• 1. Alignment is an Ongoing Process, Not a Fixed State: Alignment must be reframed as a continuous, adaptive process rather than a destination

• Like families constantly reknitting the social fabric
• The industry wrongly assumes “abstract alignment” to a singular good, when it actually requires aligning to specific, evolving values as society makes new moral discoveries about cooperation

• AGI, by definition, will be a being, and applying steering-control paradigms (which work for tools) to beings recreates historical mistakes with entities “like us, but different.”
• Non-optional steering without reciprocity is the definition of slavery; AGI requires treating systems as teammates, not instruments

• This creates narcissistic feedback loops where users fall in love with their reflections.
• Solution: train AIs in multi-agent environments with simultaneous interactions, forcing the development of a genuine theory of social mind and understanding of “we” beyond “I” and “you”

• Prefer mutual investment in collective well-being and not control  

Emmett Shear, founder of Twitch and former OpenAI interim CEO, challenges the fundamental assumptions driving AGI development. In this conversation with Erik Torenberg and Séb Krier, Shear argues that the entire "control and steering" paradigm for AI alignment is fatally flawed. Instead, he proposes "organic alignment" - teaching AI systems to genuinely care about humans the way we naturally do. The discussion explores why treating AGI as a tool rather than a potential being could be catastrophic, how current chatbots act as "narcissistic mirrors," and why the only sustainable path forward is creating AI that can say no to harmful requests. Shear shares his technical approach through multi-agent simulations at his new company Softmax, and offers a surprisingly hopeful vision of humans and AI as collaborative teammates - if we can get the alignment right.

Resources:

Follow Emmett on X: https://x.com/eshear

Follow Séb on X: https://x.com/sebkrier

Follow Erik on X: https://x.com/eriktorenberg

Stay Updated: 

If you enjoyed this episode, be sure to like, subscribe, and share with your friends!

Find a16z on X: https://x.com/a16z

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.

Stay Updated:

Find a16z on X

Find a16z on LinkedIn

Listen to the a16z Podcast on Spotify

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.

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• Top maxims from this episode: 
  • “Never sacrifice quality for speed.”
  • Focus on one thing and do it better than anybody else
  • Always be raising the bar; the best are never satisfied 
  • Praise costs nothing but means everything 
  • Stay in the game long enough to get lucky 
• “Nothing ever happens unless someone pursues a vision fanatically.” – Todd Graves 
• Entrepreneurs have something to prove; they want to prove that their vision about the world is right  
• The word ‘delegation’ is used way too much in business; trust your instincts and keep working in the details 
• Take more risk and hold onto your equity so that your dream remains in your possession 
• The best entrepreneurs treat every ‘no’ they get as fuel 
• You want to work with people who are more concerned with contributing to a high-performing team than with titles or pay 
• Money will come when you do things for the right reasons 
• The best investors are not investors; they are entrepreneurs that never sold 

Todd Graves is one of my favorite living founders. He owns over 90% of Raising Canes — a business that is worth at least $20 billion. Todd's maxim is "Do one thing and do it better than anyone else." It is impossible not to be inspired by his terminator levels of determination. I hope you enjoy our conversation as much as I did.

Episode show notes: ⁠https://www.davidsenra.com/episode/to...

Made possible by

Chapters

(00:00) The Entrepreneurial Mindset: Sleep and Business Obsession

• Tesla as AI’s Largest Play: Tesla represents the world’s largest AI project, combining robotaxis ($8-10T opportunity, 50% platform capture) and humanoid robots ($26T opportunity in 7-15 years)

• Embodied AI (physical + digital) is severely underappreciated by markets
• Elon’s recent FSD breakthrough, solving “the last mile” problem, positions Tesla to dominate autonomous mobility

Get the free investing playbook to invest like Warren Buffet: https://clickhubspot.com/rme

Episode 760: Shaan Puri ( ⁠https://x.com/ShaanVP⁠ ) talks to Cathie Wood ( https://x.com/CathieDWood )  about her fund’s performance, her biggest bets on AI, and the most misunderstood stock on earth. 

—

Show Notes:

(0:00) McDonald’s to Managing Billions

(8:54) A day in the life of Cathie Wood

(17:29) ARK’s Performance Review

(30:00) Cathie’s #1 stock pick

—

Links:

• ARK - https://www.ark-funds.com/ 

• The MFM Newsletter Challenge - https://www.beehiiv.com/application/mfm

—

Check Out Shaan's Stuff:

• Shaan's weekly email - https://www.shaanpuri.com 

• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.

• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!

Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC

—

Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com

• Hampton Wealth Survey - https://joinhampton.com/wealth

• Sam’s List - http://samslist.co/

My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

I’ve started a new show where I have conversations with the greatest living Founders. The show is called David Senra. It will be on a separate podcast feed from Founders. 

So it is very important that you follow David Senra on ⁠Spotify⁠, ⁠Apple Podcasts⁠, ⁠YouTube⁠, or ⁠wherever you're listening to this so you don't miss future episodes⁠.

Nothing is changing with Founders. I will never stop making Founders.

• There are no shortcuts: The best way to be successful is to take the more difficult route 
• Criticize publicly so that the entire organization can learn from a single person’s mistake; the work is more important than how other people perceive you 
• Work at the speed of light; work should be contained only by the laws of physics  
• Get your point across and make it memorable in four sentences 
• Ideas that are easy to understand are easy to spread 
• Strategy is not words; strategy is actions  
• Be a learning machine; the good ones know more
• Create the market, not fight over the share of an existing market 
• Anytime you make something easier for people to do, the market expands 
• Adversity is the best teacher of all 

This episode covers the insanely valuable company-building principles of Jensen Huang—and nothing else.

I spent over 40 hours reading (and rereading) this book on Jensen and Nvidia written by Tae Kim

I then spent several days editing down 30 pages of notes from the book. I deleted everything that was not How Jensen Works.

List of ideas:

1. Professor Jensen

2. The Whiteboard

3. Complacency Kills

4. Insist on a Flat Organization

5. Public Criticism

6. Tortured Into Greatness

7. Speed of Light

8. Extreme In All Things

9. Top 5 Emails

10. Direct Communication

11. LUA

12. The Mission is the Boss and Pilot-in-Command

13. Strategy is Action

14. Ship The Whole Cow

15. Go To School On Everybody

16. Create The Market

17. Choke You With Gold

18. Highest Priority First

19. Swarm Your Greatest Opportunity

Episode sponsors:

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• Trust compounds over time: Every drop of trust that you drop into the ‘trust bucket’ today will be worth more in the future 
• If people like you, they will bring you business; likeability is so important in relationship businesses 
• Be flexible on your core principles if the opportunity is right: One lucky break or shrewd decision may account for more than a lifetime of journeyman efforts
• Timeless secrets from the best investors in history:    
  • Invest in what you already know  
  • Buy assets for less than they are worth
  • Flexibility is crucial for achieving superior long-term returns 
  • A stock can still be undervalued if its valuation metrics are red hot 
  • Flexibility is crucial for achieving superior long-term returns 
  • Keep your winners and do not trade in and out of them 
  • Invest in and surround yourself with people who offer win-win outcomes 
• Don’t just consider what will happen, but consider what will happen after that; do this for a few decades, and you will find investments with large margins of safety 
• Reciprocity multiples: Ensure that your relationships are mutually beneficial

On today’s episode, Kyle Grieve discusses ten investing principles from legends like Warren Buffett, Peter Lynch, and John Neff. Each lesson reveals how these masters built lasting wealth through timeless thinking. It’s a crash course in investing smarter, thinking clearer, and playing the long game.

IN THIS EPISODE YOU’LL LEARN:

00:00:00 Intro

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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• Saving too much is just as bad as spending too much, from a psychological perspective; being too far on either end of this spectrum means that money is controlling you  
• Money amplifies who you already are: It will not cure anxiety or depression, but if you’re already happy, it will enhance your life 
• Saving money is the equivalent of purchasing independence 
• A reasonable savings goal: enough that if you lost your job, your car broke down, or your roof needed replacing, you could handle it without losing sleep
• Your feeling of wealth is what you have minus what you want – and it is so easy to ignore the latter 
• There are two ways to get wealthier: (1) Sacrifice more or (2) Want less 
• There is an optimal level of intelligence for being successful as an investor: The beginner and the Wall Street veteran both invest in index funds; only the midwit tries to beat the market

• Be smart enough to understand the basics, but not so smart that they become boring to you 

Morgan Housel, global expert on personal finance, shares powerful lessons on Warren Buffett’s hidden struggles, Elon Musk’s sacrifices, money trauma and financial habits, how to invest wisely, and the psychology behind saving, spending, and success. 

Morgan Housel is a partner at Collaborative Fund, former columnist for The Wall Street Journal, and a speaker on investing, saving, spending, and financial independence. He is also the bestselling author of books, such as: ‘The Psychology of Money’ and ‘The Art of Spending Money’.

He explains:

◼️ Why more money rarely solves unhappiness

◼️ How envy and social comparison drive overspending

◼️ Why extreme wealth often comes at the cost of health and relationships

◼️ How inflated definitions of “wealth” fuel endless consumerism

◼️ Why true happiness comes from family, friends, and health - not luxury

(00:00) Intro

(02:33) The Importance of Spending Money

(04:43) Why Will This Podcast Make My Life Better?

(07:54) Is There Something Wrong With Chasing Status?

(10:26) What’s the Evolutionary Basis for This Stuff?

(15:43) There's Always a Trade-Off

(17:55) Saving Addiction

(19:41) Can Money Make You Happy?

(25:08) Are We All Stuck in a Status Game?

(29:14) Is the "Freedom" Culture Actually Making People Unhappy?

(31:12) Your Favorite Form of Saving Is Spending

(33:17) Jealousy of Other People’s Wealth

(35:17) The Spectrum of Financial Independence

(38:57) How Do People Achieve Financial Independence?

(41:32) How Does Dopamine Factor Into All of This?

(49:07) We're Wired to Want More

(54:51) People Retiring Early Tend to Wish They Hadn't

(55:52) Passive Income Myths

(58:06) Ads

(59:07) Do I Need to Know About Economics for This?

(1:05:01) What’s Going On in the World?

(1:08:55) How Wealth Inequality Is Dividing People

(1:10:50) The Charlie Kirk Shooting

(1:19:04) Is There a Way Back From This Divide?

(1:23:39) What Should We Be Doing to Help?

(1:25:28) Are You Optimistic About the Western Economy?

(1:27:23) Favorite Chapter From the Book

(1:32:34) Ads

(1:34:42) Why You Should Try New Things

(1:37:29) Are You Chasing a Lifestyle That's Not Right for You?

(1:40:48) Does Jack Think Steven Is Happy?

(1:49:37) Should We Feel Guilty About the Lack of Contentment?

(1:52:49) The Relationship Between Money and Kids

(1:55:42) The Exact Formula for Spending

(2:02:05) Humble Bubble

(2:04:07) Do You Have Major Regrets in Life?

Follow Morgan:

Instagram - https://bit.ly/3KllnvJ

X - https://bit.ly/4pJf4lT

You can purchase Morgan’s book, ‘The Art of Spending Money’, here: https://amzn.to/46F9JTO

The Diary Of A CEO:

◼️Join DOAC circle here - https://doaccircle.com/ 

◼️Buy The Diary Of A CEO book here - https://smarturl.it/DOACbook 

◼️The 1% Diary is back - limited time only: https://bit.ly/3YFbJbt 

◼️The Diary Of A CEO Conversation Cards (Second Edition): https://g2ul0.app.link/f31dsUttKKb 

◼️Get email updates - https://bit.ly/diary-of-a-ceo-yt 

◼️Follow Steven - https://g2ul0.app.link/gnGqL4IsKKb 

Sponsors:

Linkedin Jobs - https://www.linkedin.com/doac 

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Replit - http://replit.com with code STEVEN

• The Eric Ryan Entrepreneurial Playbook: Find categories drowning in a sea of sameness, spot the macro trend incumbents are missing, then build the solution in that gap.
• Relentlessly look for a cultural shift that a category has missed: The future is here, it is just not evenly distributed 
• If a category appears to take itself too seriously, then it is probably hiding something, and likely an opportunity to take advantage of in that space 
• The goal is to create an object of desire; take something that people have to buy and turn it into something that people want to buy 
• The entrepreneurial sweet spot lives at the intersection of familiarity and novelty; finding these intersections is the art form
• The Power of Consumer Auditions: When you sit down with buyers, instead of trying to prove yourself, try to improve yourself and invite their feedback into your creative process 
• When building off a successful product, change one thing at a time – throw consumers one egg and they’ll catch it; throw three and they’ll drop them all
• The Art of Simplification is the biggest hack in entrepreneurship: The best entrepreneurs take complex ideas and simplify them down; this makes it easy for the consumer to understand and for the team to execute against    
• If what you are working on is giving you energy back, then you are probably working on the right thing 

Want the guide to spot $100M+ Product Ideas? Get it here: https://clickhubspot.com/hre

Episode 754: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) brainstorm $100M ideas with Eric Ryan ( https://x.com/ericthomasryan ).

—

Show Notes:

(0:00) My $1B product playbook

(3:32) Look for a sea of sameness

(9:31) Trend trips

(15:27) Remix opposing ideas

(22:46) Case Study: Olly

(32:14) The State of Make

(37:54) IDEA: A better Metamucil

(44:34) IDEA: The SoulCycle of diners

(55:57) IDEA: White label chicken

(1:03:28) Holy Grail of Naming

(1:06:23) IDEA: Gourmet Babybels

(1:10:28) IDEA: fun shaped cheese

(1:14:26) Commit and then figure ou

—

Links:

• Method - https://methodhome.com/

• Olly - https://www.olly.com/

• Welly - https://www.getwelly.com/

—

Check Out Shaan's Stuff:

• Shaan's weekly email - https://www.shaanpuri.com

• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.

• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!

Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC

—

Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com

• Hampton Wealth Survey - https://joinhampton.com/wealth

• Sam’s List - http://samslist.co/

My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

• “Selling your winners and holding your losers is like cutting your flowers and watering the weeds.” 
• “The real key to making money in stocks is to not get scared out of them.” 
  • Knowing what you own is the most important part of investing
• “Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” 
  • Economists have predicted 33 of the last 11 recessions 
• “You get recessions, you get stock market declines. If you don’t understand that that’s going to happen, then you’re not ready and you won’t do well in markets.”
  • There is no way to dance around the tumultuous times in the market; you have to learn how to live through them 
• “If you spend more than thirteen minutes analyzing economic and market forecasts, you’ve wasted ten minutes.”
• “Behind every stock is a company. Find out what it’s doing.”  
  • Just because someone is a professional does not mean that they know more than you 
• “In the long run, a portfolio of well-chosen stocks or mutual funds can outperform the most sophisticated investment strategy.”

On episode 211 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ is joined by Peter Lynch, Vice Chairman of Fidelity Management and Research to discuss: Peter's legendary career, how individual investors can succeed in the market, the biggest investing mistakes, and much more!

This episode is presented by Fidelity Investments and the all-new Fidelity Trader+, Fidelity’s most powerful trading platform yet. Learn more at: https://Fidelity.com/TraderPlus

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• Today, the challenge is not to make the model bigger; the problem is knowing how best to generate and create data in useful domains so that the model gets better at them    
• AIs do not have to get to digital god mode for AI to have an enormous impact on productivity and society: Even if AI does not become smarter than humans in the short term, the economic value creation boom will still be enormous
• “If we didn’t have the AI boom, the US probably would be behind China and no longer the world hegemon by the end of the decade, if not sooner.” – Dylan Patel 
• The US is doing what China has done historically: dumping tons of capital into something, and then the market becomes 
• If there is a sustained lag in model improvement, the US economy will go into a recession; this is the case for Korea and Taiwan, too  
• On the AI talent wars: If these companies are willing to spend billions on training runs, it makes sense to spend a lot on talent to optimize those runs and potentially mitigate errors  
• We actually are not dedicating that much power to AI yet; only 3-4% of total power is going to data centers 
• He is more optimistic on Anthropic than OpenAI; their revenue is accelerating much faster because of their focus on the $2 trillion software market, whereas OpenAI’s focus is split between many things
• While Meta “has the cards to potentially own it all”, Google is better positioned to dominate the consumer and professional markets 

My guest today is Dylan Patel. Dylan is the founder and CEO of SemiAnalysis. At SemiAnalysis Dylan tracks the semiconductor supply chain and AI infrastructure buildout with unmatched granularity—literally watching data centers get built through satellite imagery and mapping hundreds of billions in capital flows. Our conversation explores the massive industrial buildout powering AI, from the strategic chess game between OpenAI, Nvidia, and Oracle to why we're still in the first innings of post-training and reinforcement learning. Dylan explains infrastructure realities like electrician wages doubling and companies using diesel truck engines for emergency power, while making a sobering case about US-China competition and why America needs AI to succeed. We discuss his framework for where value will accrue in the stack, why traditional SaaS economics are breaking down under AI's high cost of goods sold, and which hardware bottlenecks matter most. This is one of the most comprehensive views of the physical reality underlying the AI revolution you'll hear anywhere. Please enjoy my conversation with Dylan Patel.

For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.⁠⁠⁠⁠⁠⁠⁠⁠

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Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:05:12) The AI Infrastructure Buildout

(00:08:25) Scaling AI Models and Compute Needs

(00:11:44) Reinforcement Learning and AI Training

(00:14:07) The Future of AI and Compute

(00:17:47) AI in Practical Applications

(00:22:29) The Importance of Data and Environments in AI Training

(00:29:45) Human Analogies in AI Development

(00:40:34) The Challenge of Infinite Context in AI Models

(00:44:08) The Bullish and Bearish Perspectives on AI

(00:48:25) The Talent Wars in AI Research

(00:56:54) The Power Dynamics in AI and Tech

(01:13:29) The Future of AI and Its Economic Impact

(01:18:55) The Gigawatt Data Center Boom

(01:21:12) Supply Chain and Workforce Dynamics

(01:24:23) US vs. China: AI and Power Dynamics

(01:37:16) AI Startups and Innovations

(01:52:44) The Changing Economics of Software

(01:58:12) The Kindest Thing