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

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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

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