This podcast episode explores the challenges and opportunities in the field of foundation models, with a focus on the experiences and insights of Naveen Rao, CEO and co-founder of MosaicML. Rao emphasizes the importance of differentiation and solving specific problems rather than solely building models. He also discusses the evolution of AI chip strategy, the strategic decision of building an end-to-end platform, the economic considerations of model-building, the impact of ChatGPT, the journey of Mosaic, and the future of large language models (LLMs) in the AI ecosystem. The episode also delves into the complex relationship between regulation and AI, the importance of transparency and ownership in AI development, and provides valuable advice for AI founders and entrepreneurs.