Dylan Patel - Inside the Trillion-Dollar AI Buildout - [Invest Like the Best, EP.442]
My guest today is Dylan Patel. Dylan is the founder and CEO of SemiAnalysis. At SemiAnalysis Dylan tracks the semiconductor supply chain and AI infrastructure buildout with unmatched granularity—literally watching data centers get built through satellite imagery and mapping hundreds of billions in capital flows. Our conversation explores the massive industrial buildout powering AI, from the strategic chess game between OpenAI, Nvidia, and Oracle to why we're still in the first innings of post-training and reinforcement learning. Dylan explains infrastructure realities like electrician wages doubling and companies using diesel truck engines for emergency power, while making a sobering case about US-China competition and why America needs AI to succeed. We discuss his framework for where value will accrue in the stack, why traditional SaaS economics are breaking down under AI's high cost of goods sold, and which hardware bottlenecks matter most. This is one of the most comprehensive views of the physical reality underlying the AI revolution you'll hear anywhere. Please enjoy my conversation with Dylan Patel.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.
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This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform.
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This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes:
(00:00:00) Welcome to Invest Like the Best
(00:05:12) The AI Infrastructure Buildout
(00:08:25) Scaling AI Models and Compute Needs
(00:11:44) Reinforcement Learning and AI Training
(00:14:07) The Future of AI and Compute
(00:17:47) AI in Practical Applications
(00:22:29) The Importance of Data and Environments in AI Training
(00:29:45) Human Analogies in AI Development
(00:40:34) The Challenge of Infinite Context in AI Models
(00:44:08) The Bullish and Bearish Perspectives on AI
(00:48:25) The Talent Wars in AI Research
(00:56:54) The Power Dynamics in AI and Tech
(01:13:29) The Future of AI and Its Economic Impact
(01:18:55) The Gigawatt Data Center Boom
(01:21:12) Supply Chain and Workforce Dynamics
(01:24:23) US vs. China: AI and Power Dynamics
(01:37:16) AI Startups and Innovations
(01:52:44) The Changing Economics of Software
(01:58:12) The Kindest Thing
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1:58:15
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1:58:15
Rolex: Timeless Excellence - (Invest Like the Best, CLASSICS)
Welcome to this classic episode. Classics are my favorite episodes from the past 10 years, published once a month. These are N of 1 conversations with N of 1 people. This Business Breakdowns on Rolex is a long-time stand out. The founder and executive chairman of Hodinkee, Ben Clymer, was the perfect person to take us through the ins and outs of this legendary brand.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by WorkOS. WorkOS is a developer platform that enables SaaS companies to quickly add enterprise features to their applications. With a single API, developers can implement essential enterprise capabilities that typically require months of engineering work. By handling the complex infrastructure of enterprise features, WorkOS allows developers to focus on their core product while meeting the security and compliance requirements of Fortune 500 companies. Visit WorkOS.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:03:01) His favorite Rolex watch ever
(00:04:24) What makes the Rolex Daytona such a special watch
(00:07:19) The job-to-be-done for high-end watches beyond just telling them the time
(00:12:18) The strategy behind marketing luxury products: The Luxury Strategy
(00:14:34) An overview of the Rolex business
(00:19:38) The history of Rolex
(00:38:45) Their genius in marketing and distribution
(00:41:55) How they make decisions and what others can learn from them
(00:47:14) The financials of Rolex and other luxury watch brands
(00:49:02) Most important business lessons others can learn from Rolex
(00:52:54) Other luxury brands worth studying
(00:57:26) Negative lessons gleaned from Rolex
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1:02:31
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1:02:31
Barry Diller - Building An Entertainment Empire - [Invest Like the Best, EP.441]
My guest today is Barry Diller. Barry is the former CEO of Paramount Pictures, Fox Broadcasting, and the founder of IAC. He has been at the center of every major media transformation over the past five decades, from creating the Movie of the Week format to building the fourth broadcast network to executing 150 internet-era deals. Barry reveals his "creative conflict" philosophy - pushing smart, opinionated people past their endurance point to generate breakthrough ideas. He also shares stories of working alongside media titans like Rupert Murdoch and Bill Gates. We discuss his current portfolio strategy, innovation in media, and how personal struggles can become professional superpowers. Please enjoy my conversation with Barry Diller.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.
–
This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform.
–
This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes:
(00:00:00) Welcome to Invest Like the Best
(00:05:02) Early Career in Entertainment
(00:06:33) Defining Moments and Fearlessness
(00:09:18) Personal Reflections and Family Impact
(00:12:37) The Magic of Interactivity
(00:14:44) Creative Conflict and Instinct
(00:19:24) Breaking Down Complexities
(00:21:35) Innovations in Television
(00:23:37) The Fox Network and Murdoch's Gamble
(00:29:37) The Value of Money and Motivation
(00:30:17) The Leap to Independence
(00:32:28) QVC and the Internet Revolution
(00:33:37) The AI Opportunist Approach
(00:36:55) The Rise of Match.com and Tinder
(00:38:57) The MGM Investment and Future of Entertainment
(00:41:21) Negotiation Lessons from Lou Wasserman
(00:43:47) The Simpsons: From Doubt to Success
(00:44:25) The Changing Landscape of Media
(00:51:53) The Kindest Thing Anyone Has Ever Done for Barry
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53:35
Jeff Horing - Building Insight Partners - [Invest Like the Best, EP.440]
My guest today is Jeff Horing. Jeff cofounded Insight Partners and has been the Managing Director since 1995. This is one of Jeff’s first public conversations about building one of the world’s most successful technology investment firms with over $100 billion in AUM. Jeff reveals the mechanics behind Insight's legendary sourcing machine—60-80 people systematically calling companies worldwide. He explains their contrarian "one fund" strategy that deploys $12 billion across everything from $10M growth deals to billion-dollar buyouts, and why he thinks this creates unmatched competitive advantages. We discuss remarkable talent diaspora, AI representing a "TAM accelerator," and Insight’s five-ingredient framework for perfect investments. Please enjoy this great conversation with Jeff Horing.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.
–
This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster.
–
This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes:
(00:00:00) Welcome to Invest Like the Best
(00:08:35) Insight Partners' Investment Strategies
(00:13:06) Evaluating Software Businesses
(00:22:51) The One Fund Strategy
(00:29:32) The Evolution of Insight's Sourcing Strategy
(00:35:09) Operationalizing the Sourcing Process
(00:44:43) Adapting to Market Changes and Strategies
(00:49:45) Navigating Market Corrections and Investment Strategies
(00:51:40) Challenges and Opportunities in Venture Buyouts
(00:54:12) Talent Development and Retention at Insight
(00:56:03) The Importance of Sourcing and Pattern Recognition
(01:02:08) Scaling and Operationalizing Investment Strategies
(01:20:24) Impact of AI on Investment and Software Markets
(01:27:40) Reflections on Winning and Selling Strategies
(01:30:34) The Kindest Thing Anyone Has Ever Done For Jeff
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1:31:11
Sam Hinkie - Find Your People - [Invest Like the Best, REPLAY]
Today, we are replaying one of my favorite conversations with Sam Hinkie. Sam worked for more than a decade in the NBA with the Houston Rockets and then as the President and GM of the Philadelphia 76ers. And now, after years of personal investing, he has launched his own venture capital firm, 87 Capital. Every conversation I have with Sam is alive with insight, and this one is no different. We explore the idea of studying the "breadcrumbs" that someone leaves behind as a way to track their progress and trajectory, finding and attracting the right people into one’s orbit, and the lessons from the NBA that most shape his investing career. Sam has taught me the most about the topic of building trust, which we cover here as well. I am excited to share my conversation with Sam with all of you. Please enjoy!
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.
–
This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform.
–
This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes:
(0:00) Welcome to Invest Like the Best
(3:48) Conducting a good interview
(5:58) Drilling into topics to learn more about people
(10:36) Interest in digital breadcrumbs and how to follow them
(14:02) Building context around founders vs analyzing their pitch decks
(17:20) A real world example of the bread crumb strategy, Houston Rockets GM
(23:07) Shifting to a people-first focus
(28:24) Most amazing thing someone did in early days of working with Sam
(30:18) Lessons from sports that he carries with him
(32:31) Exceptions to relationships being a key to success
(36:07) Avoiding transactional type people
(37:04) Most effective lessons he brought to sports from the investing world
(40:01) Ideas from the sports world he is bringing to the investing world
(50:33) Lessons learned from watching them build trust
(52:26) Market areas that have his attention
(54:13) Fascination into API’s
(1:01:26) Playing the long game
(1:04:29) Calling it 87 Capital
(1:06:52) What can Caro teach us about the long game
(1:12:58) The power of breadcrumbs and how people can start to lay them out
Über Invest Like the Best with Patrick O'Shaughnessy
Conversations with the best investors and business leaders in the world. We explore their ideas, methods, and stories to help you better invest your time and money. Hear stock market and boardroom insights you can't find anywhere else. If you're a professional investor, CEO, entrepreneur, or business strategist, this is for you. Explore all our episodes and learn more at https://www.joincolossus.com
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