May you all dent the world as much as Ozzy did. RIP.

I don’t think anyone in crypto land wants to do anything but use an algorithm to match supply and demand. As they should. It’s requires an act of intellectual gymnastics to justify the traditional IPO process. Good riddance.

As we think about tokenization of securities and new offerings, should the algorithms match supply and demand?

60% of the American companies on Fortune's list of top AI innovators have an immigrant founder. The world’s top talent overwhelmingly wants to come to US. This is a incredible advantage. American leadership in AI depends on allowing, even encouraging, high-skilled immigration.

Lot of conjecture about windsurf deal. Anyone have all the details? Article with most of the facts?

Returning to China this August—1st visit since pre COVID. My previous trips have been enlightening & I look forward to the same. Hope to deepen my understanding, engage with insightful minds, and witness what's new. Open to recommendations for the trip. Please reach out.

First step here would be Manhattan project type program to figure out why China & South Korea can land new fission at 1/4th the cost of the US. Thats a solvable problem but the current open market isn’t unlocking it. Likely requires regulatory changes & IP sharing (Navy?).

If you are in the Bay Area next Thursday and appreciate music this is a “can’t miss” show. Special artist.

Caryn Seidman-Becker (@CLEARcaryn)… • Built a successful hedge fund and was inspired by investing in Amazon, Apple, and Priceline • then bought CLEAR for $6M out of bankruptcy and rebuilt it from scratch • Envisioned CLEAR not just as a travel tool, but a universal identity platform • Rebuilt software, tracked down old hardware, and relaunched in Orlando with no salary for 5 years • Bootstrapped to profitability • Once told a skeptical VC: "Because I'm a complete f*cking animal" when asked why she could be CEO • Pioneered face-first biometric tech (NV) — 5x faster than previous methods • Expanded CLEAR beyond airports into sports stadiums, healthcare, and digital identity • Left finance because she didn’t want her tombstone to say she just picked good stocks. I loved this conversation — including some very honest and raw elements about loss. And I too think Caryn is a complete f*cking animal, and the best kind. Timestamps 0:00 Intro 0:54 The Vision for Clear 2:58 Lessons from Wall Street 4:38 The Journey of Clear 7:53 The Acquisition Story 10:11 The Power of Biometrics 13:55 Launching Clear 2.0 18:30 Challenges and Innovations 21:41 Public-Private Partnerships 25:44 The Future of Travel 37:03 Action vs. Thinking 41:10 Business Model and Financing 47:03 Public-Private Partnerships & Airport Innovations 52:05 The Importance of Free Cash Flow 55:20 Biometrics and Privacy Concerns 1:00:45 Expanding Business Horizons 1:05:46 Personal Challenges and Leadership 1:09:52 Genetic Screening and Health Advocacy 1:15:43 Leadership Qualities and Company Building 1:27:00 Future Innovations and Opportunities 1:30:58 The Kindest Thing

Great research on open-source by @Harvard: - $4.15B invested in open-source generates $8.8T of value for companies (aka $1 invested in open-source = $2,000 of value created) - Companies would need to spend 3.5 times more on software than they currently do if OSS did not exist I suspect that these numbers and impact are even greater for AI than for software (would be great to study!)