Not enough people are talking about physical AI and robotics. I sat down with @rewkang, one of the best investors of the last decade, to discuss his massive bet on humanoids and robotics. He breaks down the industry, the addressable market, multiple leading companies, and why he launched a publicly-traded fund ($BOT) focused on investing in the top private robotics companies. YouTube: Apple: Spotify: TIMESTAMPS: 0:00 - Intro 1:28 - Why Andrew shifted from crypto to humanoid robots 3:58 - How big is the total addressable market? 8:08 - Building conviction — the $19M bet on Figure AI 16:06 - US vs. China — who wins the robot race? 28:08 - General purpose vs. specialized robots 31:05 - Where does training data come from? 40:24 - Humanoid robots in your everyday life 43:27 - Can Tesla & Elon win the humanoid race? 46:19 - Job displacement & UBI 51:15 - RoboStrategy — the publicly traded venture fund 1:11:17 - What is exciting about Apptronik? 1:13:24 - Addressing the critics

Great convo with @luke10ferrari on his home turf in italy about irrational investor preference for growth over cash, invention vs. optimization, where durability lives after the saaspocalypse, and what happens to the org chart when AI writes 94% of your code. Some takeaways: - Investors seem to oddly dislike profit and greatly prefer growth - optimize for compounding free cash flow knowing that this is just a moment in time distortion. - Invention vs. optimization: pick a camp. Invention has higher peaks but an awful median case. Google is still ~80% search 30 years later. - Ambition in product, paranoia with debt. Rule #1# of becoming a huge success is not dying in the meantime & credit is a high wire act. - Software has been cheap to build for a long time. Durability lives in habits, network effects, proprietary data and scale. - SaaSpocalypse wasn't really about AI. In many cases these were poorly run companies and this cycle gave them an opportunity to improve. - Bending Spoons went from 0% to 94% of code written by AI in two years. Support managers now look like PMs, data scientists build tooling instead of cleaning CSVs - everyone is both oddly more direct + giving more direction. - If you're not winning when do you quit? No idea - bureaucracy created Bending Spoons b/c a Danish tax refund that never came killed Luca's first startup and catalyzed Spoons. 02:05 Is every company a bond or an option? 03:40 Why investors overvalue growth 05:15 Why the multiple is just one factor 08:20 Invention vs. optimization: pick a camp 12:20 Customers know the what, not the how 14:05 Hard problems over hot brands (and why AOL excites him) 15:15 Why founders should hate the median case 18:40 The Bending Spoons debt playbook 23:15 SaaSpocalypse wasn't about AI 25:05 Where durability actually lives 29:40 Is your data worth more than your company? 31:05 Inside the Bending Spoons operating system 33:35 The AI agent that ships bug fixes 37:00 From 0% to 94% AI-written code 37:30 Logic over instinct 39:00 When to quit vs. keep pushing 40:35 Advice for the next great tech company

Anthropic and OpenAI slammed the this week on secondary transactions of their shares as both AI labs race to list. To help @jason and @alex unpack the market-moving news, investors @jefielding @davemcclure and @lessin joined our venture capital panel to make plain which Anthropic investing vehicles are legit, and which may be fake. The group also dug into software moats, large venture funds pressuring smaller firms, the future of LP capital, and the IPO market! 0:00 Guest introductions 1:30 Guest introductions 2:36 Anthropic voids unauthorized SPV trades 9:23 Accredited investor reform & the SEC sophisticated investor test 9:40 Quo (formerly OpenPhone) - Quo gives you a clean, modern way to handle every customer call, text, and thread all in one place. Try it free at 12:25 Naval's USVC closed-end fund as a workaround 17:23 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at and use code TWIST for 10% off! 18:30 Pro-rata rights battles: when Series A investors push seed investors out 20:18 Grasshopper Bank: Time is money. Don't waste either. Go to and get an exclusive $500 cash bonus just for opening an account. 29:55 Pilot: Focus on your product, let Pilot handle your bookkeeping. Pilot provides the most reliable accounting, CFO, and tax services for startups and small businesses. Head to and get $1,200 off your first year. 31:05 Storing wealth in stories vs. cash flows 35:01 Cerebras and Fervo Energy IPOs — meaningful liquidity? 38:36 Will SpaceX, Anthropic, OpenAI IPOs redistribute capital or compound it? 46:40 The $15M Series A founder who returned the money because of Claude 50:43 Should founders pivot or return capital when the world changes? 57:25 OpenAI's $6.6B tender and Shruti Gandhi's viral SF cost-of-living tweet 1:01:07 Intercom rebrands to Fin: the AI-first late-stage pivot 🎥 Watch the full episode here 👇