Invest Like The Best

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  She Knows the 250 People Building AI. Here's What They Actually Believe. 01.09.2026 1時間 10分

  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.Timestamps0:00 Intro1:08 Investing Through the AI Boom5:03 Building Conviction in AI12:06 What AI Researchers Believe15:44 Compute, Capital & Robotics24:03 How Sarah Makes Investments39:24 The Case for Open Source49:01 America’s Compute Independence51:32 AI’s New Investment Markets59:36 Finding Truth & What’s Next#InvestLikeTheBest #SarahGuo #ArtificialIntelligence #AI #VentureCapital #Investing #OpenSourceAI #Robotics #Technology #StartupsPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Ex-NVIDIA Engineer: Why AI Is About to Get 1000x Cheaper 25.08.2026 1時間 23分

  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.TIMESTAMPS0:00 Intro0:38 Building a “Token Factory”4:21 The Future of Background Agents13:09 Nvidia and the GPU Stack23:27 Chips, Memory, and Transformers36:14 The Future of AI Training Data44:32 Chip Scarcity and Compute Arbitrage52:44 Reinventing the AI Data Center59:01 Power and the “Scavenger Strategy”1:10:10 Open vs. Closed AI#ArtificialIntelligence #AIAgents #NVIDIA #AIInfrastructure #InvestLikeTheBestPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  What Happens When the AI Boom Runs Out of Money 18.08.2026 1時間 25分

  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 #GoogleTIMESTAMPS0:00 Intro0:59 America and the AI Race8:26 AI’s Funding Problem15:31 AI’s Capabilities and Limits20:30 Aggregation Theory, AI, and Ads31:10 Compute, TSMC, and Intel47:31 Amazon and Apple’s AI Moats54:43 The Frontier AI Players74:07 Nvidia and Commoditized Intelligence82:52 What Survives an AI Bubble?Presented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Everyone Is Still Undersizing the AI Market | Eric Vishria 11.08.2026 1時間 17分

  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.TIMESTAMPS0:00 Intro3:36 What Cloud Teaches Us About AI12:52 Sierra, Sandcastles, and AI Products17:35 The New SaaS Competitive Frontier28:28 AI Demand and the Energy Bottleneck31:28 The Cerebras Story and AI Chips45:10 The Future of Robotics52:53 Eric’s Venture Investing Philosophy1:07:30 Going Public, AI Value, and JobsPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Why the Markets Are Pricing AI Wrong | Gavin Baker 04.08.2026 1時間 18分

  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 Intro1:17 AI Selloff vs. Fundamentals10:20 Financing the AI Buildout18:18 GPU Prices Keep Rising24:23 Claude Moves Markets29:01 What Could Break the Thesis36:59 The Memory Supply War42:08 Nvidia’s New Playbook50:14 China and Open Source61:51 Data Centers and Regulation71:11 SpaceX and Orbital Compute#Investing #AI #Semiconductors #Nvidia #StockMarket #Technology #DataCenters #OpenSource #Finance #VentureCapital #nvidia #stocks #sell #stockmarket Presented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Sam Altman on AGI, Compute, and Human Agency 28.07.2026 55分

  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.TIMESTAMPS0:00 Intro4:10 The Race for Compute14:24 A Sci-Fi Cyber Incident16:14 The Promise and Risks of AGI23:27 How AI Will Change Jobs29:38 Sam’s Vision for a Personal AI35:02 Robotics, ChatGPT, and What Comes Next44:39 The Weight of Leading OpenAI51:36 OpenAI’s Biggest LessonsPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Why Natural Gas Will Be AI’s Next Great Shortage 21.07.2026 59分

  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.pdfTIMESTAMPS0:00 Intro1:30 What Drives the Deficit11:00 Why Supply Can’t Catch Up20:35 The 2030 Gas Crisis25:05 Winners and Losers29:00 Nuclear and Solar33:30 Consumers Pay the Bill37:20 AI’s Next Shortage45:25 Solutions and Global Stakes51:15 The Coming Gas Knife FightPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  How to Raise a Few Billion Dollars 14.07.2026 51分

  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.TIMESTAMPS0:00 Intro4:07 Starting a Fundraise10:40 How General Catalyst Built Consensus16:56 The Three Laws of Fundraising27:01 The Psychology of Every Sales Meeting36:49 The Secretary of State Model46:12 The Inner Game of FundraisingPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Everything in Capital Markets is Downstream of Algorithms 07.07.2026 1時間 26分

  Jeremy Giffon joins us for his second conversation on Invest Like the Best. This episode is a window into one of those conversations about how power, status, capital, and attention are shifting in America.We discuss the billion dollar PDF, why narratives shape capital formation, how the timeline became market infrastructure, why America’s billionaire class may be losing status to the “poaster” class, the hidden philosophers behind Silicon Valley, lessons from the last 18 months in private markets, East Coast versus West Coast finance, Buffett, beating the market, and much more.TIMESTAMPS0:00 Intro5:50 The Billion Dollar PDF11:31 Algorithms and Power Laws20:28 Peak Guy31:19 Opting Out of the Timeline36:14 AI and White-Collar Jobs43:31 The Next Era of Finance53:56 The New Economics of Software1:03:22 Underwriting Emerging Managers1:18:17 Silicon Valley’s Hidden PhilosophyPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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#InvestLikeTheBest #JeremyGiffon #VentureCapital #CapitalMarkets #SiliconValley
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  The Two Harvard Dropouts Who raised $800M to take on NVIDIA 30.06.2026 1時間 32分

  Gavin Uberti and Robert Wachen, co-founders of Etched, join us to tell the story of building one of the most ambitious AI chip companies in the world. Three years ago, they were two Harvard dropouts trying to convince skeptics they could build better inference hardware than the largest semiconductor companies on earth. Today, Etched has raised $800M, signed more than $1B in customer contracts, and taped out a working chip designed for the post-ChatGPT era. We discuss why inference may become the largest market in the world, why Etched built an entire rack instead of just a chip, the technical bets behind low-voltage inference and cluster-scale memory, how they recruited industry legends while still in their twenties, the near-death fundraising moments that almost ended the company, and why the future of AI may belong to whoever can produce the most tokens.TIMESTAMPS0:00 Intro1:00 Why Nobody Believed Etched Would Work14:06 Why Inference Is the Bottleneck22:27 Gavin and Rob’s Origin Stories33:24 Taking Huge Risks to Move Faster49:43 Kernels, Compilers, and the AI Stack1:02:08 Raising $100M to Survive1:16:00 The Future of Models, Agents, and IntelligencePresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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#InvestLikeTheBest #Etched #AI #ArtificialIntelligence #AIChips #NVIDIA #Semiconductors #Inference #Compute #AIInfrastructure #DataCenters #Startups #VentureCapital #Hardware #DeepTech
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  Investing a $120 Billion Balance Sheet with No Outside Investors 23.06.2026 1時間 16分

  Vlad Barbalat is President of Global Risk & Capital Solutions and Chief Investment Officer at Liberty Mutual Insurance, where he helps oversee one of the most unique investment platforms in the world: a $120 billion balance sheet with no third-party capital. In this conversation, Vlad and Patrick discuss how insurance float creates permanent capital, why Liberty Mutual’s structure allows it to invest differently, how to think about risk, liquidity, private markets, credit, AI, geopolitics, and the future of trillion-dollar companies. Vlad also shares his personal story of immigrating from Moldova, why he believes America gives people an unparalleled level of agency, and how that worldview shapes his approach to investing, leadership, and pragmatic optimism.TIMESTAMPS0:00 Intro1:15 Liberty Mutual’s $120B Balance Sheet12:27 Preparing, Not Predicting18:51 Building a Fortress Balance Sheet26:13 Immigration and American Agency34:00 Risk Taking and Craft40:14 Branded Capital44:42 Geopolitics and American Power51:32 AI and Investing1:06:24 Permanent Capital and Pragmatic OptimismPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Clay’s Unusual Path to Building a Multi-Billion Dollar Company 16.06.2026 1時間

  In this episode of Invest Like The Best, Patrick O'Shaughnessy sits down with Kareem Amin, co-founder and CEO of Clay. Kareem shares his unconventional philosophy on building a highly successful software company by creating from a place of "wholeness" rather than "lack." They explore why true capitalism rewards genuine risk-taking, the value of courage, and the importance of optimizing for self-respect above all else. Kareem dives deep into how lessons from non-dual meditation, music theory, and magicians heavily influence his approach to product development, hiring, and scaling Clay. From debating the necessity of a grand vision to introducing the concept of a "death doula" for companies that have achieved their purpose, Kareem offers a refreshingly profound perspective on ambition, wealth, and leading a meaningful life in business.#KareemAmin #Clay #InvestLikeTheBest #Startups #Entrepreneurship #SaaS #Leadership #Founders #TechStartups #BusinessGrowthTimestamps0:00 Giving the Power of Programming to Everyone8:55 Courage, Truth & Justice9:16 Capitalism & Risks19:18 Creating from Wholeness25:19 The 10-Day Silent Retreat35:23 Re-Enchanting the World42:32 Founder's Vision & Death Doulas53:49 The Kindest ThingPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Why the AI Boom Is Just Getting Started 09.06.2026 1時間 20分

  Alex Sacerdote is the Founder and Portfolio Manager of Whale Rock Capital Management, where he has spent the past two decades investing through major technology platform shifts. In this episode, Alex walks through Whale Rock’s framework for finding the most important companies in technology: S-curves, competitive advantage, and underappreciated earnings power. He explains why AI may be the biggest S-curve yet, how Whale Rock built conviction in Anthropic, why code has become the first major unlock for AI, what AI means for the software market, and why the hardware industry powering AI is entering a new renaissance.TIMESTAMPS0:00 Intro9:55 AI's L-Curve19:31 Whale Rock's S-Curve Playbook26:14 Spotting Inflection Points32:02 Finding AI Winners40:04 AI vs Software48:13 The Hardware Renaissance58:04 Why Investors Miss AI1:05:18 Whale Rock's Research MachinePresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Uber CEO on AI, Autonomous Vehicles, and the Future of Transportation 03.06.2026 1時間 11分

  Dara Khosrowshahi, CEO of Uber, joins Invest Like the Best to discuss Uber’s next chapter: the rise of AI, autonomous vehicles, robotaxis, drones, delivery, and the company’s ambition to become the demand aggregator for the physical world. He explains why Uber is a supply-led marketplace, how the company is partnering across the AV ecosystem, what AI is already changing inside Uber, and why he believes autonomous transportation could unlock another trillion-dollar market. Dara also shares lessons from rebuilding Uber through chaos, leading with transparency, learning from Barry Diller and Reed Hastings, and staying open to the “troublemakers” who help companies evolve.TIMESTAMPS0:00 Intro3:44 Bringing Order to Uber’s Chaos7:22 Managing Stress, Immigrant Drive, and Going All In14:28 Why Uber Is at the Center of AI and the Physical World22:39 How Uber Plans to Win in Autonomous Vehicles32:25 The Trillion-Dollar AV Opportunity37:05 Drones, Robotaxis, and Global Adoption38:20 Uber Eats, Uber One, and Aggregating Supply47:00 Hotels, Travel, Marketing, and the Future of the Uber App55:55 Lessons from Barry Diller, Capital Allocation, and Leadership#Uber #DaraKhosrowshahi #InvestLikeTheBest #AutonomousVehicles #Robotaxis #ArtificialIntelligence #FutureOfTransportation #UberEats #BusinessStrategy #TechnologyInvestingPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Legendary Investor Dan Loeb on AI, Credit, & Third Point’s $25B Strategy 28.05.2026 1時間 13分

  Patrick O'Shaughnessy sits down with Dan Loeb, the legendary investor and founder of Third Point. Dan shares his incredible evolution from a deep-value, event-driven credit investor to a dynamic capital allocator spanning equities, venture capital, and private credit. They dive into the current macro environment, focusing heavily on the transformative power of AI, semiconductors, and energy. Dan also unpacks his most memorable activist campaigns, including Sotheby's and Sony, and explains what makes a truly great corporate governance structure. Additionally, he reveals the painful lessons learned from the FTX collapse, the genius of the Danaher business system, and how his firm uses reinsurance to drive growth. This is a masterclass in market adaptation, continuous improvement, and the enduring value of human connection in finance.#Investing #DanLoeb #ThirdPoint #HedgeFunds #StockMarket #VentureCapital #AI #CorporateGovernance #ActivistInvesting #FinanceTimestamps:0:00 Intro2:48 Macro Views and Tech Trends5:13 The Roots of Third Point10:30 Evolving to Quality and Thematic Investing19:07 Market Psychology and Inefficiencies24:10 Good and Bad Corporate Governance29:19 Activism31:23 Sotheby's41:37 AI44:28 Sony52:50 Danaher's Operating System56:31 Building an Insurance Business59:25 FTX1:05:17 What Makes a Great Analyst Today1:07:24 The Next Decade1:10:00 Kindest ThingPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Former DoD Advisor on Iran, China and AI Warfare 26.05.2026 51分

  Patrick O'Shaughnessy sits down with former Pentagon official Darren Farber to explore the complex landscape of modern warfare, geopolitics, and US military strategy. Darren shares his unique insights on what it means to "win" against adversaries driven by martyrdom cultures, examining the ongoing conflicts. They discuss the historical strategic frameworks of Eisenhower and Maxwell Taylor, the critical need to modernize the US defense industrial base, and why autocracies like China are inherently fragile despite their size. The conversation also dives into the rise of defense tech startups ("Neo Primes"), the rapid evolution of commercial drone warfare in Ukraine, and the emerging security threats surrounding military AI models. Timestamps:0:00 Intro1:00 Theaters of War 3:26 Flexible Power vs. Massive Retaliation5:14 The Dual Nature of Dictatorships7:43 Positive Propaganda10:15 The Strait of Hormuz11:29 Eisenhower and Taylor's Theories of Escalation16:48 Grading the U.S. Military's Capabilities18:01 Assessing China's Illegitimacy19:41 Magazine Depth23:20 The Inevitable Fall of Totalitarian Regimes27:07 Peacetime Mobilization29:06 Takeaways from Ukraine 30:47 The True Risk of a Taiwan Invasion32:38 The Rise of Neo-Primes38:20 The Challenge of Political Will and Civil War 44:23 Process vs. Outcome in U.S. Politics46:43 The Dangers of AI in Military Systems#Geopolitics #Defense #Tech #MilitaryStrategy #DarrenFarber #USMilitary #China #Iran #NationalSecurity #Investing #ArtificialIntelligence #hormuz Presented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Watts, Wafers, and the Future of AI Infra | Gavin Baker 20.05.2026 1時間 22分

  In this episode of Invest Like The Best, Patrick O'Shaughnessy is joined by Gavin Baker to dissect the unprecedented AI technology boom. Gavin explains why recent growth from companies like Anthropic represents the most extraordinary moment in the history of capitalism. They explore the critical constraints of the AI build-out—"watts and wafers"—and how capitalism, from TSMC's chip manufacturing dominance to SpaceX's potential orbital compute, is racing to solve them. Gavin also unpacks the competitive landscape of chip design, the struggles at the AI application layer, and the shifting dynamics between giants like Google, Meta, Amazon, and Microsoft. Finally, they discuss the geopolitical risks of AGI alongside the incredible potential for AI to revolutionize biotech and extend human life. An essential listen for anyone navigating modern tech markets.#Investing #ArtificialIntelligence #TechStocks #Nvidia #OpenAI #Semiconductors #VentureCapital #SpaceX #AGI #StockMarketTimestamps:0:00 Intro7:55 Anthropic and OpenAI Valuations12:58 Watts, Wafers, and Infrastructure14:39 Orbital Compute and Data Centers in Space22:49 Avoiding the AI Bubble28:26 Terafab and the Future of US Manufacturing32:16 Returns to the Frontier37:23 Continual Learning42:03 New Chip Companies48:52 Extending GPU Lifespans and Private Credit51:22 The Application Layer57:32 The Token Path and Open-Source Dynamics1:01:37 Cybersecurity1:05:46 Diversity Breakdown1:11:59 Assessing the Big Tech Players in AI1:19:02 Geopolitics, Personal Safety, and the AI HorizonPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Inside Anthropic's $100 Billion Al Compute Commitment | CFO Krishna Rao 13.05.2026 1時間 22分

  In this episode of Invest Like The Best, Patrick O'Shaughnessy sits down with Anthropic CFO Krishna Rao for a fascinating look inside one of the fastest-growing AI companies in the world. Krishna reveals what it takes to manage the lifeblood of generative AI: compute. From procuring gigawatts of processing power across Amazon, Google, and Nvidia, to dynamically allocating it for model training and customer demand, compute dictates Anthropic's future. They explore the company's mind-bending exponential revenue growth, the "cone of uncertainty" in forecasting, and why frontier AI models continue to defy scaling limits. Krishna also shares how Claude is revolutionizing his own internal finance team, Anthropic's unique culture of safety and transparency, and his bold predictions for AI-driven breakthroughs in healthcare.#Anthropic #AI #ArtificialIntelligence #Investing #Technology #Claude #Compute #MachineLearning #VentureCapital #FinanceTimestamps:0:00 Intro2:38 The Compute Canvas6:51 The "Cone of Uncertainty" in AI Growth11:58 Why the Returns to Frontier Intelligence Are So High16:45 Recursive Self-Improvement20:20 Scaling Laws23:30 Sourcing $100 Billion in Compute28:05 Platform vs. Application Strategy32:52 Pricing Dynamics38:48 How Anthropic’s Finance Team Uses Claude43:24 Raising Capital & Overcoming Investor Skepticism52:32 Public Perception, Risks, and Government Regulation57:25 Mythos1:12:33 What Could Derail the AI Revolution?1:13:47 Biotech and Healthcare1:15:31 The Kindest ThingPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  How Brian Chesky Is Redesigning Airbnb for the AI Era 05.05.2026 1時間 23分

  Patrick O'Shaughnessy sits down with Airbnb CEO Brian Chesky to explore the critical shift from "Founder Mode" to "CEO Mode." Brian opens up about his journey from an industrial design student to leading a generational tech company, sharing the hard-learned lessons of the pandemic that forced him to rethink his leadership style. He discusses the profound influence of Apple's design philosophy, the famous "11-star experience" exercise, and why he believes the age of AI will spark a massive consumer renaissance. Brian also reveals his unique pipeline approach to hiring, how to empower elite teams, and the life-changing impact of simply believing in someone's untapped potential. This is a masterclass in leadership, design thinking, and the relentless pursuit of perfection.#brianchesky #Airbnb #FounderMode #Leadership #Entrepreneurship #Tech #CEO #ArtificialIntelligence #Investing #Business #Growth #designthinking Timestamps:0:00 Intro1:00 Studying Industrial Design11:33 AI Founder Mode17:02 Lack of Consumer AI Companies22:10 Small Teams and Focused Problems30:52 The Evolution from Founder to CEO38:13 The 11-Star Experience41:07 AI as a Canvas for Creativity48:17 Detaching from Success53:12 Founder-Led Moats58:34 The Next Chapter of Airbnb1:03:08 What Endures in the Age of AI1:06:43 Lessons from Bodybuilding1:10:20 The CEO's No. 1 Job1:17:01 Activating Talent1:20:39 The Kindest ThingPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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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  Legendary Trader Paul Tudor Jones on AI Risk, Bubbles and Buffett 28.04.2026 1時間 11分

  Legendary investor Paul Tudor Jones joins Patrick to discuss his 50-year career in markets and his philosophy on life. Paul contrasts the intense life of a trader with that of a long-term investor, sharing lessons from the 1987 crash, the 1980 silver collapse, and his evolving appreciation for Warren Buffett. He details his rigorous daily routine, his macro outlook on the current debt bubble, and his urgent concerns regarding AI safety and regulation. Beyond finance, Paul reflects on the founding of the Robin Hood Foundation, the transformative power of kindness, and his advice for the next generation on finding significance beyond their careers.Timestamps:0:00 Intro1:00 The Kindest Thing (first)11:50 Aim High and Shoot Straight13:19 Trading vs. Investing17:33 Riding the Trend22:24 The Existential Risks of AI29:54 The Nature of Trading31:46 Bitcoin35:55 Bubbles42:08 A Day in the Life of PTJ46:00 Information Overload47:07 Passion for Markets50:49 The Robin Hood Foundation54:18 The Workless World56:03 Journalism1:00:00 Principal Components of a Great Life1:05:06 Kill Them With Kindness#PaulTudorJones #Investing #Trading #Macroeconomics #Finance #Business #AI #Philanthropy #Markets #LeadershipPresented by Ramp:https://ramp.com/investSponsored by Vanta, WorkOS, Rogo, and Ridgeline:https://www.vanta.com/investhttps://workos.com/https://rogo.ai/investhttps://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