What separates a real technological inflection point from hype?

In Episode 2 of Ex Machina, Richard Muirhead sits down with Zachary Bogue, Co-Founder & Managing Partner at DCVC, to explore how investors decide what is genuinely becoming possible and what is still too early, overhyped or unlikely to happen.

They discuss the economics of AI, the return of nuclear, the rise of AI-native biotech, and why some of the most important breakthroughs still look like bad ideas at first.

Full episode out Wednesday.

Evgeny Gaevoy joins Richard Muirhead for Episode 1 of Ex Machina.

Evgeny founded Wintermute in 2017. What followed was far from a straight line: an early thesis that quickly became obsolete, years spent taking on opportunities larger competitors ignored, a close call with runway, and eventually the making of one of crypto's defining trading firms.

They talk about moving too slowly in the early years, finding an edge, building a team, founder-led companies, liquidity and the logic behind preparing for several possible market futures rather than betting everything on one.

Then come the harder tests: the $160m hack, FTX, market stress and the risk systems that allowed Wintermute to keep operating.

The conversation ends on the future of markets, the convergence of crypto and traditional finance, and Evgeny's characteristically direct view on token vesting.

Ex Machina is hosted by Richard Muirhead and Fabric Ventures, exploring the human stories behind the Machine Economy, the models, agents, robots, compute and new financial rails being built around it.

The world is entering an era where machines act, earn and spend on our behalf: the Machine Economy. We are all, knowingly or not, summoning a deus ex machina, with no idea how the plot resolves.

Hosted by Richard Muirhead and the team at Fabric Ventures, Ex Machina brings you the founders building it: the open-source models, the agents, the robots, the compute, and the new financial rails underneath it all and how each of them went from zero to one.

First episode releasing next week!