# E371: Midas List VC: Why AI Models Will NOT Become Commodities

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Podcast: [How I Invest with David Weisburd](https://stenobird.com/podcast/how-i-invest-with-david-weisburd-6470713)
Published: 2026-05-18T12:45:00+00:00
Episode link: https://howiinvestpodcast.com/episodes/nTX9mzqKzBX
Audio file: https://dts.podtrac.com/redirect.mp3/media.podcastai.com/episodes/nTX9mzqKzBX.mp3?u=1779109202
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Duration seconds: 1723

## Resource

What if the biggest winners in AI won’t come from having the best model—but from building the strongest feedback loops around users? In this episode, I sit down with Hans Tung, Managing Partner at Notable Capital and longtime Midas List investor, to discuss how decades of investing across consumer internet and global technology shaped his thesis around AI. Hans explains why Anthropic stood out early through its developer ecosystem, how network effects emerge inside AI systems, and why the most enduring companies are built around positive feedback loops. We also explore physical AI, prosumer behavior, immigrant founders, and the psychological traits required to build category-defining companies.

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## Transcript

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