20VC: Deepseek Raises $50BN | Wall St's $725BN AI Question | The Rise of Open Source & How it Threatens OpenAI & Anthropic | OpenAI Builds it's Own Chip: Jalapeno | The Death of Moats & The New AI Software Winners

Open source is a bit of a fake because China is paying for all the training. The market is set. The game is clear. And this is the classic thing about bull markets is that you can be intellectually right, but the narrative can keep going a long time. I think the big story of 2027 in AI and the enterprise and the all the margins in the enterprise, right, is show me the ROI next year.

So you're really talking about 7-8% of the labor force being replaced by tokens for the math to work. I literally was doing a pitch this week and the founder was going on and on about their motes and I I immediately didn't want to invest. Like I just, enough. Your moat can be LLM lifted away. There's only one thing worse than a seat-based model, Jason, and that's a model that's based on bodies.

You don't get to make 10 million for working 18 hours a week. You get a watch. You get an omega. You want an omega or you want to be rich? Make your choice, boys.

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