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Uncapped with Jack Altman: Daily Summaries Delivered
by Alt Capital
Conversations with people I admire about things I’m genuinely interested in.
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- Yesterday47 min
Uncapped #55 | Tony Xu from DoorDash
Tony Xu is the co-founder and CEO of DoorDash, the leading local commerce platform in the United States. Since co-founding DoorDash in 2013, Tony has built the company into a publicly traded business operating across 40 countries, spanning restaurants, grocery, convenience, retail, and advertising. We discussed how Tony thinks about AI spend and what it means to be an "atoms company" in a world racing to consume tokens. Tony shared his framework for directing AI toward customer outcomes rather than pure exploration, and why DoorDash's physical world infrastructure becomes more valuable as AI agents mature. We also got into the 70-year consumer trend behind DoorDash's growth, how the company built the fastest $1B ads business in history while protecting the consumer experience, why every DoorDash employee still does deliveries to this day, and what Tony means when he says DoorDash is still only single digit percentages of its core market. Timestamps Intro AI spend and token consumption Directing AI toward customer outcomes How DoorDash uses AI today Atoms vs. bits What LLMs can do for the DoorDash app Was the $35 burrito obvious in 2013? The 70-year food consumption trend Consumer trends beyond food Sequencing: seven years on restaurants before groceries Building the ads business 1% better every day Math and humanity Growth levers at scale Speed, drones, and autonomous delivery Why everyone at DoorDash still does deliveries What Tony is most excited about Keeping startup intensity at year 13 Links: https://x.com/jaltma https://x.com/t_xu https://uncappedpod.com/ friends@uncappedpod.com
- 2 weeks ago1h 9m
Uncapped #54 | Sam Blond from Monaco
Sam Blond is the co-founder and CEO of Monaco, an AI-native revenue automation platform built to replace the CRM as the system of record for sales. Before Monaco, Sam was a Partner at Founders Fund and before that one of the most accomplished go-to-market executives in the tech industry, having served as VP of Sales at EchoSign (acquired by Adobe), VP of Sales at Zenefits, and Chief Revenue Officer at Brex. We discussed Sam's entire sales journey from EchoSign through Zenefits, Brex, and Founders Fund, and what he learned at each stop. Sam shared his framework for creating a demand-rich environment and why most founders misdiagnose their revenue problems as conversion issues when they're really pipeline issues. We got into why Sam believes Salesforce faces a classic innovator's dilemma and why the next category leader in sales will be a platform architected with AI in mind from day one. We also covered Monaco's go-to-market playbook, how Sam thinks about pricing when you're selling labor disruption rather than software, and his two pieces of advice for founders who are just starting to sell. Timestamps: Intro Sam's sales journey Echo Sign takeaways Building Zenefits GTM Parker's 0 to $10M thought exercise Creating a demand-rich environment People, brand, and revenue ops Why Sam went to Founders Fund Why Monaco, why now The Salesforce innovator's dilemma Why Monaco chose to be the system of record Disrupting labor Pricing in an AI-native business The Monaco GTM playbook The $60,000 plane experiment Creative campaigns vs. paid advertising What Monaco actually does Advice for founders just starting to sell Abundant pipeline and the right to say no
- 4 weeks ago1h 11m
Uncapped #53 | Trae and Delian from Founders Fund
Trae Stephens is a Partner at Founders Fund and co-founder and Executive Chairman of Anduril Industries, a defense technology company building autonomous systems for the U.S. military and its allies. As of May 2026, Anduril is valued at $61 billion. Prior to co-founding Anduril, Trae was an early employee at Palantir Technologies, where he led teams focused on the intelligence and defense space. Delian Asparouhov is a Partner at Founders Fund and co-founder and President of Varda Space Industries, a company manufacturing pharmaceuticals and advanced materials in microgravity that can't be made as effectively on Earth. Delian was a Thiel Fellow in 2013 after dropping out of MIT computer science. Prior to Founders Fund, he was Chief of Staff and then Principal at Khosla Ventures under Keith Rabois, and before that founded Nightingale, a healthcare startup backed by Y Combinator. We discussed what makes Founders Fund's culture uniquely truth-seeking, from its 1% personal co-invest requirement to a structure with no partner meetings and no residual economics. Trae shared why he believes Series A boards are largely a waste of time, while Delian reflected on working alongside Keith Rabois and eventually striking out on his own. We also explored their concerns about today's market, how Founders Fund navigated the 2021 bubble by concentrating on its two strongest companies, and why macro timing rarely works in venture. The conversation closed on America's semiconductor challenge and why a Taiwan conflict may be more likely than many assume. --- Timestamps: Intro What makes FF unique Lacking EQ can be an asset Delian on working with Keith Why Trae hates board meetings Benchmark vs. Founders Fund Investing as the exhaust of operating Venture as a micro asset class The infamous 2021 offsite Current market sentiment Can you beat the S&P? America's semiconductor blind spot Taiwan and the 90% probability Robotics, humanoids, and the China question --- Links: https://x.com/traestephens https://x.com/zebulgar https://x.com/jaltma https://x.com/EverettRandle https://uncappedpod.com/ friends@uncappedpod.com
- Jun 10, 202656 min
Uncapped #52 | Mike Volpi from Hanabi Capital
Mike Volpi is a General Partner at Hanabi Capital, with a background that spans senior operating roles and nearly two decades of investing. Mike currently sits on the boards of several innovative companies, including Scale AI, ClickHouse, Ferrari, and Confluent, where he is known as a thoughtful sounding board and a steady presence through the highs and lows of startup life. Mike is a retired partner at Index Ventures, where he led investments in category-defining companies across AI, software, and infrastructure. Earlier in his career, he held leadership roles at Cisco, including as Chief Strategy Officer and SVP/GM of Cisco’s routing business, giving him firsthand experience in building products and teams at scale. We discussed what it takes to build a great venture firm in the AI era, why many of venture’s traditional rules are breaking down, and how AI is reshaping software, investing, and company building. We also explored the future of frontier AI labs, robotics, defense tech, and the mindset founders and investors need to adapt to a rapidly changing world. --- Timestamps: Intro Building a venture firm for AI Designing Hanabi Why stage matters less Building a venture brand The role of board seats Attributes of enduring firms The future of AI labs Open-source and neolabs The compute race The future of software Investing in defense From operator to investor Thriving founders today --- Links: https://x.com/mavolpi https://www.hanabi.com/ https://x.com/jaltma https://uncappedpod.com/ --- friends@uncappedpod.com
- May 27, 202643 min
Uncapped #51 | Joe Lonsdale from 8VC
Joe Lonsdale is the Founder and Managing Partner at 8VC, an early-stage venture capital firm managing over $6 billion in capital. In 2003, he founded Palantir (NASDAQ:PLTR), a global software company known for its work supporting US and its allies’ defense and intelligence. Since then, he has founded over a dozen prominent companies, including Addepar, a wealth management platform helping investors manage over $7 trillion, and OpenGov, the leading cloud software provider for local governments which recently sold for $1.8 billion. Joe was an early investor in Anduril, Oculus (acq. FB), Guardant Health (NASDAQ:GH), Oscar (NYSE:OSCR), Illumio, Wish (NASDAQ:WISH), JoyTunes, Blend (NYSE:BLND), Flexport, Joby Aviation (NYSE:JOBY), Orca Bio, Qualia, Synthego, RelateIQ (acq. CRM), Yugabyte, among many others. We discussed what it takes to keep building after success, why AI is accelerating entire industries, and how it could reshape productivity, healthcare, defense, and the economy. Joe also shared his views on investing in hard problems, rebuilding trust in technology, and where America needs to adapt to win in the AI era. --- Timestamps: Intro Why Joe keeps building AI being contrarian and right What Palantir got right Pulling forward innovation AI vs social media Making AI work for America Department of War debate Betting on defense Robotics, bio, and energy Investing in the AI era Peptides opportunity Texas vs California Political correctness --- Links: https://x.com/JTLonsdale https://x.com/jaltma https://8vc.com/ https://uncappedpod.com/ --- friends@uncappedpod.com
- May 20, 202658 min
Uncapped #50 | Tobi Lütke from Shopify
Tobi Lütke is the co-founder of Shopify, where he has served as the company's CEO since 2008. Under his leadership, Shopify grew from an online snowboard shop in Ottawa, Canada in 2004 to the world's leading e-commerce platform, powering over 4 million merchants in more than 175 countries. The company went public in 2015 at a $1.27 billion valuation and has since grown to a market cap exceeding $100 billion. As a programmer Tobi has served on the core team of the Ruby on Rails framework and has created many popular open source libraries such as the Typo weblog engine, Liquid and Active Merchant. We discussed building Shopify over more than 20 years, what it takes to sustain a life’s work, and why founder-led companies can move faster through major technological shifts. We also talked about how AI is reshaping software, entrepreneurship, and team building. Along the way, Tobi shared his views on originality, product craftsmanship, the future of work, and why he believes AI will create far more opportunity than scarcity. --- Timestamps: Intro A problem worth solving Building products people love Why originality matters Conformity in Silicon Valley Founder-led companies Shopify’s AI transition Building with urgency AI for small businesses Raising the standard of living Predicting the future with AI Changing perception on talent Reading and curiosity --- Links: https://x.com/tobi https://x.com/jaltma https://www.shopify.com/ https://uncappedpod.com/ --- friends@uncappedpod.com
- May 12, 202637 min
Uncapped #49 | Kevin Hartz & Bennett Siegel from A*
Kevin Hartz and Bennett Siegel are co-founders and GPs at A*, a five year old early-stage venture capital firm with $1B in AUM. A* has invested in companies like Notion, Cape, Whop, Paraform, Simile, Krea, Mercor, Watney Robotics, Andera and others. Kevin is also the co-founder of Eventbrite (NYSE: EB) and co-founder and board member of Xoom, an online money transfer service that IPO’d in 2013 and later acquired by PayPal for $1.1B. Notable investments, primarily at the seed/early stages, include PayPal, Airbnb, Pinterest, Reddit, Anduril, and Palantir among others. Bennett was previously a partner at Coatue building out their venture capital business where he invested in earliest financing rounds for Ramp and Decagon, among other investments. We discussed how AI is reshaping venture capital, software, and startup building – from the rise of younger founders and AI researcher-led companies to the growing pressure on traditional software businesses. We also covered the changing economics of seed investing, the influx of mega funds into early-stage venture, AI rollups, robotics, and why this may become the biggest technology boom yet. --- Timestamps: Intro The A* Capital story Why big funds went into seed The mother of all bubbles Why founders are getting younger Mapping talent, not markets The rise of AI researcher founders Why seed investing is so hard Concentration and venture returns The AI rollup craze AI vs traditional software Robotics and the future of AI What’s next for A* Capital --- Links: https://x.com/kevinhartz https://x.com/BennettSiegel https://x.com/jaltma https://www.a-star.co/ https://uncappedpod.com/ --- friends@uncappedpod.com
- Apr 29, 202647 min
Uncapped #48 | Tarek Mansour from Kalshi
Tarek Mansour is the co-founder and CEO of Kalshi. Kalshi is a regulated prediction market exchange valued at $22B in 2026 where people trade on the outcomes of real-world events – things like inflation prints, Fed decisions, elections, or weather events. Instead of betting against a house, users trade against each other in a market, and prices reflect the collective probability of an outcome happening. Before starting Kalshi, Tarek worked as a quantitative trader at Goldman Sachs as a structured credit and equities analyst and at Citadel as a global macro trader. During his time at these firms, he realized a common thread: a lot of trading stemmed from an opinion on a future event. We covered the idea behind prediction markets and how they offer a more direct way to trade on beliefs about the future. The conversation follows the long, difficult path to building a regulated exchange in the U.S., from early skepticism to ultimately winning a landmark legal battle. We also discuss how these markets can improve forecasting, enable new forms of hedging, and change how information gets priced. --- Timestamps: Intro Kalshi’s genesis Regulation-focused from inception Suing the government Gambling vs. financial markets Defining insider trading Incentive structure of the system Investing vs. trading Hedging use cases Scaling a lean team Defining Kalshi’s culture --- Links: https://x.com/jaltma https://x.com/mansourtarek_ https://kalshi.com/ https://uncappedpod.com/ --- friends@uncappedpod.com
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