SCALE AI

“I think the other big thing that we're all gonna be living through is forever in building a technology business, we've been limited by the amount of software that we could create. The rate limiter was writing code, and all the apparatus was to feed that machine as a effectively and efficiently as possible. I think that's going away. Right? Not instantly, but over time, I think It's in the last, like, three months, it seems seems like there's been a huge shift. And, you know, when you kinda play that forward, you get to a world where you become sort of idea, vision, prototype, hypothesis limited.”

“Now he’s back with a $1 billion bet that AI can make kids learn ten times faster, and that school as we know it isn’t just inefficient, it’s broken. The fix isn’t more money or better teachers; it’s rebuilding from scratch around mastery, motivation, and AI.”

“Over the past six to nine months on Solana, the markets and the activity have just gotten so good. There's a lot of smart engineers working on exchanges and things like that. They're just so good that it's actually much cheaper to buy Solana on Solana.”

“Instead of having four humans that has, maybe a task might take you three weeks or so, like a cold email campaign might take you two, three weeks. Maybe it's three people helping you. Now you have one human that can probably do it in a day or two, right? And that's being generous. Probably takes a day. You maybe need to have some reviews done, but then you're often sending the emails the next day. Just the human timelines don't work anymore.”

“Now we call it agent mining because we record all these decision traces, these contexts, what the users are entering into the system. And then you can either use it to say like, hey, wait a minute, this is actually an anomaly. The folks in, I don't know, in UK from our company or the folks in Australia shouldn't do this because the standard operating procedure is this. Or you say like, oh, that's actually a very good improvement.”

“We have a very, very robust model risk office that we work very, very closely with. We have all of the risk and compliance frameworks embedded within the platform, which appear as policies, as guardrails, as security enforcement, and cyber enforcement across our different layers of the platform that get implemented across different threat boundaries of the agents.”

“You could use like a like a drop shipping model to test out an idea first. So, I think the best way to test an idea to see if it works and to see if you have the right unit economics, it's like yeah, drop ship it first, run some ads to it, see what the customer acquisition cost is going to look like. Um, and scale it up. You could you could basically launch a site within like like under a week. You probably depends on how cracked you are. With AI for sure. Like website, you can AI with it. You can get a bunch of like fast creatives, static using AI or or UGC.”

“The computer of the future is the data center, and the data center is the computer.”

“I continue to think that Silicon Valley underrates leadership, and I really care about it. I think leaders have tremendous leverage. ... Leadership to me aspire? Yeah. Well, to, set a set a vision, galvanize people towards that vision, motivate them towards that, provide the courage and moral authority to take risks and sort of venture something. That's all lead. That's the hard part. Like, how do people yeah. Organizing a meeting, like, staffing. Like, you can do that poorly or well, but that's not the hard part.”

“One of the things that this technology is kind of pushing is, like, the rise of generalists at the expense of specialists. And what we see is that the really narrow roles at Thumbtack are under pressure because, like, instead of having that, you know, designer who specializes in that one part of design, it's actually you can just lever Figma make or cloud code to help you do that when you need it every every so often. You know, the hyper specialized engineer, you know, I think that is the the thing that it may change the most where we might have fewer roles that are broader and more general and have fewer kind of specialists.”

“What we are focusing on is the optimization domains, obviously, and then if you go into things like logistics, traveling salesman problems, knapsack problems, like all these kind of usual hard problems in computer science, these are interesting problems where we believe that could be interesting for the future, for maybe a different kind of computing paradigm to solve for.”

“As you want to scale from hundreds in a community to thousands and then tens of thousands, you really want to do that with autonomy. I think this is another area where the administration and the FAA, the DOT are really leaning in to look at how do we make our airspace safer and how do we increase the capacity of it.”

“I think marketers are primed to win the biggest in this space. Cuz developers are obviously clapped. Um, to give you guys some insight, we recently stumbled upon a tech walk in Vancouver. And half these guys are looking for a job. The other half is saying they like to think with their brain um, rather than use AI tokens. And I think I think Tony said something like if you're thinking, you're not using tokens, which is like NGMI, like automatically, right? Um, Yeah, I mean, there's a there's a thinking machine for us. Like why use that type of like deep thought, deep thinking?”

“With AI, the same is happening. It is happening on three levels. It happens, of course, on the UI side. ... Then the second one is, of course, the business processes like an order to cash in the past. ... And then, of course, below that, you have the whole data layer, right? The whole data layer of bringing, of course, SAP has a lot of super valuable data for a company.”

“How many hoops do you have to hop through to do that? Send them your driver's license and all this information, and there's a whole KYC process, and they limit you on how much you can purchase per day until you pass these different verifications levels and all this other stuff. It's like, what are we doing here?”

“I'm actually personally bullish right now on um, like one-person agencies. Like if if if I had to make my first freaking 10k a month, I'd just be one guy with AI, armed with AI, probably like a Claude Max. And then just try to figure it out from there. Um, and I'd post every day on socials, like one shorts one short a day, and just go that that route. It's probably cuz I know that route. Like I know that method pretty well, so I feel like I'm I could run it up. Like I don't know, gun to my head type of thing.”

“Chat Concierge is essentially an auto dealership project or application that was deployed out to our auto dealers to basically bridge that experience between dealers and their customers and make it very seamless. This is an auto buying experience that we wanted to make sure that we deliver the right solutions or cars to the right customer needs. It was a multi-agentic chat experience that was brought to the fore with the human in the loop to car buying customers to get the right match.”

“We are seeing a shift where the best founders are no longer looking for just a check; they are looking for a megaphone. If you can provide the distribution and the capital, you are playing a completely different game than the legacy firms that only offer money. We've built our entire model around the idea that being a creator and an investor are now the same job if you want to win at the highest level.”

“The rest of the day is devoted to what Liemandt calls life skills: leadership, entrepreneurship, teamwork, and real projects that kids actually care about.”

“Capital has become a commodity, but attention is the new gold. I can do more for a company in 30 seconds with a story post than a traditional VC can do in a year of board meetings because I have the direct line to the consumer that they simply cannot buy. In today's world, if you don't have the eyeballs, you don't have the power, regardless of how much cash is in your bank account.”

“Jeremy explains why traditional banking fails to support the needs of AI agents, and how stablecoins like USDC facilitate an internet-native economy.”

“That 10x year on year revenue growth trend has been there since the beginning. I think 2023 was to 100 mil, 2024 was 100 to 1, last year was 1 to roughly 10. And then I look back to when I joined in 2024, revenue was in the hundreds of millions. And just that trajectory to the end of 2024 and 2025... it just has not slowed down.”

“The major things that Deribit brought was, like, a real time order book. They actually used the central limit order book for market makers, and that, you know, made prices not so opaque. And it brought it more transparently, which I think is nice. And it was the first time we could make an IV surface for Bitcoin and actually, like, price it, and people could see that. I think that really led the game in a lot of pricing and a lot of risk in portfolio management.”

“I really believe seed investing is for amateurs now because the risk-reward ratio has shifted so dramatically in the current market. We want to be in the businesses that are already proven winners where our massive distribution can act as a force multiplier rather than just betting on a prayer at the earliest stages. It’s about pouring gasoline on an existing fire, not trying to rub two sticks together.”

“A lot of the money is moving out of software into fiscal goods. So, I'm like pretty bullish on physical products right now. Unlike software, there's like software really has no moat right now. I've seen Jackie Vibecode like absolute trash. Um, Yo, chill. If and if Jackie can do it and if I can do it, uh, there's going to be like a like 10 million other degenerates that are going to code up the same [ __ ] So, I think like at least for venture and like private equity and growth equity firms to invest in software is going to be very challenging moving forward. It's an unknown space and money's going to money's going to rotate to the fiscal.”

“The computer of the future is the data center, and the data center is the computer.”

“We've agreed with the FAA on every detail of the design, not just testing. The FAA designated engineering representatives have signed off on each of those drawings before we start making them. Then the full aircraft comes together and we now begin flying it. First step is Joby pilots fly that aircraft... [Commercial rides begin] as soon as the end of this year.”

“Similar to what I described there with the seven year timeline between the introduction of perps to crypto in 2016 to really hyperliquid beginning to get serious traction in 2023 and 2024, I think we're about seven years behind when Deribit started to do volume for the first time too. And I think that market is about to get a lot bigger. I think we're in the early innings of, like, that sort of uptick in on chain options adoption following off chain, like the 2023 moment for pubs.”

“It's the hardest job I've had in my life. You come into Anthropic, you need to understand that 50, 60, 70 percent of how you operate in the past just fell out the door. We, as Anthropic, are really a model company and an intelligence company first and foremost. And so the lion's share of what has driven our success is our research team.”

“The trades and things that interface with the real world, in particular, in ways that are hard to automate, are very durable. OpenAI put out a paper, I think, with Chet g b t four that came out about sort of the jobs most at risk and least at risk. And the least at risk was, like, filled with home service jobs. It was, like, oil and gas jobs and, thumbtack jobs, like, things that you gotta be there.”

“Now, the problem is, of course, still today, if we look at these predictive questions, right? ... the challenge is large language models are not made for this, right? In a way, how they generate just one token after another essentially in a sequence to sequence modeling, I mean, they're language models, right? And they do this phenomenally well. But if you still want to do these predictors where you have to go back to these classical machine learning approaches...”

“Physical AI is the new operating system for modern computing, and it represents a 50 trillion dollar market opportunity.”

“I think it's really important to talk about what a game changer AI is. You take one of the greatest aerodynamic minds on the planet and you enable him with something that makes him 10x as productive. The benefits compound in a crazy way. This is the most profound technology, I think, in the history of humanity.”

“Jito is the largest liquid staking protocol in Solana and we're kind of view ourselves as the economic growth engine for Solana. So we have a liquid staking protocol, and then we also build a validator client, which basically tries to optimize the transaction ordering on the network.”

“And we believe that still will continue, right? Because this is exactly what we're also seeing right now with, of course, there's still, of course, there's tremendous progress, but we also see that the AI adoption in the enterprise is still not where we want to see it, right? Like there's this Gardner curve, right? Where say like there's this AI innovation race, and then there's this AI outcome race, right? Then the gap almost increases, right? Versus getting narrow.”

“Activation is a really big challenge in AI. We always talk about the exponential. The product value that we will deliver in two years time is probably like a thousand X what it is today. The funniest thing is I've noticed internally linear charts are just not cool. Everything is log linear.”

“Capital is becoming a weapon used to automate the physical world through robotics and actuators.”

“He explains how Timeback works under the hood, why he’s comfortable streaming student screens to AI in real time, and how he plans to scale it for a billion kids.”

“What it highlights though is that this purchase is mediated by something else. It's not simply about convenience or ease of use. It's much more about certainty and peace of mind. A, because the dollars are much higher here. Two, it's the opposite of a commodity. Right? You're you're getting the floors done in your house. Like, you walk on them every day. You care about that. Also, it's your house. So if it goes wrong, you gotta live with it, and it may be super expensive.”

“This conversation covers his full arc from sleeping on the floor at Trilogy to being mentored by Jack Welch, to deciding that “kids must love school more than vacation” was a non-negotiable design principle.”

“Not only that, it generated, we're talking about a lead from a multi-billion dollar company, actually two multi-billion dollar companies, is interesting, right? Because you're not just talking about generating views, you're actually talking about generating pipeline, and the agent is helping you do that. I'm not saying you should just let your agent YOLO and do whatever it wants all the time, but you should let it get you to the point where a human needs a review, and then you're okay to publish it.”

“I think more and more, we see some of these big OTC takers and traders, at least looking to take less counterparty risk than they have in the past. I mean, you have, like, even, you know, block fills, like big US based, Chicago based, reputable market maker, OTC desk, declaring bankruptcy out of nowhere, like, a month ago. Those risks are present no matter who you're dealing with. And anytime you as a business can reduce that risk, you're going to try to do it.”

“These platforms come into the fore when you are governing agents in runtime. And that's where the massive huge benefit of platforms comes into the fore. This gives the architects of that specific agentic framework the flexibility of focusing deeply on the design, whereas the platform brings in all of the governance and risk compliance that needs to be bounded to make these agents execute safely in any environment.”

“They also discuss the tokenization of real-world assets, the move toward full-reserve banking.”

“The most important thing is when you're setting up these agents, you want to set its own soul.md, so give it a personality, talk about what you like, what you don't like. Memory.md, so for persistence, obviously you want it to remember things as well. And lessons.md, too, you don't want self-correction after mistakes, right? So you don't want it to just, you make a mistake and you keep making the same mistakes over and over.”

“AI agents can already collaborate, but they lack a trustworthy medium in which to store value and execute contracts.”

“The trillion dollars in spend or 800,000,000,000, however you wanna cut it, is bigger than any other consumer vertical. So you take groceries, it's way bigger than that. You take gas, you take apparel, you take any of these. ... The thing you have to appreciate is our pros have typically not that much of a cost of goods sold. It's really just their time.”

“In this specific scenario, there were a multitude of intents, so there had to be one agent that understands specifically this intent and tries to disambiguate by asking clarifying questions back to the customer. That is that narrow job. And then from there on, we had multiple tools that can get executed in the form of different actions that need to be taken based on the intent that comes in. So we have a planner agent that does this discernment.”

“The reason I’ve been able to build these businesses and these fights into massive multi-million dollar events is because I understand the arc of a story. You have to give people a reason to tune in, a reason to care, and a reason to buy, and that starts with the narrative and the conflict. If you can't tell a story that captures the zeitgeist, you are just another commodity business waiting to be disrupted.”

“What hasn't changed is what customers are seeking for, which is outcomes, right? Outcomes and return on their investment in order to get the things done, right? And of course, now AI is an amazing technology that again helps to get more things done in the enterprise, right? And then that is actually what SAP is standing for, right?”

“And I think one of the the just superpowers of this technology is how fast it lets you move, particularly when you lower the group size that's required to get anything done. You know? To the extreme of just one person, that's the fastest. But even taking a product team, like, at Thumbtack, historically, our pods were, like, 10 to 14 people. Now they can be, like, three to six, three to eight. I think that alone makes us faster.”

“It shows how difficult it is to actually replicate a network effect in options. It's much more sticky because you have, you know, very long onboarding cycles, a very high bar for institutions to use, and, you know, once they're onboarded, like, to take incremental risk to go to another exchange. This is very difficult to wrestle someone away from an existing exchange for another exchange once all of that is set up, which is why a lot of the other centralized exchanges tried very hard to get into options and didn't make huge inroads into the market share.”

“Physical AI is the new operating system for modern computing, and it represents a 50 trillion dollar market opportunity.”

“We moved from a classic ML world to a world where we have LLMs generating responses and now we want to move on to a world where actions need to be taken. And when the problem that we are working on is a complex one with multifaceted aspects associated with it, that's where multi-agentic comes into place. So basically, we have a large complex goal, which we have to break down into specific steps and each step is basically narrowed to a specific agent.”

“But SAP and these large customers, right? They always have a problem of scale. Okay, what do you know with 100 documents? Well, it becomes a little harder. A thousand documents becomes a deeper engineering challenge. ... we have 20,000 APIs, right? So it becomes just like because it's so huge, right? There's so much things. So it becomes this problem of scale, right?”

“Once you have a trade expiring in a year, the market maker needs capital on that exchange for a year. And the trader has some capital and some positions on the exchange for a year. This is very difficult to wrestle someone away, from an existing exchange for another exchange once all of that is set up, which is why, you know, like, a lot of the other sort of Asia based centralized exchanges tried very hard to get into options and didn't make huge inroads.”

“You have cron jobs that are firing at 2 a.m., which is what we have, that will ingest all of my content from my podcast, my YouTube channels. We have Cold Outbound launching on Saturday, sending thousands of emails before Monday, right? You can do that. We have Deal Resurrection crons that will find the right time to reach out to people that maybe we lost the deal 60 days plus in the last couple years or so.”

“I think everyone was really focused on L2s and scaling through that method and some other methods, and Solana was just like, we think we can synchronize this entire state machine on one network versus many different networks. I started looking at the code and everything and just I was like, oh, this is a very cool network.”

“There are no lectures, and kids don’t move forward until they master the material. He argues the traditional classroom was designed for a narrow slice of students and wastes everyone else’s time.”

“At Alpha School, students spend two hours a day on AI-driven instruction and score in the top 1% on standardized tests. The rest of the day is devoted to what Liemandt calls life skills.”

“At the core, this is an electric aircraft that can take off and land like a helicopter, but it has a wing. And so it can transition and fly on that wing that makes it more efficient and it makes it quieter. The acoustics are critical to what we're trying to build. We want a vertical takeoff and landing aircraft that you can land as close to the communities that you're looking to serve.”

“We are seeing a shift where the best founders are no longer looking for just a check; they are looking for a megaphone. If you can provide the distribution and the capital, you are playing a completely different game than the legacy firms that only offer money. We've built our entire model around the idea that being a creator and an investor are now the same job if you want to win at the highest level.”

“The reason I’ve been able to build these businesses and these fights into massive multi-million dollar events is because I understand the arc of a story. You have to give people a reason to tune in, a reason to care, and a reason to buy, and that starts with the narrative and the conflict. If you can't tell a story that captures the zeitgeist, you are just another commodity business waiting to be disrupted.”

“Circle’s Arc Blockchain, an economic 'operating system' designed for a world where machines drive the real economy.”

“We're entering an era where AI isn't just a tool, it's potentially a replacement for entire sectors of the workforce. It’s going to redefine what it means to be productive, and if you aren't thinking about how that affects the labor market and the entire human race, you're missing the biggest story of our lifetime. The speed of this transition is what should actually keep people up at night.”

“Capital is becoming a weapon used to automate the physical world through robotics and actuators.”

“I just sent Mike Krieger a cold email. I sent him a cold email saying like, hey, love what you guys do, love the product. I think you guys badly need a growth team, want to chat. And I didn't expect he would respond. And he responds and says, hey, yeah, I'm interested. Let's talk. He said, I'm the only PM that he's hired from cold email.”

“I think they've already increased capacity by 50% this year, and then they want to double it, and then I think it's just going to continue doubling probably twice a year. So it's just going to keep getting better and better and better and cheaper and faster.”

“This is an agent that helps us on sales across the board. It will actually create all the cold email sequences, it'll come up with all the leads, it'll scrub the leads, it'll de-duplicate the leads as well, and it will send it on a sequence, and it constantly iterates over time. It will constantly self-improve. And so this agent we have, that's in our stack, we have a stack called Single Brain, which is all of our revenue agents.”

“The most important thing from a development perspective is actually people start writing their evals. That is, I was on this tour for a very long time because the problem, why does agenda coding work so well, Sarah, is of course, you can verify the outcome, right? You can either say, hey, is the program compiling, or are you unit tests, right?”

“Toyota is one of our most significant investors. And we chose Toyota early on, one, because the Toyota family has dreamt about building aircraft for daily transportation, dating all the way back to the 1930s. Two, Toyota is known around the world for the quality and the reliability with which they build.”

“We are starting to look at how do we automate growth. Our growth platform team is driving this effort called Cache, which is Claude Accelerate Sustainable Hypergrowth. How can we use Claude to automate growth experimentation? And it's delivering results.”

“It depends like where you sit in the stack, right? Like um, now for Meta, it's like all it's all like creatives. Um, a lot of people are going to cycle into like AI creatives and then that's going to burn out. And then it'll be the next thing. Might be UGC creative uh, creatives again. Maybe affiliates. But it really like any good marketer uh, is going to figure out what the next arb is and they're going to maximize it. So, if you're like a real marketer, not just like one shot one shot wonder to understand Meta, then yeah, you're going to be able to you're going to be able to sell and you're going to be able to sell a lot faster in this new era.”

“After hiring people who are super talented, who fit with your organization, the last failure mode is that these execs don't appreciate their imperfections and are sort of stubborn or hard headed or defensive about it. And I'll tell you, like, I have hired extremely talented people exclusively, and yet they're all imperfect. And they all have, like, major blind spot. Particularly if you hire very spiky people, they often have deficiencies elsewhere. And that's fine so long as there's self awareness about it. And I care a lot about finding execs who are comfortable in their own skin and get it.”

“We're entering an era where AI isn't just a tool, it's potentially a replacement for entire sectors of the workforce. It’s going to redefine what it means to be productive, and if you aren't thinking about how that affects the labor market and the entire human race, you're missing the biggest story of our lifetime. The speed of this transition is what should actually keep people up at night.”

“I really believe seed investing is for amateurs now because the risk-reward ratio has shifted so dramatically in the current market. We want to be in the businesses that are already proven winners where our massive distribution can act as a force multiplier rather than just betting on a prayer at the earliest stages. It’s about pouring gasoline on an existing fire, not trying to rub two sticks together.”

“Jeremy’s predictions for double-digit GDP growth as AI and blockchain reach their 'broadband moment.'”

“Capital has become a commodity, but attention is the new gold. I can do more for a company in 30 seconds with a story post than a traditional VC can do in a year of board meetings because I have the direct line to the consumer that they simply cannot buy. In today's world, if you don't have the eyeballs, you don't have the power, regardless of how much cash is in your bank account.”