The two richest guys in the world don't just drop 400 million on a single deal. The biggest VCs, maybe. That's still like a lot. So like how'd this guy show up with 400 million to drop? So there's $10 trillion, whether you include all the other hardware coming out, the rest of the ecosystem, etc. Maybe it's $5 to $10 trillion a market cap up for grabs. And it's not an area where there's a lot of startups, which is like really shocking. I don't want it to have data centers in space.

I don't want to have data centers in space. I don't want to have nuclear reactors in my backyard. And I think that, you know, it'd be a lot easier if you just made a freaking better computer. Remember how big of a mistake you mean, there's always redemption. It's just you have to show the vulnerability. You have to say I fucked up. Even if you don't say I fucked up, you have to show a scar or wound or bleed a little bit.

What actually matters in AI right now?

Better models or better businesses?

A few years ago, the focus was intelligence.

Who had the best system, benchmarks, and breakthroughs?

Increasingly, the real question is economic.

Who captures the value, how it's priced, and where the bottlenecks are?

At the same time, we're hitting limits.

Compute is getting more expensive, and new approaches from photonic computing to specialize hardware

are becoming more necessary. That creates a tension.

Software is easier to build, but harder to differentiate. Meanwhile, industries like finance and

biotech still require deep expertise and real-world validation. In this episode, I try to

understand where the real leverage is shifting across AI, hardware, and pharma.

I speak with Martin Schrelli, American investor and businessman.

We're talking a very exciting day. We have Open AI about to make an announcement.

I thought I'd start by just asking for you to broadly reflect on sort of the Open

AI versus Anthropic.

What's happening here?

How do you make sense of the ecosystem?

Yeah.

So just, you know, obviously disclosure, you know, my wife sat Open AI.

...