UnitedHealth Group Incorporated

Chamath oppose ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E237 · 2025-08-01 ▶ 50:35

Grok 5 and for sure Grok 6 will not use Common Crawl. It will not use the Internet. It'll just be an enormous amount of synthetic data.

The most important thing I think as a VC that you said, as we've been debating for years, should we invest in companies like Scale, or WorkCore, or any of these surge? The truth is, I think there's a very short half-life on human-label data. And so, everybody who's investing in these companies, just looking at revenue traction, really didn't understand that there may be a year, two years, three years max, when anybody uses human-label data for maybe anything.

Chamath reversal ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E235 · 2025-07-11 ▶ 20:39

That has huge implications because if you think about all these other companies, what has Lama been doing? They just spent 15 billion to buy 49% of scale AI. That's exactly a bet on human knowledge. What is Gemini doing? What is OpenAI doing? What is Anthropic doing? So all these things come into question.

Jason support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E232 · 2025-06-21 ▶ 14:48

This is great service. A lot of people rely on it. He buys it, shuts it down for everybody else, gets the tool for himself, gets the data for himself.

Onavo was a small data service provider, but what it did is it had a panel of phones, and we as investors could see which apps people were using, and the data was incredibly valuable because it was the only service that gave you true engagement data. ... Eventually, it sold to Facebook, and Facebook used it internally and didn't allow anybody else to use it.

Chamath support ×2 ▼ on 📈 PBM margin model breaks on drug-price transparency E228 · 2025-05-17 ▶ 1:29:04

So there's a lot of other organizations in this value chain that kind of eat out of that dollar before it gets to the sense that goes to pharma. And so it's important to make sure we don't overlook those. The biggest ones being the PBMs.

Friedberg support ×3 ▼ on 📈 PBM margin model breaks on drug-price transparency E228 · 2025-05-17 ▶ 1:33:36

There's three major PBMs, CVS Caremark, Express Scripts and Optum RX. These three companies make on average approximately three bucks in operating profit per prescription claim processed. They make money in markups.

Jason support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E227 · 2025-05-09 ▶ 44:56

They have such a data advantage and such a deep integration into people's lives because they use three or four services.

At some point, the amount of data becomes the long pole in the tent. At some point, the quality of the algorithms becomes a long pole in the tent, and more compute is not going to change that.

Friedberg support ×3 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E213 · 2025-01-31 ▶ 1:08:38

Tesla has an extraordinary advantage that they were really pressure to put cameras on everything years ago, and that gives them this ability to build models that do self-driving. So I think that there's a lot more data advantage that arises in certain industry segments than others, and that's where the moat will lie, and that moat will allow you to actually build better products that get you a more persistent advantage in gathering more data.

Jason support ×3 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E213 · 2025-01-31 ▶ 1:07:25

And the actual advantage is going to be in the IP and owning content. And the really smart thing to do would be for somebody to go by Reddit, Quora, the New York Times, the Washington Post and Disney and take all that IP and then not allow other people to use it, sue the hell out of them every time they try.

Chamath support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E200 · 2024-10-18 ▶ 29:11

So the problem that Expedia has is the same that booking and a bunch of these other folks have, which is that the principal heartbeat of the company, flight information and other things, are licensed to them by third parties. And so what they are is a UI and a front door.

And by working, by requiring transparency in all contracts, signed by anybody anywhere in terms of pricing, you are going to see the same impact on across-the-board pricing of a decrease of 30-40 percent. And so all that is going to reduce out-of-pocket spending for everybody, reduce government spending for everybody, and have a net positive impact.

Chamath support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E197 · 2024-09-27 ▶ 13:05

The third piece is that all of these models basically run out of viable data to differentiate themselves, and it basically becomes a race around synthetic information and synthetic data, which is a cost problem.

we're going to create synthetic data, we're going to do all kinds of other things that are going to mean that no one's particular data is really going to matter

Chamath support ×3 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E185 · 2024-06-29 ▶ 59:15

foundational models are quickly becoming a consumer surplus. Every model is roughly the same. They keep getting better and better, but they're also approaching these asymptotic returns.

Jason support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E183 · 2024-06-14 ▶ 46:27

And having all this local data is a huge advantage for Apple. They've got your messages, your phone, your calendar, your photos, your app behavior, the data inside of your wallet. All of this gives them a huge, huge advantage.

Chamath oppose ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E182 · 2024-06-07 ▶ 1:08:31

Don't you agree that the data set is not so cool? Uber has the data. DoorDash has the data.

Jason support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E182 · 2024-06-07 ▶ 1:07:54

because you have this data on your phone, all your iMessages, all your documents, all your photos, videos, music collection, there's a unique set of data on that phone to make your personal LLM that's going to do extraordinary things for you

I definitely don't think it will be an arms race for data because when the models get smart enough at some point, it shouldn't be about more data, at least not for training.

Chamath support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E178 · 2024-05-10 ▶ 11:38

the accuracy or the value of these models will probably shift to these proprietary sources of training data that you could get that others can't

Chamath support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E171 · 2024-03-22 ▶ 29:11

you have probably the most prolific set of training data that has ever been created in the entire world to make these models kick ass

Friedberg support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E170 · 2024-03-15 ▶ 34:38

Because I think that there's a great deal of capability that emerges in the fine-tuning and the unique data that certain people may have to make that one tool better than the rest. And therefore, everyone will end up using this one lawyer service or this one accounting service or what have you.

Friedberg oppose ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E167 · 2024-02-23 ▶ 1:15:29

I think the open Internet has enough data that there isn't going to be a monopoly on information by someone spending money for content from third parties.

Chamath support ×2 ▲ on 🤖 Models commoditize — proprietary data is the only AI moat E167 · 2024-02-23 ▶ 1:14:41

aren't you worried that somebody with an agenda and a balance sheet could now basically gobble up all kinds of training data that make all models crappy? And then they basically put their layer of interpretation on critical information for people?