BG2Pod with Brad Gerstner and Bill Gurley

All things AI w @altcap @sama & @satyanadella. A Halloween Special. 🎃🔥BG2 w/ Brad Gerstner

Brad Gerstner sits down with Satya Nadella (Microsoft) and Sam Altman (OpenAI) to unpack the $3 trillion AI buildout transforming technology, business, and the global economy. They dive deep into the OpenAI–Microsoft partnership, how it unlocked massive scale in the cloud, and what it reveals about the future of intelligence and capital.Nadella breaks down how Microsoft is expanding Azure and Copilot to meet explosive demand. Altman shares his view on progress, power, and the human drive to push boundaries. A candid, energizing conversation about building the future at scale. Enjoy another episode of BG2! (00:00) Intro (02:28) Microsoft’s Investment in OpenAI (03:19) The Nonprofit Structure and Its Impact (05:46) Health, AI Security, and Resilience (07:50) Models, Exclusivity, and Distribution (08:58) Revenue Sharing and AGI Milestones (11:38) OpenAI’s Growth and Compute Commitments (15:21) Compute Constraints and Scaling (21:27) The Future of AI Devices and Consumer Use (24:31) Regulation and the Patchwork Problem (28:01) Looking Ahead to 2026 and Beyond (37:10) Microsoft’s Strategic Value from OpenAI (57:15) The Economics of AI and SaaS (1:04:28) Productivity, Jobs, and the Age of AI (1:10:43) Reindustrialization of America Produced by Dan ShevchukMusic by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow:Brad Gerstner @altcap https://x.com/altcap BG2 Pod @bg2pod https://x.com/BG2Pod

AI Bubble, Stablecoin Boom, and Runnin' Down a Dream | BG2 w/ Bill Gurley and Brad Gerstner

Pre-Order Runnin' Down a Dream now: https://a.co/d/0oIPPve Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they unpack the $3T AI buildout, circular revenue red flags, and whether the boom is becoming a bubble. They dive into the rise of stablecoins and the new financial rails reshaping money, the fight over AI regulation in America, and Bill’s next chapter—his new book Runnin' Down a Dream and what it means to build a career you actually love. Enjoy another episode of BG2! Timestamps: (00:00) Intro (02:00) Two Years of BG2 (03:45) Bill Stepping Back to Write His Book (06:00) Runnin' Down a Dream (07:00) The AI CapEx Bubble? (09:30) Sham vs. Real Transactions in AI (11:00) Microsoft–OpenAI Credits & Cloud Economics (13:00) Nvidia’s Investments: Healthy or Hype? (17:00) CoreWeave, Hidden Leverage & Demand Risks (19:15) $3 Trillion CapEx: Are We Overbuilding AI? (21:45) The MAG5 CapEx Surge: Too Much, Too Fast? (24:30) Meta’s CapEx Comeback & AI ROI (25:30) OpenAI’s Race for Escape Velocity (28:30) AI Regulation: State Patchwork Madness (30:30) Why Federal Preemption Is Critical (33:15) The Colorado & California AI Acts (35:00) Stablecoin Surge: $18T in Settlements (36:45) Gurley’s Crypto Conversion (38:30) From PIX to FedNow: The Future of Digital Money (41:00) Coinbase, Circle, and the 4% Yield Revolution (43:00) Why Visa & Banks Fear Stablecoins (45:00) Gurley: “I’m Jumping on the Crypto Train” (46:00) Brad on Invest America (Trump Accounts) (49:00) Implementation Timeline & Treasury Update (50:30) Bill’s Book: Runnin' Down a Dream (53:15) The Great Career Reset: Passion vs. Grind (55:00) Bezos’ Regret Minimization Framework (57:00) Who the Book Is For (59:00) Gurley’s Next Mission Show Notes: All-In Summit: Bill Gurley presents 2,851 Miles: https://www.youtube.com/watch?v=F9cO3-MLHOM [https://www.youtube.com/watch?v=F9cO3-MLHOM] Plain English: This Is How the AI Bubble Could Burst: https://podcasts.apple.com/us/podcast/this-is-how-the-ai-bubble-could-burst/id1594471023?i=1000728026459 [https://podcasts.apple.com/us/podcast/this-is-how-the-ai-bubble-could-burst/id1594471023?i=1000728026459] Bezos’ Regret Minimization Framework: https://www.youtube.com/watch?v=jwG_qR6XmDQ [https://www.youtube.com/watch?v=jwG_qR6XmDQ] Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com [http://www.bg2pod.com] Follow: Brad Gerstner @altcap https://x.com/altcap [https://x.com/altcap] Bill Gurley @bgurley https://x.com/bgurley [https://x.com/bgurley] BG2 Pod @bg2pod https://x.com/BG2Pod [https://x.com/BG2Pod]

NVIDIA: OpenAI, Future of Compute, and the American Dream | BG2 w/ Bill Gurley and Brad Gerstner

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, Brad and Clark Tang sit down with Jensen Huang, founder & CEO of NVIDIA, for a sweeping deep dive on the new era of AI. From the $100B partnership with OpenAI to the rise of AI factories, sovereign AI, and protecting the American Dream—this episode explores how accelerated computing is reshaping the global economy. NVIDIA, OpenAI, hyperscalers, and global infrastructure: the AI race is on. Don’t miss this must-listen BG2. (00:00) Intro (0:37) The Year in AI Recap (3:24) OpenAI Stargate & Nvidia Investment (8:41) Nvidia Accelerated Compute TAM (18:55) $NVDA ROI – Glut or Bubble? (27:45) Roundtripping Claims (31:10) Annual Release Cadence & Extreme Co-design (40:45) Future of ASICs & Economics (53:47) Nvidia's Competitive Moat (56:55) Elon, X.ai [http://x.ai/] & Colossus 2 (58:47) Sovereign AI & Global Buildout (1:02:21) The AI Administration (1:07:43) Chinese AI Chips & NVIDIA’s Role (1:17:24) H-1B, Talent, & the American Dream (1:29:33) Invest America & American Right to Rise (1:37:40) The Future Ahead Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com [http://www.bg2pod.com] Follow: Brad Gerstner @altcap https://x.com/altcap [https://x.com/altcap] Bill Gurley @bgurley https://x.com/bgurley [https://x.com/bgurley] BG2 Pod @bg2pod https://x.com/BG2Pod [https://x.com/BG2Pod]

Inside OpenAI Enterprise: Forward Deployed Engineering, GPT-5, and More | BG2 Guest Interview

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, guest host Altimeter’s Apoorv Agrawal explores how OpenAI is reshaping enterprise with Sherwin Wu, Head of Engineering OpenAI Platform, and Olivier Godement, Head of Product OpenAI Platform. From T-Mobile’s AI voice support to Amgen’s drug breakthroughs to Los Alamos’ air-gapped supercomputer—this episode dives into the real world of AI at scale. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:50) OpenAI’s Enterprise Mission: Beyond ChatGPT (06:00) Case Study: T-Mobile <> Voice & Support  (11:30) Case Study: Amgen <> Accelerating Drug Development (13:45) Case Study: Los Alamos National Lab  (17:00) Why 95% of AI Deployments Fail? (20:30) Physical vs Digital Autonomy: Scaffolding & Infrastructure (26:00) GPT-5: Release, Benchmarks vs Behavior (30:00) GPT-5 Feedback: Instruction Following, Hallucinations, Code Quality (33:00) Multimodality: Text, Voice, and Video (35:30) Audio: Realtime API vs Stitched Audio (38:00) Model Customization & Reinforcement Fine-Tuning (RFT) (43:00) Rapid Fire: Long/Short Picks  (1:03:00) Highlights and Lowlights @ OpenAI Show Notes: T-Mobile Partnership: https://www.t-mobile.com/news/business/t-mobile-launches-intentcx-with-openai [https://www.t-mobile.com/news/business/t-mobile-launches-intentcx-with-openai] Amgen Partnership: https://openai.com/index/gpt-5-amgen/ [https://openai.com/index/gpt-5-amgen/] Los Alamos Partnership: https://www.lanl.gov/media/news/0130-open-ai [https://www.lanl.gov/media/news/0130-open-ai] MIT AI Report: https://mlq.ai/media/quarterly_decks/v0.1_State_of_AI_in_Business_2025_Report.pdf [https://mlq.ai/media/quarterly_decks/v0.1_State_of_AI_in_Business_2025_Report.pdf] Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com [http://www.bg2pod.com] Follow: Brad Gerstner @altcap https://x.com/altcap [https://x.com/altcap] Bill Gurley @bgurley https://x.com/bgurley [https://x.com/bgurley] BG2 Pod @bg2pod https://x.com/BG2Pod [https://x.com/BG2Pod] Apoorv Agrawal @apoorv03 https://x.com/apoorv03 [https://x.com/apoorv03] Sherwin Wu @sherwinwu https://x.com/sherwinwu [https://x.com/sherwinwu] Olivier Godement @oliviergodement  https://x.com/oliviergodement [https://x.com/oliviergodement]

China, China, China. Breaking Down China’s Tech Surge | BG2 w/ Bill Gurley and Brad Gerstner

Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they dive deep into China’s explosive innovation across AI and EVs, the rise of open-source models, lessons for U.S. competitiveness, the real story on tariffs and trade—and what America must do to win the global tech race. Enjoy another episode of BG2! Timestamps: (00:00) Intro (01:20) OpenAI, Anthropic, Private Market Overheating (03:30) China's Role in the Global Tech Order (04:50) Why Bill Went to China (06:40) Dan Wang's Breakneck: Engineers vs Lawyers (10:30) Xiaomi, BYD, and Auto Innovation (14:00) Factory Productivity, Automation, and the Jobs Debate (15:20) Open Source Model Culture in China (19:30) Can the US Compete Without Reform? (23:30) Tariffs, Trade Deals, and a Path to Cooperation (28:00) Waymo, Baidu, and Cost Innovation (33:00) Is China Winning Global Trade? (36:30) Debunking the Subsidy Narrative (38:30) What the CEOs Who Visit China Actually Say (41:30) China's AI Ecosystem: DeepSeek, Qwen, Alibaba Cloud (44:00) Open Source in China and the US: Strategic Choices (48:00) VC Pullback from China & What's Still Happening on the Ground (53:00) China's New K-Visa vs US Skilled Immigration Policies (56:30) Gurley: Read Dan Wang’s Breakneck, Watch the Ground Game (01:03:00) VC Pullback from China Show Notes: Open Source Development in China https://merics.org/sites/default/files/2021-05/MERICS%20Primer%20Open%20Source%202021_0.pdf [https://merics.org/sites/default/files/2021-05/MERICS%20Primer%20Open%20Source%202021_0.pdf] Lei Jun 2024 Annual Speech: https://www.youtube.com/live/l5f3wvLwLXY [https://www.youtube.com/live/l5f3wvLwLXY] Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com [http://www.bg2pod.com] Follow: Brad Gerstner @altcap https://x.com/altcap [https://x.com/altcap] Bill Gurley @bgurley https://x.com/bgurley [https://x.com/bgurley] BG2 Pod @bg2pod https://x.com/BG2Pod [https://x.com/BG2Pod]