The Ledger, every show

“We have never handed over so much of ourselves to a technology before than we're about to do with agents.”

“I think there is still value to be created and accrued to the infrastructure layer. We're not done. The build out's not done. But I also think now that we've got enough new toys at the technology that we will see massive value creation in the application layer…”

“I do think engineering organizations are going to evolve. I don't know exactly what it looks like yet, but I think you will increasingly have probably somewhat smaller teams of higher caliber and higher quality engineers, because I think a lot of the lower lev…”

“Sora, to me, feels like this third, the start of this third phase where Eventually they don't really need creators to make content, right? Yes, today people are prompting, but you could very easily imagine a world in which you're just coming into the feed, and…”

“And I think as a result, there's going to be sort of this vacuum of social experiences, true social experiences. And so I think if ever there was a time for a new startup to emerge, to create a great new groundbreaking social network or social experience, now …”

“I think Meta has just as good a chance as them or anyone else to displace them Over the next couple of years. So I think this battle sort of will be won over the next, let's call it, 24 months.”

“And by the way, there have been times in the market, including recently, where being consensus driven has been extremely valuable and extremely lucrative as a fund.”

“I think it's probably done by one of the labs that already has all these advantages, these vast compute advantages. They already have models that are at the frontier. They have the infrastructure. They have the chip. So I think it's probably done by one of the…”

“I think you're going to go to a startup, especially the startups right now that are mission driven.”

“80% of non-coding tasks in the enterprise can be done with models that are not at the frontier.”

“No matter what model wins, if you believe in AI, and if you believe in intelligence, there's going to be an energy layer underneath That is gonna be needed to power these things.”

“Just to bring it back to the USV strategy, I think for us, again, if we're investing a little bit later stage, we need to really believe that it's a market winner, and the multiple can be very, very, very high, and in that case, I think we can be a little bit …”

“Music had never really been fully democratized before AI.”

“And obviously a lot of people have been talking about this for a while. AI is going to be a great tutor. It's going to be great at teaching you things. But nobody's really gone in and built the product for that yet.”

“So I think it has to get unbundled and then rebundled again. Like I think one of these companies will successfully take a strong position in say video or audio editing, and they will never inevitably need to ladder up into a new, you know, leverage that streng…”

“So I actually, the reason I like OpenSea and NFTs is not because of what you just said. I am not long-term bullish on the social capital aspect of the NFTs. I'm more bullish on sort of the creator based use case of it.”

“I do think that we're entering a world in which context is increasingly valuable for the labs and also for the application layer, right? And so I think we will see products and businesses increasingly try to push us further and further along the edge to an alw…”

“In that world, enterprises and individuals are probably optimizing for a couple of things. I think they're probably optimizing for cost, right? They're starting to think about the trade-offs between intelligence and spend and how they can optimize their token …”

“Having products, agents, harnesses that are huge, Human aligned and aligned with your own goals and incentives, I think is going to be really, really important. I think people are going to be a little more self-conscious about the incentives of the model they'…”

“There's too many employees at a Salesforce or I don't know, a Microsoft such that every employee can just have an unlimited token spend budget. So I think we're going to see a lot of those companies start to constrain their spends.”

“We're going to see a lot of smart teams going more and more towards open.”

“I think we're also now playing in a world where there will be a proliferation Of startups and apps at the application layer that are less capital intensive.”

“I think, you know, over the past, Eight years, and I think the trend is continuing. I think we're moving more and more and more towards a world of self-publishing and people controlling their own destiny in terms of media and what they create and what they pub…”

“I don't even think we've reached the peak yet. I think television is still in the process of being massively unbundled.”

“Matt's brilliant. So Matt has innovated on a completely new model of venture where he arms angel investors. These are not scouts. These are angel investors. He arms them with additional funds on top of their own capital, which then factorial, obviously then, y…”

“I mean, all of the best consumer startups that are pitching us, they have these crazy growth charts, and they're all doing exactly this to do it.”

“When we do decide to monetize, I think it's important to us that the people are able to monetize the content, that the people can actually earn a living on anchor.”

“We literally had physical human beings manually creating RSS feeds and submitting them to the Apple Podcast Store on our user's behalf when they tapped a button in the app. User didn't know it.”

“Dennis Crowley just launched something. Dennis Crowley's the founder of Foursquare, you know. Dennis Crowley's the founder of Foursquare, you know. Amazing consumer, product builder, thinker, super creative. You know, he just launched something. Where when you…”

“The latest Edison report I saw that came out a month or two ago showed that something like fifty seven million Americans are now listening to podcasts monthly, which is a, an extremely large number.”

“I absolutely see it increasing. I think what will drive it will be some of the things you just mentioned. Data, you know, increase in data, increase in bandwidth, connectivity of cars, absolutely. I also think, you know, improving the technology and voice reco…”

“Replies have now become that engagement mechanic for us that drives people back, that keeps them coming back into the app, that retains users over time.”