Sam takes over hosting duties and assembles his overqualified group of investor friends to argue about where AI goes from here. The conversation starts with AI agents, Grok, Claude and the shift from “help me do this” to “just do it,” before getting into the harder questions of trust, data ownership, Apple’s AI advantage, open vs. closed models, model routing and why proprietary data may become the real moat. They also unpack NVIDIA’s massive compute financing strategy, the risk of securitizing GPUs like long-lived infrastructure, what the OpenAI executive exodus actually says about the AI talent market, and the bigger question hanging over all of it: if AI really changes work, who actually participates in the upside?

Chapters

0:00 Episode trailer

1:24 Episode start

1:59 Meet the panel, every flavor of venture capital

5:14 Consumer AI agents cross the Rubicon

7:24 The end of websites, when agents talk to agents

8:32 Which AI companies do you actually trust?

11:41 Why Apple could win AI by doing nothing

16:40 If models commoditize, unique data becomes the moat

22:15 Open vs. closed AI, and who owns your data

27:06 NVIDIA’s balance sheet shenanigans

31:26 NVIDIA gets the upside, who gets the risk?

34:31 Nobody has ever securitized compute

35:02 Who owns the wealth AI creates?

39:38 What happens when economic opportunity runs out?

42:23 Why OpenAI’s best people keep leaving

47:23 Why AI may look more like GPS than Facebook

49:14 What actually happened with Airtable

50:30 Lightning Round: Rachel Holt on physical-world investing

53:00 Scott Belsky on AI watermarks, provenance & deepfakes

54:15 Josh Wolfe on socialism, Europe & defense

57:15 Final thoughts & sign-off

We’re also on ↓X: https://twitter.com/moreorlesspodInstagram: https://instagram.com/moreorlessSpotify: https://podcasters.spotify.com/pod/show/moreorlesspodConnect with us here:1) Sam Lessin: https://x.com/lessin2) Dave Morin: https://x.com/davemorin3) Jessica Lessin: https://x.com/Jessicalessin4) Brit Morin: https://x.com/brit

Nobody Has Ever Securitized Compute: The $500B Nvidia Bet

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Nobody Has Ever Securitized Compute: The $500B Nvidia Bet