The Generalist

• Reviving Forgotten Technologies: How Airships, Supersonic Flight, and Geothermal Energy Could Transform Our World | Eli Dourado (Head of Strategic Investments at Astera Institute)

  Eli Dourado is Head of Strategic Investments at Astera Institute, a foundation funding transformative science and technology across energy, aerospace, AI, and other frontier sectors. Before joining Astera, he worked as a "regulatory hacker" at Boom Supersonic, where he helped navigate complex aviation regulations to make supersonic flight viable again.In our conversation, we explore:• How Eli's refusal to be pigeonholed led to a career reviving forgotten technologies• How lifting the 1973 ban on supersonic flight could reshape aviation, after decades of stagnation and regression• Why airships need to be massive to be economical, and how they could transform global logistics• The untapped potential of geothermal energy and why drilling economics are the key bottleneck• Why titanium could be the next material to undergo a manufacturing revolution• How reading regulatory fine print can unlock trillion-dollar industries• Why AI might not automatically solve our productivity problems• The relationship between technological stagnation and potential civilizational collapse• The fascinating possibility of harvesting antimatter in space—Thank you to our sponsor: Brex—The banking solution for startups: https://www.brex.com/mario—Transcript: https://www.generalist.com/p/reviving-forgotten-technologies-eli-dourado—Timestamps(00:00) Intro and Eli's background(04:11) Eli’s work at Astera Institute(07:53) The frontier sectors Astera is betting on(08:57) Eli’s path from academia to tech investing(13:06) How Eli became involved with supersonic flight(15:42) Why the airline industry entered “the great regression”(18:38) The origins of the overland supersonic flight ban(20:37) Working as a "regulatory hacker" at Boom Supersonic(27:30) The current state of supersonic flight technology(30:40) Eli’s cargo airship research(37:20) What sparked Eli’s interest in airships(40:23) Why airships fell out of favor as a way to travel(42:53) How Jim Coutre found a path to profitable airships(47:00) The pros, cons, and profit potential of airship travel(50:08) A case for geothermal energy(55:37) Understanding the “idiot index” and scaling titanium production(58:36) Thoughts on AI and avoiding complacency(01:02:00) The risks fueling a potential societal collapse(01:06:10) Final meditations—Follow Eli DouradoNewsletter: https://www.elidourado.com/LinkedIn: https://www.linkedin.com/in/elidourado/X: https://x.com/elidourado—Resources and episode mentions: https://www.generalist.com/p/reviving-forgotten-technologies-eli-dourado⁠—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

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• Inside General Catalyst’s $1B+ Bet on Fixing Healthcare | Hemant Taneja (CEO and Managing Partner)

  Hemant Taneja is the CEO and Managing Partner of General Catalyst, a venture capital firm that has evolved into what he describes as a "strategic conglomerate with venture capital at its core." Under his leadership, GC has expanded beyond traditional investing to become an organization focused on transforming entire industries from healthcare to call centers to insurance.In this conversation, Hemant unpacks General Catalyst's unusual structure and ambitious mission. He shares why his firm acquired the hospital system Summa Health in Ohio, why AI roll-ups will create some of the most valuable IPOs in the coming decade, and how servant leadership principles have reshaped his approach to building organizations.We explore:• How General Catalyst evolved from a traditional VC firm into a multi-business "strategic conglomerate"• Why Hemant believes the next decade requires completely rethinking what excellence means in company building• How GC's healthcare transformation company (HATCo) is working to reinvent the American healthcare system• Why GC made the unprecedented move to acquire Summa Health, a hospital system in Ohio• How servant leadership principles learned from Ken Chenault transformed Hemant's approach to building organizations• Why AI is accelerating transformation across industries faster than anyone predicted• How General Catalyst built its global seed practice through unusual acquisitions of La Famiglia, Venture Highway, and Wayfinder• Why Hemant believes AI roll-ups of labor arbitrage businesses will become some of the most valuable IPOs in the next decade• The changing profile of successful founders in an era of rapid technological change• How General Catalyst thinks about balancing profit and purpose across its portfolio—Thank you to our sponsor: Brex—The banking solution for startups.—Transcript: https://www.generalist.com/p/inside-general-catalyst-hemant-taneja—Timestamps00:00) Intro(02:16) General Catalyst’s ambition to help shape the future(04:23) How General Catalyst challenges founders to think bigger(06:05) GC's structure as a strategic conglomerate(10:44) Balancing profit and purpose in venture investing(12:19) The unusual role of CEO in a venture firm(15:11) How Hemant approaches decision-making in operations vs. investing(16:43) Lessons from Ken Chenault and the case for servant leadership at GC(20:55) What Hemant has learned from Amazon, McKinsey, and Nvidia’s cultures(23:37) The Berkshire Hathaway model—and how GC’s strategy differs(25:19) Why Hemant felt GC needed a fundamental rethink(28:33) What has changed since Hemant wrote his book on AI in 2018(31:07) Why great founders have shifted from hackers to iterative builders(32:55) The origin of HATCo and GC’s push into healthcare transformation(39:32) Why HATCo acquired Summa Health(43:48) What HATCo is planning next(46:30) Hemant’s thoughts on policy and responsible AI self-governance(48:49) Europe’s AI lag, the cloud wave it missed, and the case for sovereign infrastructure(52:38) Why companies move to the US(54:22) How to transform traditional industries with AI(56:37) Rollout vs. buyout, and why starting small makes more sense now(58:56) How rapid model progress unlocks new opportunities to reinvent businesses(1:01:10) What companies need to be good partners in the creation portfolio incubator(1:05:13) Why General Catalyst made rare acquisitions based on deep conviction in people(1:11:34) Final meditations—Follow Hemant TanejaLinkedIn: https://www.linkedin.com/in/hemanttanejaX: https://x.com/htaneja—Resources and episode mentions: https://www.generalist.com/p/inside-general-catalyst-hemant-taneja—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

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• The Future of Crypto: Stablecoins, AI Integration, and the Path to Mass Adoption | Jesse Walden (Founder and Managing Partner at Variant)

  Jesse Walden is the founder and managing partner of Variant Fund, an early-stage crypto fund backing projects like Uniswap, Phantom, World, Morpho, Flashbots, Farcaster, Blockaid, Blackbird, and many more. Before launching Variant in 2020, he was an investor at a16z crypto, where he supported early-stage builders shaping the future of Web3.In this episode, Jesse offers a wide-ranging view of where crypto stands today, and where it’s headed. He unpacks the rise of stablecoins, the role of meme coins in capturing attention, and why NFTs are evolving rather than disappearing. We explore the challenges of interoperability between blockchains, the shift from invention to productization, and the intersection of crypto and AI, two technologies that may supercharge one another’s progress.In our conversation, we explore:• The fundamental difference between AI (technology of abundance) and crypto (technology of scarcity), and why the two technologies are complementary• How the GENIUS Act is transforming the regulatory landscape for stablecoins and creating unprecedented bipartisan support• How DAOs 2.0 will return to their original vision: automation at the center with humans at the edges• How meme coins generate hype and the value of attention• Why user experience still holds Web3 back and what needs to change• What still needs to be solved to scale crypto, including true cross-chain interoperability—Thank you to our sponsor: Brex—The banking solution for startups.—Transcript: https://www.generalist.com/p/the-future-of-crypto-jesse-walden—Timestamps(00:00) Intro(02:19) An overview of Variant’s work(03:03) Jesse’s vision of a tokenized future and why it makes sense(06:19) The state of crypto since 2022(10:46) The GENIUS Act: what it is and how it could reshape stablecoins(14:28) How stablecoins are both a payment tool and a communication layer(17:07) Why stablecoins are not yet convenient in the US(19:06) Variant’s investment in stablecoins and blockchains(21:33) The policy and regulation crypto still needs to mature(24:15) Speculation vs. stablecoins(27:06) Meme coins and the attention economy(31:53) The shift from invention to productization(33:47) How the user experience is evolving in crypto, and what’s still needed(38:15) Phantom and other companies Jesse is bullish on(42:20) The short-term dip and long-term rise in developer talent(47:48) Jesse’s heuristic for determining a founder’s passion in the crypto space(50:37) Where AI and crypto collide (and what they can do for each other)(56:48) Why there’s still opportunity for NFTs(01:01:57) An explanation of DAOs and DAO 2.0’s opportunity for humans(01:07:04) Final meditations—Follow Jesse WaldenX: https://x.com/jessewldnLinkedIn: https://www.linkedin.com/in/jessewalden/Website: https://jessewalden.com/—Resources and episode mentions—Books—• Narrative Economics: How Stories Go Viral and Drive Major Economic Events: https://www.amazon.com/Narrative-Economics-Stories-Economic-Events/dp/0691182299• The White Paper: https://www.amazon.com/The-White-Paper/dp/1999675924—People—• Sam Altman on X: https://x.com/sama• Vitalik Buterin on X: https://x.com/vitalikbuterin—Other resources—• Bitcoin: https://bitcoin.org• Stablecoin: https://en.wikipedia.org/wiki/Stablecoin• Beyond Speculation and Stablecoins: Crypto's Next Phase?: https://jessewalden.com/beyond-speculation-and-stablecoins-cryptos-next-phase/• What is DeFi?: https://www.coinbase.com/learn/crypto-basics/plp-what-is-defi• Morpho: https://morpho.org/• Pump.fun: https://pump.fun/• Zora: https://zora.co/• Docker: https://www.docker.com/• Privy: https://www.privy.io/• Stripe: https://stripe.com/• Kraken: https://www.kraken.com/• Phantom: https://phantom.com/...References continued at: https://www.generalist.com/p/the-future-of-crypto-jesse-walden—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

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• The Evolution of AI Agents: Navigating the “Fog of AI” in Rapidly Changing Foundations | Stanislas Polu and Harrison Chase

  What’s next for AI agents, and how will they change the way we work? In this conversation, Stanislas Polu (CEO of Dust, formerly research at OpenAI) and Harrison Chase (CEO of LangChain, one of the most influential open-source AI frameworks) unpack the current state and future of AI agents. They reflect on their early conversations in the pre-ChatGPT days, how the landscape has evolved, and where it's headed next.Stan and Harrison share lessons from building today’s agent infrastructure—from chat interfaces to the future of ambient, autonomous systems—and discuss the challenges of operating in the chaotic "fog of AI." We dig into the open questions, early insights, and messy realities of building in today’s fast-moving AI landscape.In our conversation, we explore:• What sparked Stan and Harrison’s early interest in LLMs• The pre-ChatGPT era and how the AI landscape has evolved since late 2022• High-leverage use cases for agents inside Dust and LangChain today• The critical differences between AI workflows and true agents—and why agents may unlock more powerful, long-term solutions• Why reliability is the main blocker to ambient agents• Real-world enterprise use cases for AI agents across customer support, sales, and engineering• How to build in the “fog of AI” and the challenge of maintaining product vision when foundations shift every six months• Strategies for creating defensibility in a world where tech giants can quickly replicate features• The future of multi-agent systems and how they could transform enterprise productivity• The current state of the AI talent market• And much more—Thank you to our sponsor: Brex—The banking solution for startups.—Transcript: https://www.generalist.com/p/the-evolution-of-ai-agents—Timestamps(00:00) Intro(02:33) Brief overviews of Dust and LangChain(03:30) The early days of LLM product development(11:02) Harrison's journey to founding LangChain(14:35) Dust's evolution and focus on enterprise productivity(17:15) Tobi’s AI memo(18:42) An overview of AI agents and how they differ from AI workflows(26:43) High-leverage use cases for agents at Dust and LangChain(30:41) How to interact with agents and an explanation of ambient agents(36:21) What the future of agents may look like(40:52) Current limitations of AI agents and reliability challenges(45:40) Will we converge to one agent or many specialized ones?(51:32) How to solve the sycophant problem(56:04) The challenges of building AI companies in a rapidly changing landscape(01:03:06) Recent AI talent acquisitions and market dynamics(01:05:28) How Dust and LangChain attract talent(01:09:12) How far off AGI may be(01:12:52) Final meditations—Follow Stanislas PoluLinkedIn: https://www.linkedin.com/in/spolu/X: https://x.com/spolu—Follow Harrison ChaseLinkedIn: https://www.linkedin.com/in/harrison-chase-961287118/X: https://x.com/hwchase17—Resources and episode mentions: https://www.generalist.com/p/the-evolution-of-ai-agents—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

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• The Decade of Data with Tomasz Tunguz

  Tomasz Tunguz has spent almost two decades turning data into investment insights. After an impressive run at Redpoint Ventures, where he backed Looker, Expensify, Monte Carlo, and more, Tomasz launched Theory Ventures in 2022. His debut fund, which closed at $238 million, was followed 19  months later by a $450 million second fund.Theory’s goal is simple but striking: to build an “investing corporation” where researchers, engineers, and operators sit alongside investors, arming the partnership with real‐time market maps, in‑house AI tooling, and domain expertise. Centered on data, AI, and crypto infrastructure, the firm operates at the very heart of many of today’s most consequential technological shifts.In our conversation, we explore:• How Theory’s “investing corporation” model works• Why crypto exchanges could create a viable path to public markets for small-cap software companies• The looming power crunch—why data centers could consume 15% of U.S. electricity within five years• Stablecoins’ rapid ascent as major banks route 5‑10% of U.S. dollars through them• Why Ethereum faces an existential challenge similar to AWS losing ground to Azure in the AI era• Why Tomasz believes today’s handful of agents will become 100+ digital co‑workers by year‑end• Why Meta is betting billions on AR glasses to change how we interact with machines• How Theory Ventures uses AI to accelerate market research, deal analysis, and investment decisions• Much more—Thank you to the partners who make this possibleBrex: The banking solution for startups.Generalist+: Essential intelligence for modern investors and technologists.—Transcript: https://www.generalist.com/p/the-decade-of-data-with-tomasz-tunguzh-h-tomasz-tunguz—Timestamps(00:00) Intro(03:37) Tomasz's background and journey to founding Theory Ventures(04:57) Theory's data-driven approach to venture(09:25) The importance of functional experts on investment teams(11:45) Theory's focus on data systems and why they matter(15:02) The decade of data(18:40) The challenges of chip-level investment(20:11) The state of crypto(23:30) How crypto could accelerate IPO timelines(28:12) Tokenized secondaries and venture capital’s evolution(32:18) Ethereum's challenges against competitors like Solana(37:25) Hyperliquid(38:38) The shift from proof of work to proof of stake to proof of authority(41:20) How Tomasz uses AI for personal productivity(45:03) How Theory Ventures uses AI internally(49:41) The future of work with AI agents(52:42) The current state of the AI race between Microsoft, Google, and Meta(58:28) Final meditations—Follow Tomasz TunguzWebsite: https://tomtunguz.com/LinkedIn: https://www.linkedin.com/in/tomasztunguz/X: https://x.com/ttunguz—Resources and episode mentions—Book—• Narcissus and Goldmund: https://www.amazon.com/Narcissus-Goldmund-Hermann-Hesse/dp/0553275860—People—• Patrick O’Grady on X: https://x.com/_patrickogrady—Other resources—• Theory Ventures: https://theory.ventures/• Insight Partners: https://www.insightpartners.com/• Palantir: https://www.palantir.com/• Databricks: https://www.databricks.com/• Snowflake: https://www.snowflake.com/• Ethereum: https://ethereum.org• Solana: https://solana.com/• Jamie Dimon blasts crypto, tells Senate he would ‘close it down’—even as JPMorgan pushes forward with blockchain payments: https://fortune.com/crypto/2023/12/06/jamie-dimon-crypto-senate-hearing-jpmorgan-blockchain-payments/• Robinhood: https://robinhood.com/• Coinbase: https://www.coinbase.com/• Uniswap: https://app.uniswap.org/• Sarbanes-Oxley Act: https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act• ASX: https://www.asx.com.au/...Episode resources continued at: https://www.generalist.com/p/the-decade-of-data-with-tomasz-tunguzh-h-tomasz-tunguz—Production and marketing by penname.co. For inquiries about sponsoring the podcast, email [email protected].

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