Air Street Press

Nathan Benaich (Air Street Capital)

As an AI-native investor, we believe it’s important to be a hands-on contributor to the community. Since our earliest days, we’ve been building in public - whether that’s sharing our perspectives on the direction of the field, emerging best practice for building AI-first companies, organizing meet-ups, and campaigning for policy change. Air Street Press brings together all of our content under one umbrella. Subscribe to listen to our analysis, portfolio news, Guide to AI monthly newsletter, annual State of AI Report, and our policy work.

  1. HACE 4 DÍAS

    State of AI · May 2026: cyber threshold, China parity, agents in real markets

    The April 2026 issue of State of AI from Air Street Press. The through-line: frontier AI moved from benchmark progress to operational capability across cyber, coding, agents, and capital formation. Two frontier models cleared the UK AI Security Institute's 32-step end-to-end cyber-attack range in a single month, and AISI now estimates frontier cyber-offence is doubling every four months, down from seven months at the end of last year. We unpack what that means for the public cybersecurity stack. Microsoft and OpenAI reset their 2019 deal to non-exclusive while keeping Microsoft as primary cloud partner. Anthropic stacked another $40B from Google, $5B from Amazon (with $100B of AWS spend), and chip deals with Google and Broadcom reportedly worth hundreds of billions, and is reportedly already raising again at a $900B valuation. Sam Altman's Axios essay sketched a "superintelligence New Deal" in explicit FDR terms. Four Chinese labs (Z.ai, MiniMax, Moonshot, DeepSeek) released open-weights coding models inside a 12-day window, all landing at roughly the same capability ceiling as Claude Opus 4.6 and GPT-5.4 on agentic engineering. NIST's CAISI evaluation puts the aggregate gap closer to eight months. Both are true. Anthropic's Project Deal ran a classified marketplace of 69 Claude agents and reported that stronger agents won, and the losers did not realise it. KellyBench (from Air Street portfolio company General Reasoning) watched every frontier model lose money on a Premier League betting season under non-stationarity. Ramp's procurement agents run 3× faster. Plus eight research papers worth keeping (π0.7, the Ríos-García epistemology paper, ClawBench, the FAIR experience-replay paper, Agent-World, and others), April Investments (Ineffable Intelligence's $1.1B seed, Saronic, Cognition's $25B talks, Cursor's $50B+ talks), and Exits (Skild and Zebra, SpaceX and Cursor, OpenAI and Hiro, Cohere and Aleph Alpha, China blocking Meta's acquisition of Manus).

    28 min

  2. 28 ABR

    The next gene editor will be designed: Profluent + Lilly, $2.25B

    Profluent just announced a multi-program strategic partnership with Eli Lilly to develop AI-designed recombinases for genetic medicine — worth up to $2.25 billion in milestones, plus tiered royalties on net sales. In this episode, Nathan unpacks why this deal matters far beyond the headline number. CRISPR taught us how to fix typos in the genome. The harder problem — and arguably the larger one — is editing at the kilobase scale: replacing whole paragraphs of DNA at a chosen genomic address. That's the route to therapies for the long tail of genetic disease driven by patient-level mutational heterogeneity, from cystic fibrosis to inherited hearing loss to retinal dystrophy. Recombinases have always been the right class of enzyme for this job. They've also been stuck for decades because their targeting specificity is encoded directly in the protein structure, with no equivalent of CRISPR's modular guide RNA. That makes recombinases a near-perfect problem for foundation-model protein design — and it's exactly the bet Profluent has been building toward since their 2024 work designing novel Cas enzymes from scratch. We cover: why kilobase-scale editing is the next frontier of genetic medicine; why recombinases were intractable until AI; how Profluent's foundation-model platform changes the picture; why Lilly is the right partner; and what the world looks like if you can name a genomic address and get a designed editor back.

    6 min

  3. 12 ABR

    State of AI Report: 2026 newsletter

    Episode Description Welcome back to the State of AI! In this packed Q1 2026 episode, we dive into a quarter defined by unprecedented geopolitical friction, staggering capital concentration, and the rapidly blurring lines between commercial cloud infrastructure and national defense. From a constitutional showdown between Anthropic and the Trump administration to the first-ever kinetic military strike on commercial data centers, the stakes for frontier AI have never been higher. Plus, we break down Anthropic’s explosive $19B ARR sprint, the escalating "distillation wars" with Chinese AI labs, and the historic $1.25 trillion merger between xAI and SpaceX. If you want to understand where the frontier is heading next, you can't miss this one. The Pentagon Standoff: Anthropic's $200M DOD contract, its refusal to drop safety guardrails, and the ensuing White House blacklist and federal lawsuit. Cloud as a Theater of War: Breaking down the unprecedented Iranian drone strikes on AWS data centers in the Middle East. Revenues Go Vertical: How Anthropic surged to a $19B ARR on the back of Claude Cowork, and OpenAI's massive $50B strategic alliance with Amazon. The Model Treadmill: The rapid succession of new model releases, including Claude Sonnet 4.6, Gemini 3.1 Pro, and GPT-5.4. The Distillation Wars: Inside the industrial-scale IP theft by Chinese labs cloning Claude, and the $2.5B NVIDIA GPU smuggling bust. Safety Meets Reality: Sabotage risks, machine-speed SQL injections, and the UK AI Safety Institute's chilling findings on AI-assisted cyber attacks. The Physical Layer & NIMBYism: The pushback against hyper-scale data centers and NVIDIA's complete exit from the China-compliant chip market. Breakthrough Research: From zero-loss cache compression (TurboQuant) to an Australian entrepreneur curing his dog's cancer with AlphaFold. Historic Mega-Deals: OpenAI's record-shattering $110B raise and xAI's trillion-dollar merger into SpaceX. 00:00 - Intro, Air Street Capital Epoch 3, & RAAIS 2026 01:28 - Geopolitics: Anthropic vs. The White House 03:12 - The Iran-AWS Conflict & Cloud Warfare 04:12 - Financials: Anthropic's $19B ARR & OpenAI's Hyperscaler Strategy 08:04 - The Model Treadmill: Claude Sonnet 4.6, Gemini 3.1 Pro, & GPT-5.4 08:56 - Open Source, IP Warfare, & the $2.5B Smuggling Ring 10:44 - AI Safety: Catastrophic Sabotage & The Sabotage Risk Report 13:20 - Data Center NIMBYism & The Contested Physical Layer 16:00 - Research Highlights: UK AISI, TurboQuant, & World Action Models 22:40 - Investments & Exits: OpenAI's $110B Round & The SpaceX/xAI Merger Stay Connected:Love hearing what you’re up to! Hit reply to our newsletter or connect with us at the upcoming Air Street AI meetups in SF (April 28) and NYC (May 14). We are also actively recruiting Research Analysts for the State of AI Report—reach out if you live and breathe this space. Produced by the State of AI & Air Street Press. In This Episode, We Cover:Episode Timestamps (Estimated):

    37 min

  4. 2 ABR

    From catastrophic forgetting to frontier AI - Raia Hadsell, Google DeepMind

    Raia Hadsell is VP of Research at Google DeepMind, co-leading the Frontier AI unit. Her work spans Siamese nets and elastic weight consolidation to Gemini 2.5, RoboCat, and a UK AI Ambassador role. A RAAIS 2026 speaker profile from Air Street Press.

    5 min

  5. 30 MAR

    When agents need to keep learning - Roberta Raileanu, Google DeepMind

    Roberta Raileanu leads open-ended learning at Google DeepMind and co-authored Toolformer. From RIDE and AMIGo to Llama 3's tool use and MLGym, her research tackles what it takes for AI agents to keep acquiring skills. A RAAIS 2026 speaker profile from Air Street Press.

    6 min

  6. 29 MAR

    The data centre that orbits Earth - Philip Johnston, Starcloud

    Starcloud launched the first NVIDIA H100 GPU in space and trained the first LLM in orbit. CEO Philip Johnston explains why AI's energy bottleneck leads to orbital data centres — with 10x lower energy costs and 5 gigawatts of solar-powered compute on the roadmap. A RAAIS 2026 speaker profile from Air Street Press.

    4 min

  7. 23 MAR

    Air Street Capital announces $232M Fund III to back AI-first companies

    Air Street Capital has raised a third fund of $232M to back AI-first companies from the earliest stages. In this post, founder Nathan Benaich shares the conviction behind the firm - from his first investments in 2013 through to a portfolio that now includes Synthesia, Black Forest Labs, Wayve, Profluent, and poolside - and explains what Fund III enables for the most ambitious AI founders in Europe and North America. Read more: https://press.airstreet.com/p/fund-iii

    6 min

  8. 23 FEB

    Dreaming in latent space

    Sereact's Cortex 2.0 marks a shift in robotics from reactive control to predictive planning. In this episode, we examine how Sereact’s world-model architecture generates and scores imagined futures before acting, improving success rates and eliminating human intervention across complex warehouse tasks. We break down the benchmark results, the planning budget trade-off, and what it means to deploy world models in real industrial environments rather than simulation.

    7 min
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As an AI-native investor, we believe it’s important to be a hands-on contributor to the community. Since our earliest days, we’ve been building in public - whether that’s sharing our perspectives on the direction of the field, emerging best practice for building AI-first companies, organizing meet-ups, and campaigning for policy change. Air Street Press brings together all of our content under one umbrella. Subscribe to listen to our analysis, portfolio news, Guide to AI monthly newsletter, annual State of AI Report, and our policy work.

Información

  • Creador
    Nathan Benaich (Air Street Capital)
  • Años de actividad
    2021 - 2026
  • Episodios
    120
  • Clasificación
    Apto
  • Copyright
    © Nathan Benaich (Air Street Capital)
  • Mostrar sitio web
    Air Street Press

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