Pre-Order Runnin' Down a Dream now: https://a.co/d/0oIPPve
Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they unpack the $3T AI buildout, circular revenue red flags, and whether the boom is becoming a bubble. They dive into the rise of stablecoins and the new financial rails reshaping money, the fight over AI regulation in America, and Bill’s next chapter—his new book Runnin' Down a Dream and what it means to build a career you actually love. Enjoy another episode of BG2!
Timestamps:
(00:00) Intro
(02:00) Two Years of BG2
(03:45) Bill Stepping Back to Write His Book
(06:00) Runnin' Down a Dream
(07:00) The AI CapEx Bubble?
(09:30) Sham vs. Real Transactions in AI
(11:00) Microsoft–OpenAI Credits & Cloud Economics
(13:00) Nvidia’s Investments: Healthy or Hype?
(17:00) CoreWeave, Hidden Leverage & Demand Risks
(19:15) $3 Trillion CapEx: Are We Overbuilding AI?
(21:45) The MAG5 CapEx Surge: Too Much, Too Fast?
(24:30) Meta’s CapEx Comeback & AI ROI
(25:30) OpenAI’s Race for Escape Velocity
(28:30) AI Regulation: State Patchwork Madness
(30:30) Why Federal Preemption Is Critical
(33:15) The Colorado & California AI Acts
(35:00) Stablecoin Surge: $18T in Settlements
(36:45) Gurley’s Crypto Conversion
(38:30) From PIX to FedNow: The Future of Digital Money
(41:00) Coinbase, Circle, and the 4% Yield Revolution
(43:00) Why Visa & Banks Fear Stablecoins
(45:00) Gurley: “I’m Jumping on the Crypto Train”
(46:00) Brad on Invest America (Trump Accounts)
(49:00) Implementation Timeline & Treasury Update
(50:30) Bill’s Book: Runnin' Down a Dream
(53:15) The Great Career Reset: Passion vs. Grind
(55:00) Bezos’ Regret Minimization Framework
(57:00) Who the Book Is For
(59:00) Gurley’s Next Mission
Show Notes:
All-In Summit: Bill Gurley presents 2,851 Miles: https://www.youtube.com/watch?v=F9cO3-MLHOM
Plain English: This Is How the AI Bubble Could Burst: https://podcasts.apple.com/us/podcast/this-is-how-the-ai-bubble-could-burst/id1594471023?i=1000728026459
Bezos’ Regret Minimization Framework: https://www.youtube.com/watch?v=jwG_qR6XmDQ
Produced by Dan Shevchuk
Music by Yung Spielberg
Available on Apple, Spotify, www.bg2pod.com
Follow:
Brad Gerstner @altcap https://x.com/altcap
Bill Gurley @bgurley https://x.com/bgurley
BG2 Pod @bg2pod https://x.com/BG2Pod
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
CrimeLess: Hillbilly Heist
It’s 1996 in rural North Carolina, and an oddball crew makes history when they pull off America’s third largest cash heist. But it’s all downhill from there. Join host Johnny Knoxville as he unspools a wild and woolly tale about a group of regular ‘ol folks who risked it all for a chance at a better life. CrimeLess: Hillbilly Heist answers the question: what would you do with 17.3 million dollars? The answer includes diamond rings, mansions, velvet Elvis paintings, plus a run for the border, murder-for-hire-plots, and FBI busts.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com