Secondpod

@MartinBasiri formula for every immigrant?! #USCISpause #Uscishold Link : youtu.be/Zb7YiqglKHQ?si…

Wow as we predicted in @thesecondpod Link : youtu.be/RsESICINbOI?si…

Two level II thinkers, less than a year apart, same conclusion. No excess return in scale. Not for investors. Not for scientists. I came to this idea on my own and built the essay around it. Full essay : open.substack.com/pub/secondnews…

7/ The capital exists. The companies exist. The recognition layer does not. Capturing it requires a different capital allocation, structure, and mindset. The scale era is ending. Something else is starting. Full essay: @seondnewsletter/note/p-196381881?utm_source=notes-share-action&r=2v0lej" target="_blank" rel="nofollow noopener">substack.com/@seondnewslett…

5/ Then the cash stopped coming back. Since 2022, US VC managers called 1.6x more capital from LPs than they distributed. The Yale Model depended on the steady drip back to long-duration capital. That drip reversed.

4/ The scale era was procurement dressed as venture. OpenAI raised $60B in equity through 2025. Microsoft, Oracle, and Stargate committed $63B in compute the same window. The balance sheet said equity. The economic event was a contract with NVIDIA.

3/ While AI scale stalls, company formation accelerates. Stripe Atlas added 9,800 companies in Q1 2026 alone. Highest ever. Most will never raise a Series A. Most will make money anyway. That sentence was incoherent in 2018.

2/ Ilya Sutskever, October 2025: "All the pre-trained models are pretty much the same because they pre-train on the same data." The scarce inputs that defined the scale era are no longer scarce. The era ended in research first.

6/ In 1978, Howard Marks took a call about "some guy named Milken in California." High-yield issuance grew 29x in nine years. Drexel capitalized a mid-cap economy the rating system could not see. Milken did not improve companies. He built the recognition layer.

The scale era of private capital is ending. 29x in nine years (1977→1986). 39x in nine years (2016→2026). Same recognition curve. Different decade. Howard Marks lived through the first. Most VCs are about to live through the second. 🧵

I wrote about my thoughts on the scaling era. I personally really liked it, check it out and let me know what you think, folks: open.substack.com/pub/secondnews…

@SpotifyCares @lvlyhaz Hi team, I need help with a stuck migration on Spotify for Creators. My podcast SecondPod has been frozen at 91% on Step 1 ("Finishing up...")

@lvlyhaz We hear you. Could you try accessing this link: support.spotify.com/contact-spotif…. You should be able to reach out to our team. Thank you.

Charged ₹199 for Premium on April 19, but after support cancelled my plan I lost Premium immediately (ads showing). Paid period not honored and refund not issued either. Need Premium restored till billing date or a refund. No response via email. @SpotifyCares @Spotify

0.6% of Canada's GDP traces back to one company. @MartinBasiri Basiri built @ApplyBoard , the largest study abroad company in the world. 2M+ students. ~1% of Canada's workforce came through it. Watch : youtu.be/Zb7YiqglKHQ?si…

In 1996, a startup called Island ECN broke Wall Street's monopoly. NASDAQ went from $1B/day to $22B/day in 10 years. 22x. Spreads fell 99%. Tokenization is the next ECN. Full Article : shorturl.at/69PAr

Now the time has passed. We saw how this man bravely stood for the right thing, even though it has cost him. He is an absolute treasure to the American and Iranian communities. I hope we can have Pejman on @thesecondpod someday soon so we can go deeper. Hopefully one day

Happy to announce that @scale_AI acquired SecondPod. That's huge, and we deeply appreciate our fans. Probably moving to English episodes 😎. Stay tuned

What you don’t know about? @AnthropicAI Link : youtu.be/RsESICINbOI?si…

New Episode is out : Watch here : youtu.be/RsESICINbOI?si…

New Episode Soon! OpenAI vs. Anthropic: different game, different endgame. ♟️

New Episode, Soon! #secondpod