# Leopold is Back! Big Tech Earnings, Defense Tech Deep Dive | Richard Craib, Trae Stephens, Blake Resnick

Page: https://stenobird.com/podcast/tbpn-7037852/leopold-is-back-big-tech-earnings-defense-tech-deep-dive-richard-craib-trae-stephens-blake-resnick
Text version: https://stenobird.com/podcast/tbpn-7037852/leopold-is-back-big-tech-earnings-defense-tech-deep-dive-richard-craib-trae-stephens-blake-resnick.md
Podcast: [TBPN](https://stenobird.com/podcast/tbpn-7037852)
Published: 2026-07-31T20:12:15+00:00
Episode link: https://share.transistor.fm/s/975a6b11
Audio file: https://media.transistor.fm/975a6b11/29d7a26d.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/tbpn-7037852/episodes/leopold-is-back-big-tech-earnings-defense-tech-deep-dive-richard-craib-trae-stephens-blake-resnick
Duration seconds: 7087

## Resource

(00:27) - Leopold is Back! (29:21) - Big Tech Earnings (32:45) - Richard Craib is a mathematician, AI researcher, and founder of Numerai, an AI-driven quantitative hedge fund. Richard Craib discusses the distinction between genuine alpha and returns driven by concentrated risk, arguing that disciplined diversification, mathematical risk management, and sustainable long-term investing matter more than short-term gains or investor hero worship. (01:00:15) - Trae Stephens, co-founder of Anduril and general partner at Founders Fund, discusses volatile venture valuations, responsible fundraising, and the evolving defense-tech ecosystem. He also covers Anduril’s autonomous aircraft and rapid manufacturing expansion, the case for mandatory civil service, and Founders Fund’s investment strategy. (01:34:39) - Blake Resnick, founder and CEO of public-safety drone company BRINC, discusses the company’s $125 million capital raise and tours its drones, recharging pods, R&D facilities, and factory. He explains BRINC’s plans to deploy autonomous emergency-response drones nationwide, its strategic partnership with Motorola Solutions, and opportunities for innovation across the domestic drone supply chain. (01:53:47) - 𝕏 Timeline Reactions TBPN is made possible by: Ramp - https://ramp.com Public - https://public.com Cisco - https://www.cisco.com Console - https://www.console.com CrowdStrike - https://www.crowdstrike.com Figma - https://www.figma.com MongoDB - https://www.mongodb.com NYSE - https://www.nyse.com Railway - https://railway.com Shopify - https://www.shopify.com Codex - http://openAI.com/codex Follow TBPN: https://TBPN.com https://x.com/tbpn https://open.spotify.com/show/2L6WMqY3GUPCGBD0dX6p00?si=674252d53acf4231 https://podcasts.apple.com/us/podcast/tbpn/id1772360235 ht…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/tbpn-7037852/episodes/leopold-is-back-big-tech-earnings-defense-tech-deep-dive-richard-craib-trae-stephens-blake-resnick/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/tbpn-7037852/leopold-is-back-big-tech-earnings-defense-tech-deep-dive-richard-craib-trae-stephens-blake-resnick.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.