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/sherwinwu
Olivier 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 @kevinweil
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 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