Martin Shkreli on AI, Pharma, and What Actually Matters
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There are two richest guys in the world don't just drop 400,000,000 on a single deal. The biggest VCs, maybe. That's still like a lot. Yeah. So, like, how'd this guy show up with 400,000,000 to drop? So there's $10,000,000,000,000 whether they include all the other hardware coming out, the rest of the ecosystem, etcetera. Maybe it's 5 to $10,000,000,000,000 market cap up for grabs. And it's not an area where there's a lot of startups, which is, like, really shocking. I don't want it to have data centers in space. I don't wanna have nuclear reactors in my backyard. And I think that, you know, i
What actually matters in AI right now? Better models or better businesses? A few years ago, the focus was intelligence. Who had the best system, benchmarks, and breakthroughs? Increasingly, the real question is economic. Who captures the value, how it's priced, and where the bottlenecks are? At the same time, we're hitting limits. Compute is getting more expensive, and new approaches from photonic computing to specialized hardware are becoming more necessary. That creates a tension. Software is easier to build but harder to differentiate. Meanwhile, industries like finance and biotech still re
We're talking a very exciting day. We have OpenAI about to make an announcement. I thought I'd start by just asking for you to broadly reflect on sort of the OpenAI, Verzenthropic, What's happening here? How do you make sense of the ecosystem?
Yeah. So just, you know, obviously, disclosure, you know, my my wife sat OpenAI. She's one of the first people there, I have a bit of a bias. I have a bias against anthropic as well. So I just got like dual bias. But basically you just try to be objective. If you monetized ChatGPT, both enterprise and consumer fully, you'd actually have, I think quite a lot more revenue than today. So just case in point, my financial software company, have about 10 licenses to Anthropic and it's supposed to be $20 a seat and we get a bill for a thousand dollars. And you know, or like $1,500 and that's, you kno
I was really confused by the Anthropic DOW incident about a month ago now, why there was so much support for Anthropic on this. To me, it felt as obvious as like a bullet maker saying, Hey, we're only going to sell you these bullets, but only if we can help influence how you use them, you know, separate from US law. Now I know I'm definitely simplifying it, we'll get I'm sure we'll get some defenders to come on the show at some point. But but to me, it kind of felt obvious that they they you know, we should sort of leave things to Private companies shouldn't be dictating foreign policy. I get
No. I don't think you ever say anything. Mean, I think that the idea that there would be some super governmental, you know, authority is a little scary. You know, I used to back in the hedge fund days, when the markets were around 2008, I actually asked I would ask some hedge fund friends, would you rather buy bonds in Johnson and Johnson or bonds in the US government? And it's a very interesting question because in some ways, at the time, it seemed like, you know, The US would you know, could default. It could you know, the financial, you know, markets could collapse. Johnson and Johnson's no
Yeah. Let let's get into other parts of the ecosystem. Are are you still a huge Nvidia bull? I mean, I'm I I don't know if you saw the Jensen verse verse Dorcache, but but yeah. What's your latest thinking on Nvidia?
So I I'm I'm starting a a sort of a hardware startup. So I was I was shorting these stocks, quantum computing stocks, and I had to learn comp
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