OWITH.ai - Only What's Important to Hear around AI and Tech

Good morning from OWITH.ai: the podcast that gives you only what's important to hear in the AI and tech world.

Lux Capital's cofounder, Josh Wolfe, recently shared his insights on the Term Sheet podcast, discussing potential events that may significantly impact markets and geopolitics through 2027. Known for investments in tech and scientific ventures, Wolfe made two major predictions. Firstly, he speculated on the possible death of Warren Buffett and its potential to trigger a crisis in the Nasdaq. This could potentially revive interest in value investing as it might create an opportunity for value investors to outperform significantly. Although he considers this scenario unlikely, it could signal a shift from passive growth to active value investing.

Wolfe also addressed geopolitical tensions, focusing particularly on Iran. He speculated that conflicts might result in societal upheavals in Europe, with risks of fertilizer scarcity leading to a food crisis in Eastern Europe and potential economic turmoil within the EU. Such conditions might pave the way for far-right leaders to gain power in Europe. Despite sharing these alarming scenarios with intelligence professionals, his concerns were not dismissed lightly. Wolfe emphasized the importance of preparing for worst-case scenarios while recognizing technological progress as a driver of life quality improvements. Despite negative headlines, technology will continue advancing due to scientific developments.

Recent venture capital activities include significant funding rounds for various tech companies like Ollin Biosciences, Assort Health, Runpod, Sail Research, Xcures, Allium, Hang Ten Systems, Runlayer, Coval, Alpsemi, Trovy, and Jarvie AI. Additionally, New Mountain Capital acquired a majority stake in RRC Companies.

On June 25, 2026, notable changes touched upon AI chips, mergers, and stock market listings. OpenAI and Broadcom introduced their new AI chip "Jalapeno," designed for inference tasks in large-language models. Set to compete with Nvidia's Blackwell chips and Google's TPUs in terms of performance and efficiency by year's end, this is part of OpenAI's strategy to secure AI infrastructure rapidly.

In another major move, Qualcomm announced its acquisition of Modular for around $3.9 billion in an all-stock deal. This positions Qualcomm as a competitor against Nvidia by promoting a vendor-agnostic approach to AI infrastructure. Qualcomm is also reportedly considering purchasing AI chip designer Tenstorrent for over $10 billion.

Meanwhile, South Korean semiconductor giant SK Hynix announced plans to raise over $29 billion through an American Depositary Receipts listing to fund expansion in memory chip production for AI applications.

Allegations were made against Alibaba for accessing Anthropics' AI models illicitly. Questions arose regarding Microsoft's quantum computing claims due to alleged errors. Upcoming product launches from Rockstar Games and Agility Robotics were noted.

A six-year study led by organizational psychologist Adam Grant analyzed Fortune 500 CEOs and their return-to-office mandates. It suggests that CEO narcissism plays a significant role in opposing remote work. Higher narcissism scores correlate with resistance against remote work due to the ease of performing power in person. The study warns that egos may blind CEOs to the benefits of flexible work arrangements valued by employees.

In political shifts impacting corporate taxes, New York City Mayor Zohran Mamdani's backed candidates recently won three Democratic primaries—potentially indicating more progressive policies ahead.

Regarding artificial intelligence, author Robert Wright criticized framing AI development as a competitive race with China as it may hinder global cooperation necessary for AI’s safe management. He predicts transformative impacts across various sectors.

Economically speaking, a Peterson Institute paper warns of substantial financial losses for the U.S. if immigration policies result in declining foreign STEM graduates—a potential one-third drop could cost up to $481 billion over the next decade due to talent moving abroad.

In market updates: S&P 500 futures rose by 0.7% despite a previous session's slight decline; Asian markets showed mixed performance with South Korea's Kospi and Japan's Nikkei making gains while Hong Kong's Hang Seng fell; SK Hynix shares surged following U.S listing plans.

Lastly: Amazon’s hiring spree counters fears of AI-induced job losses while Ray Dalio expresses skepticism about America’s geopolitical future from China observations; Vinod Khosla’s investment highlights ongoing interest in governing agent workforces.

This brief was curated by Claire Zillman and others at Fortune Media.Support the show
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Good morning from OWITH.ai, the podcast that gives you only what's important to hear in the AI and tech world.

Let's begin with an overview of the venture capital landscape in the U.S., increasingly dominated by mega-funds. According to PitchBook's U.S. VC midyear outlook, funds with over $1 billion under management have amassed nearly 72% of all capital raised in 2026. In contrast, first-time managers account for less than 10% of this capital. This disparity is anticipated to persist or worsen, as suggested by Kyle Stanford, PitchBook's Director of U.S. Venture Capital Research. Larger funds wield substantial pricing power, enabling them to outcompete smaller firms and command the limited partner market.

Transitioning now to the tech industry, we see significant market volatility, with major indices like the Nasdaq and S&P 500 experiencing drops of over 1.5%, and tech stocks facing substantial declines globally. These downturns are attributed to ongoing concerns about AI investments and the Federal Reserve's plans to raise interest rates, impacting borrowing costs.

In a broader discussion about business evolution, there's a notable shift from the "tech bro" era towards valuing diverse talent and innovation across the U.S. Steve Case emphasizes the necessity for an inclusive innovation economy, highlighting that future advancements, particularly in AI, will benefit sectors like healthcare and farming situated outside traditional tech hubs. David Rubenstein echoes similar sentiments about American ingenuity and community initiatives as defining characteristics that set the U.S. apart.

Shifting gears to challenges faced by Google DeepMind, once a leader in artificial intelligence, it now faces significant obstacles as it loses top talent to competitors and struggles to maintain its position in the AI race. Prominent researchers have departed, joining rivals like OpenAI and Anthropic. These departures raise questions about Google DeepMind's ability to innovate and stay competitive.

As we navigate through these diverse topics, it's clear that both opportunities and challenges abound in today's tech landscape. The industry's evolution continues to be shaped by strategic investments, market volatility, and shifts towards inclusive innovation—a dynamic mix that sets the stage for future developments in AI and technology.Support the show
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Good morning from OWITH.ai, the podcast that gives you only what's important to hear in the AI and tech world.

In recent developments, George Eliadis, a Wharton graduate and founder of ProBook, has raised $40 million to transform the home services industry by incorporating artificial intelligence into operations for plumbers, electricians, and HVAC contractors. With a background in pressure washing houses alongside his father, Eliadis identified inefficiencies in the $700 billion home services market. Based in New York, ProBook secured a $34 million Series A led by Andreessen Horowitz and a $6 million seed round from Sequoia Capital. The aim is to develop an AI operating system tailored for home service businesses, focusing on dispatch decisions—a crucial area for customer satisfaction. Unlike existing AI tools that involve multiple vendors and incur high costs, ProBook streamlines technician scheduling and combines functions like call handling and customer updates into a single platform. Initial outcomes are promising: an Indiana company with 260 technicians booked over 2,500 jobs in the first month with ProBook’s system, while a Kansas shop increased its average job revenue by 20%. ProBook's primary clients are private equity-backed home service rollups that acquire local service shops to enhance efficiency. Despite competition from ServiceTitan, which offers its own AI scheduling product, Eliadis’s industry expertise and client dedication give ProBook a competitive edge.

In other venture news, Nearfield Instruments raised $380 million for semiconductor technology advancements. Additionally, AI platforms like Attention and Prosper AI have secured funding, while companies such as Superlight and Trustap completed funding rounds for electric vehicles and payment platforms. The private equity sector witnessed significant acquisitions by Balbec Capital and Greybull Stewardship. Several initial public offerings are on the horizon, including ITG’s $429 million NASDAQ offering.

Shifting gears to industry updates on June 23, 2026: SpaceX disclosed a cash reserve of $100.8 billion following its inaugural bond sale aimed at raising $20 billion for bridge financing and expenses related to AI chips and space technology. Despite this substantial sum, acquiring companies like Tesla remains challenging due to their trillion-dollar valuations. Meanwhile, SpaceX's IPO filing indicates potential substantial gains for Elon Musk should the company achieve its ambitious market cap goals and advance Mars colonization plans.

Meta has strategically acquired Kunal Shah, founder of Indian fintech firm Cred, investing $900 million for a 20% stake and appointing Shah to lead WhatsApp. This transition marks a significant leadership shift within India's startup ecosystem.

Furthermore, Getty Images announced a multi-year licensing deal with OpenAI for access to its media library through ChatGPT's search tools.

In gaming news, Valve's new Steam Machine will be available from June 29 at an initial price of $1,049, aiming to compete with traditional gaming consoles like Xbox and PlayStation despite the high price point.

Other noteworthy developments include Microsoft's 20-year natural gas power deal with Chevron for a proposed data center in Texas and Google's investment in independent movie studio A24 as part of an AI partnership.

Finally, insights from ADP CEO Maria Black reveal the impact of AI on employment. During an interview with Fortune's Diane Brady, Black emphasized focusing on tasks rather than jobs. As leader of a company handling real-time payroll data for one in six American workers, Black observed that AI is disrupting tasks within sectors like software development since 2022. To address this shift, she advocates for unbundling jobs into tasks with associated wages—an approach she believes will guide future work towards role convergence and reskilling.

In financial news, Bank of America has revised its forecast to predict rate hikes by the Federal Reserve later this year. However, other analysts disagree if geopolitical tensions ease. Market updates indicate a global selloff led by tech stocks amidst significant declines across major indices worldwide. Additional highlights include record-breaking World Cup betting markets and an AI drug discovery deal between Insilico Medicine and SK Biopharmaceuticals.

These narratives underscore AI's transformative potential across industries while highlighting the importance of thoughtful leadership in navigating these changes.Support the show
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Good morning from OWITH.ai, the podcast that gives you only what's important to hear in the AI and tech world.

Exciting developments are on the horizon for FOMO, a cryptocurrency trading app that has recently attracted significant investment from Index Ventures and Union Square Ventures, valuing the platform at $550 million. Designed to address the complexities its founders encountered in the crypto trading world, FOMO aims to make trading accessible within 30 seconds of onboarding. The app features leaderboards and social media integrations, encouraging a socially-driven trading experience. Index Ventures led this $75 million Series B funding round. Notable investors include figures like Zynga cofounder Mark Pincus and Discord CEO Humam Sakhnini. As FOMO continues to grow, it plans to expand its engineering team and potentially acquire smaller companies. Despite having a lean team of just 17 employees, FOMO is setting its sights on becoming a global leader in trading platforms.

Switching gears to the Middle East, insights from veteran CEO Johannes Hummer highlight a transformative period for the region's business landscape. Despite geopolitical tensions, companies in the UAE are using this time to enhance infrastructure and improve operations. The focus on innovation and strategic investments in sectors like hospitality is gearing up the region for future growth. Companies such as Revolut and Nubank are drawn to Dubai's multicultural talent pool and strategic position for expansion into Asia and Africa. Hummer also notes the UAE's advanced digital integration compared to other regions.

Meanwhile, discussions about a potential merger between SpaceX and Tesla are gaining traction as financial conditions improve. SpaceX President Gwynne Shotwell has hinted at this potential union, which analysts see as a strategic move aligning with Elon Musk’s vision of integrating his enterprises under an AI-driven framework.

In Europe, leaders express concerns over Chinese exports impacting local industries, potentially leading to new trade measures. The tech industry continues to navigate evolving geopolitical landscapes with China imposing export controls on several U.S. firms amidst rising tensions. Meanwhile, ByteDance's IPO prospects remain uncertain despite high market valuations. There are growing concerns about the EU's ability to compete in the global AI race against major players like the U.S. and China.

In another significant tech story, Fortune Tech highlights controversies surrounding Polymarket, a prediction markets company. An investigation revealed that Polymarket allegedly paid content creators to promote its platform through deceptive social media videos. This strategy aimed to attract users to its largely unregulated offshore operations, raising potential legal issues around advertising and commodities laws.

In other news, a change in leadership at Apple is on the horizon as John Ternus prepares to take over as CEO on September 1. Ternus's appointment is anticipated to revitalize Apple's design team following diminished focus under Tim Cook's leadership after Jony Ive's departure from daily management duties.

To conclude with some lighter news: Humble Robotics is making strides in developing an electric self-driving freight truck, while Japan's largest toilet manufacturer Toto expands into semiconductor materials—a testament to the broadening horizons within technology sectors today.

Stay tuned for more updates on these evolving stories in our next episode!Support the show
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Good morning from OWITH.ai: the podcast that gives you only what's important to hear in the AI and tech world. The Stratechery content for the week of June 15, 2026, spotlighted several noteworthy topics, ranging from AI advancements to e-commerce trends and the NBA Finals.

A significant point of discussion was the challenges faced by Anthropic due to U.S. export controls, which restricted American citizens' access to its AI model. Anthropic unveiled Claude Fable 5, an iteration of its AI model featuring enhanced safety protocols and restrictions designed to curb its use in developing competitive technologies. This decision raised concerns about the openness of AI research since historically open contributions have driven significant advancements in this field. In parallel, the U.S. government employed regulatory power to impose export controls on Anthropic’s Mythos and Fable models, mandating licenses for foreign utilization. This move underscored the United States' capacity to restrict access to pivotal AI technologies, prompting other countries to consider alternative paths for achieving technological sovereignty. The actions taken by Anthropic and U.S. export controls have intensified discussions surrounding AI sovereignty and emphasized the necessity for open research ecosystems.

Transitioning to the realm of e-commerce, Ben Thompson and Michael Morton engaged in an insightful dialogue about the sector's robustness in the AI era during a Stratechery Interview. Topics covered included Shopify's resilience and OpenAI’s trials with the ChatGPT checkout experiment, drawing historical parallels with milk delivery in the 1960s and analyzing companies like Uber and Waymo. Morton's interview also explored e-commerce challenges related to AI distribution models versus referral models and autonomous vehicle developments.

In sports, the NBA Finals captured attention with the New York Knicks clinching their first championship in over half a century. This achievement garnered the highest NBA Finals ratings in nearly three decades, fascinating both casual and ardent fans. The discussions also delved into Victor Wembanyama's controversial status as a polarizing figure on and off the court. Andrew Sharp reflected on the NBA Finals, focusing on Victor Wembanyama’s transformation into a divisive figure while celebrating the Knicks’ legendary triumph. The “Greatest of All Talk” podcast revisited these NBA events with enthusiasm.

Amid these shifts, new benchmarks and models are emerging that challenge previous standards. Nvidia's Nemotron 3 Ultra stands out as an advanced model with superior speed and open-access features, positioning Nvidia as a leading U.S.-based developer fostering more open AI ecosystems. Concurrently, innovative benchmarks like deepswe, programbench, and itbench-aa are superseding older models like swe-bench by presenting more intricate challenges that better assess software engineering capabilities. Furthermore, a novel training methodology named Privileged On-Policy Exploration (POPE) has been introduced to enhance reinforcement learning by offering partial solutions as hints during training sessions. This approach effectively addresses exploration challenges within reinforcement learning by boosting model performance on complex problems.

These developments underscore a dynamic and swiftly evolving AI landscape where access control, international competition, and advancements in benchmarking and training methodologies are pivotal in shaping the future trajectory of AI research and applications.Support the show
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