Latest / The MAD Podcast: How AI Gets Built — with Matt Turck
State of AI 2025 with Nathan Benaich: Power Deals, Reasoning Breakthroughs, Real Revenue
Power is the new bottleneck, reasoning got real, and the business finally caught up. In this wide-ranging conversation, I sit down with Nathan Benaich, Founder and General Partner at Air Street Capital, to discuss the newly published 2025 State of AI report—what’s actually working, what’s hype, and where the next edge will come from. We start at the physical layer: energy procurement, PPAs, off-grid builds, and why water and grid constraints are turning power—not GPUs—into the decisive moat.
From there, we move into capability: reasoning models acting as AI co-scientists in verifiable…
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