Today we’re laying off a large part of the Airtable team. This is not a reflection of their work but a reflection of our deep belief that small teams ship more and better. For Airtable, better is about to look like: - A new Core team shipping your top requests monthly (already 30+ shipped in 3 weeks) - Upgraded Omni, Airtable Canvas, a stronger MCP, and BYO agents, coming soon - New Performance and Infra teams focusing on speeding up bases and increasing limits on records, fields, and syncs To everyone leaving: thank you. If you’re hiring, these are excellent people and worth a call.

Pretty much. As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers. SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue. That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.

HOW @citrini SEES THINGS RIGHT NOW: AI can design drugs like scorpion antivenom largely on its own (he did it with @claudeai) but the new bottlenecks here are monkeys/testing (rather than compute). The reflexive risk in financing the AI buildout is REAL. ^it's not 2023 anymore & cash flows can't fund the whole thing so buildout is dependent on financial conditions whose tightening affects fundamentals. The trade from AI Drug Discovery is to be LONG EXPERIMENTS rather than long the IP itself. Citrini actually thinks the value of early stage assets is going to GO DOWN. The stock he mentions is Charles River (a preclinical testing company that has monkeys is in a shortage that Citrini expects to get more extreme). More names in the piece. $CRL ENJOY. Apple podcasts.apple.com/us/podcas… Spotify open.spotify.com/episode/405… YouTube youtube.com/watch?v=rzQhjayC… CITRINI'S PIECE, "Citrini Therapeutics We Wanted to Use Claude to Create a New Drug. Here’s What Happened.": citriniresearch.com/p/citrin… Anthropic's Technical Blog Post, "How Claude designed protein binders against scorpion neurotoxins": anthropic.com/research/claud…

Here’s @chamath talking about this chart we sent to @theallinpod this morning Will add that he is right about another thing: we have access to very broad based data at ramp

AI is canceled. Also: GPU spot prices surging. 🙃

GPUs are aging like fine wine, with rental rates up across the board since January 1st Approximate change YTD: - H200: +160% - B200: +120% - RTX PRO 6000: +65% - H100: +35% Even the 6-year-old A100 rents for more than it did at the start of the year Charts of the Week: a16z.news/p/charts-of-the-we…

Applaud the effort but you're 4 months behind the curve. I wrote the following back in June, *before* the broader sentiment shift. benjaminhorne.substack.com/p…

🆕 NEW POSITION ALERT: $USO On 7/21/26, I purchased call options in $USO (when the stock was trading at $128/share) at $132 strike price which expire on Oct 18th (~3 months out). My thesis is that I think USO would climb back above $140 very quickly (it's already almost there..), and likely continue climbing climb above $150 to the highs we reached back in May. This is obviously due to continued escalation of the Iran conflict that appears to have way more on-ramps than off-ramps + my prediction (which is already proving correct) that the Houthis will be successful at limiting oil tankers from passing through the Red Sea. The Houthis shut down 90% of container transits in 2023-2024, and we were totally helpless to stop them then, so not seeing a reason why they won’t also be successful now. It's important to understand the concept of asymmetric economic warfare. The Houthis don't have to “control the Red Sea” in terms of dominating all the square footage, they only have to sink a ship or two in order to shut down all shipping. Bc once rockets start flying, the insurance companies that insure these oil tanker’s journeys spike insurance premiums so high that most ships cancel their policies and/or severely restrict their own transits due to these premiums, even if they think the risk of getting attacked on any given voyage is low. So, in addition to oil already being in a precarious and sensitive position (Hormuz situation, reserves increasingly depleted, etc) the Red Sea/Bab-el-Mandeb will largely be unable to continue acting as a release valve for the ~7mn/barrels of oil per day that had been passing through it daily up to now. I don’t see USO going above $160 at any point though, bc once oil prices cross a certain threshold, demand destruction kicks in, i.e. most economies just stop buying above a certain price bc doing nothing becomes cheaper than buying oil at that price. Most businesses just shut their power off and park their trucks and go home instead of running their biz at $200/barrel energy prices. Trump is likely going to continue the war by bombing Iranian power plants and bridges, which is unlocking a new level of escalation. I think Iran will just hunker down even harder if he does, and start bombing infrastructure in Saudi Arabia and Gulf states (as they have threatened to do), which would be devastating for those countries. Iran has serious leverage here. Some more considerations: - Iran killed US soldiers just a few days ago. It’s bad optics to have a country kill several of your soldiers and then be back at the negotiation table next day. - Iran is just straight up trying to build nuclear weapons now. They’re no longer flirting with the idea, they’re just trying to do it. Like some analysts I follow have pointed out recently, if you’re Iran, this war is the greatest proof that’s ever existed that you *need* a nuclear weapon, or else you’re just going to be bullied by US/Israel for rest of your days. Iran is not going to stop until they have a nuke now. That ship has pretty much sailed. In summary, between the Strait, the dead US soldiers, the Houthis effectively joining the conflict, the escalation of bombing civilian infrastructure, and the nuclear situation, there’s just too many radioactive points of conflict now for this thing to end anytime soon. And Iran is not going to give up control of the Strait, bc their entire leverage depends on it. I think the potential for oil prices to keep climbing to new heights from here has never looked greater. Even more than when we were in full throttle mode 2 months ago. There’s also no one on the Iranian side at the moment who has said anything in past several days about getting back to negotiations. Zilch. This could change, but for now it’s a really bad sign. Recent reporting suggests national fervor/anti-US sentiment in Iran has never been higher, and so the Iranian hardliners have plenty of political capital they can spend domestically to continue playing hardball with the US. My plan is to monitor $USO week-to-week from here, and look for a good exit point, ideally well before October expiration (likely in August). Will provide future updates.