Gus

[Shanu Mathew @ShanuMathew93]

In Apollo spark today, "Ramp data show that 80% of the top 1% of AI spenders are VC-backed, compared with only 13% of the median spender, suggesting that the circularity seen among AI hyperscalers and model providers also extends to token spending, as the startups buying the most compute are paying for it with venture capital rather than organic earning"

[The Wall Street Journal @WSJ]

One of the deadliest saboteurs in recent military history, Russian Lt. Lev Stupnikov fed troop locations and battle plans to Ukraine before making a daring escape.

🔗: https://t.co/ZPfMGuNTxy

[Md Ismail Šojal 🕷️ @0x0SojalSec]

Anthropic’s lead engineer shares a prompt in 2026.

[Lukas Gruber @lukasgruber__]

A friend of mine is making $10M / month right now going to restaurants, hotels & construction companies in New York and brokering their data to AI labs.

Was a generational opportunity to start a company like this during late August - start of October. Seems like this inefficiency is about to be aggressively corrected by companies like Kled.

[Blake Robbins @blakeir]

this is the best breakdown I’ve seen of the dark arts behind Block Blast!, the most downloaded mobile game in the world last year

intentionally making players lose to optimize which ads they see, the sophistication behind such a “simple” game is stunning.

[Adam May @A_May_MD]

448 days since my last pitch ($ABVX), it’s now finally time for my next one: $ZURA (Zura Bio).

Like with the $NKTR and $ABVX pitches before this, I will post a general outline of my research on $ZURA as a thread here. However, for those looking to really get into the weeds, there is a Google Doc link to the full length pitch attached below.

Let’s dig in.

https://t.co/b1KfL51T6F

[Hector @hectorserrranoo]

i built @WisprFlow’s paid ads program

here’s how i’d rebuild it in 30 days

[Goshawk Trades @GoshawkTrades]

bill ackman on why large, boring companies now drop 25% in a day, something he says almost never happened when he started:

"a quarter of every american business, plus or minus, is owned by some combination of vanguard, state street and northern trust. when you shrink the float of a public company, the marginal buyer and seller is going to have more impact on the stock price."

"the marginal buyer and seller today is a citadel or a millennium. they operate with a large amount of leverage, very large gross books, and they're increasingly short-term."

"most investors are very short-term focused because they're compensated that way. they won't invest in a company unless they're confident the price is going to be higher on december 31st."

passive owns the float, pods set the price, and both are structurally unable to hold through a bad quarter. that inability is the opportunity.

[yoni rechtman @yrechtman]

https://t.co/tVkSxihrD1

[Catalyst @catalystapp]

Introducing Catalyst.

What do you believe? How would you trade on it?

You notice data centers are popping-up everywhere, gold will skyrocket, or just know that Labubus will go out of fashion.

Catalyst researches your ideas, builds the optimal strategy, monitors events, and executes trades. Autonomously.

[Carlo @carloAI]

Introducing Interface, the primary hardware for the agent era.

Interface lets you control all your agents from your hand.

$99 for early adopters. Ships in January.

[Alfred Lin @Alfred_Lin]

We're excited to partner with Josiah, @jemima_meyer, and the Healthleap team. Their platform identifies patients who would have otherwise missed critical treatment, and ensures they get it. They're screening 600,000+ patients a year across 50+ hospitals, focusing first on malnutrition but with a platform that will extend to other use cases in the future.

Patients get care earlier. Providers know how to prioritize better. Payers pay for fewer readmissions and post-discharge costs. Everyone wins.

Looking forward to watching them help people get the critical care they need.

[Matt Cynamon @mattcynamon]

Writing a check doesn’t qualify you to give advice.

When @fredwilson was 29 he tried to show up to a board meeting and start giving advice. One of the founders stopped him, “come do every job in the company for a week, then we’ll listen.” So he flew to Buffalo and did it.

With @uninsightful staying at USV as an Investment Partner, I asked the two of them to sit down and compare notes on a business they entered almost four decades apart.

Nikhil is the first analyst in our program’s 20-year history that we've offered the opportunity to stay and move up in the firm.

They covered earning a founder’s trust, building conviction before your partners agree, and staying open to ideas that challenge your strongest held beliefs. They also got into where USV has been right, where we’ve been (very) wrong, and how the venture business is changing.

0:00 Preview
1:46 Why Difficult Founders Make the Most Money
5:20 Before You Give a Founder Advice, Earn the Right
11:28 @fomo: We Passed. Then Spent Six Months Trying to Get In.
20:20 Biology Is Becoming Programmable and Opening Up to Outsiders
22:49 When Knowing Less Helps You See More
26:34 How Do You Compete With a $100 Billion VC Firm?
34:45 Why Fred Would Take His Company Public
38:01 What USV Gets Wrong About Founders
40:47 The Moat AI Hasn’t Broken: Network Effects
44:33 Who Wins When AI Becomes Multiplayer?

[MindBranches @MindBranches]

“Start with a great idea, make an argument about it, then support it with data.”
-Dan Koe

How to articulate yourself intelligently

article summary in 4k dark & light

[DAN KOE @thedankoe]

https://t.co/7l7Jef99QZ

[Tim Denning @Tim_Denning]

https://t.co/fnire2eOJr

[Toby Harnden @tobyharnden]

Exciting news - my new book “The 39: Uncovering the Secret Heroes of the CIA” will be published by @simonschuster on March 23, 2027. My first Substack post has all the details: https://t.co/RnJFUUNk2B

[CEOInterviews.AI @CEOinterview]

Former Sequoia chairman Michael Moritz says if he were a young VC today, with Anthropic chasing $2 trillion, he'd get out of venture

[ Kara: If you were a young venture capitalist, how would you look at this situation? ]

"I'd find something else to do."

[Dick Capital @Dick_Capital]

To celebrate Dick Capital’s one-year anniversary on Substack, we’re running a special offer for the next week. ♥️

In one year, we’ve become one of the top publications in Finance, uncovered some of the market’s biggest themes before they went mainstream, and watched subscribers completely change their financial lives.

Thank you to everyone who has been part of the journey.

Until October 4, you can subscribe for less than a dollar a day and join us.

Full post + special offer available through the link in our bio.

[Hedgie @HedgieMarkets]

🦔Someone is buying Japanese used books by the ton. Not novels or comics. Philosophy, history, medical law, Edo-period cultural texts. Multiple buyer accounts all ship to one logistics center in Okayama Prefecture that won't answer questions. Export records show over 50 tons, roughly 100,000 volumes, shipped to the US since last year. No buyer has been identified.
Separately, court documents confirmed Anthropic's "Project Panama" bought millions of books in the US, cut the spines off, scanned them, and shredded the originals. An internal memo said the goal was to "destructively scan all the books in the world." Similar operations have been reported across Europe.

My Take
Anthropic's US book operation came out in court filings earlier this year. Project Panama. Millions of books, cut the spines off, scanned, shredded. Their VP chose the codename so nobody outside the company would find out. That story broke and apparently the same operation just moved to Japan. Anonymous buyer accounts, a warehouse in Okayama that won't take questions, and 100,000 volumes of specialized academic texts that nobody buys to resell.

I don't know how you build a trillion-dollar industry on material you had to acquire in secret through middlemen because you knew the public would object. Authors spent years on those books and now they're fed through a scanner and thrown away so a chatbot can sound smarter. If the data was free to use, they wouldn't need codenames and anonymous warehouses. The lawsuits over who owns this material have barely begun and I think the copyright exposure across the whole AI industry is enormous. Anthropic's internal memo said the goal was every book in the world, which describes the foundation of the product.

Hedgie🤗