Leopold is Back! Big Tech Earnings, Beautiful Debt, Defense Tech Deep Dive
This episode delved into Leopold Ashenbrenner's Situational Awareness LP, analyzing its recent drawdown and strategic recovery, with insights into the definition of hedge fund 'blow-ups' and 'bailouts.' Discussions also covered Big Tech's Q3 2026 earnings, focusing on AI capital expenditure's impact on stock performance. Guest Richard Craig from Numera clarified true alpha versus risk, Trey Stevens from Anduril detailed defense tech innovation and advocated for mandatory civil service, and Blake Resnick from Brink Drones showcased autonomous public safety solutions. The show concluded with an examination of OpenAI's cost reductions and the challenges in AGI benchmarking.
- Anduril actively avoids "billion-dollar seed rounds," opting instead for "responsible financing" that prioritizes "continuous momentum" and sustained growth over hype-driven valuations. Read →
- AI Spending Triggers Wild Market Swings: Q3 2026 proved that even with blockbuster financial results, investor reactions to Big Tech earnings are now laser-focused on AI capital expenditure forecasts. Companies like Microsoft experienced record single-day market cap gains, while Meta saw its stock… Read →
- Brink Drones raised $125 million to finance the nationwide deployment of autonomous drones for emergency 911 response. Read →
- OpenAI’s new Luna Terasol model dramatically cuts AI application costs, often outperforming many open-source alternatives on price and efficiency. Read →
- Mandatory civil service is not a radical concept; countries like Singapore and Israel already implement successful versions. Read →