If you go from $TSMC to $NVDA to the hyperscalers & neoclouds, and from there to the foundation models and AI applications, you find gross margins of 50% to 75% the whole way up. No one has found a complement to commoditize.

After the pandemic, many of my favorite restaurants in LA closed. So a few years ago, when scheduling business meals, I started insisting that the other person pick the location, so I can learn about great new spots. Today I had a great lunch meeting at a place I would never have found otherwise.

Absolutely bonkers footage of Ukrainian soldiers shooting down Russian drones in prop planes with shotguns. Not ai, came from an official Ukrainian account and verified by the WSJ.

Median age of a first time homebuyer in California hit 49 last year.

Founder #1: our engineering team is now our product team, thanks to AI. Founder #2: our product team is now our engineering team, thanks to AI. If you’re not confused, you’re not paying enough attention.

My friendly Uber driver in Austin just told me how excited he is to put his entire net worth into SpaceX when it goes public.

I hope Apple’s new CEO finally delivers on the unfulfilled promise of this headline. theonion.com/new-apple-ce...

The AI wept, for there was no more training data to ingest.

Just saw someone eating lunch with a knife and a fork while driving her Tesla on the 405.

How many things in space have ever been repaired? I count four: Apollo 13, Solar Max, the Hubble, and the ISS. Any I've missed? I've been thinking about this topic as the interest in data centers in space continues to grow.

I had a great time talking AI, software, jobs, and investing on the most recent episode of the Meb Faber podcast. www.youtube.com/watch?v=zSaG...

Shingles vaccines make the astronauts’ bodies radiate light. Thank you for asking.

Though I may prompt in Helvetica, the AI speaketh to me in Comic Sans.

If I didn't make these myself I wouldn't believe them.

I'm signing my first term sheet of the year today, and noticing how small the option pool is. When you need fewer employees due to AI, you can give each of them a bigger ISO package but still have less dilution.

They are right to be excited. I had a delayed flight from MIA to IAD on July 4, 2006, and happened to be in the air west of Cape Canaveral at the moment Discovery launched. A once in a lifetime thing to see!

Godspeed, Artemis!

OH: I think I'm going to have to issue a 1099 to my AI this year.

OH: I'm not a consultant, mom. I'm a forward deployed engineer.

Most recent deck in my inbox touts "unicorn boom speed" and 80% operating margins. How lucky am I?!

Investing in software for manufacturing, field service, etc., I'm hearing the same thing from founders these days: Best way to improve productivity on the factory floor or in the field is with better AI software in the office. Counter-intuitive but there is a ton of action in this direction now.

Yet another California ISO battery record: 11.991 GW peak discharge on 3/24 7 PM. 33 days straight and 60 of 83 (72.3%) in 2026 with WWS meeting >100% of demand. 13.5% of all hours in 2026 have been >100% WWS Fossil gas down 59.5%, solar up 74.3%, batteries up 332% in '26 v '23.

The same CEO told me that a customer demanded an on prem version of his product. His CTO said a year ago, they would have had to hire an engineer to deliver that request. Now they just burned some extra tokens for a few months. Saying yes to a customer is easier than ever.

A founder told me today that due to AI, his outbound SDR team is struggling to get customer attention. But his content and event spend is converting better than ever.

A portfolio company just reported to me how they completed a massive backend code migration in 20% of the time it would have taken without Claude Code. Now there's no excuse to maintain a legacy code base. Inertia is now much more costly than forward motion.

Dance like nobody knows how to activate your kill switch. www.youtube.com/watch?v=-YZe...

At an event right now with my portfolio company First Resonance, watching customers show off how they’ve used AI to build custom UX and workflows around FR’s system of record.

The gulf states bear no culpability for getting dragged into this war. Nevertheless, it’s surprising to see how incapable they are of defending themselves.

The Sign, by Ace of Base. They could pin the disappearance of Jimmy Hoffa on me if I had to endure that song.

All the people sending me spam texts about pre approved business loans don’t seem to have gotten the message about the distress in private credit.

Taking satisfaction in what we can control is useful in a time of chaos. $10 for about 50 kWh (mostly carbon free, thanks LADWP!) to fill up my car today feels great.

INSANE finish of the LA Marathon just now.

AI disruption? Sell software stocks. War in the Middle East? Sell software stocks. Dogs and cats living together — mass hysteria? Sell software stocks.

It's been years since I've appeared on a podcast, but I recently joined my friend Sean Goldfaden from Coefficient Labs to riff on all things software, AI and startups. www.youtube.com/watch?v=FmT8...

Every time you use AI to remove a bottleneck from a system you oversee, pay attention to where the bottleneck migrates next.

If the volume of software written is going to go up 10x or 100x, then the value of solution engineering will increase by a commensurate amount.

That our family replaced two ICE cars with EVs last year feels pretty, pretty good right about now.

Any process automated by AI will exhibit similarities to passive investing. It will have externalities that are self-reinforcing, obvious to observers, but impossible to stop.

I wonder how much the people running for California governor know how good the winner will have it. Three mega-IPOs will rain cash on Sacramento like never before.

No amount of money could buy the goodwill Anthropic earned this week.

Look, if you want me to attend your event, you've got to give it a more interesting title than "The Outcome of Q1."

From my seat, the nice thing about any potential distress in private credit is that it won’t extend into venture debt. I’ve seen far less activity in my portfolio since everyone’s favorite rate-sensitive bank went kaput.

I’m not an investor in Anthropic but I admire the principled stance they take when it comes to selling their software. May they never be forced to compromise.

Most common theme I'm seeing in AI pitches these days: revenue cycle management and billing optimization for every vertical. Get ready to pay more, for everything.

In demos from new startups and product updates from portfolio companies, I'm seeing everyone use AI to customize front ends, user-specific data schemas, and specific workflows for each individual customer.

Anthropic could be profitable today if they charged per press release. Short sellers and competitors would gladly pay for FUD this powerful.

I would like to report a chart crime.

I’ve been pitched AI systems to score pitch decks half a dozen times this month. But I’m skeptical. Alpha comes from surprise, from asides drawn out after five whys. This stuff just isn’t on decks.

The last time visual communication landed that well for me was Shepard Fairey’s poster in 2008.

The vibe of the Halftime Show