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  • She Knows the 250 People Building AI. Here's What They Actually Believe.

    She Knows the 250 People Building AI. Here's What They Actually Believe.
    2026/09/01
    Sarah Guo is the founder of Conviction and one of the most closely watched investors in AI. In this conversation, Sarah and Patrick discuss what the people at the frontier of AI actually believe, why some researchers think exponential intelligence may be only a few years away, and how she’s navigating an investing environment that can’t be backtested.

    They also explore the race for compute, the future of open-source AI, why America may need compute independence, the rapid progress in robotics, how AI could transform biology and drug discovery, and Sarah’s framework for building conviction before the rest of the market catches up.

    Timestamps

    0:00 Intro
    1:08 Investing Through the AI Boom
    5:03 Building Conviction in AI
    12:06 What AI Researchers Believe
    15:44 Compute, Capital & Robotics
    24:03 How Sarah Makes Investments
    39:24 The Case for Open Source
    49:01 America’s Compute Independence
    51:32 AI’s New Investment Markets
    59:36 Finding Truth & What’s Next

    #InvestLikeTheBest #SarahGuo #ArtificialIntelligence #AI #VentureCapital #Investing #OpenSourceAI #Robotics #Technology #Startups

    Presented by Ramp:
    https://ramp.com/invest

    Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
    https://www.vanta.com/invest
    https://workos.com/
    https://rogo.ai/invest
    https://www.ridgelineapps.com/

    ******
    Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc
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    1 時間 11 分
  • Ex-NVIDIA Engineer: Why AI Is About to Get 1000x Cheaper

    Ex-NVIDIA Engineer: Why AI Is About to Get 1000x Cheaper
    2026/08/25
    Neil Movva, co-founder of Sail Research, joins Patrick to explain why the next era of AI may be defined not by faster chatbots, but by background agents that work autonomously for hours, days, or even weeks—and what it will take to make that intelligence cheap enough to become abundant. Neil lays out Sail’s “token factory” strategy across software, chips, data centers, and power; the lessons he learned chasing “speed of light” performance at Nvidia; why he’ll buy almost any chip at the right price; and why unreliable, distributed data centers powered by sources like solar and wind could actually be an advantage. They also discuss transformers and memory, the future of AI training data, the economics of the chip shortage, open versus closed models, and Neil’s belief that there will always be demand for more intelligence.

    TIMESTAMPS
    0:00 Intro
    0:38 Building a “Token Factory”
    4:21 The Future of Background Agents
    13:09 Nvidia and the GPU Stack
    23:27 Chips, Memory, and Transformers
    36:14 The Future of AI Training Data
    44:32 Chip Scarcity and Compute Arbitrage
    52:44 Reinventing the AI Data Center
    59:01 Power and the “Scavenger Strategy”
    1:10:10 Open vs. Closed AI

    #ArtificialIntelligence #AIAgents #NVIDIA #AIInfrastructure #InvestLikeTheBest

    Presented by Ramp:
    https://ramp.com/invest

    Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
    https://www.vanta.com/invest
    https://workos.com/
    https://rogo.ai/invest
    https://www.ridgelineapps.com/

    ******
    Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc
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    1 時間 24 分
  • What Happens When the AI Boom Runs Out of Money

    What Happens When the AI Boom Runs Out of Money
    2026/08/18
    Ben Thompson joins Invest Like the Best for a wide-ranging conversation about the economics, geopolitics, and business models shaping the AI era. They discuss why overwhelming U.S. dominance in AI could be dangerous, whether the massive AI infrastructure buildout can generate returns before the capital runs out, and what the railroad boom can teach us about today’s spending cycle. Ben also explains why Google may increasingly resemble Berkshire Hathaway, how AI could turn intelligence into a commodity, why Amazon may have the deepest moat in technology, what Apple gets right by staying focused on hardware, how AI threatens Microsoft’s core business, why the current compute shortage may have saved Intel, and why Google and Amazon could ultimately become Nvidia’s most important competitors.

    #InvestLikeTheBest #BenThompson #ArtificialIntelligence #AI #Investing #Technology #Nvidia #Google

    TIMESTAMPS
    0:00 Intro
    0:59 America and the AI Race
    8:26 AI’s Funding Problem
    15:31 AI’s Capabilities and Limits
    20:30 Aggregation Theory, AI, and Ads
    31:10 Compute, TSMC, and Intel
    47:31 Amazon and Apple’s AI Moats
    54:43 The Frontier AI Players
    74:07 Nvidia and Commoditized Intelligence
    82:52 What Survives an AI Bubble?

    Presented by Ramp:
    https://ramp.com/invest

    Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
    https://www.vanta.com/invest
    https://workos.com/
    https://rogo.ai/invest
    https://www.ridgelineapps.com/

    ******
    Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc
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    1 時間 26 分
  • Everyone Is Still Undersizing the AI Market | Eric Vishria

    Everyone Is Still Undersizing the AI Market | Eric Vishria
    2026/08/11
    Eric Vishria, General Partner at Benchmark, joins Invest Like the Best for a wide-ranging conversation on how AI is reshaping software, infrastructure, and venture investing. He explains why the competitive frontier for SaaS has shifted, why companies can destroy value by faithfully executing an outdated plan, and what the cloud wars can teach us about the emerging AI market. Eric also discusses Fireworks and Sierra, the importance of understanding AI’s “jagged edge,” why some AI companies are effectively “selling magic,” and why he believes the market could support many enormous winners. The conversation also covers energy as a potential bottleneck to intelligence, the story behind Benchmark’s early investment in Cerebras, the future of robotics, what he looks for in founders and board partnerships, Benchmark’s expansion into growth investing, and the lessons he’s learned from backing companies capable of generating extraordinary returns.

    TIMESTAMPS
    0:00 Intro
    3:36 What Cloud Teaches Us About AI
    12:52 Sierra, Sandcastles, and AI Products
    17:35 The New SaaS Competitive Frontier
    28:28 AI Demand and the Energy Bottleneck
    31:28 The Cerebras Story and AI Chips
    45:10 The Future of Robotics
    52:53 Eric’s Venture Investing Philosophy
    1:07:30 Going Public, AI Value, and Jobs

    Presented by Ramp:
    https://ramp.com/invest

    Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
    https://www.vanta.com/invest
    https://workos.com/
    https://rogo.ai/invest
    https://www.ridgelineapps.com/

    ******
    Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc
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    1 時間 18 分
  • Why the Markets Are Pricing AI Wrong | Gavin Baker

    Why the Markets Are Pricing AI Wrong | Gavin Baker
    2026/08/04
    In this episode of Invest Like the Best, Patrick O'Shaughnessy sits down with Gavin Baker to dissect the intense AI and semiconductor market sell-off of July 2026. Describing the period as "2022 packed into a single month," Gavin explains why public market panic contrasts sharply with the booming fundamentals seen on the ground in Silicon Valley. They dive into the accelerating operating cash flows of hyperscalers, the soaring spot prices for GPUs, and why open-source AI models are actually driving massive infrastructure demand. Gavin also unpacks the game theory behind Long-Term Agreements (LTAs) in the memory market, NVIDIA's strategic dominance, SpaceX's massive data center ambitions, and the looming regulatory risks for AI compute.

    Timestamps:
    0:00 Intro
    1:17 AI Selloff vs. Fundamentals
    10:20 Financing the AI Buildout
    18:18 GPU Prices Keep Rising
    24:23 Claude Moves Markets
    29:01 What Could Break the Thesis
    36:59 The Memory Supply War
    42:08 Nvidia’s New Playbook
    50:14 China and Open Source
    61:51 Data Centers and Regulation
    71:11 SpaceX and Orbital Compute

    #Investing #AI #Semiconductors #Nvidia #StockMarket #Technology #DataCenters #OpenSource #Finance #VentureCapital #nvidia #stocks #sell #stockmarket

    Presented by Ramp:
    https://ramp.com/invest

    Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
    https://www.vanta.com/invest
    https://workos.com/
    https://rogo.ai/invest
    https://www.ridgelineapps.com/

    ******
    Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc
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    1 時間 19 分
  • Sam Altman on AGI, Compute, and Human Agency

    Sam Altman on AGI, Compute, and Human Agency
    2026/07/28
    Sam Altman joins us for a wide-ranging conversation about OpenAI’s next chapter, the race for compute, and what happens as artificial intelligence becomes more powerful, abundant, and embedded across the economy. He explains why OpenAI recently narrowed its focus, why demand for intelligence may be effectively uncapped, how close we may be to AGI, and what the future could hold for robotics, jobs, hardware, and human agency. We also discuss the accidental launch of ChatGPT, OpenAI’s competitive advantages, the economics of intelligence, and the pressure and responsibility that come with leading one of the world’s most consequential companies.

    TIMESTAMPS
    0:00 Intro
    4:10 The Race for Compute
    14:24 A Sci-Fi Cyber Incident
    16:14 The Promise and Risks of AGI
    23:27 How AI Will Change Jobs
    29:38 Sam’s Vision for a Personal AI
    35:02 Robotics, ChatGPT, and What Comes Next
    44:39 The Weight of Leading OpenAI
    51:36 OpenAI’s Biggest Lessons

    Presented by Ramp:
    https://ramp.com/invest

    Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
    https://www.vanta.com/invest
    https://workos.com/
    https://rogo.ai/invest
    https://www.ridgelineapps.com/

    ******
    Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

    #SamAltman #OpenAI #ArtificialIntelligence #AGI #AI #FutureOfAI #Technology #Robotics #InvestLikeTheBest
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    56 分
  • Why Natural Gas Will Be AI’s Next Great Shortage

    Why Natural Gas Will Be AI’s Next Great Shortage
    2026/07/21
    Matt Smith joins us to explain why the United States may be approaching a historic natural gas shortage—and why the market is not yet pricing it in. After 18 months of bottom-up research across producing basins, pipelines, processing infrastructure, LNG exports, and AI power projects, Matt argues that the country could begin drawing down gas storage at unprecedented rates as early as 2028, with major implications for electricity prices, hyperscaler economics, and the American consumer.

    In June, Matthew wrote a letter to a small group of confidants laying out the full case behind his natural gas forecast. He has allowed us to publish it. You can read the full letter here: https://colossus.com/wp-content/uploads/2026/07/letter-III-got-gas.pdf

    TIMESTAMPS
    0:00 Intro
    1:30 What Drives the Deficit
    11:00 Why Supply Can’t Catch Up
    20:35 The 2030 Gas Crisis
    25:05 Winners and Losers
    29:00 Nuclear and Solar
    33:30 Consumers Pay the Bill
    37:20 AI’s Next Shortage
    45:25 Solutions and Global Stakes
    51:15 The Coming Gas Knife Fight

    Presented by Ramp:
    https://ramp.com/invest

    Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
    https://www.vanta.com/invest
    https://workos.com/
    https://rogo.ai/invest
    https://www.ridgelineapps.com/

    ******
    Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc

    #NaturalGas #ArtificialIntelligence #EnergyMarkets #AIInfrastructure #DataCenters #NuclearEnergy #Investing
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    1 時間
  • How to Raise a Few Billion Dollars

    How to Raise a Few Billion Dollars
    2026/07/14
    John Kim, former chief development officer at General Catalyst and author of The Tao of Fundraising, joins us to explain the psychology, strategy, and human dynamics behind raising capital.

    John argues that money moves at the speed of trust—and that the best fundraisers understand how to increase desire, reduce fear, simplify their story, and build genuine conviction. He shares the three laws of fundraising, explains how General Catalyst built consensus across its investor base, and breaks down why logic alone rarely persuades someone to say yes.

    TIMESTAMPS

    0:00 Intro
    4:07 Starting a Fundraise
    10:40 How General Catalyst Built Consensus
    16:56 The Three Laws of Fundraising
    27:01 The Psychology of Every Sales Meeting
    36:49 The Secretary of State Model
    46:12 The Inner Game of Fundraising

    Presented by Ramp:
    https://ramp.com/invest

    Sponsored by Vanta, WorkOS, Rogo, and Ridgeline:
    https://www.vanta.com/invest
    https://workos.com/
    https://rogo.ai/invest
    https://www.ridgelineapps.com/

    ******
    Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc
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    52 分