PERSON DIRECTORY
David George
David George appears in 11 indexed conversations across The a16z Show, 20VC, Invest Like the Best. This directory brings every appearance, source, TL;DR, digest, and transcript into one searchable feed.
AI, Infrastructure, and the Next Investment Cycle
David GeorgeSarah WangAlex ImmermanSantiago Rodriguez
AI’s rally is being driven by earnings rather than multiple expansion, with the S&P 500 below 20 times earnings while growing about 15%.Capex is projected to rise from $416 billion in 2025 to about $780 billion in 2026 and exceed $1 trillion annually from 2027; enterprise adoption remains concentrated in pilots, with inference-cost declines and workflow deployment as catalysts.
Why AI Demand Is Outrunning Compute Supply
AI demand accelerated through July and August, with usage concentrated among possibly sub-10 million heavy users and no leader identifying a worsening quantitative metric.Nebius suggests nine-to-ten-month paybacks on $50B-per-gigawatt builds, supported by 50-60% customer prepayments; undersupply through ’28 could lift token prices, while shifting capacity to training could cut lab revenue from $480B to $120B.
The New Rule for Picking AI Winners | The a16z Show
OpenAI and Anthropic now add more monthly revenue than Meta, Google, or Microsoft despite AI diffusion below 5%, making “in the token path” George’s rule for application winners.Five frontier labs could lower token prices, but Chinese models reportedly offer 80% of frontier capability at 10% of the cost; scarce capacity lasts through early 2029, with algorithmic breakthroughs the key reversal risk.