Chasing Trillion-Dollar Companies, Founder Ambition, Token Budgets, and Regulatory Capture with Sarah & Elad

Adversaries are already running AI agents, and the fastest attacks now play out in seconds. Sarah Guo and Elad Gil sit down with CrowdStrike president and CEO George Kurtz on what AI-equipped attackers mean for enterprise security. George explains how agents are flattening the adversary pyramid by putting advanced tradecraft in the hands of low-skill attackers, and why CrowdStrike and Nvidia are building a frontier-style lab of their own to train security models. They also get into how open-weight and closed models compare on security, where CrowdStrike is directing its platform investment, lessons from the recent Hugging Face incident, and why George sees AI, like every platform shift before it, as a net creator of opportunity.

Technology has always been the fundamental driver of improvement for human quality of life. And with the recent rollout of advanced frontier models, like OpenAI’s GPT-6, humanity can now massively accelerate scientific discovery for its benefit. Sarah Guo and Elad Gil are joined by OpenAI President and co-founder Greg Brockman to discuss the company’s rapid progress across frontier models, cybersecurity, and scientific discovery. Greg shares how nearly 400 century-old math problems have been solved using its AI agents, and how the technology has the potential to transform other fields like biology in the realm of drug discovery. He also talks about how proactive, always-on AI agents like Dots impact modern productivity, why he believes the best UI is no UI at all, how cybersecurity is in a critical window of time to use peak intelligence to find and fix vulnerabilities in systems, and why OpenAI remains committed to keeping humans in the driver’s seat even as models surpass us in capability.

Is the future of frontier AI open or closed? ReflectionAI co-founder and CEO Misha Laskin joins Sarah Guo and Elad Gil to discuss the launch of Beam, the company’s 500 billion parameter open-weight reasoning model. Misha breaks down the pre-training and reinforcement learning required to produce Beam’s reasoning efficiency, the shift in enterprise compute from renting to owning intelligence, and how he believes that open models will capture the majority of global token demand. He also talks about the open model ecosystem in China and why competition with China’s models is a good thing, safety considerations around open models, and how frontier-level open models may accelerate the pace of scientific discovery.

Founder and CEO of full-stack AI chip company Fractile, Walter Goodwin, joins Sarah Guo to discuss the bets he’s made on the future of the chip market as other major players like Broadcom, NVIDIA, and AMD try to accelerate their workloads. They discuss the difference in Fractile’s newer approach on model architecture with a full-stack team in the current chip landscape and the technical bets they’re making in that direction. Walter also talks about compressing the gap between the chip design cycle and its payoff period, and making a generational leap in AI inference to realize the bet in volume against the value to be captured.

Can AI transform legacy incumbents rather than replacing them? Sequence Holdings co-founder and CEO Michael Lee joins Sarah Guo to discuss how holding company structures and engineering integrations are reshaping market leaders from the inside out. Michael details Sequence’s $7.7 billion take-private transaction of Baldwin alongside Dell Family Office (DFO), and shares his thesis on why traditional consulting models and software sales fall short for real enterprise AI transformations. They also talk about why permanent holding company structures are good for long-term compounding, real-world results from applying frontier engineering to BankSouth, and Michael’s lessons from his time in public investing, private equity, and operating at the intersection of market incumbents and AI.