Good morning from OWITH.ai: the podcast that gives you only what's important to hear in the AI and tech world. Kevin Ryan, widely acclaimed as the "godfather of NYC tech," has exhibited a remarkable ability to evolve his opinions and investment tactics over time. Initially dubious about psychedelics' therapeutic potential for mental health, Ryan's perspective shifted after engaging with Michael Pollan's book "How to Change Your Mind" and further research. This change of heart led him to co-found Transcend Therapeutics, a company focused on psychoactive drugs, which was recently acquired for $1.2 billion. Ryan's strategy revolves around early-stage investments in sectors poised for significant growth, such as psychedelics, capitalizing before these areas become mainstream. Through AlleyCorp, a venture firm he initiated as a family office in 2007, Ryan has co-founded several successful enterprises including MongoDB, Business Insider, and Gilt Groupe. In 2024, AlleyCorp expanded by accepting external investments, starting with a $250 million fund and now launching a second fund at $335 million. Despite shifts in the venture capital domain, Ryan asserts that investment fundamentals remain largely unchanged. The firm focuses on early-stage companies across various sectors like healthcare and deep tech, boasting eight unicorns within its portfolio. Ryan reflects on the rapid evolution witnessed in AI and venture capital, highlighting significant investments in firms like Anthropic and OpenAI. He differentiates these large-scale investments from traditional venture capital activities, suggesting that substantial capital flows into these massive enterprises might distort perceptions of overall funding levels. AlleyCorp remains committed to initial investments below $10 million, aiming to support young companies' growth. Future expansion could involve exploring new verticals or geographies while maintaining their investment strategy based on check size and development stage rather than fund size. Ryan underscores the necessity of adaptability amidst swift technological advancements, citing examples such as the slow adoption of autonomous vehicles compared to AI's rapid progress. His forward-thinking investment approach focuses on emerging technologies and early-stage opportunities while staying adaptable in an ever-evolving landscape. Now shifting gears to broader developments in the tech industry as of July 15, 2026: IBM has experienced a notable 25% share drop after falling short of Q2 revenue expectations. The company's revenue stood at $17.2 billion against Wall Street's projected $17.9 billion. CEO Arvind Krishna attributes this shortfall to challenges in securing major deals, as clients redirected their budgets towards hardware infrastructure. Meanwhile, Chinese AI startup Deepseek prepares for an IPO in mainland China with an anticipated valuation of $71 billion, a substantial increase from its recent $52 billion valuation. This move underscores ongoing financial strategies amid the global AI race involving key stakeholders like Liang Wenfeng and companies such as JD.com and Tencent. In regulatory news, New York has enacted the nation's first statewide moratorium on new hyperscale data centers until July 2027 to address environmental concerns and energy demands associated with data center development. Governor Kathy Hochul emphasizes establishing new standards through this initiative. Further tech updates include cyberattacks targeting Gulf mobile networks for tracking U.S. military personnel in Iran, OpenAI's forthcoming smart speaker device, Demis Hassabis's proposal for a U.S.-based AI standards body, NVIDIA's reduction of its AI chip client list in Asia, and potential EU regulatory changes concerning wearable tech. Additionally, Google Images is undergoing a redesign for its 25th anniversary, while Uber is contemplating acquiring Delivery Hero valued at approximately $14 billion. Transitioning to leadership dynamics within major corporations: Raj Subramaniam, CEO of FedEx, is steering the company through a phase of "re-globalization" following founder Fred Smith's passing. As only the second CEO in FedEx's 53-year history, Subramaniam focuses on adaptability amidst geopolitical conflicts and tariffs affecting global supply chains. Rising from an entry-level position to CEO status presents its unique challenges, especially succeeding a legendary founder. Subramaniam aims to uphold FedEx's cultural values while adapting to evolving technologies and market demands. He seeks to honor Smith's legacy by concentrating on key performance indicators and preserving FedEx's culture amid transformative times. Meanwhile, JPMorgan Chase CEO Jamie Dimon warns about potential market risks despite record quarterly revenue figures. Market trends show positive movements among S&P 500 futures and various international indices while Bitcoin has risen notably to $65,000. In other developments: A new FCC proposal could impact burner phone usage raising privacy concerns; Mitsubishi has acquired $7.5 billion worth of U.S natural gas fields from Aethon reflecting Japan’s investment interest within LNG amid the flourishing AI sector. Subramaniam's leadership at FedEx illustrates both challenges faced by CEOs today alongside opportunities presented through innovative strategies focused on cultural preservation amid rapid global changes. Thank you for tuning into OWITH.ai where we distill essential insights from the ever-evolving world of AI & technology!Support the show Thanks for listening! Follow us on Twitter, Instagram and Linkedin