{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Fnon-consensus-investing.simplecast.com%2Fepisodes%2Ffsd-money-20-20-highlights-Cx0B2HE3","width":444,"version":"1.0","type":"rich","title":"FSD: Money 20/20 Highlights","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/d685d316-5f8f-423b-b62c-820daec733ad/f31b2f30-b484-49d5-9aec-28ef36b992e8/invest-beyond-the-ordinary-2.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"","height":200,"description":"Takeaways from a week at Money20/20 in Las Vegas, where one conference visit offers an efficient read on where banking, fintech, and venture are headed.\n\nThe episode covers the AI frenzy moving into regulated spaces, including neobanks and Erebor’s rapid lending and deposit growth, and why the real opportunity is reimagining the customer experience rather than adopting technology for its own sake. It lays out the “experience as a service” thesis, including AI that lives in SMS, an app, AirPods, or a phone call, and how that reshapes white-collar service business models. It also traces the arc of AI venture: frontier labs, then compute, then vertical apps like Harvey, Rogo, and Basis, and now specialized consumer AI like Granola and AI-powered tax filing.\n\nOn the frontier labs, it examines the “friend or foe” tension as they push into new markets, why some startups are moving to cheaper models like Kimi, and why markets tend toward specialization. A lender’s view on GPU demand, spot pricing for older Nvidia racks, and the risk of a supply-demand mismatch adds the credit-side perspective.\n\nMarket topics include the midterm selloff in financials, defense, and AI data center names, why the worst may already be priced in, and a possible “October surprise.” It closes with lessons on opportunistic investing, a roll-up that grew from a $35M raise to a $670M exit, and two opposite ways to win: lean into AI or find opportunities that are AI-proof."}