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Five views worth knowing: hear them yourself

The moments behind the five views on the ExpertsFM front page, in the same order. Play straight through, about 25 minutes.

1. 1
   Dines shrinks legal AI to $10B

   The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch — 20VC: Why AI Cannot Replace Humans in Enterprise | Why Work Processes Not Models Will Be The Most Valuable Asset in AI | Why Europe Has Lost and Building in the US vs EU with Daniel Dines, UiPath @ 43:58 · 2 min

   UiPath's CEO walks from a $300B legal market down to a roughly $10B token opportunity, then asks if Harvey's investors are wrong.
2. 2
   Would you lead Legora at $11B?

   The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch — 20VC: Meta's Muse Hits No. 1. ChatGPT Finally Has a Rival | Menlo Sounds the AI Bubble Alarm | Factory Triples Its Valuation to $5 Billion | Keith Rabois vs Airwallex: Who is Right? | Crusoe's $3.9 Billion Round. Is the Data Centre Trade Overheating? @ 1:00:24 · 3 min

   The 20VC panel weighs Legora's $200M ARR against a reported minus 50% gross margin in legal AI.
3. 3
   When serving AI turned profitable

   Dwarkesh Podcast — Dylan Patel – Anthropic & OpenAI will have most of the world’s compute by 2028 @ 0:00 · 3 min

   Dylan Patel on compute costing $10M to $15M a megawatt while Anthropic's revenue per megawatt climbed far past it.
4. 4
   Jane Street out-earns Anthropic per megawatt

   Dwarkesh Podcast — Dylan Patel – Anthropic & OpenAI will have most of the world’s compute by 2028 @ 1:14:42 · 2 min

   Why a customer capturing $300M to $500M a megawatt could push labs to keep compute for themselves.
5. 5
   80% margins on open models

   The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch — 20VC: $1BN ARR in 18 Months; The Untold Story of Higgsfield | Spending $4M Per Month on Models | Why Moats in AI are BS | Scaling a Content Team to 150 People with Alex Mashrabov @ 27:13 · 3 min

   Higgsfield's founder compares margins on its own post-trained open models with closed ones.
6. 6
   Most tokens open, most dollars closed

   Y Combinator Startup Podcast — Open Models Change The Economics of AI @ 17:08 · 4 min

   Ollama's Jeffrey Morgan predicts open models carry 80 to 90 percent of usage but a small slice of the budget.
7. 7
   The quiet businesses selling to labs

   Y Combinator Startup Podcast — The State of Startups in 2026 @ 22:51 · 3 min

   YC on more than a dozen companies each making $10M+ a year selling data and training environments to AI labs.
8. 8
   Coding, then finance, then everything

   Dwarkesh Podcast — AI researchers debate how close we are to recursive self-improvement @ 33:26 · 3 min

   A researcher describes the order in which labs expand their training environments across the economy.
9. 9
   The AI roll-up playbook

   The Startup Ideas Podcast — $5T opportunity: AI Roll Ups @ 4:41 · 3 min

   Thrive's accounting firms and General Catalyst's Long Lake: what the funds report after adding AI to small service firms.

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