The Generalist

Yash Patil is the 23-year-old founder and CEO of Applied Compute, a $1.3 billion company helping businesses train custom AI models on their own data: smaller, cheaper, and purpose-built for the work they actually do. Before founding the company, Yash dropped out of Stanford and spent two years at OpenAI working on post-training infrastructure and Codex. He left with one core conviction: every company that runs its critical workflows on someone else’s model is building on shifting sand. Applied Compute is his answer to that problem, already serving customers including DoorDash, Cognition, and Mercor.In our conversation, we explore:• Why “own or be owned” is becoming existential for any company that relies on frontier AI models• What it was like inside OpenAI the weekend the board fired, and then reinstated, its CEO• Why post-training is where competitive advantage is now being built, and what reinforcement learning with verifiable rewards actually is• Why evals have become the new production environment, and why companies will never share them with frontier providers• How a specialized model built for DoorDash outperformed frontier models on a narrow, high-value task• Why cost, not capability, is now the primary driver pushing companies toward custom models• Why Yash believes AI’s transformation of the economy will unfold over decades, and why near-term fears about mass job displacement are misplaced—Thank you to the partners who make this possibleBrex: The intelligent finance platform.Guru: The AI source of truth for work.Persona: Trusted identity verification for any use case.—Transcript: https://www.generalist.com/p/own-or-be-owned-why-every-company—Timestamps(00:00) Introduction(03:50) Fable 5 and the case for owning your own models(09:22) Why Applied Compute is betting on custom AI models(12:30) Yash's early influences and first projects(17:42) His brief time building at Stanford(19:29) Leaving Stanford for OpenAI(25:58) Inside OpenAI during Sam Altman's firing(28:18) What Yash admires about Sam Altman(29:43) Teaching models to reason(35:39) The core insight behind Applied Compute(39:40) How Applied Compute works with its customers(45:55) Why model training never ends(48:56) Why not every task needs a frontier model(51:25) The culture and people of Applied Compute(54:50) Applied Compute's training infrastructure(58:43) The coming compute crunch and other predictions(1:03:48) Final meditations—Follow Yash PatilX: https://x.com/ypatil125Website: https://yashpatil.meLinkedIn: https://www.linkedin.com/in/yash-s-patil—Resources and episode mentions: https://www.generalist.com/p/own-or-be-owned-why-every-company—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.generalist.com/subscribe

Davide Asnaghi is the co-founder and CEO of Diode, a Brooklyn-based startup using AI to design and manufacture circuit boards in the United States.Before Diode, Davide worked on Apple’s Special Projects Group and spent time in Hong Kong and Shenzhen studying Asia’s electronics manufacturing ecosystem. That experience convinced him that PCB design, despite powering everything from smartphones and satellites to medical devices and autonomous systems, remained one of the most overlooked layers of the tech stack.Since its founding just two years ago, Diode has landed Physical Intelligence and Saronic as customers and partnered with Anthropic to help Claude become a better electrical engineer. The company’s ultimate ambition: to make hardware as nimble as software.In our conversation, we explore:• Why the West outsourced PCB manufacturing to Asia in the 2000s and why bringing it back matters for American competitiveness• What Shenzhen’s manufacturing culture does better than Silicon Valley (and what the U.S. can learn from it)• How Diode’s models can one-shot much of schematic design and compress hardware timelines from months to weeks• The three-week YC pivot that transformed Diode from a design validation tool into a full-stack manufacturer• Why circuit boards are the “forgotten middle child” between silicon and software• How Diode partners with Anthropic to make LLMs better electrical engineers• What it takes to build a hardware company in 2025—and why the talent bar must stay incredibly high• How Italian, American, and Chinese cultures shaped Davide’s approach to entrepreneurship and manufacturing—Thank you to the partners who make this possible.tech domains: An identity for builders at their core.Guru: The AI source of truth for work.Brex: The intelligent finance platform.—Timestamps(00:00) Intro(04:15) Why Davide calls himself a copper merchant(05:53) Diode’s mission to rebuild PCB manufacturing in the U.S.(07:58) What success looks like(09:00) Growing up in northern Italy and spending a year in Minnesota(13:14) Why Italy produces fewer venture-backed founders(15:30) Why Hong Kong accelerated Davide’s learning(19:09) Silicon Valley vs. Shenzhen(22:05) What Davide learned in Apple’s Special Projects Team(24:11) Why Davide left Apple after two years(26:54) Meeting his co-founder, Lenny(29:32) How Davide uncovered the need for better PCB design and manufacturing(33:23) PCB manufacturing in Asia, and Diode’s approach(41:29) The YC pivot that changed Diode’s business(44:39) Inside Diode’s customer journey(48:10) Where the value is in electronics manufacturing, and Davide’s AGI thesis(51:30) What separates a working board from a great one(55:32) Where Diode fits in the electronics stack(59:55) Diode’s early near-death moment and long-term vision(1:02:30) Diode’s exceptionally high bar for hiring(1:04:48) Where Davide gets his best ideas(1:07:00) Final meditations—Follow Davide AsnaghiLinkedIn: https://www.linkedin.com/in/d-asnaghiX: https://x.com/davideasnaghiGitHub: https://hexdae.github.io—Resources and episode mentions—Books—Breakneck: China’s Quest to Engineer the Future: https://www.amazon.com/Breakneck-Chinas-Quest-Engineer-Future/dp/1324106034Chip War: The Fight for the World’s Most Critical Technology: https://www.amazon.com/Chip-War-Worlds-Critical-Technology/dp/1982172002—People—Alex Wong on LinkedIn: https://www.linkedin.com/in/alex-wong-6b8930205Lenny Khazan on LinkedIn: https://www.linkedin.com/in/lennykhazanBrendan Eich’s website: https://brendaneich.com—Other resources—Diode: https://www.diode.computerAWS: https://aws.amazon.comArduino: https://www.arduino.ccBending Spoons: https://www.bendingspoons.comFortell (formerly Chromatic): https://www.fortell.comButterfly Network: https://www.butterflynetwork.comFoxconn: https://www.foxconn.comJLCPCB: https://jlcpcb.comAnthropic: https://www.anthropic.comQuilter: https://www.quilter.aiKiCad: https://www.kicad.orgCadence: https://www.cadence.comStripe: https://stripe.comDogpatch: https://en.wikipedia.org/wiki/Dogpatch,_San_Francisco—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.generalist.com/subscribe

Carl Pei is the founder of Nothing, the consumer electronics company known for its distinctive transparent design language across smartphones and audio products. Before launching Nothing in 2020, Carl co-founded OnePlus, where he spent seven years helping build it into a major smartphone brand. But Carl’s instincts as a builder showed up much earlier. As a teenager, he taught himself to code by building Pokémon fan sites, all while moving between China, the U.S., and Sweden. That combination of early creation and constant change shaped a founder comfortable with uncertainty—and deeply motivated by questions bigger than products. Carl thinks often about time and mortality, is skeptical of early retirement, and believes creativity is humanity’s real advantage. In an industry obsessed with optimization, he’s focused on making technology feel meaningful again.In our conversation, we explore:• The origins of Nothing’s transparent design language and how it helps differentiate the brand in a mature, competitive market• Carl’s childhood fascination with mortality and how it continues to drive his ambition today• Nothing’s multiple near-death experiences, from 80% defect rates on first products to fundraising struggles• Why India has become a crucial market for Nothing’s smartphone business• How Nothing approaches community involvement, including letting users invest alongside VCs• The company’s approach to integrating AI features without overhyping the technology• Carl’s admiration for Genghis Khan’s management style and talent acquisition approach• The future of consumer electronics beyond smartphones—Thank you to our sponsor, Guru — The AI source of truth for work—Transcript: https://www.generalist.com/p/nothings-carl-pei-on-building-a-1b-smartphone-company—Timestamps(00:00) Introduction to Carl Pei and Nothing(02:44) Nothing’s long-term vision(06:33) How existential thinking shapes Carl’s motivation(10:12) Why Carl’s planned sabbatical ended after ten days(12:35) Carl’s international upbringing(16:02) Entrepreneurial experiments in China(19:10) Carl’s competitive nature and attitude toward school(25:30) Lessons from seven years at OnePlus(28:07) Taking a break at age 31(30:50) Carl’s fundraising strategy(33:26) Why Carl chose London for Nothing’s HQ(35:12) Lessons from Genghis Khan(38:38) Nothing’s first near-death moment(42:56) Nothing’s product evolution and breakout hits(45:24) Partnering with Teenage Engineering(49:28) Design inspirations(51:36) How Nothing recruits talent(53:42) Nothing’s approach to marketing(56:51) How India became a key market(59:48) Why Nothing created CMF(1:02:12) Why Carl is bullish on India(1:03:32) How Carl thinks about AI(1:07:05) Rethinking ads based on community feedback(1:09:05) How Nothing leverages community(1:11:23) Why AI hardware is struggling(1:13:37) Carl’s thoughts on the future of consumer electronics(1:15:10) Philosophies that shape Carl’s worldview(1:16:45) Final meditations—Follow Carl PeiLinkedIn: https://www.linkedin.com/in/getpeidX: https://x.com/getpeid—Resources and episode mentions—Books—Apple in China: The Capture of the World’s Greatest Company: https://www.amazon.com/Apple-China-Capture-Greatest-Company/dp/1668053373Conqueror (5 book series): https://www.amazon.com/dp/B074C4LS8DZen Mind, Beginner’s Mind: Informal Talks on Zen Meditation and Practice: https://www.amazon.com/Zen-Mind-Beginners-Informal-Meditation/dp/1590308492—People—Genghis Khan: https://en.wikipedia.org/wiki/Genghis_KhanElon Musk on X: https://x.com/elonmuskJesper Kouthoofd on LinkedIn: https://www.linkedin.com/in/jesperkouthoofdCharlie Smith on LinkedIn: https://www.linkedin.com/in/charliejamessmith—Other resources—Nothing: https://us.nothing.techCarl’s AMA thread on X: https://x.com/getpeid/status/1796233634376216610Steve Jobs’ 2005 Stanford Commencement Address: https://www.youtube.com/watch?v=UF8uR6Z6KLcNaruto: https://en.wikipedia.org/wiki/NarutoLeague of Legends: https://www.leagueoflegends.comOnePlus: https://www.oneplus.comKing: https://www.king.comKlarna: https://www.klarna.comEar (1): https://us.nothing.tech/products/ear-1Teenage Engineering: https://teenage.engineeringDior: https://www.dior.comGucci: https://www.gucci.comIpren the Intelligent Painkiller: https://adsspot.me/media/tv-commercials/ipren-the-intelligent-painkiller-7295f9e7a6fcGet to Know Creative Museum Tokyo ‐ Experience the Creativity of Diverse Works and Creators in an Expansive Space Presented by Sony: https://www.sony.com/en/SonyInfo/blog/2025/02/192001: A Space Odyssey: https://en.wikipedia.org/wiki/2001:_A_Space_OdysseyHAL 9000: https://en.wikipedia.org/wiki/HAL_9000Loewe: https://www.loewe.com4K Restoration: 1984 Super Bowl APPLE MACINTOSH Ad by Ridley Scott: https://www.youtube.com/watch?v=ErwS24cBZPcCMF: https://us.nothing.tech/collections/cmfEssential apps: https://playground.nothing.tech/appsPorsche: https://www.porsche.com/Humane: https://en.wikipedia.org/wiki/Humane_IncLimitless: https://www.limitless.aiRabbit: https://www.rabbit.tech/rabbit-r1Friend: https://friend.com—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.generalist.com/subscribe

Prediction markets are no longer a fringe curiosity. They are becoming one of the most revealing instruments in modern finance. Platforms like Polymarket, once a niche corner of crypto, now regularly clear billions in monthly volume as traders speculate on everything from political outcomes to sports to cultural events. Few people saw this future as early, or as clearly, as Joey Krug.A decade before prediction markets went mainstream, Joey dropped out of college to co-found Augur, the first decentralized prediction market protocol. He later became one of the most influential investors in the category by backing Polymarket at Founders Fund. In this conversation, Joey shares why the moment for prediction markets has finally arrived, what has changed, and how these markets are reshaping information flows across society.We explore:• The experimental mindset that led Joey from horse-racing predictions to mining bitcoin in high school• Why Augur was the right idea at the wrong moment, and what it taught Joey about timing and infrastructure• The product, liquidity, and founder-market fit signals that persuaded Founders Fund to back Polymarket• Why resolution is the hardest problem in prediction markets, and how Polymarket approaches it• How crypto treasury companies are emerging as a major force and where ETFs fit in• Why mimetic behavior drives entire sectors and how savvy investors read those waves• The rise and fall of Operation Choke Point and its impact on crypto• How Founders Fund reframed Joey’s approach to evaluating founders, markets, and structural shifts—Thank you to the partners who make this possibleGuru: The AI source of truth for work.Auth0: Secure access for everyone. But not just anyone.—Transcript: https://www.generalist.com/p/joey-krug-on-prediction-markets—Timestamps(00:00) Intro(04:10) How Joey began making predictions with horse racing(08:00) Why Joey began coding with Applesoft BASIC(09:32) How Joey first discovered crypto(11:06) Why Joey dropped out of school to pursue crypto(12:52) The origins of Joey’s interest in medical school(16:15) How Joey spends nights and weekends splitting time between biotech and trading(17:18) The early influences behind Augur’s creation(19:40) Why prediction markets captivated early crypto thinkers(23:26) The unlock crypto created for prediction markets(29:22) How Polymarket began and why Joey decided to back it(32:11) What made Polymarket the right team(35:25) The FBI raid and how Shane responded(38:20) Why Joey expected Polymarket’s volume to hold after the election(40:20) The trend toward duopolies in financial markets(42:37) What sets Polymarket’s product design apart(45:25) How to keep prediction markets clear and unambiguous(48:31) The rise of crypto treasury companies and FF’s work with BitMine(51:26) The value of crypto treasuries and the role of ETFs(54:33) The mimetic rise of crypto treasury companies(57:03) Joey’s take on where the crypto market stands now(1:00:23) Why Founders Fund is bullish on ETH(1:03:03) Operation Choke Point, regulatory whiplash, and the end of the crypto crackdown(1:06:04) Where the Clarity Act falls short(1:08:56) How Joey’s thinking has evolved since joining Founders Fund(1:13:21) Final meditations—Follow Joey KrugLinkedIn: https://www.linkedin.com/in/joeykrug—Resources and episode mentions—Books—Zero to One: Notes on Startups, or How to Build the Future: https://www.amazon.com/Zero-One-Notes-Startups-Future/dp/0804139296The Power Law: Venture Capital and the Making of the New Future: https://www.amazon.com/Power-Law-Venture-Capital-Making/dp/B094PSKDZVMore Money Than God: Hedge Funds and the Making of a New Elite: https://www.amazon.com/More-Money-Than-God-audiobook/dp/B004AUQPF0The Alchemy of Finance: Reading the Mind of the Market: https://www.amazon.com/Alchemy-Finance-Reading-Mind-Market/dp/0471043133——People—Dan Romero’s website: https://www.generalist.com/p/dan-romeroSean Parker on LinkedIn: https://www.linkedin.com/in/parkerseanVolodymyr Zelenskyy: https://en.wikipedia.org/wiki/Volodymyr_ZelenskyyMicree Zhan on LinkedIn: https://www.linkedin.com/in/micree-zhan-305a1817aTom Lee on X: https://x.com/fundstratMichael Saylor’s website: https://www.michael.comPeter Thiel on X: https://x.com/peterthiel——Other resources—No Rivals: The Prophet (Part I): https://www.generalist.com/p/founders-fund-1No Rivals: The Disciples (Part II): https://www.generalist.com/p/founders-fund-2Founders Fund: https://foundersfund.com/The Kentucky Derby: https://www.kentuckyderby.comApplesoft Basic: https://en.wikipedia.org/wiki/Applesoft_BASICBitcoin: A Peer-to-Peer Electronic Cash System: https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdfEthereum Whitepaper: https://ethereum.org/whitepaperAtypical Hemolytic Uremic Syndrome: https://my.clevelandclinic.org/health/diseases/atypical-hemolytic-uremic-syndromeSoliris: https://www.drugs.com/soliris.htmlAlexion: https://alexion.comAugur: https://en.wikipedia.org/wiki/Augur_(software)#ReferencesThe Future of Farcaster with Dan Romero: https://www.generalist.com/p/dan-romeroPolymarket: https://polymarket.comKalshi: https://kalshi.comAlchemy: https://www.alchemy.comPantera Capital: https://panteracapital.comCME Group: https://www.cmegroup.comCBOE: https://www.cboe.comBitMine: https://www.bitminetech.ioWorkrise: https://www.rigup.comClarity Act of 2025: https://www.congress.gov/bill/119th-congress/house-bill/3633Joining Founders Fund: https://medium.com/@joeykrug/joining-founders-fund-4c3544633081—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.generalist.com/subscribe

What if you could redesign the rules of society? Not tweak the margins, but start over entirely. That’s the question driving Erick Brimen, founder and CEO of Próspera, a private charter city in Roatán, Honduras. Próspera is a radical experiment in governance: a platform that lets governments and entrepreneurs build cities with new legal systems, regulatory frameworks, and institutions from the ground up. Brimen believes that governance itself can be innovated upon. That cities, like software, can be upgraded. His goal isn’t just to build one new jurisdiction, but to create an operating system for hundreds of prosperous, self-governing communities around the world. In this conversation, Erick and I explore what it really takes to build a modern Singapore from scratch — and why better governance might be humanity’s most powerful lever for progress.Together we explore:• How Brimen’s childhood in Venezuela shaped his understanding of governance and poverty• The historical precedents for charter cities like Dubai, Singapore, and Hong Kong• Why common law, trusted dispute resolution, and dynamic governance are essential foundations• How Próspera’s Governance-as-a-Service model aligns incentives between governments, operators, and residents• The current state of Próspera in Honduras, including its three hubs and economic impact• The political challenges Próspera has faced and how international arbitration has protected the project• Why regulatory innovation enables industries like biotech, crypto, and advanced manufacturing to flourish• How the model could be applied to “catch-up growth,” industry diversification, and accelerating growth in developed nations• The vision for a modern Hanseatic League of charter cities operating on shared governance principles—Thank you to the partners who make this possibleGoFundMe Giving Funds: One Account. Zero Hassle.Guru: The AI source of truth for workTezi: The AI agent for recruiting high-quality candidates quickly.—Transcript: https://www.generalist.com/p/the-170m-experiment-to-build-a-private-city—Timestamps(00:00) Intro(04:10) An overview of Próspera and charter cities(06:43) City of Próspera vs. the platform(08:06) How growing up in Venezuela shaped Erick’s entrepreneurial vision(12:36) The limits of seasteading and why Erick took a different path(15:20) The opposing philosophies that shaped Erick’s path(16:16) The moment that reshaped Erick’s understanding of poverty(19:57) The limits of learning from Dubai, Singapore, and Hong Kong(23:01) Building on the DIFC blueprint(25:12) From Arizona to Honduras: how Próspera built its first city(30:36) Why Honduras won(32:12) Inside the ZEDE framework(36:56) Próspera’s business model(43:45) Conditions on the ground in Honduras(47:14) A quick summary of how it works(48:24) Quick stats on Próspera’s scale and financing(50:47) What years of preparation made possible(52:44) The scale and purpose of Próspera’s three hubs(58:12) Próspera’s 10-year vision(1:01:12) The people Próspera was built to serve(1:04:10) Why less regulation unlocks more innovation(1:05:58) Próspera’s political headwinds(1:12:36) Why Erick remains optimistic that things will work out in Honduras(1:14:44) Addressing criticism of ZEDEs and Próspera(1:18:08) What’s next, and why the U.S. may be the greatest opportunity(1:22:30) Final meditations—Follow Erick BrimenLinkedIn: https://www.linkedin.com/in/erickbrimenWebsite: https://www.erickbrimen.com—Resources and episode mentions: https://www.generalist.com/p/the-170m-experiment-to-build-a-private-city—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.generalist.com/subscribe

Navin Chaddha has spent three decades at the forefront of innovation—first as a founder, and now as managing partner at Mayfield, one of Silicon Valley’s oldest venture firms. A 17-time member of Forbes’ Midas List, Navin has guided generations of entrepreneurs through waves of technological change, from the dot-com boom to the AI era. At Mayfield, he champions a philosophy rooted in the firm’s founding ethos: investing in people, not markets. That approach has shaped his perspective on what it takes to build enduring companies. In this conversation, Navin shares why $1 trillion in infrastructure spending is fueling a new hardware renaissance, how stealth startups are going from zero to billions in a year, and what it means for the future of innovation.We explore:• How “vibe coding” is democratizing technology creation through conversational, collaborative, and cognitive interfaces• Why Navin believes the “vibe economy” will transform how we work, live, and play• How Mayfield’s 56-year focus on “backing the jockey, not the racetrack” shapes its investment approach• The massive opportunity in AI hardware infrastructure• How stealth AI hardware startups are going from zero to billions in under a year• How India’s tech ecosystem has evolved and where the real opportunities are today• How cricket taught Navin crucial lessons about company building—Thank you to the partners who make this possibleGoFundMe Giving Funds: One Account. Zero Hassle.Auth0: Secure access for everyone. But not just anyone.Tezi: The AI agent for recruiting high-quality candidates quickly.—Transcript: https://www.generalist.com/p/the-trillion-dollar-ai-hardware-opportunity—Timestamps(00:00) Intro(04:52) Cricket and its parallels to venture capital(08:13) Navin’s journey to Silicon Valley(10:28) Growing up in an entrepreneurial family(12:00) Early mentors and becoming an “accidental entrepreneur”(13:46) Navin’s first company and unconventional fundraising approach(17:35) How Navin moved from founder to venture capitalist(20:11) What has worked in India’s tech market and what hasn’t yet taken off(23:31) The future of outsourcing in the AI era(27:14) How Navin landed at Mayfield(30:36) How Mayfield’s people-first approach works in practice(34:50) Why Navin sees AI and vibe coding as the next great wave of innovation(38:13) Why Navin believes AI will push humans to level up their skills rather than lose them(44:50) The hardware opportunities that excite Navin and where Mayfield is investing(48:49) An overview of photonics and why it matters now(50:06) How Mayfield balances market insight, big ideas, and the people behind them(52:50) The surprising pace of growth in AI hardware(54:54) The timeline from idea to product and scale in hardware startups(56:26) Final meditations—Follow Navin ChaddhaLinkedIn: https://www.linkedin.com/in/navinchaddha/X: https://x.com/navinchaddha—Resources and episode mentions: https://www.generalist.com/p/the-trillion-dollar-ai-hardware-opportunity—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.generalist.com/subscribe

Martin Casado has lived through multiple tech waves—first as a founder, now as a16z’s leading voice on AI and infrastructure. He helped pioneer software-defined networking, then moved from academia to entrepreneurship, and today backs founders building at the frontier of technology as a General Partner at Andreessen Horowitz. In this conversation, Martin shares his unique perspective on the AI boom, his market-first investment philosophy, and why he believes we’re still in the early days of AI’s impact.We explore:* Martin’s path from game engines and simulations to investing at Andreessen Horowitz* Why Martin believes we’re only in “1996” of the AI boom cycle with years to run before any bubble* Why Martin approaches investing “from markets in” rather than “from companies out”* Why the AI coding market represents a potential $3 trillion opportunity* The transformation of Andreessen Horowitz from a small generalist partnership to a specialized 600-person organization* The concerning dominance of Chinese companies in open source AI models* Why Martin thinks AGI discussions encourage “lazy thinking” and obscure meaningful conversations* How World Labs is solving the 3D representation problem that could unlock robotics, VR, and more—Thank you to the partners who make this possibleAuth0: Secure access for everyone. But not just anyone.Brex: The banking solution for startups.Persona: Trusted identity verification for any use case.—Timestamps(00:00) Intro(04:50) Martin’s early career(08:35) Martin’s shift from academia to founding his own company during an economic downturn(11:25) The story behind Martin joining Andreessen Horowitz(17:55) Ben Horowitz’s most impactful advice(19:49) How Andreessen Horowitz has transformed since 2016(22:20) Why product experience matters more than technical prowess for infrastructure investing(26:26) Martin’s market-first investment philosophy(28:39) Andreessen Horowitz’s framework for assessing founders and startups(33:14) Why Martin thinks Hock Tan may be the best CEO today(35:18) The controversy around non-consensus investing in early stages(38:42) Why today’s AI boom reminds Martin of the mid-’90s tech environment(44:38) How today’s AI boom differs from 2021’s tech bubble(47:10) Why the promise of AI in organizations remains largely unrealized(50:29) How Martin uses AI for coding and as a reading thought partner(52:56) Why Martin doesn’t use AI for writing(53:24) Martin’s interest in Eisenhower and historical parallels to today(55:33) Two equally important paths for AI’s future(58:33) Why Cursor stood out as the leader in AI coding tools(01:01:14) The lack of inherent defensibility in AI and how to build moats(01:03:30) World Labs’ mission to transform 2D images into 3D environments(01:06:42) 3D’s emerging use cases and why the VR market may expand(01:11:50) Why Martin isn’t an “AGI guy” and how the term erodes conversation quality(01:14:59) How seeing AI as a continuum creates room for future products and investment(01:16:28) The security and regulatory challenges of Chinese open-source AI models(01:19:23) Final meditationsFollow Martin CasadoLinkedIn: https://www.linkedin.com/in/martincasado/X: https://x.com/martin_casado—Resources and episode mentionsBooks* The Weirdest People in the World: https://www.amazon.com/WEIRDest-People-World-Psychologically-Particularly/dp/1250800072/* The Beginning of Infinity: Explanations That Transform the World: https://www.amazon.com/Beginning-Infinity-Explanations-Transform-World/dp/0143121359* Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications: https://www.amazon.com/Statistical-Consequences-Fat-Tails-Preasymptotics/dp/B0CD8X5YC5* The Art of Doing Science and Engineering: Learning to Learn: https://www.amazon.com/Art-Doing-Science-Engineering-Learning/dp/1732265178* The End of History and the Last Man: https://www.amazon.com/End-History-Last-Man/dp/0743284550People* Andy Rachleff on LinkedIn: https://www.linkedin.com/in/rachleff/* Ben Horowitz on LinkedIn: https://www.linkedin.com/in/behorowitz/* Marc Andreessen on X: https://x.com/pmarca* Mike Moritz on LinkedIn: https://www.linkedin.com/in/michaelmoritz/* John Doerr on X: https://x.com/johndoerr* Peter Thiel on X: https://x.com/peterthiel* Hock Tan on LinkedIn: https://www.linkedin.com/in/hock-tan/* Dwight D. Eisenhower: https://en.wikipedia.org/wiki/Dwight_D._Eisenhower* Ben Mildenhall on LinkedIn: https://www.linkedin.com/in/ben-mildenhall-86b4739b/* Christoph Lassner on LinkedIn: https://www.linkedin.com/in/christoph-lassner-475a669b/* Justin Johnson on LinkedIn: https://www.linkedin.com/in/justin-johnson-41b43664/* Yann LeCun on X: https://x.com/ylecunOther resources* Andreessen Horowitz: https://a16z.com/* R.I.P. Good Times: https://articles.sequoiacap.com/rip-good-times* Martin’s post on X about non consensus investing: https://x.com/martin_casado/status/1959485916894167162* Terra Incognita: https://en.wikipedia.org/wiki/Terra_incognita* Beware the AI Experimentation Trap: https://hbr.org/2025/08/beware-the-ai-experimentation-trap* Cursor: https://cursor.com/* Grok: https://x.ai/grok* Warren Court: https://en.wikipedia.org/wiki/Warren_Court#Historically_significant_decisions* CodeX: https://openai.com/codex/* Genie3: https://deepmind.google/discover/blog/genie-3-a-new-frontier-for-world-models/* Midjourney: https://www.midjourney.com/* WorldLabs: https://www.worldlabs.ai/* Suno: https://suno.com/* GitHub Copilot: https://github.com/features/copilot* SB 1047: https://en.wikipedia.org/wiki/Safe_and_Secure_Innovation_for_Frontier_Artificial_Intelligence_Models_Act* Siesta: https://en.wikipedia.org/wiki/Siesta—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.generalist.com/subscribe

David Krakauer is a leading complex systems researcher and the president of the Santa Fe Institute, a unique institution dedicated to studying complex systems across disciplines. In this episode, David challenges conventional wisdom about AI, arguing that large language models pose a more immediate threat to humanity than commonly discussed existential risks—not by destroying us directly, but by eroding our cognitive capabilities through addictive, low-quality information.We explore:• Why David believes LLMs aren't intelligent at all and how the AI community misunderstands emergence• The three dimensions of intelligence: inference, representation, and strategy—and which one LLMs lack• How AI acts as a "competitive" rather than "complementary" cognitive technology, atrophying our thinking abilities• What makes great minds unique, from analogical reasoning to the cultivation of unconscious creativity• How Cormac McCarthy's approach to knowledge and creativity offers lessons for the AI age• Why David believes the greatest threat from AI isn't existential risk but cognitive atrophy• How to protect your mind against AI's addictive pull and maintain cognitive autonomy—Thank you to the partners who make this possibleBrex: The banking solution for startups.Enterpret: Transform feedback chaos into actionable customer intelligencePersona: Trusted identity verification for any use case—Timestamps(00:00) Intro(04:39) The Santa Fe Institute’s approach to complex systems(06:45) Murray Gell-Mann’s ‘Odysseus vs. Apollonian’(10:35) How SFI was shaped by the legacy of Los Alamos(12:45) Traits David looks for in great minds(14:43) Cormac McCarthy on naivety and how thoughtful people treat knowledge(19:24) A simple explanation of complexity science(22:50) Why vantage point doesn’t matter when studying systems(24:36) Aesthetic preferences among complexity scientists(26:07) Films and directors with complexity science themes(29:57) Why David argues LLMs are not intelligent(32:10) What’s missing in the study of LLMs(36:40) The three qualities of intelligence and how LLMs measure up(42:19) Lessons from "The Glass Bead Game"(44:00) David’s perspective on reinforcement learning(45:38) The greatest threat of LLMs: overreliance and the decline of thinking(47:40) Competitive vs. complementary cognitive artifacts(51:55) Why exposing yourself to quality ideas matters(54:00) How to derisk LLM use(58:32) Cormac McCarthy’s legacy at SFI and beyond(1:02:40) The Kekulé Problem: cultivating the unconscious(1:05:01) Why David and McCarthy were inspired by Wittgenstein(1:09:00) What Cormac McCarthy liked to talk about(1:12:20) David’s questions to a higher being(1:14:46) Final meditations—Follow David KrakauerWebsite: https://davidckrakauer.com/—Resources and episode mentions—Books—“The Hedgehog and the Fox”: https://www.amazon.com/Hedgehog-Fox-Tolstoys-History-Second/dp/069115600XThe Birds and The Frogs: https://www.amazon.com/Aristophanes-Frogs-Birds/dp/B000QBPUTYThe Glass Bead Game: https://www.amazon.com/Glass-Bead-Game-Magister-Novel/dp/0312278497Frankenstein: https://www.amazon.com/Frankenstein-Mary-Shelley/dp/0486282112Blood Meridian: Or the Evening Redness in the West: https://www.amazon.com/Blood-Meridian-Evening-Redness-West/dp/0679728759Stella Maris: https://www.amazon.com/Stella-Maris-Cormac-McCarthy/dp/0307269000The Passenger: https://www.amazon.com/Passenger-Cormac-McCarthy/dp/0307268993/Pale Fire: https://www.amazon.com/Pale-Fire-Vladimir-Nabokov/dp/0679723420Tractatus Logico-Philosophicus: https://www.amazon.com/Tractatus-Logico-Philosophicus-Routledge-Classics-123/dp/0415254086Ludwig Wittgenstein: The Duty of Genius: https://www.amazon.com/Ludwig-Wittgenstein-Genius-Ray-Monk/dp/0140159959Ellmann's Joyce: The Biography of a Masterpiece and Its Maker: https://www.amazon.com/Ellmanns-Joyce-Biography-Masterpiece-Maker/dp/0674248392Moby Dick: https://www.amazon.com/Moby-Dick-Herman-Melville/dp/1503280780Hyperobjects: Philosophy and Ecology after the End of the World: https://www.amazon.com/Hyperobjects-Philosophy-Ecology-after-Posthumanities/dp/0816689237The Anatomy of Melancholy: https://www.amazon.com/Anatomy-Melancholy-Review-Books-Classics/dp/0940322668The Golden Bough: A Study of Magic and Religion: Volume I: https://www.amazon.com/Golden-Bough-Vol-Study-Religion/dp/1480131466Three Critiques: https://www.amazon.com/Three-Critiques-3-Set-Practical/dp/0872206297The World as Will and Representation: https://www.amazon.com/World-Will-Representation-Vol/dp/0486217612/——People—Cormac McCarthy: https://en.wikipedia.org/wiki/Cormac_McCarthyMurray Gell-Mann: https://en.wikipedia.org/wiki/Murray_Gell-MannArchilochus: https://en.wikipedia.org/wiki/ArchilochusFyodor Dostoevsky: https://en.wikipedia.org/wiki/Fyodor_DostoevskyLeo Tolstoy: https://en.wikipedia.org/wiki/Leo_TolstoyAristophanes: https://en.wikipedia.org/wiki/AristophanesHesiod: https://en.wikipedia.org/wiki/HesiodHomer: https://en.wikipedia.org/wiki/HomerEugene Wigner: https://en.wikipedia.org/wiki/Eugene_WignerLeo Szilard: https://en.wikipedia.org/wiki/Leo_SzilardJohn von Neumann: https://en.wikipedia.org/wiki/John_von_NeumannMichel de Montaigne: https://en.wikipedia.org/wiki/Michel_de_MontaigneMelanie Mitchell’s website: https://melaniemitchell.me/Ingmar Bergman: https://en.wikipedia.org/wiki/Ingmar_BergmanAkira Kurosawa: https://en.wikipedia.org/wiki/Akira_Kurosawa#Legacy_and_cultural_impactAndrei Tarkovsky: https://en.wikipedia.org/wiki/Andrei_TarkovskyJohn Henry Holland: https://en.wikipedia.org/wiki/John_Henry_HollandChristopher Nolan: https://en.wikipedia.org/wiki/Christopher_NolanJonathan Nolan: https://en.wikipedia.org/wiki/Jonathan_NolanHenry James: https://en.wikipedia.org/wiki/Henry_JamesVladimir Nabokov: https://en.wikipedia.org/wiki/Vladimir_NabokovFrank Lloyd Wright: https://en.wikipedia.org/wiki/Frank_Lloyd_Wright——Other resources—The Santa Fe Institute: https://www.santafe.edu/The Cormac McCarthy I Know: https://davidckrakauer.com/artifacts/2022-the-cormac-mccarthy-i-knowMichel de Montaigne’s quote: https://www.goodreads.com/quotes/6873908-we-can-be-knowledgeable-with-another-man-s-knowledge-but-weThe Seventh Seal: https://www.imdb.com/title/tt0050976/Rashomon: https://www.imdb.com/title/tt0042876/Stalker: https://www.imdb.com/title/tt0079944/Solaris: https://www.imdb.com/title/tt0069293/The Exterminating Angel: https://www.imdb.com/title/tt0056732/2001: A Space Odyssey: https://www.imdb.com/title/tt0062622/Large Language Models and Emergence: A Complex Systems Perspective: https://ui.adsabs.harvard.edu/abs/2025arXiv250611135K/abstractKind of Blue: https://www.amazon.com/Kind-Blue-Miles-Davis/dp/B000002ADTWhy neural net pioneer Geoffrey Hinton is sounding the alarm on AI: https://mitsloan.mit.edu/ideas-made-to-matter/why-neural-net-pioneer-geoffrey-hinton-sounding-alarm-aiWhy the Real Computer Revolution Never Happened | Alan Kay & Anjan Katta: https://www.generalist.com/p/why-the-real-computer-revolution-never-happenedZettelkasten: https://zettelkasten.de/overview/ImageNet: https://www.image-net.org/The Kekulé Problem: https://nautil.us/the-kekul-problem-236574/Robert Frost’s quote: https://www.goodreads.com/quotes/71609-writing-free-verse-is-like-playing-tennis-with-the-net—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email jordan@penname.co. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.generalist.com/subscribe