{"podcast":{"title":"No Priors: Artificial Intelligence | Technology | Startups","slug":"no-priors-artificial-intelligence-technology-startups-5990363","podcast_index_feed_id":5990363,"rss_url":"https://feeds.megaphone.fm/nopriors","website_url":null,"image_url":"https://megaphone.imgix.net/podcasts/803e0244-9d0f-11ed-923a-4bb54bf77468/image/NO_PRIORS_ALBUM_and_PROFILE_PIC-01.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress","author":"Conviction","episode_count":164,"summary":"At this moment of inflection in technology, co-hosts Elad Gil and Sarah Guo talk to the world's leading AI engineers, researchers and founders about the biggest questions: How far away is AGI? What markets are at risk for disruption? How will commerce, culture, and society change? What’s happening in state-of-the-art in research? “No Priors” is your guide to the AI revolution. Email feedback to show@no-priors.com. Sarah Guo is a startup investor and the founder of Conviction, an investment firm purpose-built to serve intelligent software, or \"Software 3.0\" companies. She spent nearly a decade incubating and investing at venture firm Greylock Partners. Elad Gil is a serial entrepreneur and a startup investor. He was co-founder of Color Health, Mixer Labs (which was acquired by Twitter). He has invested in over 40 companies now worth $1B or more each, and is also author of the High Growth Handbook.","last_synced_at":null,"page_url":"https://stenobird.com/podcast/no-priors-artificial-intelligence-technology-startups-5990363"},"episode":{"title":"How Capital is Powering the AI Infrastructure Buildout with Magnetar Capital Managing Director Neil Tiwari","slug":"how-capital-is-powering-the-ai-infrastructure-buildout-with-magnetar-capital-managing-director-neil-tiwari","published_at":"2026-02-26T11:00:00+00:00","page_url":"https://stenobird.com/podcast/no-priors-artificial-intelligence-technology-startups-5990363/how-capital-is-powering-the-ai-infrastructure-buildout-with-magnetar-capital-managing-director-neil-tiwari","show_page_url":"https://stenobird.com/podcast/no-priors-artificial-intelligence-technology-startups-5990363","url":"https://traffic.megaphone.fm/PDP5153133130.mp3","audio_url":"https://traffic.megaphone.fm/PDP5153133130.mp3","summary":"By the end of 2026, AI capital expenditure is projected to hit nearly $700 billion. The question isn’t who has the best model, but who has the most creative financing to build out AI infrastructure and beyond. Sarah Guo is joined by Neil Tiwari, Managing Director at Magnetar Capital, a financial innovator helping the AI industry scale from billions to trillions of dollars in CapEx. Neil explains some of the debt structures used to finance massive GPU clusters, who is taking the risk, and how the industry is maturing. Sarah and Neil also discuss how power distribution, energy storage, and physical materials like steel are the bottlenecks of the AI industry. Plus, Neil gives his take on the future of inference-optimized clouds, and why the market shift away from software and into infrastructure might be an overreaction. Sign up for new podcasts every week. Email feedback to show@no-priors.com Follow us on Twitter: @NoPriorsPod | @Saranormous | @EladGil Chapters: 00:00 – Cold Open 00:05 – Neil Tiwari Introduction 00:26 – Magnetar’s Story 01:28 – Why CoreWeave Helped Magnetar Win 06:15 – Scaling CapEx Efficiently 09:02 – Debunking GPU Collateral Risk 11:42 – How Deal Structures Evolve 13:01 – What Bottlenecks Buildout 15:28 – Circular Financing Critiques 17:35 – The Shift from Training to Inference Workloads 23:10 – AI Factories 24:12 – Constraints of the Current Power Grid 28:27 – Sovereign Compute Buildouts 29:54 – Physical AI Capital Needs 32:48 – The Capital Rotation Away from SaaS 36:04 – Conclusion","meta_description":"By the end of 2026, AI capital expenditure is projected to hit nearly $700 billion. The question isn’t who has the best model, but who has the most creati…","key_points":[],"chapters":[],"topics":[],"duration_seconds":2164,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/no-priors-artificial-intelligence-technology-startups-5990363/episodes/how-capital-is-powering-the-ai-infrastructure-buildout-with-magnetar-capital-managing-director-neil-tiwari/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/no-priors-artificial-intelligence-technology-startups-5990363/how-capital-is-powering-the-ai-infrastructure-buildout-with-magnetar-capital-managing-director-neil-tiwari.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}