USV Microfiche Issue #3

Everything at USV in the last month in under 90 seconds

**Modulations:** Grace naps with Elemind, Nikhil elevates his mood with Prophetic and our youngest team member, Miles, is able to hear for the first time thanks to his cochlear implants

Percolating

Some ideas we’ve been discussing and would love to discuss with you

1/ Fat Models: Similar to our Fat Protocols thesis, we've been discussing where the value capture is in AI and how much could be captured at the application layer vs. all accruing to the model. The exception that stood out to the team was companies with novel, proprietary data that could not be accessed by the LLMs

2/ Learning Support Systems: The technology has existed for over a decade for anyone to learn anything and LLMs have made it even easier. Nevertheless, schools still play many vital roles, especially for those who need structured support. As we move forward, we wonder what the new systems of support will look like?

3/ The Flexible Load Sub Thesis: A variety of our climate investments are positioned as grid assets that can perform energy intensive tasks using excess renewable offloads. As electrification creates more strain on the grid, we like businesses that can take advantage of the overproduction from renewables.

4/ Where Can You Trust an Agent?: We talked a lot about instances where we might trust an autonomous agent given their current reliability. Unsubscribing from customer service doom loops was at the top of the list. Otherwise, we might be more comfortable with assistants and copilots for the foreseeable future.

5/ Bots Welcome Here: We often complain about the negative effects bots have on experiences inside major social networks, but are there places where we might appreciate their presence? Bots could be especially valuable in helping an application or community overcome its cold start problem.