Today I'm publishing a new essay, Policy on the AI Exponential. AI is progressing extremely fast—much faster than the policy process was built to handle. The essay lays out where I think the technology is now, and the action needed to close the gap: https://t.co/Lh6PWae178
Introducing USVC - a single basket of high-growth venture capital, for everyone.
No accreditation required, SEC-registered, and a very low $500 minimum.
Includes OpenAI, Anthropic, xAI, Sierra, Crusoe, Legora, and Vercel. As USVC adds more companies, investors will own a piece of that too.
Liquidity typically comes when companies exit, but we’re aiming to let investors redeem up to 5% of the fund every quarter. This isn’t guaranteed, but if we can make it work, you won’t be locked up like in a traditional venture fund.
It runs on AngelList, which already supports $125 billion of investor capital.
And I’ve joined USVC as the Chairman of its Investment Committee.
—
Go back to the 1500s, you set sail for the new world to find tons of gold - that was adventure capital.
Early-stage technology is the modern version. It says we are going to create something new, and it’s risky. It’s daring.
But ordinary people can’t invest until it’s old, until it’s no longer interesting, until everybody has access to it. By the time a stock IPOs, most of the alpha is gone. The adventure is gone. Public market investors are literally last in line.
This problem has become farcical in the last decade. Startups are reaching trillion dollar valuations in the private markets while ordinary investors have their noses up to the glass, wondering when they’ll be let in.
Investing in private markets isn’t easy. You need feet on the ground. You need judgment built over years. Most people don’t have the patience to wait ten or twenty years for an investment to come to fruition.
But there is no more productive, harder-working way to deploy a dollar than in true venture capital.
USVC enables you to invest in venture capital in a broad, accessible, professionally-managed way, through a single basket of innovation, focused on high-growth startups, at all stages.
It is how you bet on the future of tech: the smartest young people in the world, working insane hours, leveraged to the max, with code, hardware, capital, media, and community. Your dollar doesn’t work harder anywhere.
There is an old line - in the future, either you are telling a computer what to do, or a computer is telling you what to do. You don’t want to be on the wrong side of that transaction.
USVC lets you buy the future, but you buy it now. Then you wait, and if you are right, you get paid.
Get access here:
https://t.co/pAj1sqUsG0
Yann LeCun was right the entire time. And generative AI might be a dead end.
For the last three years, the entire industry has been obsessed with building bigger LLMs. Trillions of parameters. Billions in compute.
The theory was simple: if you make the model big enough, it will eventually understand how the world works.
Yann LeCun said that was stupid.
He argued that generative AI is fundamentally inefficient.
When an AI predicts the next word, or generates the next pixel, it wastes massive amounts of compute on surface-level details.
It memorizes patterns instead of learning the actual physics of reality.
He proposed a different path: JEPA (Joint-Embedding Predictive Architecture).
Instead of forcing the AI to paint the world pixel by pixel, JEPA forces it to predict abstract concepts. It predicts what happens next in a compressed "thought space."
But for years, JEPA had a fatal flaw.
It suffered from "representation collapse."
Because the AI was allowed to simplify reality, it would cheat. It would simplify everything so much that a dog, a car, and a human all looked identical.
It learned nothing.
To fix it, engineers had to use insanely complex hacks, frozen encoders, and massive compute overheads.
Until today.
Researchers just dropped a paper called "LeWorldModel" (LeWM).
They completely solved the collapse problem.
They replaced the complex engineering hacks with a single, elegant mathematical regularizer.
It forces the AI's internal "thoughts" into a perfect Gaussian distribution.
The AI can no longer cheat. It is forced to understand the physical structure of reality to make its predictions.
The results completely rewrite the economics of AI.
LeWM didn't need a massive, centralized supercomputer.
It has just 15 million parameters.
It trains on a single, standard GPU in a few hours.
Yet it plans 48x faster than massive foundation world models. It intrinsically understands physics. It instantly detects impossible events.
We spent billions trying to force massive server farms to memorize the internet.
Now, a tiny model running locally on a single graphics card is actually learning how the real world works.
Drone warfare is the greatest revolution in warfare we've seen since long range artillery, for better or for worse. There will be a time when every police department in the United States has a drone unit.
Best paper I've read so far this month:
All elementary functions (sin, cos, tan, exp, log, powers, roots, hyperbolic functions, π, e, and even basic arithmetic) can be generated from just one binary operator:
eml(x, y) = exp(x) − ln(y)
…plus the constant 1.
3/ In Season 2, 99 pitches were completed, leading to 81 investments. Investment sizing ranged from 3 to 10 ETH per position, with an average of 4.56 ETH.
Kudos to @VandyBlockchain & @oregonblock for completing 18 and 14 pitches respectively.
Turkey’s 🇹🇷 USDT/TRY market is overwhelmingly offramp driven.
- YTD volume across CEXes for the USDT/TRY pair was $96.6B.
- @binance (30%), @Bybit_Official (25%), and @okx (15%) are the main CEXes for this P2P volume.
- 90% of that volume was offramping to TRY local fiat, while 10% was onramps.
Yesterday, 30 campuses around the world hosted @Solana events -- from California to Switzerland to India.
Over 1,000 students onboarded.
This is what a global activation looks like 🌍
Just take a look in the comments 👇
Vanderbilt Blockchain had an incredible time at the Imagine IF Conference in Nashville! 🌟
Huge thanks to @bitcoinpark_ and @bitkite for making this happen!
Teamwork makes the dream work.
And the dream is imagined, and then tirelessly built, together…
Especially for our youth, which many are truly inspiring to me.