01:37:43 · Rodrigo Liang, John Coogan
[01:37:43] S4: Well, look. No. I mean, I mean, I've been in chip and design for a long time. Well, I always know that the long term investment. And so, I mean, back in 2017, we're still trying to recognize cats and dogs on the Web. It's just a cat or a dog. That's what we're doing. We're trying to figure out what do we do with this thing. We're building recommender models. We've also submitted a thing for people, but the reality is what OpenAI did, it just fleshed out all of that noise pre OpenAI and focused all the value around, let's start here. It doesn't mean that images aren't important. Doesn't mean voice mail. All these other things are But what it did is focused us as a global market to say, let's start here. Let's just start with language. And it's a very good place to start, and that allowed us to actually go all of us can come come together to say hardware, software, models, everybody start focusing in on language as the use case. And now you've got so much production traction, and now you can focus on other things. Like, we're doing great in voice, and we're doing great in video. These are things that are also coming, but the ability to sequence these things in production so that you can actually see value has been incredibly important. [01:38:51] S1: Love it.
01:38:51 · John Coogan, Jordi Hays
[01:38:51] S1: Love it. [01:38:51] S0: On on that note, going forward, how are you thinking about, you know, reacting to customer needs? Like this partnership with with JPM and some of your other, you know, new customers feels like reacting to this, real time need of, like, okay, we understand the potential. We're willing to invest a lot here, but we have certain kind of criteria around how we wanna roll these products out versus skating to where the puck is going and trying to make predictions around r and d that you do today that will pay dividends three, four, five years out.
01:39:22 · Rodrigo Liang, John Coogan
[01:39:22] S4: Yeah. Well, when your chip design, as you guys know, it takes you two years to design and you've to go through TSMC, you've got to build these wafers, and you've got to build the systems all mean, there's a three or four year cycle. Right? So you're always it's a it's a blend between engineering and, fortune telling. Right? And so you're kind of mixing those. But but the reality the reality is you're always doing that. But here's the difference when when it comes to enterprise. And we we you know, not only we have JPMorgan, but last month, we announced a huge partnership with Vista Equity, has 92 portfolio companies building all these applications. And so what is the biggest thing that we run out with AI is we don't have offtakes. We don't have offtakes. Now what you're seeing is the JP Morgans of the world, the Empress of the world, the Vistas of the world, all these applications, all turning SaaS companies into AI first companies, and you're seeing the demand pull through. What we're excited about this is not only the web, the chips. You got connected with the data center that's there. Oh, the next thing is connected with the end user, the end off taker that applies AI into something that's useful to new businesses. And so so we're super excited about the JPMorgan, the Vista, all of these type of That's our that's our mentality is what are people using it for? Solve that problem. Everything underneath follows. [01:40:34] S1: Mhmm. Thank you so much for coming on the show. Great. Thank Congratulations on the massive round.
01:40:34 · John Coogan, Jordi Hays, Alana Palmedo, Rodrigo Liang
[01:40:34] S1: Mhmm. Thank you so much for coming on the show. Great. Thank Congratulations on the massive round. [01:40:39] S0: Nine year overnight success. [01:40:40] S1: Can't wait to talk [01:40:41] S0: to you [01:40:41] S1: again soon. Have a great rest of your week. Thank you. Talk to you soon. Goodbye. Let me tell you about public.com, investing for those who take it seriously. They got stocks, options, bonds, crypto, treasuries, and more with great customer service. Our next guest is Alana Palmino from Paradigm. [01:40:59] S9: Hey, What's up? [01:41:00] S1: What's up? [01:41:01] S4: Going on? [01:41:01] S1: Welcome to the show. Our last guest raised 1,000,000,000. You had to one up them. You had to two up them with 1.2. Tell us about the new fund. Oh, [01:41:12] S9: man. Thanks for having me, guys. Really great to be We're super excited about it. We we raised 1,200,000,000 to go after the new opportunity set, Frontier. Thanks [01:41:25] S1: for warming that up for me. You're welcome. It sounds nice and warm. Fantastic. [01:41:31] S0: Sorry. Continue. Continue. 1,200,000,000 for Invest. [01:41:36] S9: Alright, guys. We're we're going big. We're we're going after all frontier tech. We're really excited about it. Obviously, you guys know we got our our, start in crypto back in 2018. This is our fourth fund. [01:41:48] S1: Yeah. [01:41:48] S9: Pretty pretty excited about it. But I feel like
01:41:48 · Alana Palmedo, John Coogan
[01:41:48] S9: Pretty pretty excited about it. But I feel like [01:41:51] S1: I don't know. This is being somewhat positioned as, an expansion of the vision or the thesis, but I feel like Paradigm's been investing in broader frontier themes for years now. Like, can you talk about some of the the history of expanding beyond crypto and and the key moments in the fund's history that sort of woke you up to broadening the thesis? [01:42:15] S9: Yeah. Well, I think in 2018, crypto was the most interesting frontier to be investing into. And, like, that really was the heart of how we started building the firm. Mhmm. And it was the it was the thesis behind being the sort of researchers, builders first. How do you get really close to the tech to be able to understand and underwrite these things from first principles? And then I think over time, it's become pretty obvious that it's not the only frontier and really hard to ignore what's happening in AI. But actually, like, I would say it's more than that. It's like the world itself has started to blend together. Yeah. And drawing these concrete lines is, like, no longer applicable. I think that, like, even something that called itself a crypto project years ago today, like, things that are right on the periphery, tech is just all touching each other. And when you think about trying to separate it, it just doesn't work that way.
01:42:15 · Alana Palmedo, John Coogan
[01:42:15] S9: Yeah. Well, I think in 2018, crypto was the most interesting frontier to be investing into. And, like, that really was the heart of how we started building the firm. Mhmm. And it was the it was the thesis behind being the sort of researchers, builders first. How do you get really close to the tech to be able to understand and underwrite these things from first principles? And then I think over time, it's become pretty obvious that it's not the only frontier and really hard to ignore what's happening in AI. But actually, like, I would say it's more than that. It's like the world itself has started to blend together. Yeah. And drawing these concrete lines is, like, no longer applicable. I think that, like, even something that called itself a crypto project years ago today, like, things that are right on the periphery, tech is just all touching each other. And when you think about trying to separate it, it just doesn't work that way. [01:43:07] S1: How are you thinking about the early stage? There's been some chatter on the timeline about, oh, like, every VC just wants to pile more money into the biggest private companies, the trillion dollar private companies. Why would I waste money or time talking to an early stage founder? How are you thinking about opportunities at early stage, mid stage, late stage? What even is mid stage now? Is that 10 a mere $50,000,000,000 company early stage at this point? Who knows?