The Ledger, every show

“One of our companies, Runway ML, you can, and there's others that you can conjure. Today it's 10 seconds, but tomorrow it'll be two minutes, and full feature films with no key grips, no lighting, no costume design, no set design, no actors, and voices entirely…”

“So far with OpenAI, valuation has gone from, like, you know, sub hundred million to trillion and plus, and you've had six diaspora companies that have all achieved, you know, tens of billions of dollars that have spun off of it.”

“In the Pacific region with SOCOM, and there's a drone operator who's flying the drone, there's another drone operator who's piloting the weapon system, and there's two lawyers. So, they're helping the commander who is effectively given, like, a godshot of, you…”

“In our own country, in the United States, 38% of researchers in AI are from China.”

“Eventually the great things that we've seen over the past few years, which are exceptional returns, not just unrealized, but realized and returned and distributed cash to LPs is going to either slow down or reverse and potentially be negative, which is somethi…”

“Private equity generally, of which venture capital is like, you know, the tiny bit that's generally clustered into that ass glass, I think is going to see a huge pullback in at least new allocations, if not the pace of allocations.”

“The operating leverage that those businesses, by the way, get on the upside is huge. But once you have this precipitous pruning and these people start disappearing, I think the operating leverage that you get on the downside is going to be really painful. And …”

“The future of AI and machine learning is going to be in GPUs.”

“Today, roughly, thirteen billion of revenue at OpenAI. 70% of that revenue is from 20 dollar a month paying subscribers like me.”

“50% of all AI undergrads in the world today are being graduated by China.”

“This thing that was just conceived In our New York office ended up removing 99% of the radiation from the Fukushima disaster, particularly around cesium and strontium”

“The digitization of human scent is coming. Shazam for smell. The ability to identify a single molecule in a room is coming. The ability, not only a single molecule that has meaning to you. I mean, literally a molecule, a structure actually conveys to you know,…”

“Next year, this time, so it's gonna be a Q-three, Q-four, 20, 22, they will launch the first manufacturing thing in space, and that was wheeled into existence.”

“Single-handedly codes Internet Explorer, and makes a lot of money, retires, does another company, retires, and then early thirties now.”

“What that implies is that you will wear something akin to a bracelet or a wristwatch, and you will be able to gesture like Disney's Sorcerer's Apprentice to flick your fingers to turn on the lights, to swipe like you would swipe in three dimensional, three Rai…”

“While he's at Microsoft, he single-handedly codes Internet Explorer, which we've all used, and he's also Bill's right-hand guy during the entire DOJ Monopoly trial.”

“Why don't we wait six months? Because this is going to be available from all of the major LLM providers today that want to get the enterprise accounts.”

“Their latest model Which was based on this evolutionary technique was like eight GPUs, which was wild.”

“Already, there are AIs that can not only go through Qs and Ks, 10 Qs and 10 Ks, and can listen to quarterly earnings reports and CEOs that are talking at conferences or on podcasts and can get an emotional sentiment, can see where they're varying their languag…”

“And we used to attract something like 23% of all foreign graduates here. That's down to 15%.”

“When you look at, like, ARK Invest as one proxy of this, or the Russell 2000, I think all but four or five names in her portfolio, at Cathie Wood's portfolio, are in bear market territory, somewhere between 20% down and 65 or 70% down.”

“Remember, you're investing in companies where the new normal has been that a company with five or seven or eight or sub-ten million ARR, annual recurring revenue, is getting a billion-dollar valuation. We used to look at things where it was like one or two or …”

“So for example, Bob Langer at MIT is a prodigious output of PhDs who are very commercially minded. This is a guy who has made hundreds of millions of dollars, created billions of dollars of market value in companies, and attracts postdocs that want to be like …”

“Which led to this company called Kymeta, which I co-founded with Bill Gates. And I'm in a board room with Bill Gates, and he's on the board of this company. It's the only board he's been on besides Berkshire and Microsoft.”

“This little company became the only US company picked for the cleanup”

“We became the only U.S. Company pick for the cleanup, and we went from a million to 2040, 8000, 140. We sold that at forty million of EBITDA 10 times to a big French company, Veolia”

“It's the only company that Bill Was on the board of besides Berkshire Hathaway and Microsoft.”

“They would end up buying Google satellite imagery, which was something Google acquired called Skybox, and they now have the largest constellation of Earth imaging satellites in history up in space.”

“Coincidentally, Meta bought that for a little under a billion dollars, started by this guy Reardon.”

“Illumina was not focused on gene sequencing when they first started. They were doing like chemical sensing and other kind of random stuff. That was the intersection of like microfluidics that were based on a microchip and biotech and then ultimately genetics.”

“This was a guy who had made hundreds of millions of dollars, and had founded 17 companies from scratch, taking 14 of them public, cumulative market cap over fifty billion dollars Illumina, Pharmacopia, Ida, and Athena, NeuroKrin, just incredible, and had the c…”

“Nine months later, or 11 months later, GM buys them for a billion dollars, nominally. A little bit less, actually, but nominally a billion dollars. That would have been 11 X. In under a year.”

“Bill Conway, who was one of the founders of Carlisle, and he's not really bullish on venture. I mean, Carlisle is, you know, one of the greatest private equity and buy-off funds, But he doesn't love venture capital, but there was something, whether it was the …”