Adam Nash

Be A Great Product Leader – Amplify 2019 adamnash.blog/2020/02/10/be-…

I was not expecting this to work 😭😭😭

It’s very clear @boomsupersonic will sell as many turbines as we can make as fast as we can make them. Team is speed running the last bit of development and manufacturing scale up. This is inspiring and challenging work. Get in touch if you want to help.

The 1,000th Rutherford engine has rolled off the production line🎉The world's first 3D printed, battery-powered rocket engine is now one of the most manufactured rocket engines on Earth.   Congratulations to the production and development teams behind Rutherford. You make the most complex engineering and manufacturing feats look easy.

... the difference between theory and practice is that, in theory, there is no difference. In practice, there is. 😂 Amazing to watch @Figma execute. Incredible. 💯

Must be really puzzling to bears to see @Figma $FIG year-over-year revenue growing at an accelerating rate. Q3 2025: 38% YoY Q4 2025: 40% YoY Q1 2026: 46% YoY Starting to think that maybe the bear thesis around AI is wrong? 😉 businesswire.com/news/home/2026…

@SawyerMerritt … political language. They are likely comparing the “predicted costs” and “predicted speeds” from 2028 to what’s available right now. So technically true, but wildly misleading. Just positioning around a very risky (and likely bad) decision. Reminds me of Toyota & CarPlay 🙄

Delta Airlines has responded to Elon Musk's post below with a statement: “The assertion in question is not accurate. Incorporating Delta Sync with Starlink would have been permitted under SpaceX's in-flight Wi-Fi agreement." Delta on why it chose Amazon's LEO: "This agreement gives us the fastest and most cost-effective technology available to better connect the world today, and it deepens our work with a global leader that shares our ambition to build what’s next." The airline is targeting 2028 to start offering Leo in-flight Wi-Fi on about half of its fleet. The rest of the jets will continue to use Viasat and Hughesnet.

SpaceX has introduced a new 300GB @Starlink Roam tier for $80/month. "Up to 300+ Mbps. Reliable connectivity for regular travelers with multiple trips a month. Get unlimited low-speed data after using your Roam data. Note: 90th percentile download speeds."

@andrewdfeldman @cerebras @Nasdaq Congrats, Andrew! Definitely calls for a BBQ! 🎉

Today @cerebras went public. We are traded on the @Nasdaq. Our ticker CBRS. I could not be more proud:

Quick update: not dead. $FIG Q1 results: → 46% YoY revenue growth, accelerating for the 2nd straight quarter → Net Dollar Retention Rate increased to 139%, our highest rate in over two years → Raising 2026 revenue guidance for the year Design matters more than ever.

Today, @Cerebras rang the bell at NASDAQ. We wrote their first term sheet in 2016, when our partner @vassallo led Foundation's investment in @andrewdfeldman and his co-founders Sean Lie, Gary Lauterbach, Michael James, and JP Fricker. To get to wafer scale, Cerebras had to invent new approaches to nearly every facet of modern computing at once: semiconductors, systems, data fabric, software, and algorithms. Each was a startup in its own right. Realizing this mission took ten years of relentless engineering. Congratulations to Andrew and the entire Cerebras team! More from Steve on a decade with Cerebras: foundationcapital.com/ideas/reinvent…

While I have no shares in Cerebras $CBRS, I have known @andrewdfeldman my whole life and could not be happier to see this amazing success for his team & the company. Great day for investors and for Silicon Valley. What an IPO! 🤖🎉

This IPO illustrates the power of an individual partner over the brand name firm in VC. Pierre Lamond was a partner of both Sequoia and Khosla. But instead of those firms backing Cerebras, it was Eclipse (the firm he joined at the age of 84) that backed this little known chip company, multiple times, in the early years. What a way to wrap up a career (he was born in 1930, same year as Buffett).

What happens when you post a real Monet and say it’s AI? The coolest art social experiment I’ve seen in a while. Thank you @SHL0MS

Ringing the @Nasdaq bell is just the beginning.

For 45 years, Berkeley built virtually no new housing. By the mid-2010s, it was the most expensive college town in America. Shortly thereafter, YIMBYs took over and kicked off a building boom. Today, nominal rents are below 2018 rates—remarkable progress on affordability.

… so we’ve developed a new system to offload routine tasks to lower cost, human labor sourced from top computer science schools… 😉

Perfect framing by @zebulgar @VardaSpace. One of the reasons I was so eager to invest. 🚀 “I quickly became obsessed with one question: what capitalistic industry could create an economic flywheel strong enough to pull infrastructure, capital, and eventually people into orbit?”

Purchased @maticrobots for my Mom for Mother’s Day ❤️ Arrived today and can say I’m *highly* impressed My mom absolutely loves it, it’s been vacuuming and mopping the house all day long Easy set up, literally drives out of the box ready to map the house and start working 🧹🧼

We stopped everything to write an answer (link below) to Paul Krugman's two posts of today (one informal, one with a simple model) arguing that Europe is broadly not falling behind the United States. The change measured by the Draghi report, he argues, is mostly due to growth in the technology industry, which has distorted GDP numbers without actually leading to higher standards of living. We should believe our eyes when we walk around France and walk around Mississippi. Krugman is wrong. The measures he uses understate European stagnation. This matters enormously. Divergence with the United States is the strongest evidence for reform in Europe. 1. The growth numbers Krugman compares the United States, France, and Germany at purchasing power parity in current prices. On that measure, France's and Germany's position relative to America has been roughly constant since 2000. But current price comparisons miss productivity gains in sectors where prices fall. If America produces twice as much software while the price of each unit halves, the value of American software output looks unchanged even though the volume has doubled. Most economists therefore use constant prices, which fix the base-year PPP level and apply each country's real output growth on top of it. American output growth has concentrated in tech, where prices have fallen tremendously as productivity rises. In terms of the volume of things produced, America has pulled away from Europe. 2. Is it all the tech industry? Krugman concedes this tech divergence but says it is not welfare-relevant. The American growth lead is an accounting artefact of measuring more iPhones at base-year prices, not a sign that Americans are actually richer, because Europeans buy the same iPhones at the same world prices. This is not the right way to think about the world today, as an earlier Paul Krugman would have argued. His model assumes tradable goods, interchangeable workers, marginal-cost pricing, and no profits. Each assumption fails. Most of what households buy is non-tradable: housing, healthcare, childcare, education. When American tech firms bid workers from haircutting to coding, American haircut wages rise. Germany has no growing tech sector to do the bidding, so German wages stay flat. Technology is not priced at marginal cost. Apple's margins are around 40 percent. Anthropic's inference margins are at 70 percent. The major platforms enjoy network effects, switching costs, and lock-in that hold prices well above what a competitive market would deliver. A large share of the productivity gains in technology stays as profit. A lot of the value of American technology dominance shows up in equity, not in wages. Apple, Microsoft, Nvidia, Alphabet, Meta, and Amazon together are worth $21 trillion, more than the entire combined stock market value of all European stock markets. Around 60 percent of US equity is held by American households. The median French or Spanish household holds almost no equity. The median employee at Meta, a company with almost 80,000 employees, earned $388,000 in 2025. This advantage is not going to go away. Krugman's own 1991 paper, cited in his Nobel prize, showed that comparative advantage in modern industries is produced by increasing returns to scale, specialized labor markets, supplier networks and the agglomeration of suppliers, workers, and ideas in particular places. Once an industry concentrates somewhere, the concentration is self-reinforcing. Europe is being pushed away from the next round of technology industries (AI!). 3. What about inequality? Another retort is that GDP per capita hides substantial inequality, and so even if America is rich on average, this is mostly due to the super wealthy. But despite the US's high pre-tax income inequality, it also achieves higher median incomes than Europe, in part because of such a high base, and in part because it actually redistributes more than many European countries. The cleanest comparison is median equivalised disposable household income: income after cash taxes and transfers, adjusted for household size and purchasing power. According to the OECD's 2021 numbers, the median American earns 30 percent more than the median Dutchman, about 31 percent more than the median German, and about 52 percent more than the median Frenchman. 4. What about hours worked? Krugman points out that while American GDP per person is higher, most of this is because Americans work more. For this divergence to be an hours worked story, Americans must work more relative to Europeans now than they did in 2000. The opposite has happened. Birinci, Karabarbounis, and See in a 2026 NBER paper show that about half of the American-European hours gap that existed in the 1990s has reversed by the end of the 2010s. Americans work fewer hours per person than they did in 2000, while most Europeans work more. 5. Is America not a bad place to live? Walk around Alabama and France: surely the former cannot be substantially richer than the latter? American cities often have poorer centres and richer suburbs or exurbs. European cities preserve richer and more attractive historic cores. A visit to a city as a tourist in America compared with a city in France will leave one having seen different spots on the income distribution. Americans in Europe go to the nicest and richest European cities. Rather than a walking around test, do a driving around test. Go to the periphery of any modern American city and see a level of new-built material wealth that is extremely uncommon in Europe, with thousands of enormous four- or five-bedroom homes. In the South, in places like Nashville and Austin, drive around the downtowns to see hundreds of luxury apartment buildings springing from the ground. This construction boom is replicated virtually nowhere in Europe today. The other question is generational. Housing often costs more in Europe than in the United States, despite the quality of the housing stock generally being much better. Europe has nice city cores but these are inaccessible to young Europeans. Consider the salaries available to entry-level workers. The starting pay for a London police officer is $57,000. In Washington, DC, $75,000. The entry-level Deloitte consultant job in Madrid pays around €28,000, roughly $33,000 per year. In Charlotte, the entry-level Deloitte job pays $63,000. There are many things to dislike about life in America. But relative to 25 years ago, the gap in material wealth has shifted dramatically in America's favor. siliconcontinent.com/p/european-sta…