In this episode, we sat down with Tomasz Tunguz ( / ttunguz , the founder of Theory Ventures and a leading voice in the tech investment space.
We discussed the transformative potential of Ethereum as a database company, the importance of data security in a decentralized world, and the evolving landscape of AI technologies from foundational models to AI-native applications.
📰 Article "What If LLMs Change the Business Model of the Internet?": tomtunguz.com/what-if-llms-ch...
✍️ Tomasz' blog: tomtunguz.com
Theory Ventures
Website - theory.ventures/
Twitter - / theoryvc
Tomasz Tunguz
LinkedIn - / tomasztunguz
Twitter - / ttunguz
Blog - tomtunguz.com/
FIRSTMARK
Website - firstmark.com
Twitter - / firstmarkcap
Matt Turck (Managing Director)
LinkedIn - / turck
Twitter - / mattturck
LISTEN ON:
Spotify - open.spotify.com/show/7yLATDS...
Apple - podcasts.apple.com/us/podcast...
00:00 - Intro
02:46 - Tomasz has continued to invest in blockchain through the crypto winter. Why?
06:59 - Security and privacy as the main blockchain's use case.
09:18 - Blockchain and AI: how do they work together?
11:02 - Why does Theory Ventures not invest in AI hardware?
12:28 - Why do big companies invest in cloud infrastructure?
15:35 - An investor view on the foundation models.
18:36 - Is Gen AI going to replace traditional AI?
20:57 - Does the Theory Ventures invest in AI tooling companies?
22:53 - Is investing in Cloud companies better than investing in AI-powered applications?
26:40 - Copilot AI vs full-execution AI.
28:38 - A case for specialized LLMs.
29:54 - Gross margins in Gen AI: is it profitable?
32:34 - Modern Data Stack: is it still a thing to invest in?
37:02 - Microsoft Fabric and its impact on the market.
38:50 - Tomasz's thought on Motherduck and DuckDB.
40:37 - Where do BI tools git in the Modern Data Stack?
44:32 - Why has the democratization of BI never happened?
45:52 - How do acquisitions happen? Can you engineer them?
49:02 - Key ingredients to build data infrastructure business.
50:40 - Tomasz is a founder now! How does it feel?
53:15 - Talking numbers: Theory Ventures' financial model.