Lindor's situation could linger far longer than the Knicks loss or Soto's defensive switch.

The Mets move Soto, Lindor is getting surgery, the Yankees report, and much more.

Jerry starts with the Knicks losing to the 14-40 Pacers. Mike Brown gave Indiana credit after the game. David Stearns met the media to say Francisco Lindor may need hand surgery and Soto will move to left field. Klint Kubiak met the media in Vegas and was asked about Fernando Mendoza. The bronze winner in the Olympic biathlon gave an interview where he admitted to cheating on his girlfriend.

Jerry has more from David Stearns regarding Lindor's hand injury. He was asked if Bo Bichette would play SS if Lindor's not ready. Klint Kubiak met the media but Gio wanted more Marc Davis. Mike Vrabel talked about the message he had for the team before they went their separate ways.

On Night 22 of 40 Days & 40 Nights, EJ will discuss the Mets sending Francisco Lindor to a hand specialist after finding a stress reaction, Juan Soto moving to left field, and Klint Kubiak's introduction with the Las Vegas Raiders, J. Cole's future in music, Bron Breakker's injury and Ricochet's comments on WWE! Watch "40 Days & 40 Nights" hosted by EJ Stewart LIVE every Weekday at 8am & 6pm Eastern on YouTube, X and Instagram!

David Stearns seemed like he was having a normal press conference to open up Spring Training. Before you knew it, Francisco Lindor may need surgery and Juan Soto is now playing Left Field! What???? The Rewatch Episode is returning. This year we will have two rewatches. The first will take us all the way back to 1986, Game 6 of the World Series. To rewatch follow the link • https://www.youtube.com/watch?v=B0jV_kNs2p0 The 2nd rewatch is the day baseball came back to New York after 9/11. The Mike Piazza home run game. • https://www.youtube.com/watch?v=VVEHuRnJbSU Please like, rate, follow, favorite or subscribe to Rico Brogna here: ⁠⁠https://link.chtbl.com/RicoBrogna⁠⁠ Email TheRicoB@gmail.com To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Samantha Croston and Ashley Wenskoski are BACK to discuss the ins and outs of Mets Spring Training! Francisco Lindor is HURT and may need surgery on his hammate bone. PLUS, David Stearns announced on Tuesday that Juan Soto is moving back to left field....and the usual Spring Training bits and pieces; Luke Weaver shows up carrying a Yankees bag, Hayden Senger has quit his job at Whole Foods...the whole nine yards. Join us! 00:00-7:52: Francisco Lindor is HURT, may need surgery. Will he be ready for Opening Day? 7:53-15:21: Juan Soto is moving BACK to left field 15:22-25:11: The last 5% (but today it's more like the last 40%). Valentines Day, Luke Weaver's duffel bag, and Hayden Senger's Whole Foods job #mlb #mlbb #mlbfreeagency #mets #mlbbaseball #baseball #newyork #newyorkmets #mlbbcreatorcamp #podcast #hotstove #lgm #lfgm #metsbaseball #lindor #wbc #worldbaseballclassic #springtraining #mlbspringtraining #juansoto #losangeles #losangelesdodgers #dodgers #dodgersbaseball LIKE, COMMENT, SUBSCRIBE, LISTEN ON ALL PLATFORMS: https://www.flowcode.com/page/whymetspod Learn more about your ad choices. Visit megaphone.fm/adchoices

The first Latina elected to a Citywide office in Los Angeles HISTORY, Hydee Feldstein Soto is the 43rd City Attorney for the City of Los Angeles. Her inspirational story as a Jewish Puerto Rican is symbolic of the opportunity in world's melting pot of L.A. Her no-nonsense approach is a breath of fresh air in a world of bureaucracy, and her track record of fighting corruption and human trafficking shows that her intelligence, leadership can lead to real progress.

The first Latina elected to a Citywide office in Los Angeles HISTORY, Hydee Feldstein Soto is the 43rd City Attorney for the City of Los Angeles. Her inspirational story as a Jewish Puerto Rican is symbolic of the opportunity in world's melting pot of L.A. Her no-nonsense approach is a breath of fresh air in a world of bureaucracy, and her track record of fighting corruption and human trafficking shows that her intelligence, leadership can lead to real progress.