What happens when intelligence becomes a line item? For the first time, companies can treat AI token spending almost like headcount: allocate more money, deploy more intelligence, and potentially get more work done. That changes the economics of building a company. It could reshape how companies form, how teams are managed, how businesses are financed, and who is best positioned to build them. a16z crypto General Partner @guywuolletjr and Head of Engineering @NoahCitron join @rhackett to explore why engineering leaders may soon manage token budgets like P&Ls, the emergence of software-engineering “pod shops”; and whether the future belongs to smaller, leaner businesses run by people who are unusually good at directing agents. They also ask why AI agents may naturally transact using stablecoins, and confront a larger question: If AI has created so much new intelligence, why hasn’t it produced an obvious jump in economic growth? And in a world where everyone can access powerful models, will intelligence matter less than grit, judgment, and agency? 0:00 Intro 4:01 Why token spending is starting to resemble headcount 4:51 Deciding how much spend is too much spend 9:04 The agentic A/B test: How to quantify "return on tokens" 12:05 The software-engineering "pod shop" 25:13 Paying deference to the Machine God 26:06 The rise (or not) of lean, AI-native microbusinesses 28:05 Everyone's a manager? The new style of thinking for engineers 30:48 Why AI agents may naturally use stablecoins 34:33 When AI productivity will appear in GDP 47:49 Why grit and agency may matter more than IQ 51:38 How AI could create new paths for startups 54:53 Innovation, commoditization, and creative destruction