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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