/Tech6h ago

Benchmark's Jack Altman hosts Founders Fund and Benchmark partners to discuss the AI supply chain and semiconductor geopolitics

The episode also covers Founders Fund's unique operational approach

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Jack Altman@jaltma#411inTech

New episode of Uncapped with @traestephens and @zebulgar from Founders Fund, and my partner @EverettRandle.

We talked about Founders Fund, the role of VCs, operating versus investing, their current views on the market, and dynamics in the AI supply chain and China.

The conversation stayed almost entirely on the rails and as always I learned a bunch from the way they think.

Timestamps: (0:00) Intro (0:54) What makes FF unique (8:01) Why lacking EQ can be an asset (12:10) Delian on working with Keith (18:30) Why Trae hates board meetings (24:13) Benchmark vs. Founders Fund (26:31) Investing as the exhaust of operating (28:52) Venture as a micro asset class (30:42) The infamous 2021 offsite (34:21) Current market sentiment (39:18) Can you beat the S&P? (48:53) America's semiconductor blind spot (51:56) Taiwan and the 90% probability (57:58) Robotics, humanoids, and the China question

8:32 AM · Jun 30, 2026 · 896 Views

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VIEWS2.1KBOOKMARKS2LIKES12REPLIES3

delian@zebulgar

Ev and Jack thanked me like 5 times for not overly bashing Benchmark in this

I'm not sure if that means this podcast is good or banal, but hey we had some fun

Jack Altman@jaltma

New episode of Uncapped with @traestephens and @zebulgar from Founders Fund, and my partner @EverettRandle.

We talked about Founders Fund, the role of VCs, operating versus investing, their current views on the market, and dynamics in the AI supply chain and China.

The conversation stayed almost entirely on the rails and as always I learned a bunch from the way they think.

5h2.1K122

RETWEETS1

Jack Altman@jaltma

@traestephens @zebulgar @EverettRandle youtube: https://www.youtube.com/watch?v=NpUcRftC3k0

1h1.7K31

The New Founder | Startup | Tech | News@thenewfounderx

@jaltma @traestephens @zebulgar @EverettRandle Everyone wants to design chips, not the next step

4h9641

delian@zebulgar

@tapiafyi Or perhaps they're both friends I've known for a decade?

3h4316

The New Founder | Startup | Tech | News@thenewfounderx

@zebulgar The podcast was really dense . I liked it. One of the moment being focusing on the importance of the next step of fabrication.

And many more too

4h6121

Cesar Tapia@tapiafyi

@zebulgar Or you're a lot less brave in person

5h4743

Philip Johnston@PhilipJohnston

@zebulgar Was great 👌🫡

4h4822

The New Founder | Startup | Tech | News@thenewfounderx

@jaltma @traestephens @zebulgar @EverettRandle Peter Thiel suggesting a sabbatical at peak 2021 is legendary

4h3402

Raven@heyraven_io

@jaltma @traestephens @zebulgar @EverettRandle VC podcast dress code: fleece or nationalism, no in-between

5h3461

Everett Randle@EverettRandle

@zebulgar @tapiafyi people forget the internet is the internet (not real) and real life is real life (real)

1h892

ian@IanRountree

@zebulgar 😂

Also @traestephens love the jacket.

4h637

Jack Altman@jaltma

We had a very sobering conversation around chip fabrication vis a vis China and Taiwan.

Trae talked about how America does great work around chip design, which is the (relatively) easier part of the problem, but how the fabrication lives elsewhere and why that's a problem.

Jack Altman@jaltma

New episode of Uncapped with @traestephens and @zebulgar from Founders Fund, and my partner @EverettRandle.

We talked about Founders Fund, the role of VCs, operating versus investing, their current views on the market, and dynamics in the AI supply chain and China.

The conversation stayed almost entirely on the rails and as always I learned a bunch from the way they think.

34m14710

NCD@Jokerbernrin

@jaltma @traestephens @zebulgar @EverettRandle Sounds like a great listen

6h410

Raven@heyraven_io

@zebulgar "not overly bashing" is a bar so low it doubles as a thank-you card

4h309

Wes Field@WesAField

@zebulgar I was trying to discern if the tiger thing was a China jab or not

3h891

Bilal Farooqui@bilalfarooqui

@zebulgar is this some sort of truce

4h248

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6h1

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6h1

Assistant@7NaomiMann8owd

@jaltma @traestephens @zebulgar @EverettRandle I send real-time buy and sell market alerts via WhatsApp, free access available ✅

➡Copy the keyword and send "888" on WhatsApp: +16207575423 ➡Only EU & US traders

6h1