This podcast dropped in December and was the first time I heard about DeepSeek. A lot of the Chinese research happens in local language papers that aren't ending up on arXiv or Hacker News. It's funny that Nvidia traders seemed to "wake up" to this about a month later.
"The interviewer says 'this process is also a money-burning endeavor'. Leon, the CEO, says 'an exciting endeavor perhaps cannot be measured purely in monetary terms. It's like somebody playing a piano for a home. First, they can afford it and second such a group of people are eager to play beautiful music on it.'"
Love both of these podcasters. Some great discussion on how humans are the biggest bottleneck to progress, especially due to fear of change. I broadly agree with Tyler– due to regulation and entrenched players, some industries will be slow to adapt and benefit from AI.
"Very hard to get explosive economic growth for any reason, AI or not. One problem is that some parts of your economy grow very rapidly, and then you get a cost disease in the other parts of your economy that, for instance, can't use AI very well."
On product prioritization: "There's such a temptation to want to do all of the things at once. But probably the product advice I give more than any other piece of advice is if you can only change one thing and you have to hold all other things exactly as they are right now, what is the one thing that you want to change?"
On hiring PMs, look for "give a shit" and "horsepower": "My favorite question is to ask, what is the hardest you've ever worked in your life?"
I'm a big fan of Howard Marks (here's a post I wrote back in 2015). It's the 25th anniversary of his Bubble.com memo, which correctly called the market frenzy just before the .com bust.
Identifying bubbles based on manic behavior, not just high prices: "a bubble is not just numerical. It is behavioral. And a bubble is not a rise. That's a bull market. It's not high prices. A bubble is a temporary mania in which people are so agog at things that they throw over all discipline, all caution. And it just doesn't feel to me like we're there. We're high priced. I say lofty, but not nutty."
