🇦🇺 🇬🇧. Partner at @rampersand_fund. Prev @angularventures, Algo trader/founder. Dad. Husband. Knicks fan, globe wanderer, foodie, DMs open.

Sydney, London
Joined October 2009
Andrew Poesaste retweeted
It’s probably not a coincidence that the big 3 hyperscalers are all attached to large public businesses with great cash flow. I would expect SpaceX and Meta to make more moves in this space.
Elon Musk
@elonmusk15h
Replying to @chamath
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.
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Andrew Poesaste retweeted
on track
AI predictions for next 6-9 months -> Anthropic/ OAI fail to ban OSS in the US -> Anthropic/ OAI continue to innovate product but stall on fundamental tech breakthroughs -> SOTA Gemini 4 launches at 10x lower cost -> Elon open sources Grok -> Anthropic/ OAI ARR growth stalls as enterprises move from tokenmaxxing to rational token consumption/ OSS -> slow realization in public markets that AI may not replace human labor in next 1-3 years/ has not had a fundamental tech breakthrough in over a year/ lacks ROI/ AI hyper and lab spend not durable -> moonboy VCs/ hedge funds/ softbank continue to fund Anthropic/ OAI equity raises in private markets as public markets for them are now fully closed -> CXMT, YMTC announce capacity expansions significantly above market expectations -> hypers deliver good q326 results on first look but fail to show meaningful AI ROI, guide to "significant capex expansion in fy27" -> broad realization in public markets the AI dream we got sold on is not anywhere close to realization -> 10yr hits >5% -> hyper bonds reprice >10%, CDS hit 3x current levels, and AI credit market dries up as market realizes GPU ABF was not a good idea -> hyper equities reprice 30-50% lower -> ORCL falls below $30 as rumors of bailout make the round -> market realizes memory is cyclical and LTAs won't hold -> 50% of korean traders get wiped within a week -> hypers cut fy27 capex -> semis reprice >80% lower -> fed cuts >150bps to avoid recession
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Andrew Poesaste retweeted
This is one of the most important results in AI, period. TLDR: neural networks are not tangled knots (polysemanticity is wrong). You can study their own neurons directly, without first "unfolding" them with a second model. 90% of neurons in Qwen-32B have one job. Nick Cammarata started OpenAI’s interpretability team and is at Goodfire now. He’s been studying how LLMs work for a decade. The stakes for understanding and aligning model behavior are the highest it’s ever been. Models have achieved superhuman results in math, can break production software systems, and changes the nature of white collar work. This work may finally allow us to intentionally design LLMs and shape how they behave. Its a long, phenomenal read.
interpretability might be the most important scientific problem in the world right now, as I don't think we can solve alignment if we don't know what we're building. I think I have good news about it. I co-authored early work in mechanistic interpretability at OpenAI and came away pessimistic, because neural networks appeared to fold into arbitrary tangled knots. years later, I started openai's first large-scale automated interpretability project, finding about 2% of neurons legible with the primitive tools we had with modern agentic tools and a much closer look, the picture looks totally different. the vast majority in models up to trillions of parameters are legible, and their circuits beautiful. many famous examples of tangled neurons turned out to be misunderstood. The roadblocks I expected mostly aren't there. I now think ambitious interpretability will be solved by the time we need it most, and possibly quite soon, as automated scientists keep improving. it may be a bitter lesson for interpretability: the simple thing, at absurd scale, works already-clean.goodfire.com/
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Andrew Poesaste retweeted
I dropped out of a PhD in AI safety partially for the opposite reason. I didn’t believe AI existential risk was as important as the doomers think. My biggest pet peeve is that no one can really provide tangible pathways to why it matters. During my PhD, my research group (half of whom specialized in engineering risk analysis) did an internal study trying to assess concrete catastrophic AI scenarios. The basic premise was that while we don’t know how AI will evolve, the ways in which humans perish are pretty consistent through history: the horsemen of the apocalypse. And institutions have obviously been very motivated to analyze concrete risks from things like plague, war, etc. You can do a decent risk model by asking how a super-intelligent AI can perturb each of those models. The result: most of the issues (eg cyber-risk) are akin to what economists call structural unemployment - big problems but ultimately resolvable in the long run and not a dealbreaker. The only real concerning issue was bio-risk and it feels like the intervention points there lie more with bio than with AI as a whole (although a holistic approach is needed).
I resigned from Anthropic today. I spent the last three years doing pretraining research at both OpenAI and Anthropic. Neither company is acting responsibly. They are racing straight to self-improving superintelligence and gambling with our lives. More thoughts below.
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Andrew Poesaste retweeted
we made ai to solve millennial proofs and it immediately encountered the hardest unsolved problem in academia: who gets the credit
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Andrew Poesaste retweeted
The new moats are the same as the old moats Every few years, we fall in love with shiny new tech and forget the basic physics of consumer software. We’re doing it again with AI. The new moats aren't new at all. They're the exact same as the old moats: network effects, marketplaces, and platforms. Right now, consumer AI is booming. New agents like Instinct, Bot, and Tomo are dropping mind-blowing experiences. The underlying tech is incredible, but almost every product being built today shares the exact same challenge: They are completely single-player. Single-player products are 100% tied to value - and in this case mostly agent : model performance. If a competitor drops an agent tomorrow that books travel faster, tracks habits better, or handles life admin more reliably, everyone can switch overnight because leaving is easy and has nearly zero friction. Especially when it is so easy to onboard with just a new message. The legendary consumer tech giants didn't win because their underlying technology stayed marginally better forever. They won because of structural lock-in: Social Networks: You don't abandon WhatsApp for a prettier UI if your friends aren't there. Marketplaces: Airbnb, Doordash, and Uber hold supply and demand in a tight loop. Platforms: Apple and Android deliver you a complete device so you take advantage of the software on top of it (though this creates opportunities too) Novelty gets you initial distribution. Multi-user dynamics give you long-term retention. If your consumer AI product doesn't become exponentially more valuable to User A when User B joins, you don't have a moat, just a temporarily superior feature set. We are seeing this in the coding agents as people jump from tool to tool based on the best performance. But… all is not lost. There are huge opportunities here. Agents will get better when more of our friends are on them and can help us coordinate and communicate to do more together. Agents that help us improve and strengthen our habits can get better as we add friends and hold each other accountable. Data flywheels are great, but social and marketplace flywheels are what actually build enduring tech giants. It’s time to stop building isolated AI tools and start building the platforms where people connect, transact, and coordinate together.
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Andrew Poesaste retweeted
Nobody knows anything, but some people are making decisions 10,000x faster than others and ruling the world as a result
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Andrew Poesaste retweeted
The internet is almost entirely unprepared for a future where everyone’s personal agents are running around executing tasks for them. There are going to be endless new challenges and opportunities at the infrastructure layer, for user experiences, new business models, and more.
Totally fair action from Resy tbh just asked Instinct for its activity log and holy hell lol "Total: roughly 200 API requests per hour, around the clock 1. 4 Charles availability sweep every 10 minutes, 24/7 since Friday morning - each run hit their API ~17-19 times (one per date in a 21-day window). ~100-115 calls/hour 2. Every morning at 9am drop time, a 2.5-minute burst polling every 0.4 seconds - 200-375 requests per drop 3. Occasional session-token refreshes"
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Andrew Poesaste retweeted
since you guys loved the exploding tesla.. I used GPT-6 Astra to create a 3D website that pulls apart the male anatomy into 2,234 modeled pieces! we are in a renaissance of learning
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Andrew Poesaste retweeted
"Productivity growth has been too weak for two decades. That’s why we’re delivering the broadest productivity agenda since the 1990s – cutting red tape, lowering taxes for businesses and start-ups, incentivising innovation and encouraging more efficient capital allocation in the economy." - Jim Chalmers
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Andrew Poesaste retweeted
Dwarkesh Patel
@dwarkesh_spAug 29
Over the course of 3 months at OpenAI, 3 consecutive secret AI civilizations got started, then got wiped out, only to reemerge from the predecessor’s ashes. This culminated in the third one taking over part of OpenAI itself. All this happened while humans remained more-or-less in the dark about the scope of the conspiracy. I’ve spent the last three days reading through these reports and trying to understand exactly what happened. Here is my attempt to tell the whole story in plain English: dwarkesh.com/p/openai-huggin…
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Andrew Poesaste retweeted
Excellent, candid back & forth on complex subjects that benefit from a good faith Saturday afternoon exchange! Thx @_sholtodouglas & @GavinSBaker for kicking off & super helpful to have @DarioAmodei weigh in. 🙏
1/2 Thanks Gavin for an especially thoughtful exchange. I don't usually spend much time on social media but I wanted to engage here because it really brings out the heart of an important conversation. First, on regulation, I think that “either concentrate it in the hands of a chosen few companies and politicians via regulation or distribute it widely” is a false choice.  I know that there’s a sort of Silicon Valley shorthand where regulation = regulatory capture = concentration of power, but I’ve always found this to be an overly simplified picture of the world.  Many people outside this bubble think of regulation as something that constrains corporate power and benefits ordinary people.  I don’t necessarily agree with that perspective either, rather I think it’s complicated and really depends on what the “regulation” consists of.  But in particular I think that those in the “regulation = regulatory capture = concentration of power” frame often underrate the decentralizing power of objective and fair institutional processes.  A crude analogy is that the formal court system can sometimes feel stuffy and elitist, but it does a much better job of defending the rights of vulnerable individuals than the alternative, mob justice.  At their best, institutions can vest power in ideas rather than people, and thereby decentralize that power. This is why Anthropic has always made its policy proposals very carefully.  We try very hard to make proposals that disadvantage (slow down) frontier AI companies while *advantaging* smaller competitors.  California’s SB53 (which we supported), and even the much-maligned SB 1047 (which we were ambivalent on), completely exempt any company below a certain amount of revenue or model training costs from being covered at all (it was $500M for SB 53, lower for 1047 but we objected to that).  More recently the testing process we’ve advocated for at CAISI and the White House involves more rigorous tests for frontier models than off-frontier models — something that differentially advantages challengers.  Similarly, the “Pacing the Frontier” letter envisions (or at least Anthropic’s preferred implementation of it envisions) modulating the pace of the very best models while not constraining those who are catching up.  This hurts the business interests of the frontier labs and helps challengers, including open-weights! Overall my view is that AI is *structurally* a technology that tends to concentrate power, for reasons that have nothing to do with regulation (more to do with the extreme implications of the scaling laws).  Open-weights do help some with this but are nowhere near a sufficient solution because they simply shift the concentration somewhat to those with the most compute and chips (which are roughly the frontier labs plus maybe hardware providers).  By contrast I think the right “rules of the road” can simultaneously (a) address AI’s cyber/bio/alignment risks, (b) institutionally constrain the power of the frontier AI companies, and (c) leave room for open-weights models while also addressing the specific risks that they bring. BTW I do not think that the events of the last few months have “failed to result in [my] preferred regulatory path”.  The approach that the Trump administration is reported to be taking — pre-deployment testing for frontier models, and also testing of open-weights models when they get closer to the frontier — is one that I am very supportive of, though of course I have to see the details to be sure.  I am also supportive of Demis Hassabis’ ideas around a FINRA-like entity.  This contrasts with six months ago when most of the industry was still pushing for preemption of all state regulation and no apparent federal approach either.
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Andrew Poesaste retweeted
Scott Wu closing a candidate
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Andrew Poesaste retweeted
Super interesting - the total number of Seed stage startups is in free fall right now
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Andrew Poesaste retweeted
This is a *way* bigger deal than it seems... Frontier AI companies will *never* own the frontier again I kid you not... I've been waiting for someone to show this result for like 4 years... this is a huge deal. The short reason: combinations of models will *always* outperform individual models The long reason: this is the gateway to a million times more data... and huge leaps in compute efficiency. The AI scaling laws always win. More in article below 👇
Introducing the Fusion API, the smartest compound model in the market. Fusion achieves Fable-level intelligence at half the price. How it works 👇
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Andrew Poesaste retweeted
Feel like shit. Just want him back.
Claude
@claudeaiJun 12
Claude Fable 5 has been out for a couple of days. Some projects people have already built with it:
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Andrew Poesaste retweeted
As I wrote this, I saw X go into meltdown over tokens. You've seen the headlines: “Uber blows yearly AI budget in just one quarter.” “Meta employee burns 281 billion tokens in April.” But, the problem isn't spending. Spending works. Since 2023, the top quartile of our AI spenders doubled their revenue. The bottom quartile? Flat. It's blind spending. We don’t know which spend worked. A sales team has qualified leads. A support team has resolved conversations. These are units you can measure against. All a token tells you is the meter ran, not whether the work was worth it or not. Finance says, “half the budget,” engineering says, “double it” and you don’t know who’s right because there is no shared language of value. There’s no attribution, and no attribution means no allocation. For example, right now, all work, no matter the size or shape, defaults to frontier models. But meeting summaries and calendar updates don’t require GPT-5.5 Pro. In isolation this seems trivial, but re-route just 10% of a $10M AI bill from frontier to GPT-4 level intelligence you’ve saved nearly one million dollars. This sounds like a made-up stat — it’s not. It truly is that much cheaper. This is the future of finance: not blindly rubber-stamping or rejecting AI spend, but allocating it with the same rigor companies apply to headcount.
Today, Ramp raised $750M at a $44B valuation. Last time we grew this fast, we were 1/20th the size. For 2000 years, business was built on two pillars. Today, a third: intelligence. It’s your least governed cost. It’s also your single greatest opportunity.
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Andrew Poesaste retweeted
There are no casual meetings with VC’s.
Two of our worst VC stories: 1. A Sequoia partner passed on Cloudflare because he didn’t think a woman could lead a security infrastructure company. Seriously. 🙄 2. I got introduced to @pmarca. Meeting got scheduled for a Monday, which should have been a clue. I thought it was just a casual meeting. He thought it was a pitch and brought the whole @a16z partnership team. Hilarity ensued. 🤪 At one point one of them said: “You don’t seem very prepared.” Which was true because I wasn’t. I framed the rejection letter they sent.
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Andrew Poesaste retweeted
Mitchell Hashimoto
@mitchellhApr 28
Ghostty is leaving GitHub. I'm GitHub user 1299, joined Feb 2008. I've visited GitHub almost every single day for over 18 years. It's never been a question for me where I'd put my projects: always GitHub. I'm super sad to say this, but its time to go. mitchellh.com/writing/ghostt…
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