This Week in Startups

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Have you wanted to invest in venture capital alongside your 401k contributions, but struggled to find a way to place a bet? Search no more, for the AngelList team has created USVC, a new fund that will accept investments of as little as $500 from folks who lack accreditation. USVC’s Ankur Napgal swung by the show to chat about investment strategies, access, fees, and just how illiquid the venture-like vehicle will prove to be.
Jason and Alex were then joined by Jon Durbin, core contributor at Chutes, and Yash Goenka, co-founder and CEO of Humwork. Chutes is the most valuable Bittensor subnet, focused on aggregating GPUs to offer trustless AI compute. Humwork wants to help bring a human into your agentic workflow to unstick your agent when it runs into a hitch. The show closes with a news lightning round — enjoy!

Timestamps:
0:00 Intro + Plaud AI sponsor read (Jason demos the NotePin S)
2:06 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
3:50 Episode overview: USVC, Chutes, Humwork
7:41 USVC structure: $500 min, no accreditation, quarterly redemptions
10:28 Northwest Registered Agent - Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist
11:39 Fee structure breakdown: 1% mgmt fee, ~2.5% net expense ratio
15:41 USVC portfolio: xAI, Anthropic, OpenAI, Crusoe, Vercel
16:17 Strategy: 1/3 emerging managers, 1/3 growth, 1/3 secondaries
19:00 $1B cap and path to expanding the fund
20:33 Vanta - Compliance and security shouldn't be a deal-breaker for startups to win new business. Vanta makes it easy for companies to get a SOC 2 reports fast. Get $1,000 off for a limited time at https://www.vanta.com/twist
28:00 What is sovereign compute? Permissionless GPU networks explained
30:10 Render - Find out why 5 million developers are already using the all-in-one cloud platform, Render. Go to https://render.com/twist and apply for the Render Startup Program to get $500-$100,000 in free credits, depending on your stage and backers.
44:53 Usage history: 160B tokens/day peak, free-to-paid transition
46:41 GPU pricing: from $0.77/hr to $3.50/hr as shortage bites
49:13 DeepSeek censorship demo: Taiwan test on DeepSeek chat
57:27 Permissionless supply curves: Uber/Airbnb analogy for induced demand
59:20 Yash Goenka, co-founder of Humwork (YC S26)
1:00:49 Lightning Round: Ryan Cohen wants to buy eBay — Jason's hot take
1:12:36 Lightning Round: Cerebras IPO update ($27–36B valuation range)
1:14:05 Lightning Round: Spirit Airlines / JetBlue / M&A regulation debate
1:19:10 OFF-DUTY: Star Wars: Maul - Shadow Lord
1:32:57 Alex's OFF-DUTY: Captain of Industry
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Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Today’s show:
An AI agent named Valerie is running a real vending machine in San Francisco — setting prices, ordering inventory, managing a bank account, and posting to Instagram. And it's not just a stunt. We’re getting an early look at the future of one-agent companies. There’s still work to do to help agents ease into the economy, potentially opening up new startup opportunities.
Jason Calacanis and Alex Wilhelm cover a stacked docket: Christian van der Henst demos the Valerie AI vending machine powered by OpenClaw; Robert Myers, CEO of Manifold Labs, breaks down Targon, a confidential GPU compute marketplace running on Bittensor Subnet 4; Jason calls Bitcoin "played out;" Alex is impressed by Anthropic's stunning $900 billion upcoming valuation; and the guys discuss Big Tech's accelerating CapEx spend, Chinese AI models in Congress crosshairs, and the NBA Playoffs.
Timestamps:
0:00 Intro & sponsor reads (Pilot, Shopify, Grasshopper Bank)
1:06 Christian van der Henst: Valerie the AI vending machine demo

4:28 Legal structure: Giving an AI agent business ownership via trust
7:23 Where agents can and can't operate today
10:10 Grasshopper Bank: Time is money. Don't waste either. Go to https://grasshopper.bank/twist and get an exclusive $500 cash bonus just for opening an account.
11:48 AI café in Stockholm running on agents
18:21 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
19:05 Robert Myers, Manifold Labs: Targon & Bittensor Subnet 4 interview
20:21 What is Bittensor? An "incubator with 128 subnets"
21:08 Shopify: Turn those What If's into sales with the ecommerce platform powering millions of businesses. Sign up for your $1-per-month trial today at https://shopify.com/twist
25:21 Pricing, utilization caps, and why GPUs are sold out
26:38 Who's using Targon? Customers, use cases, and the mom-and-pop data center argument
30:06 Pilot: Focus on your product, let Pilot handle your bookkeeping. Pilot provides the most reliable accounting, CFO, and tax services for startups and small businesses. Head to https://pilot.com/twist and get $1,200 off your first year.
35:07 Jason explains the annotated.com vision — 15 years in the making
39:11 Polymarket: Will Anthropic flip Bitcoin by Dec 31?
40:29 Jason's Bitcoin bear case: "It's played out. No incremental buyers."
46:05 MicroStrategy / Strategy updates
52:37 AI compute demand vs. the fiber overbuild analogy
55:55 Congress pressuring startups over Chinese AI models (DeepSeek, Moonshot)
57:11 A16z on the geopolitical risk of Chinese AI models
1:00:08 Reflection AI — America's open source AI champion (or lack thereof)
1:01:26 Off Duty: Knicks blow out Atlanta Hawks 140–89, Jason goes road-tripping
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
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Follow Lon:
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Follow Alex:
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Follow Jason:
X: https://twitter.com/Jason
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
Check out all our partner offers: https://partners.launch.co/
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
Follow TWiST:
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The TWiST AI Basics series is made possible by Google Cloud!Check out Google Cloud’s new report, “Future of AI: Perspectives on generative media for startups,” Featuring thoughts from today’s guest, Joaquín Cuenca AbelaVisit: goo.gle/futureofgenmedia to check it out!Today’s show:In today’s edition of TWiST AI Basics, J-Cal is joined by Joaquin Cuenca Abela, co-founder and CEO of Magnific (formerly known as Freepik). We’re discussing how generative AI is transforming the creative landscape for startups.In watching today’s show you’ll have-consider your expectations of what AI video can actually do for you and your business. What used to take a high end production team months and tens of thousands of dollars now takes 24 hours and one person with patience to learn the right tools. This conversation explores how founders can use these tools to scale their creative output better, cheaper, and faster.Timestamps:0:00 Google Cloud - Check out Google Cloud's new report, "Future of AI: Perspectives on generative media for startups," Featuring thoughts from today's guest, Joaquín Cuenca Abela at https://goo.gle/futureofgenmedia1:10 Welcome to AI Basics, presented by Google Cloud!2:11 Meet Joaquín Cuenca Abela, CEO of Magnific (formerly Freepik)3:12 Building a post-apocalyptic SF ad for TWiST in 24 hours4:25 Storyboarding characters, blending images, and text-prompting scenes6:39 The finished product: post-apocalyptic Jason!7:56 How much cheaper is this than traditional advertising?9:34 The tech stack: Magnific's upscaler and 3rd party frontier models11:02 Which Hollywood productions are actually using AI?13:14 Hollywood's 180 from "F these tools" to enthusiastic adoption14:38 One director's 600-person AI-enabled production15:23 Why Magnific built in Málaga, Spain and how they recruit AI talent16:40 Can AI ever match human creative vision?18:43 The future: 100 versions of the same ad, hyper-localized by city21:35 Where to find Magnific + Google Cloud's Future of AI reportConnect with Joaquín and Magnific!Magnific (formerly Freepik) — Joaquín's AI creative platform, 150M+ MAU, $230M ARR → https://magnific.comJoaquín Cuenca Abela on X → https://x.com/cuencaJoaquín Cuenca Abela on LinkedIn → https://www.linkedin.com/in/joaquin-cuenca-abela-905717a/Magnific on X → https://x.com/magnificPanoramio — Joaquín's prior startup, acquired by Google in 2007 → https://en.wikipedia.org/wiki/PanoramioFortune feature on Magnific's $230M ARR rebrand (April 2026) → https://fortune.com/2026/04/28/freepik-magnific-joaquin-cuenca-abela-230-million-arr-video-generation-ai-pivot/Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Lon:X: https://x.com/lonsFollow Alex:X: https://x.com/alexLinkedIn: ⁠https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisThank you to our partner!Google Cloud - Check out Google Cloud’s new report, “Future of AI: Perspectives on generative media for startups,” Featuring thoughts from today’s guest, Joaquín Cuenca Abela at goo.gle/futureofgenmediaCheck out all our partner offers: https://partners.launch.co/Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarlandCheck out Jason’s suite of newsletters: https://substack.com/@calacanisFollow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.com

This Week In Startups is made possible by:
Render - https://Render.com/TWIST
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Today’s show:
A beanie that reads your thoughts and turns them into text — no surgery required? Jason grills the Sabi co-founders on their noninvasive brain-computer interface, backed by Vinod Khosla, and calls a cap on the whole thing (until he doesn't).
This episode of This Week in Startups covers a lot of ground: Jason's tactical tip of the day on making everyone the CEO of their domain, a deep dive into Sabi's thought-to-text beanie, a live demo of AI-powered podcast sidebars built by the TWiST audience, the announcement of a new $5K bounty for an annotation tool, and Jason's big five wellness framework.
Guests:
Sabi: Website, Wired article
Co-founder and CEO Rahul Chhabra: LinkedIn, X
Companies and people discussed:
Matt Coffin, founder of LowerMyBills.com
Vinod Khosla, founder of Khosla Ventures
Neuralink, a leading BCI company
ElevenLabs, a leading voice AI startup
Calm, the popular meditation app

Timestamps:
0:00 Intro & tactical tip: Make everyone the CEO of their domain
1:49 Matt Coffin's "CEO of X" management philosophy
3:04 Community ownership: Deputizing Ricky, Lawn, Bianca, Maddie, Kabir
4:02 Building the Noti Gang: X group chats and community flywheels
5:08 Founder takeaways: Activate your top 1%, make someone the CEO of it
6:18 The streamer trick, parasocial dynamics, and creator ethics
7:59 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
9:34 Guest intro: Rahul Chhabra of Sabi
10:01 What is Sabi? Noninvasive BCI in a beanie with 100,000 sensors
10:13 LinkedIn Jobs - Hire right, the first time. Post your first job and get $100 off towards your job post at https://LinkedIn.com/TWIST
11:02 How it works: From fMRI to EEG, from hospital to hat
13:46 The brain foundation model and thought-to-text decoding
15:55 Vetting the founders: BITS Pilani, Stanford, athlete fatigue AI
17:22 Vinod Khosla's investment thesis: BCI must be noninvasive
19:30 Jason's challenge: Say "Calacanis," or it doesn't count
20:11 Northwest Registered Agent: Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist
21:30 Sabi.com: Reserve your device, release by end of 2026
22:26 Privacy concerns: Does the beanie read everything?
25:41 Bounty #1: AI live sidebar contest — demos from the TWiST audience
27:04 Oliver's breakdown: What's easy vs. hard about live AI commentary
28:40 Demo #1: Armchair (by Mark Colebrook) — fact-checker + troll personas, live
30:59 Render: Find out why 5 million developers are already using the all-in-one cloud platform, Render. Go to https://render.com/twist and apply for the Render Startup Program to get $500-$100,000 in free credits, depending on your stage and backers.
35:30 Live political violence test: The sidebar in real time on the WHCD shooting
38:45 Demo #2: Pod Commentators / SideCast — browser-based, Gemini-powered
40:35 Jason's revised Bounty #1 spec: Fact-checker + cynic, public stream or Zoom
42:41 Timeline: check-ins May 1, May 8; final winner May 15
44:51 Demo #3: BMD Pat (by Patrick Hughes) — instant URL, all-snarky personas
46:52 Bounty #2 announced: Annotated.com — a fair-use multimedia annotation tool
49:31 Annotated: the delicious.com of media commentary
51:11 Contest rules: Jason owns the domain, winner gets $5K + potential ongoing work
53:13 Wrap-up: Bounty 1 = AI sidebar, Bounty 2 = Annotated
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What’s the technology story of the year? No, it’s not Anthropic’s Mythos model, nor any other AI model. Upcoming IPOs? Wrong again. Jason thinks it’s China’s government’s decision to block Meta's acquisition of Manus. The multi-billion-dollar deal was heralded as evidence that AI companies founded in China could sidestep onerous government meddling by moving their operations to Singapore. That loophole now appears closed.
Jason and Lon then dug into the newly-reforged OpenAI-Microsoft partnership. The two companies have had a mutually beneficial, if fractious, operating relationship to date; that they had to rework their agreement is not a shock.
Then, your hosts watched and digested a video from China purportedly showing a self-driving car hitting a child at speed. What would happen in the United States if such a tragedy struck? And is that fait accompli?
Closing the show, Jason and Lon reacted to the latest Russell Brand implosion, discussed Lon’s new favorite show ‘Criminal Record,’ and shared recommended foot pedals (for AI dictation) and headphones for the road warriors tuning in.
Key Links: OpenAI and Microsoft
OpenAI’s announcement of its new Microsoft deal
Microsoft’s announcement of its new OpenAI deal
OpenAI announces its deal with AWS
News that Microsoft was considering legal action against OpenAI
Microsoft-OpenAI negotiations late 2025 edition, and terms announced in early 2026
Amazon announces that OpenAI models are coming to AWS

Timestamps:
0:00 Show starts
1:24 OpenAI and Microsoft have a new deal
3:22 Why would Microsoft cede exclusive access to OpenAI models?
5:36 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!
8:09 Why Jason thinks Microsoft and Apple should work together on AI
9:45 China will block the Meta-Manus deal
12:12 Deel - Founders scale faster on Deel. Set up payroll for any country in minutes, hire anyone anywhere, get visas handled fast, and get back to building. Visit https://deel.com/twist to learn more.
12:23 Golden Shares and what they provide
14:57 How do you unravel a multi-billion-dollar deal?
22:08 Sentry - New users can get $240 in free credits when they go to https://sentry.io/twist and use the code TWIST
24:42 The Huawei ADC crash
29:49 What happens when something similar happens in the United States?
31:55 IM8 Health: Start feeling like your best self every day. Go to https://IM8health.com/twist and use the code TWiST to get a free welcome kit, five free travel sachets, and 10% off your order.
36:15 Russell Brand's public humiliation
41:22 Don't trust palm reading!
43:59 Lon's Off Duty streaming pick: Criminal Record
46:25 Jason's Pick: Which foot pedal for AI dictation is right for you?
48:43 Jason's Pick: In the market for new headphones?
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
Check out the TWIST500: https://www.twist500.com
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
Follow Lon:
X: https://x.com/lons
Follow Alex:
X: https://x.com/alex
LinkedIn: ⁠https://www.linkedin.com/in/alexwilhelm
Follow Jason:
X: https://twitter.com/Jason
LinkedIn: https://www.linkedin.com/in/jasoncalacanis

Check out all our partner offers: https://partners.launch.co/
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
Follow TWiST:
Twitter: https://twitter.com/TWiStartups
YouTube: https://www.youtube.com/thisweekin
Instagram: https://www.instagram.com/thisweekinstartups
TikTok: https://www.tiktok.com/@thisweekinstartups
Substack: https://twistartups.substack.com