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EG Ed Grosvenor Ed Grosvenor On Artisan Beer

“The people who are running the industry have never had roles where they've actually had to care whether or not the product they're selling is making enough money to cover their costs. They've always been in roles where it's somebody else's money that we're spending in the hope that this thing is going to blow up. … If it takes you $10 to get this chunk of metal out of the ground, you have to sell it for $12, because if you sell it for $8, you're going out of business.”

Artisan Beer · AI Builders · November 2026

“The people who are running the industry have never had roles where they've actually had to care whether or not the product they're selling is making enough money to cover their costs. They've always been in roles where it's somebody else's money that we're spending in the hope that this thing is going to blow up. … If it takes you $10 to get this chunk of metal out of the ground, you have to sell it for $12, because if you sell it for $8, you're going out of business.” — Ed Grosvenor, Artisan Beer

Context

Peter said he doesn't worry about the AI industry's economics because he can't control them. Ed pushed back that industry leaders have only ever played with other people's money, and Peter conceded it was a fair criticism.

Transcript

Artisan Beer Around 14:18 into the episode
Ed Grosvenor

…say that the engineers that are behind this stuff aren't brilliant, but I think that the business minds are not. They don't. They're not everybody. Let me just say it's better than crypto. It is better than crypto, but the people who, well, there's some overall. I mean, Sam Altman is a crypto guy.

Peter Van Dijck

I, you know, whatever, but like, but like the whole thing is better than crypto. So I just like, I don't worry about the industry because, yeah, they'll have their crashes and then things will happen. But is that going to affect me directly? No. So well,

Ed Grosvenor

it might. I mean, it won't necessarily affect you directly in a detrimental way, but you know, it, depending on who your clients are, it could affect them. But I mean, my whole skepticism around it is that the people who are running the industry have never had roles where they've actually had to care whether or not the product they're selling is making enough money to cover their costs. They've always been in roles where it's somebody else's money that we're spending on in the hope that this thing is going to blow up and become super, you know, super valuable. And then that exit liquidity is what. So they're just playing that game. And that's the only game they've ever known. And they've never had to operate in a world where, you know, if you, you know, if it takes you $10 to get this chunk of metal out of the ground, you have to sell it for $12 because if you sell it for $8, you're going out of business.

Peter Van Dijck

Yeah, yeah, yeah. No, that is actually a fair criticism. Like, it's all funny money to them, right?

Ed Grosvenor

Yeah.

Peter Van Dijck

Yeah.

Speaker names come from our own diarization. The position is estimated from where the line sits in the episode.

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