Textbook Ventures is a pre-seed venture capital fund focused on the very best founders from Columbia, Cornell, and NYU and beyond.

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WHAT IS QUANTUM MEMORY AND WHY TIME CALLED IT A BEST INVENTION Quantum memory isn’t a new idea, labs have been storing quantum states for years. What’s new is one that fits in a standard server rack, with no giant freezer, and plugs into the fiber that’s already in the ground. It’s called Qu-MEM, built by Qunnect out of Stony Brook research. Here’s why memory matters, you can’t copy a qubit, and quantum signals fade out in fiber after roughly 100 kilometers. The regular internet fixes that by copying and boosting the signal, Quantum can’t do that. The fix is memory, hold the quantum state, wait for the next link to connect, pass it on. Chain enough of those together and you can send quantum information across a country. What that unlocks: Communication that can’t be secretly intercepted, because reading the signal changes it. Banks and governments want that before quantum computers can break today’s encryption. Linking smaller quantum computers into one bigger machine, the same way data centers link GPUs today. Connecting sensors and telescopes across long distances so they act like one giant instrument. Qu-MEM is already running on testbeds across New York City, Long Island and Europe, including a New York network backed by more than $300 million in state and NSF money. Then there’s the other memory problem, QRAM, quantum RAM. It’s how a quantum computer would pull in large amounts of data. Nobody sells it yet, but in June, a Zhejiang University team showed a small working version in Nature Physics. 81% accuracy at 4 bits, 60% at 8 bits. That drop is the problem, many of the biggest promised use cases, like drug discovery, fraud detection and quantum AI, assume you can load huge datasets fast. Right now you can’t, and it gets worse as it scales. $INFQ $IONQ $QNT $QBTS
QUANTUM STOCKS RISK TO REWARD TIER LIST This isn't which company is best but which stock gives you the most upside for the risk at current prices. We ranked on how far each stock has already fallen, how much cash it has against its burn, its price against its revenue, and what could flood the stock with new shares. S TIER: $INFQ, 58% off its high and sitting near its all time low. Valued at about 31x revenue, the cheapest US pure play, with a business that barely burns cash. The resale overhang is known and priced in. $QNT, best technology in the industry. It cut logical errors 10x this morning to 5 per million operations. $2.1B in cash, about 9 years of runway, Honeywell as anchor holder. The asterisk is the IPO lockup coming up in early December. That’s the entry, not the reason to pass. $IQMX, the one nobody is watching. The smallest drawdown in the group, roughly 28x revenue, guidance of €42–47M and a real order book, reports November 5. A TIER: $IONQ, best assets, worst habits. At about 32x real revenue it’s priced in line with Infleqtion, but it keeps issuing shares to buy companies. 100M new warrants at $69 sit over the stock. $PSQL, 77% off its high and cheap against revenue. Revenue only grew 14%, and there are SPAC warrants still outstanding. B TIER: $RGTI 250x revenue, but about 9 years of cash and the US government as a shareholder, see upside from moving with the pack. $QBTS Real customers, but 315x revenue and a faster burn than Rigetti, again upside from moving with the pack. $XNDU, down 93%. Canada committed $195M, GlobalFoundries is building its chips, and DARPA just extended it. A Yorkville equity line sells into every rally. Price was great R/R but the stock keeps going against expectations. D TIER: $QUBT not a fan of the company, though trades at essentially cash, but we don't see long term value here. As always this isn't financial advice just our opinions based on analysis, feel free to disagree below.
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Super interesting time to be a small manufacturer relevant to the defense industrial base. Especially for firms in sectors SBA & Dept of War have flagged as priorities: munitions & components, drones, microelectronics, critical minerals, shipbuilding & repair components, sensors, batteries, castings & forgings, textiles. Here's a snapshot of the major federal moves this yr aimed at pulling more small manufacturers in to meet national security needs: 1. Office of Industrial Base Growth: In January, Dept of War stood up the Office of Industrial Base Growth, which absorbed the Office of Small Business Programs and widened its mandate to new entrants, mid-tier firms & nontraditional suppliers. 2. LYNX: On January 29, DoW launched LYNX, a platform built for new entrants, small businesses & nontraditional suppliers that have the technical chops but struggle to navigate defense requirements & find partners. 3. Civil Reserve Manufacturing Network - $131 million pilot: Created in the FY26 NDAA, CRMN builds a network of commercial manufacturers willing to convert production capacity to defense work during a crisis. 4. Made in America Loan Guarantee - up to $5 million at a 90% guarantee: On March 31, SBA announced a 90% federal guarantee for small manufacturers (vs. the standard 75% under 7a) to finance equipment, facility modernization, inventory, acquisitions & capacity expansion. 5. Manufacturer fee waivers - 0% upfront fees: SBA, 7(a) & 504 loan programs. Through Sept 30, manufacturers paid 0% upfront fees on 7(a) loans up to $950K and 0% upfront & annual fees on 504 loans. The FY27 fee schedule, effective Oct 1, keeps a 0% upfront fee on 7(a) loans to manufacturers up to $700K. 6. Smaller War Plants Commission: SBA & Dept of War, joint MOU, central coordinating body for small defense suppliers. On August 25, SBA & DoW established the SWPC, named after the WWII-era Smaller War Plants Corporation. The mandate is to pair enhanced SBA guarantees with investment & contracting opportunities, build an inventory of small business production capacity for CRMN, deploy joint teams to remove regulatory barriers, and report regularly to the President. 7. 8(a) fast track for critical defense manufacturers: SBA, 8(a) Business Development Program, 10 priority NAICS codes. On September 10, SBA began prioritizing 8(a) applications from firms in 10 defense-critical manufacturing codes, including: - ammunition (small arms & other) - guided missiles & space vehicles - aircraft parts - navigation & guidance systems - electronic components - iron & steel - machine shops - fabricated metal - shipbuilding & repair The gap is significant. Only 1.2% of active 8(a) firms are registered in those codes, and three of them have zero 8(a) firms. 8. SBA & Dept of War capital agreement: On October 12, SBA & DoW signed an MOA putting money behind the SWPC. DoW's Economic Defense Unit will identify small defense suppliers that need financing & refer them into SBA's 7(a) & 504 lender networks. SBA will also handle diligence, underwriting & portfolio management for DoW-funded redeemable preferred equity in small & mid-sized firms. 9. Army Manufacturing Rodeo: On October 12 at AUSA, Acting Army Secretary Adam Telle announced a "Manufacturing Rodeo," a race between industrial base partners early next year that will strain the Army's organic industrial base & the broader manufacturing network to find the weak links, fix them & keep iterating.
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I wrote about the exponential curve of the last 30 months of AI development: oneusefulthing.org/p/30-mont… And I asked Opus 5.5 to create the ultimate response to the test I use for all AI image generation models (make a picture of "an otter on a plane using wifi"), it made this video
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Please take a look at the idea database, and if you need funding, reach out to us as well. We want to help get more startups created to solve important problems..
Bill Gross (Idealab founder) built an AI-powered database of 1.2M startup ideas from patents, news, social media. He's launching Idealab.ai to match founders with ideas, collaborate, and tap $100M in funding.
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The NSA mathematician who made the numbers protecting your passkeys died in 2023 without ever remembering how he made them. Cryptographers chased the answer for years and put up a $36,864 bounty. Claude figured it out in under 30 minutes, and the answer was the clock on his computer. His name was Jerry Solinas. Back in 1997 he generated the starting numbers for P-256 and a few sibling curves, the math underneath your passkeys and a big chunk of the secure websites you visit every day. NIST published them in 2000 with no explanation of where they came from, and for a long time people mostly shrugged. Then 2013 happened. The Snowden files showed the NSA had slipped a backdoor into a different crypto standard, and suddenly every unexplained number the agency had ever handed out looked suspicious. These were the most widely used ones of all. Jerry's own story was that he'd hashed a joke sentence, something along the lines of "Give Bob and Jerry a raise," and then lost it when his work computer got swapped out. He tried to recreate it himself and never could. He even joked that any backup was probably sitting in the same warehouse as the Ark of the Covenant. After he died, Steve went digging. He tracked down former NSA people and old cryptographers, and four of them independently told him the same joke-phrase story. Filippo Valsorda turned that into a bounty in 2023, and for three years people threw computing power at every version of that sentence they could dream up. A few folks at Anthropic took a crack at it too, Steve among them. He's now one of the people credited on the solve. None of it matched. So someone at Anthropic tried something different. They asked an internal Claude model to figure out where the seeds came from and purposely left out the joke-sentence clue. Claude's first move was to think like a programmer in 1997. If you needed random numbers back then, you probably grabbed the basic generator that came with the C library on your Unix machine, and those old generators are simple enough that they leave fingerprints in their output. Sure enough, in four of the seeds the top bit of every 32-bit chunk was a zero. The odds of that happening by accident are about 1 in 5,810, and it's the calling card of a generator called lrand48. And this is where it gets fun. lrand48 runs in reverse just as easily as forward, so Claude rewound each seed back to the moment the generator was switched on. Every prime-curve seed rewound to a date and time from 1997 or 1998. Whoever ran the program had seeded it with the computer's clock. P-256's run started at 1:52:34 AM UTC on August 16, 1997. If that machine was at NSA headquarters in Maryland, somebody hit enter at 9:52 on a Friday night, and the seed that ended up in the standard was the 1,842nd one the program spat out. Jerry's joke sentence was never in there. He misremembered, four people faithfully repeated what he told them, and some very good cryptographers spent years trying to crack a hash of a sentence that nobody ever typed. Leaving the clue out is probably what let Claude get there in half an hour. I love the irony here. Using the clock to seed a weak random generator is one of the first things they tell you never to do in a security class. That exact laziness is why anyone can now rerun the NSA's 1997 program on a laptop and get the identical numbers, which makes it really hard to argue anything sneaky was hidden inside them. There's still one thing left to argue about. In the P-256 run, number 876 also would have made a perfectly good curve, and someone skipped it and kept going to 1,842. Anthropic says so few got skipped that it couldn't have been a hunt for a weak curve, but nobody knows why it happened. Claude's own notes from that moment are pretty funny. When the numbers matched, it actually stopped and wondered whether it was inside a test, since a 25-year-old mystery falling apart that fast seemed too good to be true. Then it reran the logic and talked itself into it, because ten curves each regenerating perfectly from a single timestamp doesn't happen by luck. The $36,864 is going to the nonprofit that runs Let's Encrypt, the group that gives free security certificates to millions of websites, a lot of them built on these same curves.
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Pepsi paid $2bn for Poppi and now says it won't pay the $300m earnout. Everyone's acting surprised. What happens when a giant buys a challenger brand, with the receipts: - Honest Tea, Odwalla, Zico: all bought by Coke, all discontinued. Zico's founder bought it back. - Bai: Dr Pepper paid $1.7bn, wrote most of it down. - Bodyarmor: Coke paid $5.6bn, took a $760m impairment three years later. - Rockstar: Pepsi paid $3.85bn, has lost share every year since. - Freshly: Nestlé paid $1.5bn, shut it within three years. - Dollar Shave Club: Unilever paid $1bn, sold it for a fraction seven years later. - Bonobos: Walmart paid $310m, sold for $75m. - Mirror: Lululemon paid $500m, wrote it off and shut it. - Ballast Point: Constellation paid $1bn, sold for pocket change four years on. - Reebok: Adidas paid $3.8bn, sold for $2.5bn fifteen years later. - Snapple: Quaker paid $1.7bn in 1994, sold for $300m in 1997. The original. The pattern isn't bad luck. The brand was bought to protect the original and core portfolio, not to grow. Once it's off the market, the job is done. If you ever sell to one of these: the cash on day one is the price. Everything else is a promise from someone who is incentivized is not to keep it.
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A consequential choice will be made soon by government and companies as they are increasingly flooded with agentic AI inquiries that overcome the frictions that gated access (see the graphs - it has already started!) Two options: do you make services worse or better as a result?
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How can a company get its website linked in chatbot results? A worthwhile Saturday morning coffee read from researchers at the University of Toronto attempts to clarify that. GEO (generative engine optimization) is an emerging field of marketing that aims to improve product discovery by nudging chatbots to mention specific products, brands, or services. From what I've seen, the techniques employed borrow heavily from the Search Engine Optimization (SEO) playbook: focus content on keywords, provide structured and machine-readable product / services data, include summaries and FAQs, etc. I've always been skeptical of this approach to improving organic discovery because a) it is reactive to model ("algorithm") changes and b) it strips companies of direct control over discoverability. A new paper titled 'What Drives AI Citations? Content, Retrieval and Model Knowledge in Generative Engine Optimization (GEO)' seeks to quantify the role of models' existing knowledge of brands as well as the relevance and structural elements of webpage content in citation in answers from chatbots. What it finds is that content relevance is associated with more citations, while various popular GEO content formatting and structural influence tactics show no reliable citation benefit (note that the scope of the paper is websites). The authors prompted several models through their APIs (OpenAI's GPT-5.4 nano, Google's Gemini 3.1 Flash Lite, and Perplexity's Sonar), with web search enabled, with commercially oriented questions about US home internet providers and niche B2B software once per day over the course of 90 days and recorded the responses. Among other things, they find: Common GEO features show no reliable citation benefit within websites. FAQs, summary boxes, author information, and structured data appear beneficial when comparing *different* websites, but those associations disappear when comparing pages on the same website. They find that these features are concentrated on websites that are more likely to be cited generally, but their presence is not significantly associated with higher citation frequency within the same website. The model's existing knowledge of a brand shapes the searches it conducts in anwsering a question, and retrieval in those searches is strongly predictive of citation. For OpenAI, how often pages appear in results returned by its search tool, and how highly they appear, explains substantially more variation in citation counts within websites than the measured page characteristics: 32% versus 2.8%. So the model is more likely to search for brands that it already recommends without searching, and those search results strongly predict citation. Paper linked below.
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Dear President Kornbluth and Chairman Gorenberg, Yesterday, as I am sure you are aware, a Boston jury unanimously found that @MIT professor Kristin Knouse defamed David Sabatini, falsely accused him of rape and sexual harassment, and tortuously interfered with his contractual arrangements including his tenure at MIT. MIT and its tenure review committee relied on Professor Knouse’s statements when it took away David’s tenure and terminated him. MIT's policies explicitly prohibit harassment, retaliation, and fabrication of claims. Falsely accusing a colleague of rape and sexual harassment and pushing for his termination under false pretenses are clearly violations of MIT policy. In light of the unanimous findings of the jury after five years of discovery, many legal motions and countermotions by both parties, and a three-week trial in Suffolk County Superior Court in Boston: Is MIT going to take away Knouse’s tenure and terminate her? If not, why not? Is MIT going to restore David’s tenure, and apologize for firing him? If not, why not? In light of what has transpired in this grave miscarriage of justice, MIT has the opportunity and the obligation to right a serious wrong here. At a minimum, the public deserves transparency into what actions MIT is taking in this case as taxpayers are major funders of MIT. Sincerely, Bill Ackman
A civil jury ruled in favor of ex-MIT scientist David Sabatini, who was accused by a younger colleague of inappropriate sexual conduct in his Cambridge research lab, and awarded him $6 million in damages. trib.al/s3v9VIX
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🦔Andreessen Horowitz laid off most of its 34 person team that helps its startups recruit talent, Axios reports. The few who are left will move into individual investing groups like growth and crypto, and the firm declined to comment. My Take I think a16z is bracing for a tougher stretch. In the past week CoreWeave’s bonds hit distress levels, Firmus pulled its IPO, and Character AI filed for bankruptcy three years after a16z led its $150 million round at a $1 billion valuation. The biggest venture firm in tech no longer paying a central team to help its companies hire means it expects those companies to need fewer people, or to have less money to pay them. Venture firms collect management fees for years no matter what, so a cut like this usually reflects what they expect next. Some of it is AI taking over recruiting and the work itself, but I think most of it is money getting harder to raise for anyone outside the biggest AI labs. I expect more firms to quietly shrink their support staff over the next few months, and the startups that make it through will be the ones that can pay for their own hiring out of revenue. Hedgie🤗 axios.com/2026/10/14/andrees…
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My dear American friends, today I'm going to take apart the two most successful salesmen of economic snake oil of our time: Thomas Piketty and Gabriel Zucman. If you read my last post, you know where this comes from. Gramsci told his heirs not to storm the palace but to capture the institutions: schools, universities, media, culture. I showed you how France became the laboratory. Today I want to show you the field where that strategy worked best of all. Economics. Here's why. In physics, if your theory is wrong, the bridge falls down. In engineering, the rocket explodes. Reality grades your work. In the social sciences, reality grades slowly, and nobody loses their job when the prediction fails. You pick your data, you pick your assumptions, you build a model, and the conclusion you wanted at the start comes out at the end with a lot of equations attached. That's the perfect terrain for a war of position. You don't need to be right. You need to be cited. Meet the two generals. Thomas Piketty wrote Capital in the Twenty-First Century. It sold millions of copies and became the most celebrated economics book of the decade. Gabriel Zucman, his former student, wrote The Triumph of Injustice with Emmanuel Saez and helped design the wealth taxes that Elizabeth Warren and Bernie Sanders campaigned on. This is not a French problem. Their ideas are already inside your Democratic Party. Now let's go through their theses one by one. Thesis one: "r > g." Piketty's famous formula says the return on capital grows faster than the economy, so wealth inevitably concentrates in the hands of a few dynasties, and capitalism slides back to the aristocracy of the 19th century. Look at the list of the richest Americans today. Elon Musk. Jeff Bezos. Jensen Huang. Mark Zuckerberg. Larry Page. First-generation builders. Not heirs. Most of the names on the first Forbes 400 list in 1982 have since fallen off it. Fortunes don't compound forever. They get split between children, spent, mismanaged, and overtaken by people who build something new. And when an MIT graduate student, Matthew Rognlie, looked closely at Piketty's own numbers, he found that the rise in capital's share of income came almost entirely from housing. Not factories. Not shareholders. Real estate, which is a story about building restrictions, not about capitalism. The law of history turned out to be a law of zoning. Thesis two: "Inequality in America has exploded." Piketty, Saez and Zucman built the charts every journalist uses. Top 1% capturing everything, the middle class crushed. Then two economists at the US Treasury and the Joint Committee on Taxation, Gerald Auten and David Splinter, redid the work. They counted what the famous charts left out or treated differently: taxes paid, government transfers, retirement income, changes in how people file. Their result: after taxes and transfers, the top 1%'s share of income has barely moved since the 1960s. Same country, same tax data, a completely different story. The difference isn't reality. It's the assumptions. And Piketty's data was already in trouble in 2014, when the Financial Times published an investigation pointing out errors and unexplained adjustments in his spreadsheets. Thesis three: "Billionaires pay a lower tax rate than the working class." This was the headline of Saez and Zucman's book, and it went viral. The 400 richest Americans supposedly paid less than the bottom half. To get there, they made choices that critics across the spectrum, including Larry Summers, Obama's own former Treasury Secretary, challenged: how corporate taxes are assigned, how refundable credits that put money into lower-income households' pockets are counted. Meanwhile, the IRS's own numbers say the top 1% of earners pay more than 40% of all federal income taxes. A viral claim is not a fact. It's a campaign slogan with footnotes. Thesis four: "A small wealth tax on the ultra-rich will fund everything." In France, Zucman's proposal became the left's flagship measure: a 2% minimum tax every year on fortunes over €100 million. Here's what they never explain. The fortunes of builders are not piles of cash. They are shares in the companies they built. Imagine a founder whose startup is valued at a billion euros but doesn't make a profit yet. To pay a 2% tax on paper wealth, every year, he has to sell pieces of his company. Year after year, he loses control, and the buyers are usually foreign funds. Congratulations, you just exported your best companies. And we know what happens next, because it already happened. In 1990, twelve OECD countries had a wealth tax. By 2017, only four did. Nearly all of them repealed it, because it raised little and chased away capital. Norway raised its wealth tax in 2022 and dozens of its richest people moved to Switzerland. France ran the experiment for decades before abolishing most of its wealth tax in 2018. Their policy has been tested. It failed every time. Thesis five: and here they stop pretending. In his next book, Capital and Ideology, Piketty proposes what he openly calls "participatory socialism." Taxes on the largest fortunes up to 90%. Property that is no longer permanent, but "temporary," returned to the collective at regular intervals. He's not hiding anything. The goal isn't to fix capitalism. It's to end private ownership of anything big enough to matter. So why are they celebrated? Why do they have the prizes, the chairs, the front pages, the invitations to Davos? Zucman even won the John Bates Clark Medal in 2023, one of the most prestigious awards in economics. That's not a refutation of what I'm telling you. That's the proof of it. That's what it looks like when Gramsci's long march reaches the economics departments. The institutions give each other medals, the media quote the medals, and the politicians quote the media. Nobody ever checks whether the predictions came true. So stop calling them neutral economists. They are activists with PhDs. Their work starts from a conclusion, that private wealth is illegitimate, and builds the data to justify it. And understand where that conclusion leads. I'm not saying Piketty or Zucman want camps. I'm saying every regime that tried to abolish large private property ended in poverty, and the worst of them ended in prisons and mass graves. The intellectuals who cheered Lenin didn't want gulags either. Many of them ended up in one. Good intentions have never been a firewall. Next time someone quotes Piketty or Zucman at you, don't get angry. Ask questions. Who are the richest people today, heirs or builders? Why did almost every country that tried a wealth tax repeal it? Why do two teams using the same tax data reach opposite conclusions? What does Piketty mean by temporary property? You don't need to win the argument. You just need to make them check. I come from your future. We gave these men our universities, our newspapers and our budget debates. Don't give them yours.
My dear American friends, in my last two posts I showed you where France stands and how our economy got there. Today I want to go deeper, because the economics were only the symptom. Here is my message to every American: you have been infected by a virus that took decades to incubate in your country. Everything you've watched get worse, year after year, is the damage. MAGA, whatever you think of it, is the immune response. But a body can't fight what it can't name. So today I'm going to name it and show you where it came from. It starts in an Italian prison cell. Antonio Gramsci co-founded the Italian Communist Party in 1921. In 1926 Mussolini locked him up, and he spent the rest of his life in prison filling notebooks. He was trying to answer one question: why did the revolution never come to the West? Marx had promised the workers would rise. They didn't. They went to church, saluted the flag, and wanted their kids to do better than them. Gramsci's answer changed everything. In the West, he said, power doesn't sit in the army or the factories. It sits in culture: schools, universities, churches, newspapers, theater, the family. He called it hegemony. As long as ordinary people believe in their own civilization, you can't overthrow it. So you don't storm the palace. You fight a "war of position." You take the institutions one by one, patiently, until the culture thinks like you do. Then political power falls into your hands like ripe fruit. A German student leader, Rudi Dutschke, later gave the strategy its famous name: the long march through the institutions. Now watch France become the laboratory. In 1945 the French Communist Party came out of the Resistance as the biggest party in the country, with more than a quarter of the vote. General de Gaulle needed them to govern, so communists entered the cabinet. Look at what they got. Public Health went to a communist, François Billoux. Labor went to a communist, Ambroise Croizat, who built our national social security system and put it under boards dominated by the communist-led CGT union. Industrial Production went to another communist, Marcel Paul, who nationalized electricity and gas and gave the union control of their enormous social funds. Education was redesigned by a commission led by two communist intellectuals, Paul Langevin and Henri Wallon, whose plan became the bible of French school reformers for decades. The communists were thrown out of government in 1947. It didn't matter. They kept exactly what Gramsci told them to keep: the unions, the schools, the universities, publishing, film, theater. For a generation, being a French intellectual and being on the far left were almost the same thing. Jean-Paul Sartre, the most famous thinker in the world, defended the Soviet Union while it was filling the gulags. Then came May 1968. Students occupied the Sorbonne, millions of workers went on strike, and for a few weeks the country stopped. De Gaulle won the elections that followed in a landslide. He won the ballot box. He lost the culture. Within a year he was gone, and the generation of 68 spent the next fifty years climbing to the top of every French institution: media, ministries, courts, schools, publishing houses. Their slogan was "It is forbidden to forbid." Authority, tradition, family, nation: all of it became suspect. Then came the export phase. This is where you come in. A group of French philosophers, Michel Foucault, Jacques Derrida, Gilles Deleuze, Jean-François Lyotard, gave the movement its intellectual weapons. Foucault taught that every institution, every norm, every piece of knowledge is a disguised structure of power. Derrida taught that every text, every concept, every hierarchy can be "deconstructed" until nothing stable is left. Lyotard announced the end of grand narratives, which in practice meant the end of the great narrative of the West itself. In France these men were famous. In America they became gods. Starting with a 1966 conference at Johns Hopkins where Derrida made his American debut, your English, history and law departments imported them wholesale. Your academics even gave it a name: French Theory. On your campuses it mutated. Mixed with the Frankfurt School exiles like Herbert Marcuse, who argued that tolerance should be withdrawn from the right, it produced critical race theory, gender theory, intersectionality. The old Marxist split between bourgeois and proletarian was replaced by a new one: oppressor and oppressed, assigned by skin color, sex and identity. That's the cultural strain of the virus. There's a second strain, and it attacked your energy and your ambition. In 1968 an Italian industrialist, Aurelio Peccei, co-founded the Club of Rome. In 1972 it published The Limits to Growth, built on a computer model from MIT, warning that if humanity kept growing, civilization would collapse. It sold millions of copies. Its core idea, that growth itself is the problem, became gospel. In France it gave birth to the degrowth movement. Progress went from a promise to a sin. Look what it did to us. The country that built a nuclear fleet in fifteen years shut down Superphénix, its advanced breeder reactor, in 1997, as part of a deal with the Greens. In 2015 it passed a law to cut nuclear's share of our electricity. In 2019 it cancelled ASTRID, our next-generation reactor program. In 2020 it closed Fessenheim, a working plant. We sabotaged our own greatest achievement because we were told that building things was dangerous. Put the two strains together and you get what you call woke. One teaches children to be ashamed of their past. The other teaches them to fear their future. Guilt behind, fear ahead. A civilization that hates where it comes from and dreads where it's going has nowhere left to go. And here's the irony. France infected America, and now America is sending it back to us. Our own politicians complain about "American woke ideas" invading French universities, without realizing those ideas were born in Paris. The virus made a round trip and came home stronger. That's why France is the most advanced case in the West. We have every symptom at once: a state that runs health, schools, culture and energy. Unions that block every reform. Universities where you can't say what everyone thinks. Self-hatred. Fear of growth. We are what the disease looks like when nothing fights it. The West is at a turning point. Every country is infected, some more than others. What you're living through, the fights over schools, over speech, over energy, over what it means to be American, is the fever. The fever is not the disease. The fever is your body fighting back. So understand this. The battle in front of you isn't just Republican versus Democrat. It's a battle for the institutions Gramsci told his heirs to capture: schools, universities, media, culture. It took them eighty years to win them. You won't take them back in one election. But you can take them back. You have something we never had: a country founded on the idea that the individual comes before the state. Free speech written into your First Amendment. Builders who still believe the future can be better than the past. Name the virus. Fight it where it lives. Don't let it do to you what it did to us. I come from your future. It's not too late to change yours.
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In AI’s developmental years, its network architecture created a bottleneck that limited its capabilities. Then researchers tried a mathematical operation referred to as “attention,” and everything changed. quantamagazine.org/is-attent…
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Anthropic got an AI model to run across 15 cheap TV boxes. Its goal: to explore how AI could someday spread between devices like a computer worm. But one cybersecurity expert worries the research could lead to more “fearmongering” than understanding. sciam.com/article/anthropics…
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My dear American friends, in my last post I gave you a snapshot of where France stands today. Now let me show you how we got here. I want you to see the whole movie before you buy the ticket. After the war, France was a machine. We called it the Trente Glorieuses, thirty glorious years. We built Concorde, the most beautiful aircraft ever made. We built a fleet of nuclear reactors in about fifteen years and gave ourselves some of the cleanest, cheapest electricity in the world. We built Ariane and put Europe in space. We built the TGV, the fastest train on earth. We invented the Minitel, an online network in millions of homes before most of you had heard of the internet. We were not a museum. We were builders. Then came 1981. François Mitterrand. Think of him as our Bernie Sanders, except he actually won. At his side, in the office next to his at the Élysée, sat a 37-year-old prodigy named Jacques Attali, his special adviser for the next ten years. The brightest minds of the left, convinced they could run an economy from a ministry. Here's what they did. They governed with Communist ministers. In 1982 they nationalized dozens of banks and the biggest industrial groups in the country: Paribas, Suez, Saint-Gobain, Thomson, Pechiney, Rhône-Poulenc. They lowered the retirement age to 60. They cut the work week to 39 hours and added a fifth week of paid vacation. They created a wealth tax. They hired massively into the public sector. Reality hit in less than two years. Capital fled, inflation ran wild, and the franc was devalued three times. In March 1983 Mitterrand had to slam on the brakes and impose austerity just to stay in the European monetary system. But here's the trick: the brakes never reversed anything. They just slowed the ratchet. The so-called right came back with Jacques Chirac, and nothing was undone. Under Chirac's presidency, France passed the 35-hour work week. Left or right, every government added one more program, one more rule, one more tax, and nobody ever took one away. At the same time, the political class did something even more destructive than bad economics. It turned the youth into a political instrument. Instead of teaching young people, including millions of children of immigrants, to love the country they lived in, it taught them a story of guilt and grievance: France as the oppressor, France as the thing to resent. You cannot integrate people into a country you've taught them to despise. We are living with the consequences of that narrative today, in our schools, our suburbs, our streets. Then forty years of slow decline, all the way to Macron. And the story has a perfect ending. In 2007, Jacques Attali chaired a commission on how to unleash French growth. Its deputy rapporteur was a young civil servant named Emmanuel Macron. The commission proposed more than 300 reforms to free the economy. Almost none were ever implemented. Even the men who built the system knew it wasn't working, and even they couldn't undo it. No balanced budget since 1974. Public spending around 57% of GDP. Debt above 3,300 billion euros. Growth stuck under 1%. Now the number that should keep you up at night. In 1995, GDP per person in France was about $27,000. In America, about $29,000. We were neck and neck. Today France is around $49,000. America is around $90,000. You are now nearly twice as rich per person as we are. What changed? Not our talent. Not our engineers. Not our schools of mathematics. The only thing that changed is that we went all in on socialism. The 35 hours, the endless regulation, the taxes that chase out anyone who builds, the belief that the state should do everything and the individual should ask permission for everything. There's a line people love to attribute to Einstein: insanity is doing the same thing over and over and expecting different results. We tried. For forty years, we tried. Every government promised that one more program, one more tax, one more regulation would finally fix things. You just saw where it got us. So if you choose the Democratic Party, which is literally turning socialist in front of your eyes, you will deserve what comes next. Let me tell you exactly what will happen if you go down that road. Nobody will vote for decline. Every single measure will sound generous, compassionate, reasonable. Your builders will slowly leave or stop building. Your state will grow every year and never shrink. Your debt will compound. And in thirty years, your kids will look at a chart like the one I just described and wonder when it all went wrong. You still have something we lost. You have Elon Musk sending rockets to orbit and landing them on their tail. You have Palmer Luckey building the defense industry of the future. You have Jeff Bezos, Jensen Huang, and thousands of founders nobody has heard of yet, building in garages right now. Trust your entrepreneurs. Don't trust your politicians. I come from your future. Don't make it yours.
I’m French. I want to talk to Americans who are about to vote Democrat. Not to insult you. To warn you. I come from your future. In France we did everything your progressive politicians promise. Free healthcare, free college, generous welfare, strong unions, heavy regulation, high taxes on the rich, a state that takes care of everything. Public spending close to 57% of GDP, one of the highest on the planet. On paper, it’s the dream. Here’s what it looks like from the inside. France hasn’t passed a balanced budget since 1974. Our debt is above 3,300 billion euros. Interest on that debt is becoming one of the biggest items in the national budget. Our hospitals are collapsing despite record funding. Our schools rank lower every year. Young people with degrees can’t afford an apartment in the city they were born in. Our best engineers leave for London, Zurich and San Francisco. And the rich you wanted to tax? They left too, and took the jobs with them. The promise was protection. The result is stagnation. The worst part is that nobody in France voted for decline. Every single step sounded generous, compassionate, reasonable. One more program. One more regulation. One more tax to fund it. Each step alone makes sense. Fifty years of them, and you wake up in a country that can no longer build a nuclear plant on time or keep its streets safe. I love America because it’s the one place on earth where people still believe they can build something from nothing. I came to Silicon Valley as a self-taught kid and it changed my life. That spirit is the most precious thing your country has. Before you vote, ask yourself one question: is the program you’re voting for making America more like America, or more like France? Trust me. You don’t want to be France.
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TextbookVC retweeted
Agentic commerce is not a mirage for travel "But the travel use case of agentic commerce presenting an obvious and fairly unobjectionable alignment between retailer, agent, and consumer also hides a sleight-of-hand that some of the proponents of agentic commerce would prefer to go unnoticed: that this alignment contrasts substantially with the dynamics of retail eCommerce, and so championing agentic travel booking — which is convenient, and which does provide unambiguous value to hotel chains, airlines, and consumers alike — doesn’t serve as a blanket endorsement of the agentic commerce enterprise." mdm.co/agentic-commerce-is-n…
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Chamath says IP and software were "effectively rendered worthless" this week, after people decompiled Adobe's core products and published open-source versions, as every service goes headless "The more important point I want to make though, is I sent this to Nick, there's been a couple things that happened in the last couple days, which I think are incredibly important." "There have been people that decompiled the entire, the entire big five. What is the big five? Adobe has five very, very important products in their product suite. Freeberg may know them all, but I just know Photoshop. There's like a bunch of others. Okay." "And these folks decompiled it, distilled it, and published open source versions of these things. And Rust, yeah. And I was so shocked, because I was like, hold on a second, these are like profound products that have existed and have had moats for years, and now they're just open source versions." "And then Nikita was, I think, trolling, and he was building on that idea, and just talking about GTA, because it's about to get released. I think GTA 6 is about to come out, and we'll reconstruct this." "Why is this important?" "I think that IP and software was effectively rendered worthless two days ago." "Because if you think about it, when everything is headless, so when Elon makes his services headless, Benioff made Salesforce headless a few months earlier, when all of these things are headless, and you can wrap them in agent tools, and you can connect them via MCP to other experiences, the value of IP does no longer exist in software. It doesn't exist." "And I think that probably is the most profound implication." "So, like, even in our business, we would argue with some of our customers all the time, because we'll say, oh, we'll build this for you, we'll own the IP. They'll say, no, we want the IP. We don't know how to negotiate it. And two days ago, I walked into the 8090 guys, I said, who cares? Who cares? But before, it was always a negotiation and a set of trade-offs. Now it's a who-cares thing, where, like, the IP is irrelevant." "It still takes a while for the machinery of a business, and frankly the market, to understand. But that is the most important thing that happened this week in AI, in my opinion."
David Sacks says Anthropic is run by a "religious cult" and is doing the very things it says it fears most, like opening a wet lab while warning of bio risk, and that there's an argument for sending in a federal SWAT team "But I do think that there are potential externalities from having the number one frontier model company run by a religious cult." "So, for example, they are opening a Claude-powered wet lab in the middle of San Francisco. But at the same time, they're warning of bio risk. At the same time, they say that we have to pace the frontier, they're extending the frontier. At the same time that they are saying that there's a risk of superintelligence growing beyond our control, they're programming it to grow beyond our control." "I think there are potentially huge externalities to the way they approach these things. And it's, like, insane that they call these decisions "safety." These are not safe decisions. These are crazy decisions, it seems to me." "This is why I've called this a schizophrenic company, is they appear to be not only hypocritical, but they're doing the things that they say they are most afraid of." "Like, what is going on here? This is bizarre. And I don't know where this all leads. I do think there's an argument for a federal SWAT team to come blasting in there."
Readers added context they thought people might want to know
The open-source Adobe alternatives were clean-room reimplementations built from scratch, not decompiled Adobe code. The project states they were built from public specs and observed behavior with no proprietary code or assets. notebookcheck.net/Photoshop-Prem… explainx.ai/blog/photocraf…
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TextbookVC retweeted
2026 is the year when all the backroom venture stuff that used to be whispered about gets put on blast on X. Not 100% why this is the year for that change!
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THE PENTAGON IS STARTING TO PUT QUANTUM IN EVERYTHING. HERE’S THE LIST. This week the Department of War put $350M into quantum and said they needed weapons that are “more lethal, cost-effective and manufacturable.” Total Quantum funding commitments this year has already reached $3.4 billion. HERE’s what it’s already going into. Submarines: Quantum magnetometers detect the tiny magnetic field a steel hull leaves in the ocean. Degaussing doesn’t fully remove it. The 70 year advantage of hiding underwater is ending. Aircraft: The Air Force flew a jet for 4 hours over the Pacific with GPS off, navigating by Earth’s magnetic field with a quantum sensor. Jamming GPS doesn’t work on a plane that isn’t using it. Ships: A vessel crossed the Coral Sea with no GPS, navigating by gravity. Quantum gravimeters read the seafloor’s pull and match it to a map. Drones: The Pentagon is putting quantum navigation on cheap disposable drones. A $20,000 drone that can’t be jammed changes the math on every air defense system. Helicopters: DARPA strapped quantum sensors to a helicopter to see if they survive vibration and they did. Radios: One Rydberg atom antenna receives the entire radio spectrum at once. Most antenna's in the world are tuned to one band. This one hears all of them. Soldiers: The Army wants helmets that read brain activity in the field. Quantum magnetometers are the only sensors small enough to do it without a shielded room. Nuclear weapons: The Pentagon says quantum threatens the system that controls them, and NIST is putting quantum sensors on nuclear material detection. Then the layer on top: Lockheed built a dedicated quantum weapons center, NATO put quantum on a military schedule, and DARPA just picked IBM, IonQ, Atom Computing and Diraq to build the computer that designs the next generation and so much more. $INFQ $IONQ $QBTS $QNT
THE MILITARY IS GOING QUANTUM. THESE 7 COMPANIES ARE IN POSITION TO WIN. Farseer is DIU's $200 million program to put quantum sensors into the military within months with magnetometers, gravity gradiometers, tactical clocks, and components. Proposals closed in July. Winners haven't been named. Here's who I think gets picked, and why. $HON: A jet running Honeywell's quantum navigation system flew four hours over the Pacific with GPS switched off, reading Earth's magnetic field to stay on course, 89% more accurate than standard backups. It was a test for this same Pentagon office, grown out of Farseer's predecessor program, and a C-17 is next. @qctrlHQ: Its quantum gravimeter just navigated a ship across the Coral Sea with no GPS and no stabilization. Gravity gradiometers are a named Farseer lane, and it has DIU and DARPA history. $INFQ: Its Tiqker clocks are in Navy programs, its Rydberg RF receivers are with the Army, and it's building NASA's quantum gravity gradiometer, which covers three of Farseer's four lanes. On June 22nd, the day before Farseer launched, its CEO was in the Oval Office for the quantum executive orders, the only quantum sensing company in the room alongside IBM and Google. $IONQ: through their Vector Atomic acquisition, their portable atomic clocks won under the last DIU program. IonQ owns it now, and tactical clocks are a Farseer lane. $LMT: Launched its quantum center last week and was a previous DIU awardee. Most likely as the integrator putting sensors on platforms. @SandboxAQ: AQNav has flown quantum magnetic navigation on Air Force aircraft. Not on the last DIU list, but the most operational magnetic navigation system out there. AOSense: Atom-interferometry gravimeters and inertial sensors, decades of defense work, previous DIU awardee. Time will tell soon enough who gets in, bookmark this! $INFQ $IONQ $LMT
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TextbookVC retweeted
Founders and Fundraisers, here's your AI hack of the day. Go to the semi-secret @shaig Google doc of almost 1,000 smaller VC funds that have recently raised. In the right hand Gemini panel describe your startup in general terms - or upload your full deck. Then ask which funds might be a good fit - I just did and was super impressed with the results. docs.google.com/spreadsheets…
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TextbookVC retweeted
"Most people aren't looking to save time, they're looking for ways to spend their time." 9 of 15 consumer internet categories have zero AI products in the Top 100. These built some of the biggest companies of the last two eras: - Streaming - Social - Dating - Gaming - Travel - Retail - Finance - Real estate - Jobs More charts in our Top 100 Consumer AI Apps breakdown: a16z.news/p/top-100-consumer…
The seventh edition of our Top 100 Consumer AI Apps is here. New this time: a revenue leaderboard, alongside the usual web and mobile traffic rankings. Three years ago we published the first edition. ChatGPT was #1, Claude was unranked, and the entire category was chatbots, image generators, and not much else. In today's edition: - ChatGPT still holds the throne, now with 1B+ monthly actives on mobile - Claude has climbed to #3 on web with nearly 1B monthly visits - The category has expanded to vibe coding (Lovable, Cursor, Replit), music (Suno), design (Figma), voice (ElevenLabs), video (Higgsfield, Kling), agents (Manus), and even hardware (Plaud) Full breakdown from @omooretweets: a16z.news/p/top-100-consumer…
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