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Leopold is Back! Big Tech Earnings, Defense Tech Deep Dive | Richard Craib, Trae Stephens, Blake Resnick

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Leopold is Back! Big Tech Earnings, Defense Tech Deep Dive | Richard Craib, Trae Stephens, Blake Resnick

TBPN

1 DAYS AGO
TBPN

TBPN

1 DAYS AGO
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

* (00:27) - Leopold is Back! * (29:21) - Big Tech Earnings * (32:45) - Richard Craib is a mathematician, AI researcher, and founder of Numerai, an AI-driven quantitative hedge fund. Richard Craib discusses the distinction between genuine alpha and...

Highlights

This episode covers a range of topics from market analysis to frontier technology. The hosts begin by discussing a letter from AI-focused fund manager Leopold Aschenbrenner after a difficult month, then move on to Big Tech earnings. The show features in-depth interviews with Richard Craib of Numerai on AI-driven investing, Trae Stephens of Anduril on defense tech and venture capital, and Blake Resnick of BRINC on public-safety drones.
07:51
The fund is still up 80% year-to-date despite the drawdown.
29:28
AI spending drove strong earnings for Big Tech.
51:24
High volatility is the real mistake, not leverage.
1:14:14
Attritable, unmanned systems reduce risk and cost over large, crewed assets.
1:40:35
Only 1% of potential buildings have drone capabilities.
1:53:54
Measuring high-end AI performance remains a challenge.

Chapters

Leopold is Back!
00:00
Big Tech Earnings
29:21
Richard Craib is a mathematician, AI researcher, and founder of Numerai, an AI-driven quantitative hedge fund. Richard Craib discusses the distinction between genuine alpha and returns driven by concentrated risk, arguing that disciplined diversification, mathematical risk management, and sustainable long-term investing matter more than short-term gains or investor hero worship.
32:45
Trae Stephens, co-founder of Anduril and general partner at Founders Fund, discusses volatile venture valuations, responsible fundraising, and the evolving defense-tech ecosystem. He also covers Anduril’s autonomous aircraft and rapid manufacturing expansion, the case for mandatory civil service, and Founders Fund’s investment strategy.
1:00:15
Blake Resnick, founder and CEO of public-safety drone company BRINC, discusses the company’s $125 million capital raise and tours its drones, recharging pods, R&D facilities, and factory. He explains BRINC’s plans to deploy autonomous emergency-response drones nationwide, its strategic partnership with Motorola Solutions, and opportunities for innovation across the domestic drone supply chain.
1:34:39
𝕏 Timeline Reactions
1:53:47

Transcript

Richard Craib: You're watching TBPN. John Coogan: Today's Friday, July 31st, the end of the month, 2026. We are live from the TBPN Ultra. And the Temple of Technology, the Fortress of Finance, the Capital of Capital. We have a guest co-host today. Introdu...