Dylan Patel - The Infinite Demand for Tokens, Claude Mythos, and Supply Constraints - [Invest Like the Best, EP.468]
Episode publishedPodcast: Invest Like the Best with Patr...Invest Like the Best with Patrick O'Shaughnessy
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Most software companies try to maximize your time on their app to juice engagement. Ramp does the exact opposite. Ramp understands that no one wants to spend hours chasing receipts, reviewing expense reports, and checking for policy violations. So they built their tools to give that time back, using AI to automate 85% of expense reviews with 99% accuracy. And since Ramp saves companies 5%, it's no wonder that Shopify runs on Ramp, Stripe runs on Ramp, and my business does too. To see what happens when you eliminate the busy work, check out ramp.com/invest. OpenAI, Cursor, Anthropic, Perplexity
Patrick O'Shaughnessy is the CEO of Positive Some. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Some. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit pspsum.vc.
This is my second conversation with Dylan Patel. Dylan is the founder and CEO of Semi Analysis, where he tracks the semiconductor supply chain and AI infrastructure build out. This conversation is about the supply and demand of tokens. On demand, Dylan describes something completely explosive. He explains why the Frontier model is the only model anyone wants, and willingness to pay for it is nearly unbounded. His own firm has gone from tens of thousands of dollars in AI spend last year to 7,000,000 run rate this year. On supply, we walk through the bottlenecks across memory, logic, and fab equ
Yeah.
Can you retell that story and what it is teaching you about what's going on in the world?
Last year, we thought we were heavy users of the AI. Everyone's using ChatGPP, everyone's using Clot, providing whatever subscriptions anyone wants on the order of spend of tens of thousands of dollars for our firm.
This
year, the spend has just skyrocketed. And it really started in late December with Opus that included Doug Olafman, who's president. And he's very much like leading the charge in the sense of nontechnical people using AI for coding. And so he's basically pilled the whole firm slowly over time. I think he's been the leader in doing that. Obviously the engineers were using it anyways, but spend in January just started to inflect and rocket and rocket and rocket and rocket. We signed an enterprise contract with Anthropic and it's gone to the point where now I think when I last talked to you, it wa
last week, by the way.
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