FSD: AI Workers and CoreWeave — Lumida Wealth : Non-Consensus Invest Beyond the Ordinary

From the 42nd floor of the Transamerica building in San Francisco, after Money 2020, Ram shares what he learned comparing notes with venture investors: most teams still use AI agents for tasks, and very few have AI workers that own whole workflows.

He looks at where token demand is heading and the questions around the frontier labs' spending, why the AI private markets feel expensive and crowded to him, and the choice he thinks Anthropic faces: compete with software companies, or be part of every company's stack.

Then his take on CoreWeave and the neoclouds: a crowded theme in a cost of capital game, NVIDIA's interest in a multipolar cloud, how Elon's spot-price approach differs, and why venture funding is the risk to watch. He closes on public markets, defense tech, and getting every team building with AI.

Chapters

(00:00) Live from San Francisco after Money 2020

(01:01) Agents, AI workers and AI executives

(02:15) Comparing notes on AI-native organizations

(03:23) Token demand and the labs' spending

(04:05) Why the AI private markets feel crowded

(04:54) Anthropic has to pick a side

(06:23) The shift to open weight models

(07:03) Ram's quick take on CoreWeave

(07:52) The neocloud play is done

(08:19) NVIDIA wants a multipolar cloud

(09:04) Would NVIDIA let a neocloud fail?

(10:58) A cost of capital game

(12:48) Elon's spot-price bet

(13:46) Venture funding is the risk

(14:48) Earnings versus sentiment

(15:40) Still early in the AI cycle

(16:19) Defense tech and public markets

(16:46) Get your team building with AI

Lumida Wealth Management LLC is a registered investment adviser. SEC registration does not constitute endorsement by the U.S. Securities and Exchange Commission and does not indicate a particular level of skill or ability.

References to companies, industry themes, market statistics, prior investment activity, or case studies are included for context and should not be construed as a recommendation or endorsement.

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