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

“instead of prompting it better or to “try harder,” the team would look at “what capability, context, or structure is missing?””

“I don't really agree with the C-shift. I mean, I think that it's more kind of a growing awareness, more than a shift. The people that are trading this for size are really big firms. These are institutions by every definition of the word. And so if I agreed with the premise, what I would say is that the children grew up and became really valuable. But I think that it's always been the undercurrent from the beginning.”

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

“I sometimes say this is like we're the last industry where when I click the button in my phone, it doesn't actually happen. I think about every other thing in the past decade that has completely changed around, the phone in my pocket gets somehow financed still. And that's true whether you're trading, you're moving money, like the front end of everything has moved unbelievably fast, but the back end hasn't budged an inch.”

“If our next several years is a trillion dollars in scale, we have the supply chain to do it. Without our reach, the velocity of our business, just as there's cash flow, there's supply chain flow, there are turns. Nobody is going to build a supply chain for an architecture if the architecture, the business turns is low. Our ability to sustain the scale is only because our downstream demand is so great.”

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

“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.”

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

“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.”

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

“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.”

“The 20 to 30 mark is a special mark because that's when you start bringing in the tech turnover. The sales team will get you 10 to 20 million dollars. Once you start perfecting and managing a service department, that's what I found in my journey is the 10 to 20, even to the, I mean, sorry, the 20 to 30, even up to 40 million dollars, it was perfecting the tech turnover and perfecting the tech experience.”

“Accepting losses is the cost of capturing outsized investing returns.”

“Let me tell you something, we did close to 1.7 million dollars in revenue in my garage in four months. That was probably one of the dopest shit that I have ever heard. Zero overhead. It was me and my sister. Me and my sister in the garage. We had four, five installers. We had Tony, which was my right hand dude, me, myself. I had one project manager.”

“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.”

“borderline “negligent” if you aren’t using >1B tokens a day”

“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.”

“optimize an entire codebase, workflow, and organization around agent legibility instead of human habit.”

“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.”

“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.”

“The input is electron, the output is tokens. That is in the middle, Nvidia. And our job is to do as much as necessary, as little as possible to enable that transformation to be done at incredible capabilities. Making that token, it's like making one molecule more valuable than another molecule. Making one token more valuable than another. The amount of artistry, engineering, science, invention that goes into making that token valuable, obviously we're watching it happening in real time.”

“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.”

“At some level, the instantaneous demand is greater than the supply upstream and downstream in the world. And it could be at any instance, we could be limited by the number of plumbers, which actually happens. I actually went to the hardest one. Yeah, plumbers and electricians. And the reason for that is because, if we're too far apart, the industry swarms it.”

“When you like zoom out, it's almost mind blowing how much capital sits in the system to just kind of hedge these risks. And I always think about the latency of the system and the capital that sits there as being a tax on humanity. It's not really accretive to anybody. There isn't anyone like absolutely printing money because of these latencies. Like generally, if you're one of these intermediaries, it's your balance sheet that you're putting up front to kind of help facilitate this.”

“The local partners are willing to work with you developing products that are more customized to what we want and as a result it's not just faster but it's also our ability to offer much more customized solutions that fits better into our smartphone, that fits better into what we want and as a result, you know, we go to market we are able to offer, you know, products to our customers at some offer something that they really want.”

“The fact that Nvidia's downstream supply chain and our downstream demand is so large, they're willing to make the investment upstream. And so, if you look at GTC and people are marveled by the scale of GTC, it's the entire universe of AI all in one place. I bring them together so that the downstream could see the upstream, the upstream could see the downstream, and all of them could see all the advances in AI.”

“All of the evidence from neuroscience and psychology is that most of what comes into people's eyes is never processed. You're doing fairly fine-grained processing of exactly what you're focusing on, but as soon as it's away from that, you've sort of only processing top-down this very abstracted semantic description of the world around you. Human beings are working with semantic abstractions.”

“Move over, context engineering. Now it’s time for Harness engineering and the age of the token billionaires.”

“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.”

“For me, what I find so compelling about all these public networks, to be spicy, the tech is often really quite poor. I mean, maybe not the actual implementation, but the design, we're going to be the network for the world, but we're one singleton, vertically constrained system. It's just kind of very naive.”

“If you're simply, you know, trying to predict the next video frame, that's not so difficult. But what you actually want to do is understand the consequences, likely consequences of actions minutes into the future. And to do that, you actually need much more of an abstracted semantic model of the world.”

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

“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.”

“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?”

“Mr. Lee himself is a entrepreneur, serial entrepreneur, but he's also a product person, right? I think if you look at when we get into the car industry, he personally has personally driven 150 different models of car himself and take detailed notes so that he understand what's on offer in the market and how can he improve on it. He make us all take professional racing car licenses in order to know how to drive properly.”

“A couple of years ago, I sold to Private Equity. It was probably one of the best decisions I've ever made in my life. Ended up going to a ranch group. I think I sold it when I was doing $109 million revenue in one year. It's pretty dope. Six different locations in Southern California when we sold.”

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

“I think one of our chairman saying many years ago which resonate a lot with me was 99% of the problems there was already a solution out there. You just need to find it and maybe with AI you can find it fast enough.”

“The zero to 10 is just fucking blind. It's getting up every day, closing deals, having an aggressive sales team or a couple of sales guys. You could get from zero to 10 in a snap of a finger. If you have a fucking aggressive sales team, aggressive sales team will get you from zero to 10 easy.”

“The philosophy for the company is that can we do a smartphone that is much better quality and we can offer to users at much more affordable prices and that's something that you see perminated in the history of our products, right? We try to offer, you know, very high quality solutions to our users at affordable prices.”

“In terms of the material we use for that rear floor we generated over we stimulated over 100 plus formulas and use AI to predict the performance of each of these formulas and ultimately we picked two to be the material for that. You don't use humans to do it anymore. You just use AI to take pictures very quickly. They can diagnose whether this piece is good or not. And then you can use AI in terms of material generations and a lot of those things.”

“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.”

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

“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.”

“I think it's fair to say that, you know, vision understanding sort of stalled out; you got to object recognition and then progress just wasn't being made. There's really an interesting research question as to why that is, and at heart, the ideas behind Moonlake are an attempt to answer that, believing that there can be a really rich connection between a more symbolic layer of abstracted understanding of visual domains, which aren't in the mainstream vision models, which are still trying to operate on the surface level of pixels.”

“A little bit over less than three years we launched our first car, we designed it and then we built a factory as well. So China speed. If you believe that a car a EV is going to be another piece of consumer electronics and that's something that we have a lot of experience in whether it is managing the software hardware integration whether it is managing the supply chain. I think those are the stuff that we have experienced working with so many consumer electronics products before.”

“The tokenomics are really interesting because you have these cold start problems in any network. Creating a financial layer of first mover advantages where technologically there are only disadvantages, I think is something that you really have to embrace. And it was something that we did quite thoughtfully as part of the Canton Network. It was just tech for a long time to make sure we really ironed out, can the tech meet the actual requirements of the users?”

“no human REVIEWED code before merge.”

“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.”

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

“The reality is that although the visuals do look fantastic, those visuals actually aren't accompanied by an understanding of the 3D world, understanding how objects can move, what the consequences of different actions are, and that's what's really needed for spatial intelligence. So, I mean, a term we sometimes use is that you need action conditioned world models, that you only actually have a world model if you can predict, given some action is taken, what is going to change in the world because of it.”

“You can get from to 10 in a snap of a finger. Gross Profit will tell you how much of a badass negotiator you are. Don't forget that the floor is one inside the home. Dude, if I have one message for 100 million dollar mark, it's not for everybody, man.”

“We are making these human robots to enhance our own manufacturing capability and efficiency. We haven't launched any 2C robots. So all the robots that we are developing, all the humanoid robots we are developing right now are used in our own manufacturing scenario. I think the video already showed that there were two robots that are working consecutively for three hours with a very low margin of error.”

“Accepting losses is the cost of capturing outsized investing returns.”

“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.”

“When I was actually working with Nvidia on the Synthetic Data Foundation Model Training Project, we were actually generating a lot of these synthetic data and showing that these synthetic data are actually as useful as real-world data when it comes to multimodal pre-training. But then, there's a lot of dollars being paid out to external vendors or other folks to manually curate these types of data.”

“I think the number of agents are going to grow exponentially. The number of tool users are going to grow exponentially. And it's very likely that the number of instances of all these tools are going to skyrocket. Today we're limited by the number of engineers. Tomorrow, those engineers are going to be supported by a bunch of agents. And we're going to be exploring out the design space like you've never seen explored before.”