Coinbase CEO Brian Armstrong says donating to charity is net negative "The common view is that philanthropy is this noble cause, and Bill Gates is like 'I'm going to go rehabilitate my image and do philanthropy.'" "A lot of charities and philanthropies are actually net negative for the world and they get captured. It's remarkably hard to find a foundation that has not gotten captured by ideology.” “By trying to do something good, like criminal justice reform, it turns out they just increased crime. I have a donor advised fund and I put money toward things helping civilization advance, but I don't think at this moment I would ever create a foundation." "If you look at the Ford Foundation, I think Henry Ford would be turning over in his grave if he knew what they were up to.” “I have a DAF, a donor advised fund, and I just try to put money toward things that I think are helping civilization advance. But I don't think at this moment I would ever create a foundation."

Dylan Patel says Jane Street and Meta are capturing most of the value of AI, not OpenAI and Anthropic "Most of the value that these models generate does not get given to OpenAI and Anthropic. Thankfully, so far, it is mostly just being given to the users." "Jane Street, with their exclusive contract with OpenAI for GPT-5.6 ultra fast mode, they're also one of Anthropic's biggest customers, is generating way, way, way, way more value out of the tokens they're paying for than Anthropic is generating in terms of profit. Because they get to make money off the market." "Or Meta, who at one point was rumored to be as much as 10% of Anthropic's business, they're generating way more efficiencies by optimizing their ad algorithms, getting engagement time 5% longer, all these things. They're making way more money off of using these models than Anthropic." "Where does the value go in AI? You've got the end user, which I think we all agree is generating more value than anyone else. But then you've got the app layer. So far the app layer's generated very little value.” “And you've got the model layer, which up until a year ago was generating negative gross margins and is now generating massive positive gross margins, on the path to $100 million per megawatt." "But if we go back a year ago, the hardware supply chain was generating all this gross margin while literally everyone else was losing money. So the value capture has shifted around a lot."

Ben Thompson says the real money in AI is being made by Meta, not OpenAI or Anthropic "The biggest impact of the models, the biggest monetization right now is probably not in Anthropic or OpenAI. It's the incremental gain that is happening for Google and Meta." "They can actually validate their image creation and their text creation in a way no one else can. Their validation is the ad marketplace, like running a gazillion A/B tests to see what works. Most ads don't convert.” "What do LLMs do? LLMs predict. We're going to move to this world where Meta is going to look at people and say, this person probably wants to see this next. And they're going to go find that thing and show it to them." "The potential upside in terms of just showing people better ads that are more relevant to them, they only need to increase like a few percentage points for the returns to be billions and billions of dollars. This alone is worth them investing in being on the leading edge." "This is why advertising is great. And Meta's advertising in particular is awesome. I get frustrated that Meta doesn't talk about that. Mark Zuckerberg has never really talked about the societal benefits of advertising except in passing in 20 years."