Sonith

Someone stopped me on the street earlier to say how much they liked this episode. I didn’t catch your name, but thank you & glad you enjoyed !

TCP

@gauravahuja Love it

A small update to the 100 Year Conversation we’re excited about: We’ve added tooltip companions to our interviews: archival findings, rare images, napkin sketches, and other context for the curious reader. The idea is simple: make each conversation more enjoyable and informative, without forcing you to leave the page and disappear into a maze of tabs. Live on all conversations. Let us know what you think!

To celebrate the launch of intelligence.crosby.ai, we're hosting an event with NYC's top AI minds on July 1. @jsarihan will chat with @paraga. We're saving a few spots for "that cracked person we met online." If that might be you or someone you know, plz DM me!

Join Wander !!

We are acquiring talent-dense teams @wander If you are a startup founder looking for the next phase of your and your team's journey, please reach out to me.

Full episode now on X: My second conversation with Jeff Yass, co-founder and managing director of Susquehanna International Group, one of the largest trading firms in the world. Jeff is my first repeat guest, so we did this one a little differently. Instead of going back through his background, we just talked about ideas — a few economic myths Jeff thinks most people have backwards. We split it into two buckets: the US "debt crisis," and consumer surplus and how we tax it. It's a short conversation but a dense one, and Jeff doesn't hedge. If you want a clear look at how he actually thinks about debt, value, and taxes from first principles, this is it. We spoke about: - Why the US "debt crisis" is misdiagnosed — debt should be measured against national wealth (~$230 trillion), not GDP - Why the real threat to America isn't the debt at all, it's killing the golden goose - Consumer surplus everyone misses, how Bezos captured ~2% of the value Amazon actually created, and the consumer got the rest - Why vilifying billionaires is economically upside down - Why he believes school choice and vouchers are the single biggest lever to reduce suffering in America …and much more. Links below

Patiently awaiting the write-up on Riviera.. @BobCasey Thank you

Everything

.@cory is a master of finding the brightest young people out there. Was a pleasure hosting the latest @zfellows cohort at the Slash office earlier this week. Excited to follow the journeys of all these incredible founders!

@SemiAnalysis_ 😆

If you enjoy SemiAnalysis' work and want to join an amazing, incredibly talented team, consider applying at semianalysis.com/semianalysis-c… or x.com/SemiAnalysis_/…. A bit about the team: we're in office, 7 days a week (actually technically 8 days since we have offices globally across the international date line lol). We have a mandatory 15 hr work day (for all 8 days of week) with a 30 minute lunch break (no lunch break for interns). We don't practice remote work. Hopefully this makes people want to apply to our amazing company!

@ali_debow @gamechangersvc @scooterbraun @guyoseary @stellation @SignalFire @MaCVentureCap !!

We're excited to announce a $4M Seed round led by @GameChangersVC, with support from incredible investors including @scooterbraun, @GuyOseary, @stellation, @SignalFire, @MaCVentureCap, and others. A few years ago, while hosting community events and testing early products, my co-founders @WeilynChong, @NathanAhn, and I noticed a consistent pattern. After every event, people asked the same questions: Where are the photos? Who captured that moment? How do I reconnect with the people I met? fortune.com/2026/06/16/pho…

Excited to announce the SemiAnalysis Teardown Engineering & Evaluation Lab (STEEL) We have been building a state-of-the-art teardown lab in Oregon with $10s of millions Capex being spent capable of analyzing the world’s most advanced and important chips and process technologies over the last year and half. We have already generated revenue on advanced datacenter chip teardowns. This is a bit of inconvenient timing for TechInsights as they are private equity owned and currently being sold while having enjoyed virtually no credible competition for decades. This has led to TechInsights underinvesting in CAPEX. SemiAnalysis exceeds TechInsights in revenue despite no venture or private equity ownership and being founded only 6 years ago. Because we have no external investors and are founder led, we move faster, build faster, and we can release client chip teardowns for free regularly, while focusing on datacenter for our major clients. STEEL has a state of the art fleet of tools. We are less than a year and half into the journey here, but our goal is to be number 1 just like we are in AI, Datacenter, and Semiconductor market data, consulting, and technically analysis. Our largest customers which, include all of the hyperscalers and world's largest semiconductor companies, are excited for us to shake up the market.

"everything around that you call life was made up by people who were no smarter than you" - Steve Jobs new z fellows cohort starting soon. interviewing now for it. zfellows.com

@john_k Great thoughts

An interesting consequence of productivity gains as a result of newly introduced agentic tooling is that it seems to invert the standard time discount on labor. The typical assumption is that an hour today is worth more than an hour a year from now. But, if the hour a year from now is 10x more productive, the discount flips and the future hour is much more useful. Rationally, one might expect to stop spending the hours of today on work that becomes much cheaper, redirecting that time towards accumulating durable, compounding assets that aren’t subject to the time discount inversion (e.g. capital, trust, mindshare). Consider Brunelleschi and the Duomo of Florence. If Brunelleschi learned that within the year, a crew of engineers equipped with hydraulic cranes would magically appear, he’d be likely to stop laying bricks. He may spend more time refining the dome’s geometry or thinking about how to best change the dome’s design to accommodate these new tools. There’s probably two caveats here – firstly (and most obviously), this only applies where productivity is compounding fast enough to flip the discount. Furthermore, this is hard to project–certain spaces may incur this inversion only some N% of the time–and experimenting may not be viable when the penalty of an undershoot or miscalibrated prediction has exponential downside. Secondly, some games are Red Queen’s Races. Failing to produce in the short-term would foreclose the long-term payoff. Consider Brunelleschi, who’s now competing with the hypothetical, equally-acclaimed renaissance architect Ihcsellenurb. Brunelleschi and Ihcsellenurb are competing for a grant from a wealthy patron who’s unaware of the incoming cranes, instead intending to award the grant based on visible quarterly progress. Brunelleschi might know the cranes are coming, yet still be forced to lay bricks, as without this grant, he’d be unable to pay the crane operators when they arrive. Seemingly, this model only works when an actor can afford short-term output illegibility in pursuit of a better long-term output. My sense is that the distribution of these actors is barbelled. On one hand, entrenched incumbents with reservoirs of trust and capital are able to absorb quiet quarters (Apple, for instance). On the other hand, small players can afford illegibility simply because nobody cares enough to punish it. It seems the losers of this game sit in the middle of the barbell; this makes sense, given it’s the only segment where short-term legibility is (1) required and (2) existential. Incumbents and upstarts alike can absorb misses in a way that the squeezed middle can’t. Private markets will see two middle-of-the-barbell companies, where one is externally missing whilst the other seems to just keep winning, and reward the one with the legibly positive result. So, the middle must survive by laying soon-to-be-obsolete bricks, simply to keep up in the Red Queen’s Race

@ali_debow @gamechangersvc @scooterbraun @guyoseary @stellation @SignalFire @MaCVentureCap Congrats !

1/ Today we are launching @Mercury Command - the future of agentic banking.* Command lets you kick off AI agents to do work, while staying in full control, all with human support integrated.

@eoghan @salesforce @fin_ai Congrats!!

We’re excited to share that we just signed an agreement for @salesforce to acquire @fin_ai for ~$3.6B. The transaction is expected to close in the fourth quarter of Salesforce’s fiscal year 2027. Fin started as Intercom 15 years ago. We changed our name to cap our transformation just weeks ago. We were a darling of the SaaS era and invented so many of the patterns you see in software today. Nearly four years ago, in need of a reboot, we jumped on weeks-old modern LLMs to create and define the category we know as Customer Agents today. Salesforce invented modern software and SaaS. And @benioff is like the final boss of tech founder CEOs. In seat for 27 years, he’s one of the last of his era. Still pushing, pivoting, placing big bets. It’s a privilege for @destraynor and I to get to partner with him and join forces with Salesforce upon close at this most fascinating time. And will be very fun to get their help bringing Fin to magnitudes more consumers. To our customers: Over the past few years we’ve been shipping intensely. Including recently our groundbreaking model, Apex, and our paradigm-defining internal agent, Operator. With the resources of Salesforce this will only accelerate. And yet little will practically change. I’ll still be CEO, Des will still be running R&D, we’ll both still be committed to continuing to lead this category. Thank you very sincerely and deeply for your belief in us. To all of our friends, our families, and our employees, past and present: While this is not the end, it is a major, pivotal, special, and emotional moment for us. From the bottom of our hearts, thank you. For everything. To my cofounders, my exec team: Look what we built. Four young lads with a dream and nothing to lose. And a home grown exec team who pulled off the greatest and arguably only late stage software company pivot to AI, and invented one of the most important categories in AI. Thank you for sticking through all of this with me. And now, time to get back to work. See you at our next product launch in a couple weeks. (:

@Kalshi 😆

JUST IN: SpaceX is now worth more than Canada