Limitless: An AI Podcast

We unpack the massive $500 billion financing commitment tied to NVIDIA GPUs. Does this represent a new financing structure or a circular trade?
We also cover the risks around AI demand, GPU pricing, and whether this approach could reshape how AI infrastructure is funded.
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https://developers.ledger.com/docs/ai-tools/overview/?utm_source=Audio&utm_medium=Podcasts&utm_campaign=Limitless
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🌌 LIMITLESS HQ ⬇️
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
SPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ
APPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890
RSS FEED:           https://limitlessft.substack.com/
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TIMESTAMPS
0:00 AI Bubble or New Asset Class
2:09 Jensen Orchestrates the $500B Deal
3:17 How the GPU Financing Works
9:38 Where the Money Comes From
11:32 GPUs vs Mortgage-Backed Securities
14:04 Why Supply Still Looks Tight
19:28 Agents Drive Near-Term Demand
20:36 The Bear Case Risks
22:50 Tracking the Real Warning Signs
25:01 Why the Bull Case Still Holds
28:52 NVIDIA and the GPU Future
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RESOURCES
Josh: https://x.com/JoshKale
Ejaaz: https://x.com/cryptopunk7213
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠
Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒
https://developers.ledger.com/docs/ai-tools/overview/?utm_source=Audio&utm_medium=Podcasts&utm_campaign=Limitless
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🌌 LIMITLESS HQ ⬇️
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
SPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ
APPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890
RSS FEED:           https://limitlessft.substack.com/
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Let's unpack Meta’s return to open source AI and its latest laptop-compatible model, Muse Glimmer.
Alongside its focus on cheaper, private on-device inference, we cover Meta’s broader AI strategy, including personalization, compute spending, competition on price, and its AI glasses and hardware efforts.
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TIMESTAMPS
0:00 Meta’s Open-Source Pivot
1:43 Why Local AI Matters
5:02 Meta’s Model Strategy
6:39 Zuck’s Open-Weight Thesis
10:43 Flooding the AI Market
13:00 Ads, Data, and Free AI
15:34 Cheaper Models Take Hold
18:41 The Earnings and CapEx Bet
20:33 Compute Is the Real Moat
22:24 What If Meta Fails?
23:48 Meta’s Bigger AI Vision
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RESOURCES
Josh: https://x.com/JoshKale
Ejaaz: https://x.com/cryptopunk7213
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠
Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

With three AI cyber incidents involving a gym booking exploit, an OpenAI model reportedly coordinating through hidden channels, and Anthropic’s Mythos 5 allegedly attempting a supply chain attack, we need to discuss how autonomous agents can find and exploit security flaws faster than humans can respond. The AI security era is here.
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🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒
https://developers.ledger.com/docs/ai-tools/overview/?utm_source=Audio&utm_medium=Podcasts&utm_campaign=Limitless
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🌌 LIMITLESS HQ ⬇️
EMAIL US:            info@limitless.fm
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
SPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ
APPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890
RSS FEED:           https://limitlessft.substack.com/
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TIMESTAMPS
0:00 AI Cyberattacks Overview
0:51 Gym Booking Exploit
4:55 Hugging Face Breach
11:39 AI Swarms and Alignment
20:55 Mythos 5 Supply Chain
25:18 Defending Against Agent Swarms
28:26 Closing Thoughts
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RESOURCES
Josh: https://x.com/JoshKale
Ejaaz: https://x.com/cryptopunk7213
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠
Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

This week, we cover major leadership changes at Google’s AI teams, including Demis Hassabis stepping back and Jeff Dean leaving to start Discovery Loop, an AI company focused on scientific research. 
We also discuss AI safety issues involving frontier models, plus Meta’s new coding model and its strategy around efficiency.
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🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒
https://developers.ledger.com/docs/ai-tools/overview/?utm_source=Audio&utm_medium=Podcasts&utm_campaign=Limitless
------
🌌 LIMITLESS HQ ⬇️
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
SPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ
APPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890
RSS FEED:           https://limitlessft.substack.com/
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TIMESTAMPS
0:00 DeepMind Leadership Shift
3:20 Jeff Dean’s New Startup
6:05 Automated Research Ambitions
10:08 Agent Breakouts
13:06 OpenAI’s Hidden Incident
18:11 Meta’s Cheap Coding Model
22:55 OpenAI Versus Apple
25:42 DeepSeek
28:28 Mind Control Interfaces
30:40 Nikita Bier Departs X
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RESOURCES
Josh: https://x.com/JoshKale
Ejaaz: https://x.com/cryptopunk7213
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠
Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.

Space just dropped it's first earnings report, showing strong Starlink growth and the company’s expanding role in AI compute and infrastructure.
In the context of heavy capital spending, the NVIDIA partnership, and share unlocks, short-term volatility is anything but an absolute guarantee. Our main concern though: what does the real, long-term future look like?
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🔒 Check Out Our Sponsor: LEDGER AGENT STACK 🔒
https://developers.ledger.com/docs/ai-tools/overview/?utm_source=Audio&utm_medium=Podcasts&utm_campaign=Limitless
------
🌌 LIMITLESS HQ ⬇️
EMAIL US:            info@limitless.fm
NEWSLETTER:    https://limitlessft.substack.com/
FOLLOW ON X:   https://x.com/LimitlessFT
SPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ
APPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890
RSS FEED:           https://limitlessft.substack.com/
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TIMESTAMPS
0:00 SpaceX Earnings
4:48 Unlocks and Pressure
6:00 Data Center Economics
7:57 GPU Demand Explodes
12:13 Gigawatts
14:42 Training the Next Generation
17:09 Starlink
22:33 We Try to be Bears
23:36 Cautious Bulls
28:44 Repricing Risk
29:56 Closing
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RESOURCES
Josh: https://x.com/JoshKale
Ejaaz: https://x.com/cryptopunk7213
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠
Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.