E305: Why 95% of AI Startups Will Never Build a Moat

The podcast explores the future of AI investing, wealth management, legal tech, and defense technology. Nick Beim shares his excitement for vertical AI applications due to their defensibility and contextual advantages, contrasting them with horizontal LLMs. He highlights wealth management's structural problems, such as outdated technology and high profitability, which stifle innovation, while emphasizing the central role of advisors. The discussion also covers the rise of retail investment in alternatives, the potential of AI in tax-aware strategies, and AI's transformative impact on legal tech, particularly in litigation. Beim also addresses the rapid changes in defense and national security due to technology, noting Ukraine as a hub for warfare innovation and the need for the U.S. to adapt its defense tech strategies.