Equity

LLMs may have kicked off this AI boom, but the ceiling is closer than the hype suggests. As models run out of text data to train on, the companies and investors paying attention are already moving on. The next wave isn't better chatbots; it's machines that can understand the physical world. Luma AI, the Bay Area lab that raised over $1.4 billion from a16z, Nvidia, and Amazon, is betting on exactly that. 

On episode of TechCrunch's Equity podcast, we’re bringing you a conversation Rebecca Bellan sat down with Amit Jain, co-founder and CEO of Luma AI, at Web Summit Qatar. Together, the pair dug into where the next trillion-dollar AI opportunity actually gets built, and whether the companies chasing it even know what they're building yet. 

Listen to the full episode to hear about: 


Why video, audio, and images are the real frontier for AI training data, not text 


What an "intelligent world model" actually is, and why Jain thinks most companies building them are getting it completely wrong 


The case for why AI won't kill creative jobs, and why Jain thinks studio heads are the real problem 


How the path from video generation to robotics to AGI is simpler than anyone's making it sound 

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

Chapters: 

00:00 Intro 

01:13 Why LLMs are hitting a ceiling 

02:43 The data problem & what comes after LLMs 

04:30 What actually makes a world model a world model 

06:05 Why 3D data is a dead end 

07:39 What Luma is building next 

09:08 How much humans stay in the loop 

10:00 Near-term use cases for agentic video 

11:22 Will AI kill jobs in film & production? 

13:30 Why the entertainment industry is already dying 

15:27 Why we actually need more content, not less 

17:46 Luma's roadmap: generation, understanding, and robotics 

19:54 Outro 
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Snowflake is betting that the future of AI isn’t just analyzing data, it’s acting on it. That means a shift away from chatbots and toward autonomous agents that can actually get work done. And Snowflake is reorganizing fast to keep up, from shipping hundreds of AI features to restructuring teams along the way.On this episode of TechCrunch’s Equity podcast, Rebecca Bellan sits down with Snowflake CEO Sridhar Ramaswamy to unpack the company’s transformation and what it signals about where AI is headed next.

Listen to the full episode to hear:

Why Ramaswamy believes the chatbot era is ending and the agentic era is beginning.

How Snowflake is evolving from a data warehouse into an AI and applications platform.

What “shipping with your data” actually looks like in practice.

Why the company is making big internal changes to support its AI push.

Subscribe to Equity on ⁠YouTube⁠,⁠ Apple Podcasts⁠,⁠ Overcast⁠,⁠ Spotify⁠ and all the casts. You also can follow Equity on⁠ X⁠ and⁠ Threads⁠, at @EquityPod. 

Chapters:
00:00 Intro
00:17 Snowflake’s AI shift and agentic future
01:45 Why 2026 marks the end of chatbots
04:09 Cortex Code, Snowflake Intelligence, and new products
06:09 Who benefits: non-technical users & enterprises
07:35 Adoption challenges and why AI pilots fail
12:11 How AI is reshaping jobs and skills
14:39 Layoffs, automation, and the future of documentation
18:37 Snowflake’s evolution into an AI platform
21:04 Competition: Databricks, hyperscalers, and AI giants
25:01 Outro
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Tech companies are racing to build data centers in space, pitching orbital compute as the next frontier for AI infrastructure, even as the technical and economic realities remain far from clear. Add in OpenAI’s massive $122 billion round and Bluesky’s latest AI backlash, and the message is clear: The future of AI is being shaped as much by ambition and hype as it is by real-world constraints. 

On this episode of TechCrunch’s Equity podcast, Kirsten Korosec, Anthony Ha, and Sean O’Kane unpack these massive capital bets, user backlash, and off-world compute plans along with Whoop’s major valuation and the literal downfall of robot Olaf.  

Listen to the full episode to hear about: 


OpenAI’s $122 billion fundraise and what its near-trillion-dollar valuation says about expectations for AI.  


Whoop’s $575 million raise and the shift toward “wearables 2.0” (and what happens to all that data).  


Bluesky’s AI-powered feed builder and why it triggered a major user backlash.  


The rise of data centers in space and whether they are financially or physically feasible.  

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify, and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

Chapters: 00:00 Intro 00:20 A humanoid Olaf robot collapses at Disneyland Paris 03:30 OpenAI raises $122B at an $852B valuation 11:30 Whoop lands $575M and bets big on wearable data 

18:50 The risks (and value) of personal health data 23:00 Bluesky’s AI feed builder sparks backlash 30:00 Can Bluesky keep growing — and compete with X? 36:30 The race to build data centers in space 44:30 SpaceX, Starlink, and the business of orbital compute 49:30 Outro 
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The VC middleman is getting cut out faster than anyone expected. Family offices and private wealth firms are going direct: writing checks, taking board seats, even incubating companies from scratch. And more founders are starting to notice. In February alone, family offices made 41 direct investments, including one Midwest-based firm that led a $230 million Series B into an AI chip startup. 

 

On this episode of TechCrunch's Equity podcast, Rebecca Bellan caught up with Mitch Stein and Ari Schottenstein, founder and head of alternatives at ARENA Private Wealth, to find out what this shift means for founders, cap tables, and the future of AI investment. 

 

Listen to the full episode to hear: 


How Arena landed the lead on Positron's $230 million Series B, and why the CEO specifically wanted them on his cap table 


How Arena does due diligence on technical companies 


What "tourist capital" actually looks like, and the red flags founders should watch for as family offices flood into AI deals 


Why some VCs are quietly unhappy about this trend (and why Arena thinks that's their problem) 

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

 

Chapters: 

00:00 Intro  

03:13 Why family offices are going direct now 

06:03 The gen 2 & gen 3 family office shift 

07:22 Is this strategic or just AI FOMO? 

10:17 How Arena got into the Positron deal 

14:30 Why founders want private wealth on their cap table 

18:31 Due diligence on technical companies 

21:56 Red flags founders should watch for 

25:04 Are VCs threatened by this trend? 

27:47 Taking board seats & level of involvement 

34:17 Outro 
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When an 82-year-old Kentucky woman was offered $26 million from an AI company that wanted to build a data center on her land, she said no. Sure, that same company can try to rezone 2,000 acres nearby anyway, but as AI infrastructure stretches further into the real world, the real world is starting to push back. 

That tension is everywhere this week, from OpenAI shutting down its Sora app to courts finally starting to hold social platforms accountable. On this episode of TechCrunch's Equity podcast, Kirsten Korosec, Anthony Ha, and Sean O'Kane dig into what it looks like when the AI hype cycle meets reality. 

Listen to the full episode to hear about: 


Why rival prediction market CEOs of Kalshi and Polymarket are co-investing in a $35M VC fund 


How drone startups like Zipline, Lucid Bots, and Brinc are finding real traction where other robotics plays have stalled 


What Kleiner Perkins' $3.5B raise says about where the biggest VC firms think the next AI wave is going 


Why two separate court verdicts against Meta in the same week could be the “tobacco moment” for social media 

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

Chapters: 

00:00 Intro 

00:30 Would you turn down $26M for your farm? 

03:56 Rivals Kalshi & Polymarket CEOs are investing together 

10:28 Deals for drones: Zipline, Brinc & Lucid Bots 

18:17 Kleiner Perkins goes all-in on AI with $3.5B raise 

22:52 OpenAI shuts down Sora 

28:04 Meta gets hit with dual verdicts 

34:56 Outro 
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