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Is that America has overmatched capabilities strategically and technologically, which is the point. We are definitely not overmatched by anybody at all. And I don't think we ever will be. But we're a little bit behind in some areas, I'll say that. And I think one of the things that makes our country so wonderful is that we're a free people that can do the impossible. Every technological revolution, historically, we've won. Think about it like semiconductors, we invented it. Software, we got it. And we're kind of on the end of this software revolution. And the next revolution is going to be denominated by artificial intelligence, advanced chips, certain defense and space based capabilities, hypersonic space offense, defense, robotics, autonomous systems. And so we're going to win. And the reason I'm so confident about that is like, I get to be on zoom calls all day and meetings with founders that are like actually architecting the future. So I feel really bullish. But I also feel behind. You know what I mean? Yeah, I'm not overly negative either. I mean, we talk with like, you know, up to six founders a day, so I feel like we get to see the future where I'm like, okay, if we just let these teams cook for five to 10 years, we're going to have a lot more energy, we're going to have a lot more industrial power locally, we're going to have a lot more batteries made in the United States, et cetera, et cetera. You could just go down the line, but certainly we got to get into gear and it just feels like we need. One concern I have right now is that there's great talent out there that looks at a massive category that's not even monopolistic and thinks like, I shouldn't start a business in that category because this other company started like a year ago and they've already raised $100 million. And I just think for some of these categories, we're going to want like a bunch of. Really? Yeah. I have a question.

Application in the data center. Are thermodynamic computing chips underrated? I think so, yeah. What do you think? I haven't heard that much about them, I don't know. And it feels like it's very early stage. And so I've seen some demos, but it's very unclear at the demo phase how much is being done on the actual chip, what the value is. And we went through this with Grok and Cerebras where there's, there was very early pushback around. Oh well, like you'll never be able to run this type of model on that chip or you'll need to network a thousand chips together to do anything valuable. And I've been surprised and I think we've seen some narrative violations around Cerebras and Grok. I've used Codex 4.5 Spark on cerebras and I know it's good, I know it works. We had a founder come on that basically baked llama onto a chip and made it available at ChatGimmy AI. And like, you can just feel the value. Yeah, you can just feel the value. And I'm wondering, like, should I think about thermodynamic computing just as like another speed versus size or cost trade off or if it unlocks a different, a different, like vector of optimization? It is a different vector. So right now, I mean, the two typical vectors that you have, I mean really, there's three if you include area, but you have speed and energy. Yeah, those are typically the trade offs that you're making. But we're introducing a new one which is noise. Okay. So for these kinds of devices, you can't necessarily run like, you can't run a calculator or something where you need full precision, like deterministic calculations. But let's say that you're trying to run something like a diffusion model, which I think is super topical. Right. Because OpenAI just winded down SORA this week. It was costing them like $15 million a day to run 2.1 million cumulative revenue. But that's, that's the kind of workload that's a really nice fit for this computing paradigm because you're taking something that's noisy and approximate by definition and mapping it to hardware where the physics maps like really nicely between those equations. You think that's five years away, 10 years away? I think less. Yeah, we think less right now. Yes. Yeah. And I think it has to be. So, like, from our perspective, 2030 is a key date that we talk about a lot internally because there's a view that, you know, even by 2028, we're going to have like a 49 gigawatt shortfall in terms of power. And so something, something has to change, something has to give. It's, it could be energy, it could be that we find like new sources or, you know, data centers, space, or one of these other directions, or it's. We have a real breakthrough when it comes to silicon and that's kind of what we're going after. That'd be amazing. Tell us about the round. I want to hit the gong.

Yeah. Tell us about the chip landscape where you see the most activity. There's a lot of news from ARM this week around CPUs. Obviously everyone's familiar with the GPU. And then between the TPU and Cerebras and Grok, there's a few other ASICs that are sort of popular, but it feels like there's a much longer tail that you're going after for sure. So, obviously we had GTC last week, and Jensen put forward what I think is a really nice equation where he's saying that revenue equals tokens per watt times total available gigawatts. So what that means is it's. There's two main problems that we should be focused on right now from our perspective in chips. One is increasing the amount of energy that's useful and usable by us and for us. But the other is improving the energy efficiency that we have in the silicon that we're using. And so there's a few trends. One of those, I would say, relates to the news that ARM put forward. They have their own chip, you know, real hardware for the first time in 40 years. Yeah. Historically, an IP licensing business. That's part of this broader trend to, you know, custom silicon and the data center moving to heterogeneous computing, which means that in the future, not that many years from now, rather than having a very small number of different kinds of chips that are running all of our workloads, we're going to have hundreds, if not thousands, of different kinds of chips that are tailored to each workload and application. In the data center are thermodynamic computing chips. Under.

Fulfilling, Totally. Yeah. Because there's more people pulling out, less people investing. What. How big can VCX get? Like if I'm a major platform VC fund, do I see this and think, okay, I'm going to have more competition at Series B C eventually. Like, is this something that you can think, can scale to tens of billions of aum? What's your huge. Are you a dream walker? In my dreams, maybe. Maybe. I can see where you're going. Yeah. I mean the hope and the goal here is there's sort of two sides to the marketplace. So the next turn of the wheel is I need to convince the best private companies this is good for them. We're one company on their cap table. We're a venture fund. To the private companies, we're a venture fund. You know, just like any other venture fund. There's no differences. Except for our capital is evergreen. Right. Forever capital, low cost, passive, passive long term capital, which to me as a founder and a builder, like that's the best money around. I'd rather have that than value add quote value add. So I think that we get to a place where structurally an allocation to passive long term money becomes like the best companies get it, the best companies want it. And so kind of a Jack Bogle Vanguard model would be if we can become sort of a structural bridge, then we get scale. The bigger we get, the lower our fees. The lower our fees, the bigger we get. And at $100 billion of our fees are tens of basis points super disruptive to the venture industry. I mean it's good and bad because they're going to want us and hate us at the same time.

Shoot. Tyler's happy about it. They're saying he's one of the greatest capital raising athletes of all time. Bringing AI to industries like accounting. And it. I want to pull up this video from Northwestern University. Researchers developed modular robots using AI that can adapt to damage and navigate unpredictable terrain. Is it. Is it a scary robot or is it like a nice friendly robot? You're not going to like this robot. I'm hoping for. Oh, that is terrifying looking. What happened? Get some sound. You got to go back to the beginning. This thing's so wild. Oh, well, I can't hear crazy. Oh, they're hitting with a stick. Oh, no, you can't be doing that. It can adapt to damage and navigate unpredictable terrain. Let's play. Let's play some of this video. Let's play more. This is only 56 seconds. Playing. Playing videos is kind of a lost art form here at tvp. Back and forth, but apparently the leg breaks off and it keeps, keeps crawling. It keeps going. It's the Terminator. Not the one that you've seen. Let's see. It's crazy how terrible it looks. It's sending very strong negative signals to my brain. Even just like painting it blue would probably be an upgrade. I think this is better. This is better than when we saw the. I think it was the unit tree. Get down on the. All.

Channels, target audiences and measure sales just like on matter. So what's this news before we go on? Apple's talking about opening up Siri to rival AI services here. I don't Bloomberg. I don't know Apple's relationship. Guess who wrote this story? I'm going to guess the Germinator. That's right. Of course. Apple plans to open Siri to outside AI assistance. Part of the Siri. Give him. Do we need to give him? Let's give him the golden scoop. Tyler, hold up the Golden Scoop award for Mark Gurman. The Germanator has has received the Golden Scoop award for you, Mark. March 27, 2026. Congratulations, Mark Gurman. It's an honor. Your scoop wins the golden scoop of the day. There we go. Yeah. The scoop. That's good. Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. There it is. Scoop. There it is. This headline is incorrect, by the way. The scoop is on fire. We don't need a wire. Apple plans to open Siri to outside AI assistance. So this implies that things like ChatGPT, Gemini, etc. Could be allowed to take. Effectively take.

You can only see the examples, and it clearly is. I still love the benchmark and the team over at ARC for what they're doing. So this is part of a new capybara series of models which are larger and more intelligent than Opus. It's more expensive to run and it's not ready yet for general release, but they are excited about it. Mythos pricing bets coming in from 0.005 seconds. $100 in, 250 out. Subs reprice to $50. 250 and a $1,000 plan might be coming. Who knows? What do you think, Jordy? Tyler, any thoughts on the new model? Well, let's pull up this picture of a capybara. Just to put. Just. I would love to see some context this into context. Yeah. Is it a mythical creature? No, capybara is real. So what's the connection between capabilities? So they're normally quite docile. Okay. But they can get violent. Let's look at this picture. Hey, watch out. I mean, look at. Look at the. Look at the chomp on that. This is something we should read into. We should say, what did they mean? What did they mean by this? You know, it's clearly some sort of vague post. They're telling you. They're telling you something that, you know, friendly, cute, but also potentially the end of the world. You never know. There's another picture here we can pull up. Are you just sending capybara photos while you pull that up? Let me tell everyone about TurboPuffer, serverless vector and full text search built from first principles and object storage. Fast 10x cheaper and extremely scalable. And let me also tell you about FIN AI, the number one AI agent for customer service. If you want AI to handle your customer support, go to FIN AI. I mean, these. These are. These are nightmare fuel. Look at this, John H. It looks like a big hamster or a big guinea pig. How big are these guys? We'll pull up the next picture and we'll see if he's still. See if you still. Still think so. John, do you think we could contain it? Do you think if we had one in the studio, it would overrun us? Or do you think we could keep it locked up? I think that's pretty horrifying. I think four or five of these could take you down. Yeah. Median weight is between 60 and 174 pounds. 174 pounds. That's bigger than my dog. Wow, that's a big. That's what I'm saying. They have these at the Santa Barbara. So this is the metaphor. You know, like, these models are getting incredibly powerful. You need to contain them and think about safety. And you need to think about how do you keep the capybara safe. You need to lock it in a box, in a cage. It cannot be allowed to run free. Yeah. I think just back on the pricing thing, I think, like, this is generally right, so basically 0.005 seconds is saying, like, it's just going to get 10x more expensive. Because right now I think it's something like $10 in, $25 out. People are ready for. People are ready to pay more, though. Like, they're paying a bunch through the API. They're paying more cursor. Maybe we'll talk about this right after. But like, the, the subscription, like, technically it's the same price, but the limits are going down. So it's tokens are getting more expensive. Yeah. And as you see, like, there's like this insane compute crunch. Like, I assume that models are going to get much more expensive as they're getting bigger. Yeah, it is interesting. I wasn't expecting to be in the regime of like, subscriptions as long as we have been like, just talking to Ben on our team about how he sort of bounces around from one subscription to the next. Like, he'll, he'll max one out and then move over to the next one and then move over to the different one. And he's, he's like, maybe more price sensitive than model sensitive. I would always assume, I'd always assume that most businesses would just be on an API consumption basis. And just like. So the reason, like, I'm not hitting the APIs is because it's, it is like basically 10x more expensive. It's more expensive than using the subscription. The subscription. So you do most of the work in the subscription, which is just, I mean, that's economically rational. I guess what I'm saying is, like, I'm surprised by how many people who are in a business context still make that decision and how much of a price war we're in. How much capital matters here? Well, let's pull up this video because I'm not sure. I'm not sure you guys would be making the same decisions with the capybara family of models if you knew that capybaras were capable. Okay, okay. This is important, this kind of thing. What's going on here? They can swim. Wait, this is a human? Is this AI. Oh, my God. That's really attacking her. Wow. This is why they're calling it their most powerful model. Ever. We need to slow down. We need to slow down with. All right, we can turn it off. It's. It's horrifying. It's hard.

And just an obsession with using the tools. Yeah, sure. Yeah, yeah, we can this never ending the experience. I'm sure you've seen how has your stack evolved? Like, what models were you using in 2024, 2025? I'm assuming you're constantly trying all the new tools. Yeah, I mean, up until 24, I guess midjourney was king and queen and it was everything. It was definitely the big model. Then you kind of had flux and a bunch of other more indie ones coming in and the scene becoming more competitive, which is great. I think that's. I think that's also what's happening with Sora. You know, not everyone's going to make it. It's just a testament to a free, healthy market. That's how it should be. So then as Google kind of entered the chat, like really bigly to use VO3 and Nano Banana. VO3, Nano Banana, the Google suite has become kind of industry standard for us, so definitely using the. That a ton. And then of course, now Cling three Sea Dance two, they're kind of king of the hill right now in AI video. How is your access over. Over VO3? Oh, yeah, yeah. As it stands right now. Yes. How is Your access to Sedance 3 or C dance in general? We've heard that there's like long queues.

Channels, target audiences and measure sales just like on matter. So what's this news before we go on? Apple's talking about opening up Siri to rival AI services here. I don't Bloomberg. I don't know Apple's relationship. Guess who wrote this story? I'm going to guess the Germinator. That's right. Of course. Apple plans to open Siri to outside AI assistance. Part of the Siri. Give him. Do we need to give him? Let's give him the golden scoop. Tyler, hold up the Golden Scoop award for Mark Gurman. The Germanator has has received the Golden Scoop award for you. Mark. March 27, 2026 Congratulations, Mark Gurman. It's an honor. Your Scoop wins the golden scoop of the day. There we go. Yeah. The scoop. That's good. Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. Scoop. There it is. Scoop. There it is. This headline is incorrect by the way. The scoop is on fire. We don't need a Apple plan to open Siri to outside AI assistance. So this implies that things like ChatGPT, Gemini etc could be allowed to take effectively take the place of Siri. The company is.

Amir over at the Information said leading indicator of AI adoption, drug companies like Novo Nordisk Pharma has long been at the forefront of machine learning. Ozempic maker says AI agents are shortening its clinical trials. People think that it's going to a prompt and saying like cure cancer. It's not. It's like you have a 10,000 page document that you need to send to the FDA and if there's a comma in the wrong place, they can just send it back to you and say there's an error, like we don't want to deal with it. Right now you're back at the back of the queue. Is that real? You can get dinged for crazy, crazy stuff. Like I don't know exactly what I can share, but I've heard of multibillion dollar companies getting dinged for not showing. Like they will list out, okay, we use this centrifuge to run this assay to understand how this chemical separates. But they didn't say, they didn't list out who the suppliers to that supplier are. They didn't explore, explain the entire supply chain. And there was like very little guidance on it. Like little things like that come up all the time. And reading through all the documentation, of course, most of this when you're talking about Novo, it's like they have direct line of communication with the fda. So it's different. But seeing this headline, there are tons of situations where you need to like comb through data and organize it when it, when it, when, when some type of policy, public company, software, CEO comes out and says like, everything is accelerating because of AI. Oftentimes I look at the business and if, you know, if revenue isn't accelerating dramatically, you think like, okay, this guy just wants an AI narrative. He's just reaching for an AI narrative here. But when I see a pharma company do it, no real context on, on pharma personally. So like it must be true. Yeah, no, no. I mean I was working on FDA filings like four or five years ago and there were so many word documents that needed to be. It was the same application for multiple variations on the product that the FDA was going to review. And so we actually wrote Python scripts to programmatically interact with the word documents to, to basically do like a very advanced version of Find and Replace. It's like perfect for AI. Yeah. And it just speeds things up a little bit. You submit a week earlier, you have, you know, you can submit more things, more variations, you can give more information, compile more information, investigate other literature, do deep research reports. What else is out there? Let's review all the IP faster, summarize things, find different threads to pull on little things like that. Just squeak out like an extra five minutes here, an extra day there, and it all adds up to acceleration in progress. It's not like an overnight. All of a sudden everything's completely changed. Maybe that happens, but at least right now there's clearly a benefit from overnight success. But this was.

What do they actually make? They wanted to make a better allergy drug. So when people have allergies, they, you know, you have a peanut allergy, if peanuts come in, your allergy cells, like, flare up and you need to fight that back. So the current, the current blockbuster drug in the category is called Xolair. And when someone has an allergic reaction to a food allergy, drugs act quickly to treat the reaction before it does lasting damage to the body. So the key immune molecule at, at the center of many allergic reactions is called IGE. And Accelergy's lead program, EXL111, targets IGE. So the goal is to work faster, quiet the pathway more deeply, and ideally last longer between doses to fight allergic reactions. And so these will make that less severe. So Redtree Venture Capital seeded the company in 2021, but they stayed in stealth for about five years. The team announced their first big fundraiser, a $70 million Series A LED by Samsara Biocapital. And this is a pretty typical flow for biotech companies. University science first, then they bring on secondary specialist capital, someone with experience in biotech. It's less common to go to, like, the big names that we know. The, the, the Sequoias, the founders funds, the Andreessens, they do some stuff in bio, but very often, if it's coming directly out of a lab, going to be IPO'd or acquired in a few years, like, that's a pretty traditional biotech VC playbook. And so by February of this year, Accelergy dosed its first Phase one patients. So they gave the drug to subjects, and it was obviously looking good because the Novartis deal signed a few weeks ago. Yeah, how, how well does that Phase one trial need to go for somebody to immediately come in and be like, yep, here's 2 billion? Probably. Really? Well, yeah, but it is like standing on the shoulders of giants. Remember, the research was done in 2020, 2021, probably earlier than that. And it's building on an existing pathway. There's some interesting stuff going on. So Novartis, this guy is CEO, is such a Chad. Yeah. Insane. So, yeah, I was like, I didn't want to diminish his accomplishments by reducing it to a playbook. But this isn't his First Rodeo. The CEO, Todd Zavodnik, he joined in 2025, sells the company in less than a year. And he's seen the story twice before when he was at Zeltik Allergan, acquired it for 2.4 billion. And when he ran Dermavant, he sold that company for 1.2 billion in 2024. So he's seen a unicorn outcome two years ago, and he gets a new job. He was like, I was going to take some time off, gets back in the arena and immediately sells the company. So. So clearly a great operator. And no one was really surprised by this, at least in the stock market. Novartis, here's his head. Join his next company. That's a good idea. Yeah. Just follow this guy around, $3 billion acquisitions back to back. I would. I think it's a good risk. I would love to be a risk company. I would love to be a janitor here. I'll actually take all stock. I'll take all stock, and I will clean the toilets and get coffee if that's what it takes, because I know what's going to happen. I've seen this playbook before.

Oh, speaking of wet bars, forget apres ski, because homeowners are now building their own bars in custom spaces where they can relax and get toasty after a day on the slopes. This is also from the mansion section of the Journal today. For Brian Healy, what comes after a day on the mountain sometimes takes precedence over the skiing itself. When he built his Lake Tahoe area vacation home in 2019, he spent about $800,000 to build a bar area on the main floor of the house. An absolute dog, which he can ski to from the slopes. That's pretty good. Of Northstar. That sounds great. So maybe not ski in, but ski out. Yeah. Yeah, I like that. He said, I've joked that I designed a bar and built a house around it. This is good. This is my dream. I'm going to build a movie theater and then build a house around it. That's my goal. What would yours be, John? John was sending me a listing. Surfing one of those endless waves. That's what you need. You need an endless wave pool. You know what I'm talking about? What are those called? Wave. Wave pool. Wave pool, yeah. Wave pool. Yeah. Wait, why are you not excited about this prospect of having a house that's built around this endless wave pool? Is there a drawback I live in? Oh, I guess you just go to the ocean. Yeah, you could just go. You could just be walking distance from the beach. Anyway, it's hard to beat. Healy, 51, is an Ireland native. Let's go. Let's hear it for Ireland. He runs an energy company in the San Francisco Bay area. This is Royal Flush. I gotta meet this guy. After a day on the slopes, Healy and his pals head to the space dubbed Healy's Bar, leaving their gear in the storage area of the Truckee, California property. And sometimes other skiers end up at Healy's home after getting lost while skiing through the trees. It's an open door policy, he says. We invite them in for beer. This is our inn. We're. We need to head over to Northstar and get lost and wind up at his bar. Oops, we're lost. We're lost. We don't know some. I know some former guests that are. That are neighbors with this guy. We'll work on connecting. Could you spare Guinness for us for two Irish chaps who've gotten lost? I feel like I read, like, a children's story of, like, wandering in the forest, and then, like, you know, some character offers you something sometimes that's, like, bad. Yeah, usually that can send you on kind of a crazy. Yeah, socks.