Chamath Palihapitiya@chamath · 2 天前观点输出This SpaceX paper is money good and better than most sovereign debt. Also means that everyone else except IG-grade hypers will price at 10-12% in 2027.
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Chamath Palihapitiya@chamath · 2 天前赛道影响Founders send me pitches every day. Here’s a better way: come to our hackathon!
EVOLVE: 20 hours, overnight at 8090 in Redwood City, Nov 13–14.
Build AI agents and tools that build software. The winning team, beyond recognition and a cool trophy gets two 1:1s with me, to help you refine a pitch or idea and then a follow-up.
Use the time however you want. Ask me for advice, ask me for money or just make fun of me. All allowed if you win!
Apply: https://t.co/zvRSjRh3bW
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Chamath Palihapitiya@chamath · 2 天前观点输出stonks
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Chamath Palihapitiya@chamath · 2 天前观点输出General transmutation would be a very valuable achievement.
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Chamath Palihapitiya@chamath · 2 天前观点输出🧐
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Chamath Palihapitiya@chamath · 2 天前赛道影响It’s all about clips.
I see it at Beast Industries where I’m on the board. I see it with All In where I am on the show.
I think people don’t understand that content preferences will evolve around this time constraint.
It’s already come for movies. It will come for sports next.
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Chamath Palihapitiya@chamath · 2 天前政策影响The first thing to change will be terms of service and blocking these agents. Not because the value is low but because the risk is high. Banks will chose self preservation and risk mitigation.
Then we will need to find a security and governance architecture that will get external auditors comfortable.
These are the practical issues of human risk tolerance in AI diffusion that model capability can’t solve.
AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。
Chamath Palihapitiya@chamath · 4 天前赛道影响1% of companies represent 90% of AI spending.
Of that 90%, 80% of this spend are from unprofitable VC backed companies.
So, roughly, $0.70-75 of every dollar of AI spending right now comes from AI companies spending VC investment dollars.
As a result, the revenue quality in AI is currently poor. This happened in previous cycles as well, like cloud when early users of AWS were mostly venture backed startups.
The thing, though, is that before AWS could scale and pull thru GCP and others as legitimate cash machines, there were a few clearing events to sort out these brittle revenues.
This is the extrapolation of Ken’s point. We will need to transition from speculative AI spending to consistent, reliable spend that shows up in public market earnings reports.
This hasn’t happened yet because most of the breathtaking revenue growth comes from LPs investing in VC funds who then send it to startups.
AI：偏平台经营与生态扩张，强调交易平台和应用入口的长期位置。
Chamath Palihapitiya@chamath · 4 天前观点输出Cost per thousand ads : Cost per Acquisition
Cost per Million Tokens : ???
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Chamath Palihapitiya@chamath · 4 天前市场影响This tracks. I watch something on YouTube every day. Netflix is a dormant subscription for me.
YouTube has very low costs of content creation. Netflix has $14B of debt that has financed their content library.
Another lesson in the halls of mismatching assets and liabilities? Time will tell.
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
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