20VC: Why Robotics Will be 100x Bigger than Coding Agents | Inference Will Be a $10TRN Market: What No One Sees | Why Software Investors are F***** Today with Naveen Rao, Unconventional

Naveen Rao argues energy scarcity, hardware-model co-design, and robotics — not software or coding agents — will capture AI's next decade of value.

• Energy is the hard cap: Building 1 gigawatt costs ~$50B (more than a semiconductor fab); the US grid runs ~900GW with peak capacity near 1.3 terawatts, and excess capacity will run out within a few years.
• Hardware beats software for the next decade: Rao says physical (Dennard/Moore's Law) efficiency gains have stalled, so remaining 'alpha' lies in model-architecture-hardware co-design, not pure software; "if you're a pure software investor, you're kind of fucked."

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.