research & investments at the qatari family fund • @statestreet @the_zo_world @chainlink

San Francisco, CA
Joined May 2013
The ticker is Eth and we’re literally pumpin it, said my vc frens who workout 🏋️ Super fun sesh ft @BanklessVC
Thanks for coming to our CrossFit and Crypto event! 🏋️‍♂️🏋️‍♂️🏋🏻🇹🇭🫡
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This is super interesting tbh We buy a subscription. It hits the limit. We upgrade or keep waiting. The interesting bit is that paying for more capacity doesn’t necessarily mean you can use it when you need it. We all have multiple accounts with capacity, but different reset windows, concurrency limits and policies. the allocation problem is getting the right request to the right available account without making a human babysit it. My sister has spent the last few weeks building around this and has now open-sourced both projects. I'd be super curious to see the next layer of measurement - completed jobs per dollar, time lost to limits, and how often failover actually saves a run. Token counts tell you usage. Those numbers would tell you what the plumbing is worth
built two self-hosted proxies that pool coding agent accounts behind one endpoint. routes by quota, fails over when an account hits a limit. open source. claude code proxy: github.com/jamila-khan/Claud… codex proxy: github.com/jamila-khan/codex…
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started the day on a high by visiting startup echoashram with the @JoinEdgeCity folks 🌿✨ good people, great conversations, amazing food and the kind of vibes that make you wish the day lasted longer🫶🏻🍃
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officially part of edge city! 3 weeks of experiments, ideas and probably some beautiful chaos ahead
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It’s almost Token time which means it would be rude not to bring back this banger to the timeline. Better book in some karaoke @letjaybuild
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Shabbir Khan 🦇🔊 retweeted
Announcing the Liquid Compute GPU Offtaker Credit Map We assessed 200 private buyers of compute and ranked 169 on a single, transparent credit framework. Our findings cut against consensus: the strongest private offtakers are trading firms and profitable private corporates, not necessarily best-known AI labs. We released this because the real bottleneck to access compute is capital markets. Capacity gets built when someone will finance it, and financing turns on a question nobody had a shared answer to: can this buyer keep paying for the full term? The framework is published in full, and we intend it to become the stepping stone for providing greater transparency about counterparty credit. If you buy, build or finance compute, we want to hear from you. If you are on the list and think we have you wrong, please reach out. We welcome all comments and direct feedback on the methodology.
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Shabbir Khan 🦇🔊 retweeted
It was once said that half the beauty of the world is in Iran.
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AFTERMATH - SOME WARS NEVER END ☣️ When the war takes everything from a soldier, only a monster remains Hollowed out by the loss of his family, he is a weapon without a master, seeking absolute retribution
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its surprising how many sf teams have a branch here in shenzhen 🤣 all in stealth mode
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Seeing a lot of founders talking about YC rejections on the timeline. If you didn’t get in, come build with us at @virtuals_io, everyone is welcome and you can quickly raise funds to bootstrap. Plus, we have a cracked team that loves supporting projects, DMs always open!
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who’s gonna tell him Gary is only looking for ‘natives’ now
Rejected by @ycombinator. Top 10%. 2nd time applying, 1st with @kleoklaw. I don't care how many times I get rejected, I'll pursue startups until I fucking die. I will build something great and I refuse to settle for anything less. Now I must prove it. YC, I'll be back.
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Sad to see YC cave to the nativists. YC used to back the best founders, wherever they were born, and encourage them to hire the best people, whatever their nationality. The old YC understood that attracting the world’s best talent is America’s superpower.
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yea the pancake is good content - collapsing deployment from months to minutes is the trillion-dollar part
Introducing S1, our new foundation model that learns from one example. It can be taught 10-minute long tasks that it has never seen before, from one video prompt without any fine-tuning. Watch S1 operate in real-time via in-context learning:
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yea it's actually sick (pun not intended) :(
we fear hospitals and forget most of us were born in one. the first room you ever entered was a hospital room @superhealth X @localhosthq spending saturday night reminding bengaluru of that, with live music in the corridors. the hospital paradox we treat it as where things end, when for most of us it's where everything started.
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There's something ironic about being called ‘situational awareness’...
Situational Awareness "purchased 'flex options,' a customized derivative, to amplify its AI trade." Flex options aren't what you might use as a pickup move at Surf Club Montauk. FLEX option terms are tailored to a specific buyer and seller. There's virtually no secondary market. Ooops wsj.com/finance/investing/ho…
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Good summary of the major points of our robotics investment thesis Worth understanding as the industry continues to accelerate
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yea 1m token context window in codex while my gpt is telling me to start a new chat lol
OpenAI just enabled 1M token context window for GPT-5.6 Sol in Codex. Previously only worked with API keys, now works with ChatGPT accounts too. Three lines in your config file. That's it. The catch? OpenAI themselves say the default context length is already tuned to near perfection. You might see a performance downgrade and your quota will burn roughly twice as fast. But if you're working with large codebases, now you have the option.
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We're building a private DeFi ecosystem on @horizenglobal. Get in. 🏎️💨
Amaanah is now live on the @horizenglobal testnet. Our first public testnet brings confidential vault infrastructure to onchain, enabling users to deposit, hold, and withdraw stable assets while keeping sensitive vault state private. The testnet is now open for testing.
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they turned it into my street dog, bet this thing will chase me at some point
Chinese company Unitree reveal their "all terrain" wheeled robot. The military potential for this technology is obvious. Europe is so far behind China, its scary.
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Shabbir Khan 🦇🔊 retweeted
A Stargate for Data Labs are on a trajectory towards >$100B/year of data spend by 2030. As we begin the trillion-dollar compute project, we need to think about the equivalent civilizational-scale effort for the other core ingredient: data. At the foundation of the scaling revolution is a simple empirical law: deep neural networks improve smoothly, near magically, as you scale two things in proportion — (1) the size of the model and (2) the amount of data you train on. And despite the scaling laws being brutally diminishing, we’ve successfully bitten the bullet of logarithmic scaling with exponentially larger clusters and datasets, and received incredible new capabilities in return. But this exponential scaling is bound to hit some limits. Oddly enough, compute has compounded fairly smoothly without limit, with trillions flowing into hypercluster buildout. Instead, we’re starting to hit the limits of an exponential demand for data. Gone are the days of being purely in the compute-limited regime, where we had effectively infinite internet data but never enough GPUs, we’re now entering a data-limited regime. Luckily, this limitation is coinciding with staggering improvements in AI capabilities. Incredibly, we seem to have a real line of sight towards automating a majority of knowledge work with the methods we have today. RL + pretraining, and the data for each, will be generally sufficient to achieve most economically valuable tasks, given some minimal algorithmic progress and continued compute scaling. In a data-limited world, economic progress & scientific acceleration will be directly bottlenecked by our coverage in each domain. We need to see data collection as imperative, deserving the same civilizational ambition we’ve given compute. The internet as a one-time subsidy It’s underrated how much all progress in AI owes everything to the blessing of the internet, this one-time civilizational subsidy to deep learning, decades of unintentional accumulation of a perfect dataset: every book, blog post, image, video, paper, discussion, etc. all digitized and freely available. Without the internet, we’d likely see comparably minimal progress in AI today, and in fact, if you notice where systems currently underperform, it’s almost always a domain where web coverage is limited and data is private, expensive, non-digitized, or non-existent. But we’re running out of it. There are only about 300 trillion tokens of useful public human text, and the internet doesn’t produce nearly enough new high-quality data to match what scaling demands — we’re soon to hit the limits of public data for pretraining. And though the advent of RL bought us reprieve — chain-of-thought RL needed a new form of untapped data, gradable math & coding tasks, also available online — we’re quickly running dry of hard tasks for RL as well. Why do we need so much data anyways? Humans learn comparably in far less time, needing just one textbook where language models might need the equivalent of hundreds to learn a new topic. It’s possible we discover methods that are massively more data efficient — synthetic data, data efficient architectures, other exotic algorithms — but fundamental progress is slow and highly unpredictable, and the recipe we have just works today. And, while I’m wary of getting too deep here, even arbitrary data efficiency can’t replace data that just doesn’t exist in the first place. There’s a massive amount of missing information on the web: the dark matter of the internet — tacit knowledge, undocumented processes, etc. — most of which was never published and lives only inside organizations, the physical world, or just in people’s heads. I’ll leave it here and say, for reasons far longer than I can fit in this post [1], it’s best to operate on the assumption that our insatiable desire for data will continue as it has for the last decade. There will be >$100B/year in data spend by 2030 We’re not screwed yet, of course. Only a fraction of useful data in the world is on the public internet, the rest is stored inside private datasets, corporations, personal archives, universities, governments, and otherwise. Labs can and will continue to license these private datasets, or create them from scratch, like Anthropic’s book scanning project. And we’ll increasingly task human experts to manufacture new high-quality data, with a large fraction of hard RL training tasks already being sourced this way. But collecting this data, unlike before, will be expensive. As the free internet dries up and demand for data rises, we should see labs investing equally in data as compute, likely spending a significant fraction of their compute budgets on data. As we see trillions spent on compute, we should also expect hundreds of billions spent on data (human data & collection budgets), given their equivalent importance. And, notably, data spend is already tracking this way: total data spend across vendors, not counting internal lab efforts, is already roughly $7 billion per year. It’s quite reasonable we’ll see >10x by 2030. Data is the moat Data becoming increasingly private will also majorly shift the competitive landscape. While compute is a commodity — everyone buys the same chips and builds the same clusters — data really isn’t. The big reason why frontier models have felt eerily similar to one another, until now, is they were trained on substantially the same internet (pretraining data variability across labs seems pretty low). As labs diverge onto more exclusive, manually collected corpora, I think models will begin to increasingly diverge. OpenAI pulling ahead in mathematics and Anthropic in cybersecurity isn’t an accident. I really think laser-focused collection of high-quality midtraining tokens, custom RL tasks, environments, with dedicated research effort, has driven much of the visible progress in the last year. James Betker has an excellent blog about “the ‘it’ in a model is the dataset”: model architecture and compute buy you efficiency and order-of-magnitude performance, but ultimately, models, of any architecture, are such incredible approximators of their dataset that the core meat of a model boils down to just that, nothing else. Data is a major moat. AGI long, ASI short As I’ve tweeted before, I’m confident that, despite the narrative, the data labeling industry will continue to fuel great businesses and be an excellent AGI long, ASI short. The argument is just: By the time the AGI labs no longer need data, it’s probably over for everything else too [2]. In this frame, the last companies left should be the data companies, as the last speck of economically relevant data is sucked in. And these companies are already among some of the fastest-growing companies in history: Mercor, founded three years ago, is rumored to be doing $2 billion in revenue with something like a few million expert labelers under contract. While these businesses are very non-stationary, what type of data is needed shifts constantly, I don’t think that diminishes their value. The long-tail of the economy is long, and the value isn’t diminishing as you extend farther into more obscure information: as models get more capable, the value of the marginal dataset goes up, not down. Automating a full job means covering its full distribution of tasks, tools, edge-cases, and long-horizon loops. There’s some O-ring logic to it: a dataset that buys a 1% bump can justify a previously unjustifiable collection cost when it’s the difference between a system that does 99% of a job and one that does all of it [3]. The competitive dynamics of the data industry are still evolving but as demand for data is increasingly niche, ultra high-quality, expert-generated, I think we’ll see real consolidation. Again, contra-narrative, we’ll probably see true competitive differentiation built on brand, quality control of data (which, from personal experience, can vary massively), as well as in network effects from the talent networks themselves over time. We’ve already seen rapidly shifting data type demand work in favor of incumbents, benefiting those with early knowledge of where the market is headed. The binding constraint It’s truly remarkable that we seem to have the recipe — pretraining + RL — to absorb most economically valuable work, despite being far from a lot of what we expected from “AGI”. The same way chess engines revealed we never needed general intelligence to solve chess, as we originally thought, we’ll soon realize that software, mathematics, and the vast majority of the economy (including physical, just running ~3 years behind!) are the same. If recursive self-improvement or some other algorithmic breakthrough arrives, that’s wonderful, but we really don’t have to wait for it. The binding constraint between here and an automated economy isn’t that, it’s data coverage: every app, workflow, edge case, process, etc. sitting in private stores or someone’s head. Ultimately, while we make tremendous strides in more efficient model architectures, and clusters like Stargate equip us with zettaflop-scale compute, we really aren’t making rapid progress collecting the data we lack. We’ll soon live in a world where we have the methods & compute to accelerate scientific progress or economic growth, but not the data. And we’re already there today: frontier models would surely be as good at accounting/many medical tasks/legal advice as they are at software engineering if we only had the same pretraining & RL coverage as we did for code. I really want to drill this in: The speed at which we automate the economy is going to be directly rate-limited by our ability to collect data about it. Worth noting that under this assumption, with data as defensible and directly proportional to economic & scientific progress, data should also be considered a national strategic asset like compute. Imagine what we’d do in a world where we had a Manhattan Project-effort for AI and needed to mobilize data collection as a limiting factor. We should be concerned about China, with greater state capacity and authoritarian economic control, being capable of mobilizing data collection at national scale, potentially compounding their economy and scientific output faster than us down the line. A Stargate for data I’m leaving my complete ideas for a future post, as this one is already far too long, so I’d really like to pose the question here. Stargate exists because we organized trillions of dollars, international strategy, gigawatts around compute as a fundamental ingredient. What would equivalent ambition look like for data? Obviously, scaling data collection, a heterogeneous mass of information across the economy, isn’t going to be as clear as scaling compute, as a homogenous infrastructural effort. A core division will be first, coverage — all uncaptured knowledge sitting across the economy/science/physical world and all that simply isn’t recorded — and, secondly, sheer volume in the domains we already train on: more hard math tasks, more high-quality web text, way more coding data, more legal drafts, etc. I have a post coming soon which breaks down my proposals. There’s a lot of room for creativity. Quickly, we’ll probably want to start with a deep census of what we have and what we’re missing, predict what the 2030 model will still be bad at and work backward to what we should be collecting today. You can probably license a large amount, leveraging high lab valuations to buy datasets or companies altogether. There’s an adversarial nature to a lot of this collection with firms, so there’s lots of engineering to do this correctly. We should go convince important companies to turn off deletion policies, even if we’re not buying from them yet. Data flywheels in consumer products will be massive. Confidential training, government legislation for grant-funded research, running companies at a loss for their data, etc. We’re headed towards hundreds of billions in expenditure, national prioritization, and major data limitation on the horizon. We have a great opportunity to think creatively about what a megaproject for data would look like: How do we, deliberately this time, construct the next internet’s worth of data? Footnotes: [1]: I’ll probably soon publish my much longer post explaining my position on data efficiency and why the value of this data is still pretty high in most worlds regardless of new algorithms. [2]: The “AGI freeroll” bet: heads you win, tails ASI flips the world upside down anyways. [3]: We already see a glint of validation of this point, given the data market is strongly tilting towards ultra-high-quality agentic data, rather than unskilled labeling — niche expert workflows, live environments, and evaluations requiring increasingly obscure talent & knowledge — yet shows increasing, not decreasing, revenues.
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