BG2Pod with Brad Gerstner and Bill Gurley

In this BG2 guest interview, Altimeter Partner Apoorv Agrawal sits down with Nick Turley of OpenAI for a deep dive into how ChatGPT became one of the fastest-growing products in history—and what comes next.They discuss how OpenAI thinks about retention and product metrics, why long-term engagement matters more than raw growth, and how ChatGPT gets the next billion users. The conversation explores the future of AI assistants: moving beyond chat into proactive agents that can take actions, complete long-horizon tasks, and integrate deeply into users’ daily lives.Nick also shares how OpenAI balances product improvements with breakthrough research, how GPU constraints shape product decisions, and why building for both power users and everyday consumers is essential to discovering new use cases. The episode covers the evolution of ChatGPT pricing, the role of partnerships and distribution, and how OpenAI is thinking about scaling access to AI globally.A must-watch discussion for builders, operators, and investors trying to understand the next phase of AI—from chatbots to true “super assistants.” Timestamps: (00:00) Intro (01:00) Nick Turley’s Journey to OpenAI (02:15) ChatGPT’s North Star: Long-Term Retention (04:15) Why ChatGPT’s Retention Curve “Smiles” (06:45) What Drove ChatGPT’s Consumer Breakout (10:15) How OpenAI Gets the Next Billion Users (14:15) When ChatGPT Starts Taking Actions (18:15) Why Coding Agents Came First (21:00) Beyond Chatbots: The Super Assistant Vision (24:00) Power Users vs. Casual Users (28:00) Why ChatGPT Pricing Has to Change (33:45) Partnerships, Distribution, and Product Tradeoffs (37:15) GPUs, Scarcity, and the Cost of Scaling AI (41:30) Shopping, ChatGPT as a Thought Partner, and Code Red (51:45) OpenAI’s Future Interface, Rapid Fire, AI Jobs, and Nick’s AGI Moments Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, ⁠www.bg2pod.com⁠ Follow: Apoorv Agrawal @apoorv03 https://x.com/apoorv03 BG2 Pod @bg2pod ⁠https://x.com/BG2Pod

In this BG2 guest interview, Altimeter partner Apoorv Agrawal sits down with Ali Ghodsi (Databricks) and Arvind Jain (Glean) for a candid, operator-level discussion on what’s actually working in enterprise AI—and what isn’t. They unpack why 95% of AI projects fail, why LLMs are rapidly commoditizing, and why durable advantage is shifting to proprietary data, agentic systems, and workflow integration. The conversation dives deep into real-world use cases across finance, healthcare, and retail; the debate over whether we already have AGI; and how AI spend, CapEx, and valuation bubbles will realistically play out. A must-watch for builder, and investors navigating the AI transition inside real organizations. Timestamps: (00:00) Intro (01:00) Consumer AI vs. Enterprise Reality (02:15) Why 95% of AI Projects Fail (04:15) RBC, Merck, and 7-Eleven Use Cases (06:45) What Actually Makes AI Work (07:00) LLMs Are Commodities—Data Is the Moat (08:45) Failed AI Bets at Databricks & Glean (11:00) RPA vs. Generative AI (14:15) Advice for CIOs Planning AI Budgets (16:00) AI CapEx and the Revenue Math (18:00) The Three Camps of AI (21:00) Making AI Useful Inside Enterprises (24:30) Why Apps Capture the Value (30:00) The Future of UI, Voice, and Data Entry (37:30) Rapid Fire: Winners, Bubbles, Long/Short Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Apoorv Agrawal @apoorv03 https://x.com/apoorv03BG2 Pod @bg2pod https://x.com/BG2Pod

Brad Gerstner sits down with Satya Nadella (Microsoft) and Sam Altman (OpenAI) to unpack the $3 trillion AI buildout transforming technology, business, and the global economy. They dive deep into the OpenAI–Microsoft partnership, how it unlocked massive scale in the cloud, and what it reveals about the future of intelligence and capital.Nadella breaks down how Microsoft is expanding Azure and Copilot to meet explosive demand. Altman shares his view on progress, power, and the human drive to push boundaries. A candid, energizing conversation about building the future at scale. Enjoy another episode of BG2! (00:00) Intro(02:28) Microsoft’s Investment in OpenAI(03:19) The Nonprofit Structure and Its Impact(05:46) Health, AI Security, and Resilience(07:50) Models, Exclusivity, and Distribution(08:58) Revenue Sharing and AGI Milestones(11:38) OpenAI’s Growth and Compute Commitments(15:21) Compute Constraints and Scaling(21:27) The Future of AI Devices and Consumer Use(24:31) Regulation and the Patchwork Problem(28:01) Looking Ahead to 2026 and Beyond(37:10) Microsoft’s Strategic Value from OpenAI(57:15) The Economics of AI and SaaS(1:04:28) Productivity, Jobs, and the Age of AI(1:10:43) Reindustrialization of America Produced by Dan ShevchukMusic by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow:Brad Gerstner @altcap https://x.com/altcap BG2 Pod @bg2pod https://x.com/BG2Pod

Pre-Order Runnin' Down a Dream now: https://a.co/d/0oIPPve Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they unpack the $3T AI buildout, circular revenue red flags, and whether the boom is becoming a bubble. They dive into the rise of stablecoins and the new financial rails reshaping money, the fight over AI regulation in America, and Bill’s next chapter—his new book Runnin' Down a Dream and what it means to build a career you actually love. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:00) Two Years of BG2 (03:45) Bill Stepping Back to Write His Book (06:00) Runnin' Down a Dream (07:00) The AI CapEx Bubble? (09:30) Sham vs. Real Transactions in AI (11:00) Microsoft–OpenAI Credits & Cloud Economics (13:00) Nvidia’s Investments: Healthy or Hype? (17:00) CoreWeave, Hidden Leverage & Demand Risks (19:15) $3 Trillion CapEx: Are We Overbuilding AI? (21:45) The MAG5 CapEx Surge: Too Much, Too Fast? (24:30) Meta’s CapEx Comeback & AI ROI (25:30) OpenAI’s Race for Escape Velocity (28:30) AI Regulation: State Patchwork Madness (30:30) Why Federal Preemption Is Critical (33:15) The Colorado & California AI Acts (35:00) Stablecoin Surge: $18T in Settlements (36:45) Gurley’s Crypto Conversion (38:30) From PIX to FedNow: The Future of Digital Money (41:00) Coinbase, Circle, and the 4% Yield Revolution (43:00) Why Visa & Banks Fear Stablecoins (45:00) Gurley: “I’m Jumping on the Crypto Train” (46:00) Brad on Invest America (Trump Accounts) (49:00) Implementation Timeline & Treasury Update (50:30) Bill’s Book: Runnin' Down a Dream (53:15) The Great Career Reset: Passion vs. Grind (55:00) Bezos’ Regret Minimization Framework (57:00) Who the Book Is For (59:00) Gurley’s Next Mission Show Notes: All-In Summit: Bill Gurley presents 2,851 Miles: https://www.youtube.com/watch?v=F9cO3-MLHOM Plain English: This Is How the AI Bubble Could Burst: https://podcasts.apple.com/us/podcast/this-is-how-the-ai-bubble-could-burst/id1594471023?i=1000728026459 Bezos’ Regret Minimization Framework: https://www.youtube.com/watch?v=jwG_qR6XmDQ Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, Brad and Clark Tang sit down with Jensen Huang, founder & CEO of NVIDIA, for a sweeping deep dive on the new era of AI. From the $100B partnership with OpenAI to the rise of AI factories, sovereign AI, and protecting the American Dream—this episode explores how accelerated computing is reshaping the global economy. NVIDIA, OpenAI, hyperscalers, and global infrastructure: the AI race is on. Don’t miss this must-listen BG2. (00:00) Intro (0:37) The Year in AI Recap (3:24) OpenAI Stargate & Nvidia Investment (8:41) Nvidia Accelerated Compute TAM (18:55) $NVDA ROI – Glut or Bubble? (27:45) Roundtripping Claims (31:10) Annual Release Cadence & Extreme Co-design (40:45) Future of ASICs & Economics (53:47) Nvidia's Competitive Moat (56:55) Elon, X.ai & Colossus 2 (58:47) Sovereign AI & Global Buildout (1:02:21) The AI Administration (1:07:43) Chinese AI Chips & NVIDIA’s Role (1:17:24) H-1B, Talent, & the American Dream (1:29:33) Invest America & American Right to Rise (1:37:40) The Future Ahead Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, guest host Altimeter’s Apoorv Agrawal explores how OpenAI is reshaping enterprise with Sherwin Wu, Head of Engineering OpenAI Platform, and Olivier Godement, Head of Product OpenAI Platform. From T-Mobile’s AI voice support to Amgen’s drug breakthroughs to Los Alamos’ air-gapped supercomputer—this episode dives into the real world of AI at scale. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:50) OpenAI’s Enterprise Mission: Beyond ChatGPT (06:00) Case Study: T-Mobile > Voice & Support  (11:30) Case Study: Amgen > Accelerating Drug Development (13:45) Case Study: Los Alamos National Lab  (17:00) Why 95% of AI Deployments Fail? (20:30) Physical vs Digital Autonomy: Scaffolding & Infrastructure (26:00) GPT-5: Release, Benchmarks vs Behavior (30:00) GPT-5 Feedback: Instruction Following, Hallucinations, Code Quality (33:00) Multimodality: Text, Voice, and Video (35:30) Audio: Realtime API vs Stitched Audio (38:00) Model Customization & Reinforcement Fine-Tuning (RFT) (43:00) Rapid Fire: Long/Short Picks  (1:03:00) Highlights and Lowlights @ OpenAI Show Notes: T-Mobile Partnership: https://www.t-mobile.com/news/business/t-mobile-launches-intentcx-with-openai Amgen Partnership: https://openai.com/index/gpt-5-amgen/ Los Alamos Partnership: https://www.lanl.gov/media/news/0130-open-ai MIT AI Report: https://mlq.ai/media/quarterly_decks/v0.1_State_of_AI_in_Business_2025_Report.pdf Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod Apoorv Agrawal @apoorv03 https://x.com/apoorv03 Sherwin Wu @sherwinwu https://x.com/sherwinwuOlivier Godement @oliviergodement  https://x.com/oliviergodement

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they dive deep into China’s explosive innovation across AI and EVs, the rise of open-source models, lessons for U.S. competitiveness, the real story on tariffs and trade—and what America must do to win the global tech race. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:20) OpenAI, Anthropic, Private Market Overheating (03:30) China's Role in the Global Tech Order (04:50) Why Bill Went to China (06:40) Dan Wang's Breakneck: Engineers vs Lawyers (10:30) Xiaomi, BYD, and Auto Innovation (14:00) Factory Productivity, Automation, and the Jobs Debate (15:20) Open Source Model Culture in China (19:30) Can the US Compete Without Reform? (23:30) Tariffs, Trade Deals, and a Path to Cooperation (28:00) Waymo, Baidu, and Cost Innovation (33:00) Is China Winning Global Trade? (36:30) Debunking the Subsidy Narrative (38:30) What the CEOs Who Visit China Actually Say (41:30) China's AI Ecosystem: DeepSeek, Qwen, Alibaba Cloud (44:00) Open Source in China and the US: Strategic Choices (48:00) VC Pullback from China & What's Still Happening on the Ground (53:00) China's New K-Visa vs US Skilled Immigration Policies (56:30) Gurley: Read Dan Wang’s Breakneck, Watch the Ground Game (01:03:00) VC Pullback from China Show Notes: Open Source Development in China https://merics.org/sites/default/files/2021-05/MERICS%20Primer%20Open%20Source%202021_0.pdf Lei Jun 2024 Annual Speech: https://www.youtube.com/live/l5f3wvLwLXY Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss open-source models in China and the US, the compute arms race, tariffs and the reordering of global trade, and more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (3:55) Open-Source Models in China (17:54) Future of American Open-Source Models (26:30) Compute Arms Race (47:05) China, Tariffs, and Reordering of Global Trade Show Notes: Artificial Analysis - Intelligence vs. Price Mary Meeker Bond Deck Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they welcome Michael Dell  to discuss the Invest America Act, lessons learned from the 90’s, government spending, budget deficit, the AI talent war, AI's Role in Economic Growth and Productivity, the explosion in AI compute and demand, the markets, and more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (4:13) Lessons from the 90’s at Dell (8:37) Invest America Act Signed Into Law (27:12) Government Spending and Budget Deficit (36:05) The AI Talent War  (46:25) AI's Role in Economic Growth and Productivity (53:42) AI Compute–Explosion in Demand (1:03:53) Market Check Show Notes: Invest America Next Gen Personal Finance Play Nice But Win: A CEO's Journey from Founder to Leader Milken Institute: The Economic Impact of Invest America Accounts Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod Michael Dell @MichaelDell

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, recording from the Coatue East Meets West stage, they welcome OpenAI CPO Kevin Weil to discuss all things OpenAI. Enjoy another episode of BG2! Show Notes: Coatue EMW 2025 Slides Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley Kevin Weil @kevinweilBG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they welcome Coatue’s Thomas and Philippe Laffont to discuss the AI Super cycle, Stablecoin and crypto, consumer AI, NVIDIA GPU’s, Macroeconomics, publc markets, VC markets, M&A’s, insights for founders and CEO’s, and more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:36) The AI Super Cycle (07:47) Stablecoin & Cryptocurrency (16:19) Consumer AI & Impact on $GOOG (22:54) GPU Allocation v Cloud Revenue Market Share (28:56) AI Impact on Macro + Debt (35:20) Private Markets, IPO’s, M&A’s (45:59) Golden Age of Margin Expansion (51:48) Jevon’s Paradox (53:19) Insights for Founders and CEOs Show Notes: Coatue EMW 2025 Slides Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss the pace of AI and data walls, China’s startups, immigration and talent acquisition, rare earths, chips, China trade deal, corporate governance, Delaware incorporation rights, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (04:24) Pace of AI + Data Walls (11:43) China's 1000 Startup Strategy (26:18) Talent Acquisition and Immigration Policies (36:24) Rare Earths, Chips / China Trade Deal (53:46) Corporate Governance and Delaware Dilemna Show Notes: Reddit v. Anthropic China’s “Thousand Startups Bloom” Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss the overturning of the AI Diffusion Rule, Brad’s trip to the Middle East, Middle East Deals, China Tariffs, Reconciliation Bill, Invest America, Delaware Incorporation Rights, Momentum in Crypto, Open Source AI in China, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:02) AI Diffusion Rule and Middle East Deals (20:31) China Tariff Deal (31:10) Reconciliation Bill (44:06) Invest America inclusion in the bill (49:09) Delaware Incorporation Rights (59:51) Major Momentum in Crypto (01:06:28) Open Source AI in China Show Notes: WSJ - The Tech Industry Is Huge–and Europe’s Share of It Is Very Small Welcome to the China Hawk Industrial Complex China's Baidu to make latest Ernie AI model open-source as competition heats up Lodestar Multipliers in Delaware and Federal Attorney Fee Awards Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they revisit arguments about free trade, and discuss updates on tariff negotiations, export controls, the new AI cold war, NVIDIA H20 chip ban, rare earth ban, DeepSeek, Tesla, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:15) Complex Systems (06:00) Tariff Negotiations & Free Trade (23:19) Export Controls: AI War, H20 & Rare Earth Ban (42:29) New AI Cold War & Zero Sum Game (52:37) $TSLA & Market Check Show Notes: Financial Times - US rare earth champion faces trade war test after tariffs halt China sales CNBC - U.S. chip controls will benefit China’s Nvidia rivals like Huawei: Analysts Project Syndicate - Trump’s $16 Trillion Trade Blind Spot NYTimes - I Just Saw the Future. It Was Not in America (Thomas L. Friedman) Ezra Klein Podcast feat. Thomas Friedman John Mearsheimer and Jeffrey Sachs | All-In Summit 2024 Reuters - China hits back at US tariffs with export controls on key rare earths NYTimes - Nvidia Says U.S. Will Restrict Sales of More of Its A.I. Chips to China Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss market uncertainty, globalism and tariffs, M&A, Wiz and GOOG, NVDA GTC, consumer AI demand, AI unit economics, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:20) Liberation Day & Tariffs (19:18) US Open Source vs China Open Source (34:34) OpenAI Fundraise (52:25) Coreweave IPO & AI Demand (01:04:03) Rumors on TikTok deal Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurleyBG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss market uncertainty, globalism and tariffs, M&A, Wiz and GOOG, NVDA GTC, consumer AI demand, AI unit economics, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:21) Market Uncertainty (07:28) Globalism and Tariff Policies (25:07) $GOOG Acquisition of Wiz + M&A Environment  (40:33) $NVDA Market Position (55:37) Government Regulations & Impact on AI (1:04:45) Consumer AI Demand (1:10:33) AI Unit Economics Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Grok 3, AI memory, voice, and evaluations, China, DOGE, the public market pullback, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:40) Grok 3 (05:55) Grok’s Leverage of X Platform (07:25) AI Consumer Market & SEO (23:04) AI Memory (26:15) AI Voice (29:05) Future AI Assets (33:29) AI Acceleration in China (36:09) Regulatory Challenges (37:46) AI CapEx and Investing Dynamics (48:38) Government Spending + DOGE (1:00:51) Golden State Warriors Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss DeepSeek, globalism vs national interests, Trump tariffs, open source, DOGE, & more. . Enjoy another episode of BG2! Timestamps: (00:00) Intro (03:20) DeepSeek & Open Source (37:03) Trump Tariffs (50:31) DOGE (01:04:19) Tech and Political Uncertainty Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by a surprise guest, and discuss Stargate, executive orders, TikTok, DOGE, Public Valuations & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:21) Stargate (15:07) Dylan Patel and Semianalysis take on Stargate (17:56) Stargate’s Impact on AI Competitive Landscape (29:03) DeepSeek (32:03) Special Guest Rene Haas (CEO of ARM Holdings) (49:46) DeepSeek continued (51:53) Trumps Executive Orders & Regulatory Freeze (54:10) Coordination in AI Legistlation (59:38) US National Debt and Balancing the Budget (1:01:08) TikTok (1:05:48) Tech Check Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley Rene Haas @renehaas237 BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Brad’s public market predictions, AI enthusiasm and fears, interest rates, inflation, DOGE, federal budget analysis, big tech capex, scaling inference, Satya Nadella, Jensen Huang, Elon Musk, AI reasoning models, chain of thought,  & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:58) Frontline Ideas for 2025 (07:02) The Bogeyman (Interest Rates and Inflation) (09:21) Mega Cap Valuations & Expectations (14:02) Big Tech CapEx (16:51) Scaling Inference (20:11) Future of AI (39:50) Role of Power in AI Development (42:58) Interest Rates & Economic Growth (45:11) Federal Spending & DOGE (54:15) Regulatory Landscape for AI (01:01:27) Co-opetition in AI (01:17:06) Reasoning Models & Chain of Thought Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Dylan Patel, Founder & Chief Analyst at SemiAnalysis, to discuss origins of SemiAnalysis, Google's AI workload, NVIDIA's competitive edge, the shift to GPUs in data centers, the challenges of scaling AI pre-training, synthetic data generation, hyperscaler capital expenditures, the paradox of building bigger clusters despite claims that pretraining is obsolete, inference-time compute, NVIDIA's comparison to Cisco, evolving memory technology, chip competition, future predictions, & more. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:50) Dylan Patel Backstory (02:36) SemiAnalysis Backstory (04:18) Google's AI Workload (06:58) NVIDIA's Edge (10:59) NVIDIA's Incremental Differentiation (13:12) Potential Vulnerabilities for NVIDIA (17:18) The Shift to GPUs: What It Means for Data Centers (22:29) AI Pre-training Scaling Challenges (29:43) If Pretraining Is Dead, Why Bigger Clusters? (34:00) Synthetic Data Generation (36:26) Hyperscaler CapEx (38:12) Pre-training and Inference-tIme Reasoning (41:00) Cisco Comparison to NVIDIA (44:11) Inference-time Compute (53:18) The Future of AI Models and Market Dynamics (01:00:58) Evolving Memory Technology (01:06:46) Chip Competition (01:07:18) AMD (01:10:35) Google’s TPU (01:14:51) Amason’s Tranium (01:17:33) Predictions for 2025 and 2026 Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley Dylan Patel @dylan522p BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Satya Nadella, CEO of Microsoft, to discuss becoming Microsoft’s CEO, Advice for CEO’s, Microsoft’s Investment in OpenAI, Legacy Search, Ten Blue Links, Consumer and Enterprise AI, The Future of AI Agents, Infinite Memory, CoPilot, Microsoft’s Capital Expenditure, Open AI’s future, AI safety & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:31) Becoming Microsoft CEO (06:42) Satya’s Memo to CEO Committee (10:42) Satya’s Advantage as a CEO (11:34) Advice for CEOs (15:01) Microsoft’s Investment in OpenAI (19:42) AI Arms Race (23:55) Legacy Search and Consumer AI (28:07) The Future of AI Agents (38:32) Near-Infinite Memory (39:47) Copilot Approach to AI Adoption (50:26) Leveraging AI within Microsoft (56:03) CapX (01:00:20) The Cost of Model Scaling and Inference (01:15:15) Open AI Conversion to Profit (01:18:05) Next Steps for OpenAI (01:19:43) Open vs. Closed and Safe AI Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they get in the Thanksgiving spirit, and discuss China, DOGE, Governor Newsom’s EV Tax Credit, Service Titan IPO, FedNow, Tariffs, Anthropic Open Source, Warren Buffet’s Thanksgiving letter, Conspiracy Theories, Invest America, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:40) Innovation in China & U.S. Competitiveness (05:43) DOGE & Balancing the Budget (10:43) Service Titan IPO & “Compounding Ratchet” (15:36) Gov Newsom Attack on Tesla (18:33) FedNow + Innovations in Payment Systems (23:44) Tariffs as Negotiation Tactics (27:36) Anthropic Open Source AI (30:39) Warren Buffett's Philanthropy (40:06) Invest America Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod https://x.com/BG2Pod #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss AI Scaling Laws, the future of inference, AI memory and actions, National Full Self-Driving Regulations, FSD 13, Robotaxi and Waymo, Department of Government Efficiency (DOGE), & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (02:00) AI Scaling Laws (05:54) Implications of AI Scaling Trends (12:20) The Future of Inference and Data Quality (17:51) AI Memory and Actions (21:47) National Full Self-Driving Regulation (23:14) FSD 13 (29:41) Market Disruption: Winners and Losers in the Auto Industry (31:18) The Future of OEM’s (40:41) Department of Government Efficiency (DOGE) (54:47) Tech Market Check Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they are joined by Jamin Ball (Partner at Altimeter) to discuss the state of venture capital and incentives, implications of overcapitalization, the future of power law returns, AI’s impact on investment strategies, the future of AI and CapEx, the market’s reactions to the 2024 election, the evolution of search and AI integration, Nasa, SpaceX, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (00:52) Bill’s Dad | from Nasa to SpaceX (06:20) State of VC and Incentives w/ Jamin Ball (12:31) Implications of Overcapitalization (25:08) The Future of Power Law Returns (38:28) The Impact of AI on Investment Strategies (46:00) Future of AI and Capital Expenditure (52:21) Market Reactions to 2024 Election (01:00:45) Evolution of Search and AI Integration Produced by Benny Beausoleil Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod Jamin Ball @jaminball⁠ Shownotes  Clouded Judgement Substack #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Sunny Madra (Groq) they discuss Jensen Huang’s recent appearance on the podcast, including scaling intelligence towards AGI, NVIDIA's strategic positioning, the role of CUDA in the developer ecosystem, the future of inference workloads, systems-level thinking,  Elon Musk's influence on AI development, the future of AI assistants, open vs closed AI models, safety and security in AI development, & more. Enjoy another episode of BG2. Chapters (00:00) Introduction and Initial Reactions to Jensen (04:32) NVIDIA's Position in Accelerated Compute (05:11) CUDA and NVIDIA’s Competitive Moat (12:53) Challenges to NVIDIA’s Competitive Advantage (18:22) Future Outlook on Inference (24:46) The Insatiable Demand for AI and Hardware (27:12) Elon Musk' and X.ai (31:47) Scaling AI Models and Clusters (34:17) Economic Models and Funding in AI (39:08) The Future of AI Pricing and Consumption Models (42:25) Memory, Actions, and Intelligent Agents (47:08) The Role of AI in Business Productivity (51:03) Open vs Closed Models in AI Development Produced by Benny Beausoleil Music by Yung Spielberg #jensenhuang #nvidia #bradgerstner #billgurley #clarktang #xai #memphiscluster #elonmusk #noambrown #openai #gptstrawberry

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, Jensen Huang, CEO of NVIDIA, makes a guest appearance. In Bill’s absence, Brad is joined by Clark Tang (Partner at Altimeter) as they discuss with Jensen scaling intelligence towards AGI, the acceleration of machine learning, NVIDIA's competitive advantages, the significance of inference alongside training, future market dynamics in the AI landscape, the impact of AI on various industries, the future of work, inference time reasoning, AI’s potential to enhance productivity, the balance between open source and closed source, Elon’s Memphis Supercluster, X.ai, OpenAI, the safe development of AI, & more. Enjoy another episode of BG2. Chapters (00:00) Introduction (1:50) The Evolution of AGI and Personal Assistants (06:03) NVIDIA's Competitive Moat (15:51 ) The Future of Inference and Training in AI (19:01) Building the AI Infrastructure (31:35) Inventing a New Market in an AI Future (38:40) The Impact of OpenAI (43:25) The Future of AI Models (46.44) X.ai and Memphis Supercluster (51:21) Distributed Computing and Inference Scaling (55:54) Inference Time Reasoning and Its Importance (01:00:46) AI's Role in Growing Business and Improving Productivity (01:08:00) Ensuring Safe AI Development (01:12:31) The Balance of Open Source and Closed Source AI #jensenhuang #nvidia #bradgerstner #billgurley #clarktang #xai #memphiscluster #elonmusk #noambrown #openai #gptstrawberry

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss private sector interest in nuclear energy, AI supply and demand, OpenAI Strawberry o1,inference constraints, the evolution of AI models, the state of VC, zombiecorns, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (00:36) The U.S. Nuclear Renaissance (08:15) AI Fast and Furious (11:19) OpenAI Strawberry o1 (17:15) Inference Constraints (20:18) Open AI Breaking Out (35:00) State of VC (43:52) “Quasi-Public Companies” (48:32) Liquidity / IPOs (58:41) Tech Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they sit down with Maureen Zawalick (Vice President at Diablo Canyon Power Plant) to discuss the importance of nuclear power, the history and future of Diablo Canyon Power Plant, the role of AI in the nuclear industry, the cost differential of nuclear energy in the US and China, Gen 4 reactors, regulation, litigation, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (04:14) Maureen Zawalick | VP at Diablo Canyon (06:13) The Need for Diablo (10:07) The Importance of Nuclear Power (15:50) License Renewal and the Future of Diablo (18:39) Hope for Expanding Nuclear Power (25:22) Nuclear Waste (30:29) Cost Differential: US vs China (38:56) Factors Contributing to Cost Differential (45:07) Implications of China’s Nuclear Leadership (47:42) Nuclear Energy and AI Supremacy (50:58) The Innovation Gap and Gen 4 Reactors (57:27) Overcoming Challenges (01:03:45) A Call for Government Support Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod **** Shownotes: US Navy Nuclear Propulsion Program 2020 ITIF.org - How Innovative Is China in Nuclear Power NYTimes - Nuclear Power Can Save the World Reuters - Constellation talking to Pennsylvania on Three Mile Island restart Julie Dewahl - Nuclear Past Present Future Breakthrough Institute - China’s Impressive Rate of Nuclear Construction Next Big Future - US Nuclear Cost 5-10x More Than China Energy.gov - Newly Signed Bill to Boost Nuclear Advanced Nuclear - Nuclear Commercial Liftoff LA Times - Loan to keep Diablo Canyon nuclear plant open South Korea Builds Nuclear Plants Quickly and Cheaply Nuclear Power in South Korea Westinghouse Electric's Chinese 'Trojan Horse' Friends of the Earth sues DOE over Billion Dollar Award to Diablo Canyon Revitalizing America’s Nuclear Energy Supply Chain Idaho Natl Laboratory - Recommendations to Improve the Nuclear Regulatory Commission Reactor Licensing and Approval Process 5 charts to explain why nuclear power is making a comeback Podcast - The cost of nuclear - Catalyst w/ Shayle Kann RIC 2024 Opening Session - Remarks by NRC Chair Christopher T. Hanson A One-on-One with NRC Chair Christopher Hanson Bill Gates on Bipartisan Support for Nuclear Power Podcast w/ PG&E CEO Patricia Poppe Germany Reacts to Trump's UNGA Speech #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss the Public Market Volatility, AI Air Pocket, $GOOG Ruling, Search GPT & more Enjoy another episode of BG2. Enjoy another episode of BG2. Timestamps: (00:00) Intro (02:27) Public Market Reset  (13:04) Corporate and Individual Tax Cut Expiration (16:40) Indicators of Economic Health (30:40) AI Air Pocket (46:02) Japan Yen Carry Trade (50:34) Navigating Market Volatility  (56:30) $GOOG Ruling & Monopoly Status  (01:05:21) Search GPT and Evolving AI Landscape (1:18:17) The Need for Regulatory Clarity in AI Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss Silicon Valley’s Political 180, META’s Open AI disruption, the importance of a COVID Postmortem and Dr. Jay Bhattacharya, Wiz IPO, FSD 12.5, Crowdstrike, & more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (01:38) The Perceived Political Realignment in Silicon Valley (18:02) Engagement Between Silicon Valley and Washington (27:21) Meta's Open Source Strategy (405b) (47:37) Post-Mortem on the COVID-19 Pandemic (58:37) Wiz IPO and Acquisitions (01:03:37) The Impact of AI on Self-Driving Cars (01:10:33) Lessons from the CrowdStrike Incident (01:16:11) Spotify's Success under Daniel Ek  Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod **** Shownotes Open Source AI Is the Path Forward - Letter by Mark Zuckerberg Misha Laskin on Training Data Podcast Freda Duan tweet on self-driving cars in China Dr. Jay Bhattacharya on Tetragrammaton with Rick Rubin #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they discuss the looming presidential election and its impact on public market tech funds, public market dispersion, AI hype versus reality, Calcium CT scans, and more. Enjoy another episode of BG2. Timestamps: (00:00) Intro (03:50) Public Market Dispersion (Mag 7 + Consumer Stocks) (22:05) AI Costs vs AI Revenue (47:25) Calcium CT Scans Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod Shownotes: AI’s $600B Question by David Cahn Widowmaker Documentary

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week they recap Coatue Conference and discuss Elon’s pay package, Tesla's shareholder vote, ISS controversy, AI market trends, OpenAI IPO, Delaware court case, and more. Enjoy another episode of BG2. Timestamps: (00:00) Overview of Coatue’s East Meets West Conference (5:05) AI and Market Trends (18:17) Insights on Venture Markets and IPOs  (24:15) Challenges and Opportunities in Going Public  (30:05) The Case for OpenAI Going Public (33:03) Challenges and Considerations for IPOs (35:55) SPECIAL GUEST: Coatue Founder Phillipe Laffont (39:27) AI Startups Staying Lean (42:31) AI Agents and the Future of Work (45:28) Tesla's Shareholder Vote and ISS Controversy  (50:57) Delaware's Legal Precedent and Corporate Implications  (58:27) Globalization and Competitive Advantage Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss Pre-IPO market Changes, the reality versus perception of AI's future potential, the state of software, the impact of excess capital in the late-stage market, the importance of capitalism and immigration for the future of the United States, and more. Enjoy another episode of Bg2. Timestamps: (00:00) Intro (02:16) Letter from Brad’s Mom (07:28) The Changing Landscape of the Pre-IPO Market (24:50) AI Hype Cycle (33:19) Is Software Dead? (37:03) The Impact of Excess Capital in the Late-Stage Market (42:18) How AI Spending Affects Investments (54:52) Opportunities for Investments in the Public Markets Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap Bill Gurley @bgurley BG2 Pod @bg2pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss OpenAI ChatGPT-4o, Astra, Consumer AI, Enterprise AI, China Tariffs, Trade Regulation, the tech markets, and more. Enjoy another episode of Bg2. Timestamps: (00:00) Intro (00:40) Open AI Launches GPT-4 Omni (10:29) Chat GPT-4o Benchmarks (14:11) Voice as the New GUI (20:01) Breakout Power of ChatGPT (22:09) Consumer AI vs Enterprise AI Landscape (27:51) AI Disruption (35:45) Regulation & Industrial Policy (43:47) China Tariffs (53:15) Tech Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap  Bill Gurley @bgurley https://x.com/bgurley  BG2 Pod @bg2pod https://x.com/BG2Pod #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Sunny Madra (Head of Groq Cloud) they discuss AI Models, Data Scaling, Enterpise AI, Personal AI, the tech markets, and more. Enjoy another episode of Bg2. Timestamps: (00:00) Intro (01:10) $META Llama 3 (20:40) Enterprise AI (36:50) Personal AI (50:07) $TSLA Earnings Call & Rideshare (52:10) Tech Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley Sunny Madra @sundeep https://x.com/sundeep BG2 Pod @bg2pod https://x.com/BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss The Great IPO Debate, Tesla Robotaxi vs. Uber, and a Tech Check. Enjoy another episode of Bg2. Timestamps: (00:00) Introduction + Eclipse (01:56) The Great IPO Debate (41:33) Tesla Robotaxi vs. Uber (01:10:27) Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://twitter.com/altcap  Bill Gurley @bgurley https://twitter.com/bgurley  BG2 Pod @bg2pod https://twitter.com/BG2Pod #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss the challenge of forecasting the AI Supercycle, Stargate and the massive AI supercomputer build out,  AI demand overhyped or underhyped, and current market valuations. Enjoy another episode of Bg2. Timestamps: (0:00) Intro (2:49) Demand for Compute Is Virtually Unlimited (27:53) Everywhere we Look we are building more and bigger Supercomputers  (35:49) The AI Induced Power Gap & The Need for Nuclear (50:21) Valuations / Market Check Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://twitter.com/altcap   Bill Gurley @bgurley https://twitter.com/bgurley  BG2 Pod @bg2pod https://twitter.com/BG2Pod Shownotes: What's next for AI agents ft. LangChain's Harrison Chase: https://www.youtube.com/watch?v=pBBe1pk8hf4 Tesla FSD Model 12: https://twitter.com/bg2pod/status/1769378291658666226?s=46&t=tiuRwY6s_lj81akJSCmJkw Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI | Lex Fridman Podcast #419: Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI | Lex Fridman Podcast #419 OpenAI CEO on GPT-4 vs GPT-5 | Sam Altman and Lex Fridman: https://www.youtube.com/watch?v=CJEC0aAjRJE  Jevons Paradox: https://en.wikipedia.org/wiki/Jevons_paradox  MSFT and OpenAI $100bn supercomputer project: https://twitter.com/theinformation/status/1773798028907811059?s=20 Biden administration on how to generate more electricity to meet massive demand for AI computing: https://twitter.com/axios/status/1774758834952659223?s=20  Nuclear reactors planned and proposed: https://world-nuclear.org/information-library/current-and-future-generation/plans-for-new-reactors-worldwide.aspx  U.S. approves $1.5bn loan to restart Michigan nuclear plant: https://www.nytimes.com/2024/03/27/business/energy-environment/holtec-palisades-nuclear-plant-loan.html  Josh Wolfe’s talk to Congress: https://twitter.com/wolfejosh/status/1685323817521139712  Our World in Data - cleanest and safest sources of energy: https://ourworldindata.org/safest-sources-of-energy  How Regulation killed Supersonic: https://www.heritage.org/transportation/commentary/its-time-let-supersonic-flight-soar-again Natural gas is stronger in the U.S.: https://www.iea.org/commentaries/natural-gas-is-now-stronger-than-ever-in-the-united-states-power-sector  Baseload in the U.S. has been flat for many years: https://energytransition.nema.org/baseload-generation/  Amazon goes nuclear: https://www.theregister.com/2024/03/04/amazon_acquires_cumulus_nuclear_datacenter/  I-95 Bridge reopened in 12 days: https://www.bloomberg.com/news/articles/2023-06-28/resurrection-of-i-95-in-just-two-weeks-is-dubbed-small-miracle?embedded-checkout=true  SF cleaned up in a week: https://www.smh.com.au/world/north-america/sanfran-s-mean-streets-become-clean-streets-for-biden-xi-and-co-20231116-p5ekd0.html  Texas trumps California as key US energy transition driver:https://www.reuters.com/markets/commodities/texas-trumps-california-key-us-energy-transition-driver-2023-05-04/  Brad’s tweet on CT scan: https://twitter.com/altcap/status/1774919531414368402?s=20 Americans favor more nuclear energy: https://www.pewresearch.org/short-reads/2023/08/18/growing-share-of-americans-favor-more-nuclear-power/  Producing new nuclear plants have gone down in France and up in the U.S. tweet: https://twitter.com/cremieuxrecueil/status/1773221106591166946?s=46&t=832RL3Gm0XtyDEuhy-Gkzg  GenAI company revenue multiples tweet: https://twitter.com/asanwal/status/1772821841578754492?s=46&t=832RL3Gm0XtyDEuhy-Gkzg  Gurley’s tweet on 60x reduction from top model: https://twitter.com/bgurley/status/1774896120310686003?s=20  Congress provides record funding for fusion energy:https://www.fusionindustryassociation.org/congress-provides-record-funding-for-fusion-energy/  #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, joined by Bob Mylod, (Chair of Board, Bookings.com & Managing Partner of Annox Capital) they discuss stock compensation, Google Gemini / Apple, TikTok US & the New AI Cold War, MSFT / Inflection & VC Valuations for LLM’s. Enjoy another episode of Bg2. Timestamps: (0:00) Intro  (2:07) Bob Mylod | Stock-Based Compensation (58:03) Apple's Potential Partnership with Google on AI (1:04:00) Tiktok The Future of TikTok in the US (01:12:34) Microsoft's Acquisition of Inflection (01:18:06) The Durability of LLM Business Models Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://twitter.com/altcap  Bill Gurley @bgurley https://twitter.com/bgurley BG2 Pod @bg2pod https://twitter.com/BG2Pod Shownotes: Bookings 2023 Notice of Annual Stockholders’ Meeting and Proxy Statement June 2023 (page 63 for Stock-Based Compensation Expense as a % of net cash provided by operating activities) https://bit.ly/3ISIauw Michael Mauboussin - Stock-Based Compensation Paper: https://mgstn.ly/4cshBKn Tom Hearden Tweet: https://bit.ly/4cqCoxQApoorv Agarwal Tweet: https://bit.ly/3VumL2G

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss Tesla’s Full Self-Driving V12 and imitation learning, AI model improvements: open vs. closed, & more. Enjoy another episode of Bg2. Timestamps: (0:00) Intro + Phase Shifts (3:42)Tesla FSD 12 & Imitation Learning (28:32) AI Model Improvements | Open vs Closed Models (49:10) Elon Musk Delaware Court Case (58:30) Macro Market Outlook Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://twitter.com/altcap  Bill Gurley @bgurley https://twitter.com/bgurley  BG2 Pod @bg2pod https://twitter.com/BG2PodShownotes: #BillGurley #BradGerstner #Bg2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they discuss earnings, inflation, interest rates, the impact of AI on Big Tech, NVDA, chips, fabs, Altman’s $7T to meet AI Compute needs, & more. Enjoy another episode of Bg2. Timestamps: (0:00) Introduction (3:14) Earnings / Inflation / Rates (10:16) Impact of AI on Google / Meta (32:47) Why not also MSFT/Apple/Amazon? (57:06) Chips, Fabs, Future Compute Needs Available on Apple, Spotify, www.linktr.ee/bg2pod Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @gurley https://twitter.com/bgurley BG2 Pod @bg2pod https://twitter.com/BG2Pod Shownotes: TSMC founder Morris Chang on the evolution of the semiconductor industry https://youtu.be/r_8XClnnvIk?si=rAylAfxpJa0kHiNv #BillGurley #BradGerstner #BG2Pod

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week we are joined by Box Co-Founder & CEO, Aaron Levie. They discussed software valuations, public markets earnings, all things AI and legal immigration. Enjoy another Episode of Bg2. Available on Apple, Spotify, www.linktr.ee/bg2pod Follow: Brad Gerstner @altcap https://twitter.com/altcap Bill Gurley @gurley https://twitter.com/bgurley Aaron Levie @levie https://twitter.com/levie BG2 Pod @bg2pod https://twitter.com/BG2Pod

The rumors were true. Enjoy another Episode of Bg2. ____________________________________ (0:00) Introduction and discussion on current market trends (3:12) Main topic: AI and its recent surge in venture capital investing (14:04) Discussion on the potential issues in AI companies (25:00) Analysis of public software valuations and their implications (33:01) Future of investing in tech companies (38:27) State of startups and challenges in raising capital (46:37) Comparing the 1999 bubble to the current economic situation (54:45) Analyzing Javier Milei's Speech at Davos (1:01:20) Historical examples of the effects of open and closed economies (1:09:09) Conclusion and farewell ____________________________________ The acceleration of global GDP per capita over centuries highlights the impact of free market capitalism and innovation on human prosperity. Venture capital investing and the tech industry play a significant role in driving progress and economic growth through fostering innovation and risk-taking by entrepreneurs. The current venture capital correction and its impact on startups emphasize the importance of adjusting to market realities, such as valuation and capital availability, for long-term success. #BillGurley #BradGerstner #BG2pod