Introducing the Machine Age Fund, $1.1 billion for the physical buildout of the AI stack: Ben Horowitz: "What's happened is we have a whole new technology that's the most important technology ever." "You need a whole new infrastructure and never has it been more high impact as it is on this one. So not only do we need new chips, new system software, we need new ways of doing power, we need to replace copper. It's absolutely everything." Raghu Raghuram: "When we talk about the infrastructure world, we talk about the servers and the storage and the network. Here, it goes all the way down to the copper mines." "What we have seen over the last three years is a steady increase in the capabilities of the models, where the model is no longer the bottleneck... Now the bottleneck is all what I call south of the model." Martin Casado: "We've been watching over the last couple of years as the number of very strong teams going after complex hardware problems has increased." "Maybe 5% of the deals from top founders would come in would be hardware before. Now it's north of 20% or 30% right now." @bhorowitz @RaghuRaghuram @martin_casado @eriktorenberg(a16z)