Suresh Choudhary

🇦🇪 Dubai is full of traffic and crowds again. Already missing the Iranian fireworks — they helped clear the city of the easily impressed. The UAE’s air defenses proved excellent under fire. For 0% tax, we get better protection than Europeans paying 50%.

$ASTS After seeing what $RKLB did today, I got a good feeling for ASTS. Break above the high traffic-y orange area, and we could be back at $100 in no time.

A framework to understand how value accrues across the AI stack. This is a blueprint for understanding what builds AI into its pragmatic parts: what each layer is, where it ends, and where value is accrued. So here’s how you can think about it: 1. Layer 1 - Infrastructure Before any AI model trains or any robot moves, an industrial foundation must exist. Land, energy grids, cooling systems, critical minerals, and fabrication facilities. Infrastructure is the constraint that all the other layers depend on. 2. Layer 2 - Chips Transistors that are etched onto silicon wafers using extreme ultraviolet light. This is what allows both physical and digital AI to take an input, process it, and return a predictive output. The more transistors that fit on a chip, the more computation it can perform. 3. Layer 3 - Data Both digital and physical models train on data. Digital models train on text, code, and images; physical models train on gravity, friction, depth, and sensor streams. The more accurate the data, the more accurate the output. 4. Layer 4 - Models A model is a system that learns from examples. Feed it enough examples of inputs paired with correct outputs, and it adjusts its internal structure until it can predict correct outputs on inputs it has never seen before. LLMs represent a specific class trained on text. They learn by processing billions of examples of human language, developing the ability to write, reason, summarize, and generate code. 5. Layer 5 - Execution This is what lets models take actions on behalf of users. The execution layer lets models pursue objectives through sequential action: observing the environment, reasoning about the next step, acting, and looping until the goal is reached. 6. Layer 6 - Application All of the AI Stack’s revenue originates at the application layer, then goes to the layers below. Every dollar paid for AI is paid for an outcome, a task completed, and an answer delivered. Nobody wants H100s for their own sake. They want H100s because someone, somewhere, wants to run an application. These are the different layers that make up the entire ecosystem of AI. We did a full study on the AI stack. If you want to read about it, head over to my Substack (chamath.substack.com/p/the-ai-stack)

C-22 is looking like a huge mistake. It worries me a great deal. There is so much nonsense in there that It may well end up dealing a death blow to Canadian tech viability.

“I am going to probably use $300M of Anthropic this year at Salesforce.” - Marc Benioff “ These coding agents are awesome. Anthropic is awesome. Coding, everything's going to be cheaper to make, it's more efficient. I can do things that I just could not do before. I can go faster than ever before. I can implement my software and sell it at the same time. I've never been able to do that before. Today, I have humans, agents, and headless platforms all interoperating, never before. So the opportunity for my own company and the efficiency that I have in my own company, in service and support, in distribution and marketing, across the board, is unprecedented. What I can do for our customers, unprecedented. And, to that point, my gosh, have you seen Anthropic? It is a rocket ship that will not stop.”

Starship launch next week!

Starship’s twelfth flight test will debut the next generation Starship and Super Heavy vehicles, powered by the next evolution of the Raptor engine and launching from a newly designed pad at Starbase. The launch is targeted as early as Tuesday, May 19 → spacex.com/launches/stars…

Amazon Prime delivery... for EVERYTHING. This is big. For decades, businesses have had to stitch together 6-8 different providers to build a supply chain. A freight broker. A customs agent. A warehouse. A fulfillment center. A last-mile carrier. Amazon just replaced all of them simultaneously. They're already America's largest parcel carrier by volume. They passed UPS and FedEx without anyone really noticing because they were doing it "for themselves." But now they're officially in the market. Vertically integrated at a scale nobody else can beat. What ASCS actually offers: - ocean/air freight - ground trucking and rail - warehousing - customs clearance - last-mile delivery All under one roof. The cost structure implications alone are pretty devastating. Amazon built this network to run Amazon. com at the most demanding logistics operation in human history. They didn't need to make a return on it from ASCS, it was already capex'd. Every dollar ASCS earns is gravy. Competitors have no chance on cost. Watch healthcare and automotive adopt this fast. Those are two industries where supply chain complexity is enormous and the incumbents charge accordingly. Amazon is coming for that margin. ASCS isn't Amazon entering logistics. They've been in logistics for decades. This is Amazon announcing they won.

TODAY: Amazon is opening its entire logistics network—freight, distribution, fulfillment, and parcel shipping capabilities—to every business, of all types and sizes. 📦 Amazon has built one of the most reliable and efficient supply chains on Earth. Now, Amazon Supply Chain Services gives all businesses access to the same infrastructure that moves, stores, and ships goods for hundreds of thousands of Amazon sellers. Healthcare, automotive, manufacturing, retail, and more. Businesses across industries can now tap into Amazon's logistics network. Learn more here. ⬇️

10B

#BREAKING: Industry groups say Canada’s regulatory burdens are worse than Trump’s tariffs.

No matter what you do, you’ll be criticized. Win, they call you greedy. Lose, they call you lazy. So stop performing for them. Pick a noble path you can live with. You won't win over all your critics! EVER! Do you!

Introducing Claude Design by Anthropic Labs: make prototypes, slides, and one-pagers by talking to Claude. Powered by Claude Opus 4.7, our most capable vision model. Available in research preview on the Pro, Max, Team, and Enterprise plans, rolling out throughout the day.

Unbelievable new RBC report: Between 2015-2024, more than $1 trillion in investment exited Canada, making it the largest capital exodus in Canadian history. This is the record of the Liberal government under Justin Trudeau and Mark Carney.

True currency is steadfast friendship

Aravind Srinivas, CEO of Perplexity, explains why his 30-person team wins by doing fewer things better: "The best strategy for startups is to focus on very few things, like literally even one thing, because there's not much time." Perplexity is taking on Google. And they're doing it with a team most mid-sized tech companies would consider understaffed. But for @AravSrinivas, the small team isn't a problem to solve. It's a discipline to protect. "When you have fewer people, you can only do fewer things. So therefore, you spend a lot of time thinking about what to do and once you've decided, you just do it." The constraint forces clarity. And clarity is what most startups lack. He points to the core tension every early-stage founder struggles with: move fast, but ship quality. Do more, but stay lean. "As a startup, you're supposed to move fast and as a startup, you have very few shots at failure. You're also supposed to ship high quality things so that the user trusts you. So physically impossible for you to do many things." And at Perplexity, what gives is the volume of ideas they pursue, not the quality of the ones they do. Even obvious opportunities don't get an automatic green light. "Don't immediately say yes to every single obvious idea that you can do. Try to really think about what the user wants and how does it work in the context of our mission. And once we've strategized it, we would just focus on execution." Strategy first. Execution second. In that order, every time.

Let this sink in: Canadians are founding twice as many businesses outside Canada than inside. We open more businesses in the U.S. than at home, after a decade of Liberals. And it has only gotten worse under Mark Carney, whose deficits and bureaucracy are bigger than Trudeau’s and whose tax burden is the same.

This is another reason to immediately stop taxing gas. Doing so would reduce fuel prices for food production and transport to avoid the surcharges. Meanwhile, Liberals keep taxing already expensive fuel while the government rakes in a fortune in oil revenues: conservative.ca/cpc/zero-tax-o…

Farther than ever before. 🚀🇺🇸 Artemis II heads home after a historic journey around the Moon. We will return.

Congratulations to Artemis II on a successful mission! You captured the wonders of space and our planet beautifully, taking iPhone photography to new heights, and we’re grateful you shared it with the world. Your work continues to inspire us all to think different. Welcome home!