In this episode, we unpack Nathan Benaich and Air Street Capital’s State of AI Report 2025, one of the most comprehensive analyses of artificial intelligence today. Covering breakthroughs in reasoning models, the rise of open-weight systems from China, and the surging dominance of NVIDIA, the report captures how AI research and industry are evolving at record speed. We also explore the politics and safety of AI, from shifting U.S. policies and global compute rivalries to misalignment risks and the growing challenge of self-regulation by AI labs. Tune in for a deep dive into the forces shaping AI’s next frontier, and what’s coming next.