Human Data is Key to AI: Alex Wang from Scale AI

Vlad Tenev built Robinhood by breaking every rule Wall Street wrote: zero commissions when competitors charged $10, mobile-first when "serious" investors demanded desktop, a brand that made finance feel like rebellion instead of a club you'd never join. By 2021 they'd forced every major brokerage to slash fees and attracted millions who'd never owned a stock, but then GameStop happened: trading restrictions during the meme stock frenzy triggered congressional hearings, user fury, and a two-year brand crisis that nearly buried them despite the real culprit being antiquated clearing mechanics no one understood. Now Tenev's pushing an even more radical vision—tokenizing private company shares so retail investors can own stakes in AI giants before IPO, turning prediction markets into "truth machines" that beat polls and pundits, and building what he calls the end of financial nihilism: a platform where your seventy-year-old parents and your Gen Z cousin both manage everything from retirement accounts to election bets in one place. The question isn't whether traditional finance survives this; it's whether Robinhood can move fast enough to own the entire wealth transfer before someone else does.

The former bank regulator who invented deposit networks just revealed why SVB's collapse was inevitable—and why the solution that could have saved them is finally being rebuilt. Gene Ludwig ran the OCC during the Clinton administration, created a half-trillion-dollar market solving a problem his Aunt Betty faced riding buses between banks, then watched his invention fail to save Silicon Valley Bank because the technology, economics, and incentives were fundamentally broken. Now he's partnered with Paolo and ModernFi to build what could become America's eighth systemically important financial utility: a bank-owned consortium that's signing 25 institutions per week and racing to protect the 4.8 trillion in uninsured deposits that make the next crisis inevitable.

Palmer Luckey got fired from Meta for backing the wrong candidate—now he's the hero saving American defense, and that shift tells you everything about how fast the ground moved beneath Silicon Valley's feet. For decades, tech and defense were allies, then came 15 years of hostility so visceral that Google employees revolted over a Pentagon AI contract, and when leadership caved, only three people showed up to hear what border security actually involves. But something broke: COVID exposed our inability to make things, Ukraine revealed wars now iterate in days not decades, and suddenly the Harvard dorm room generation realized the people building satellites and drones weren't just necessary—they were the future, while legacy defense contractors still operate on Soviet-style five-year plans that guarantee cost overruns and obsolescence. Now the question isn't whether Silicon Valley returns to its Cold War roots, but whether America wins by becoming more like China's centralized system or doubles down on the chaotic creativity that built nine of the world's ten most valuable companies in 25 years—and the founders flooding into defense, energy, mining, and manufacturing suggest the second American century is just getting started.

Emmett Shear, founder of Twitch and former OpenAI interim CEO, challenges the fundamental assumptions driving AGI development. In this conversation with Erik Torenberg and Séb Krier, Shear argues that the entire "control and steering" paradigm for AI alignment is fatally flawed. Instead, he proposes "organic alignment" - teaching AI systems to genuinely care about humans the way we naturally do. The discussion explores why treating AGI as a tool rather than a potential being could be catastrophic, how current chatbots act as "narcissistic mirrors," and why the only sustainable path forward is creating AI that can say no to harmful requests. Shear shares his technical approach through multi-agent simulations at his new company Softmax, and offers a surprisingly hopeful vision of humans and AI as collaborative teammates - if we can get the alignment right.

Two venture capitalists dissect why biotech burns billions while China runs trials in weeks—and why the next Genentech won't look anything like the last one. Elliot Hershberg reveals the "three horsemen" strangling drug development as costs explode to $2.5 billion per approval, while Lada Nuzhna exposes how investigator-initiated trials in Shanghai are rewriting the competitive playbook faster than American founders can file INDs. When the infrastructure that built monoclonal antibodies becomes the commodity threatening to hollow out an entire industry, the only path forward demands inventing medicines that are literally impossible to make without tools that don't exist yet—and they're betting everything on which approach survives.