“Can we stay on strawberries for a minute?” Vinod Khosla asked me.

About halfway into our hour-long conversation with Vinod Khosla on “More or Less” this week, we found ourselves deep in the topic of artificial intelligence–generated strawberries. (I wanted to talk about media owners protecting their intellectual property, but alas, no one was game!) It became a case study in one of the biggest debates we have on this podcast, and across Silicon Valley right now: which companies will make money from AI.

We got to this topic via a very wide-ranging conversation about where and how to invest in AI, Apple’s big news this week, OpenAI, Google, Trump, Biden, tech regulation and more. Through it all, I think we also captured a personal side to this investor that I think few have seen, from his AI-generated garden to what’s in his ChatGPT history.

Arguably few know where AI is—and is going—better. From Khosla’s early investment in OpenAI to its investments in new companies like Cognition Labs and Replika, few AI investors have been more prolific than Khosla.

And what I enjoyed most about our conversation was his views on where it is heading. Cost of compute? Startups shouldn’t worry. Seed rounds pricey? Eighty percent of his are under $25 million valuations. Transformer models? He thinks there is much more to come. Impact on society? Too early to tell.

I hope you all enjoy this episode as much as we did. A full transcript follows.

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