Great insights from my partner @DavidCahn6 on the latest @BigTechPod with @Kantrowitz. Worth a listen if you care about the state of AI and how these big bets will pay off. A few good ones: On Jensen: "He was one of the first people to make a bet on AI. The way that everybody else is fighting over share and this and that, I think Jensen just wants the pie to be really big. His fundamental world model is you win, I win." On resource allocation: The winners will be decided by what resources each player has (cash, talent, chips, distribution) and how coherently they allocate them. Founder-led companies play coherent games; committees don't. On market reactions: The lab leaders have told us what they believe and they're all playing for AGI. Back-test their decisions against that world model and the moves make sense. Markets get confused because they underprice both AGI and a correction while overpricing the status quo.