E371: Midas List VC: Why AI Models Will NOT Become Commodities

David Weisburd

May 18, 2026

Show Notes

What if the biggest winners in AI won’t come from having the best model—but from building the strongest feedback loops around users? In this episode, I sit down with Hans Tung, Managing Partner at Notable Capital and longtime Midas List investor, to discuss how decades of investing across consumer internet and global technology shaped his thesis around AI. Hans explains why Anthropic stood out early through its developer ecosystem, how network effects emerge inside AI systems, and why the most enduring companies are built around positive feedback loops. We also explore physical AI, prosumer behavior, immigrant founders, and the psychological traits required to build category-defining companies.

Highlights:

Why Hans chose Anthropic over OpenAI early on
How AI models can develop network effects through developers
The “Intel Inside” analogy for AI infrastructure companies
Why positive feedback loops create enduring moats
The hidden advantage immigrant founders have in Silicon Valley
Why category-defining founders often feel “different” from everyone else
How physical AI could reshape global industries outside the U.S.
Why prosumers are the best signal for future consumer behavior

Guest Bio:

Hans Tung is Managing Partner at Notable Capital and one of the most respected global venture investors of the past two decades, consistently recognized on the Forbes Midas List. He has invested in category-defining companies including Airbnb, Coinbase, Peloton, Slack, TikTok parent ByteDance, and Anthropic, spanning the U.S., Asia, and Latin America. Prior to Notable Capital, Hans was a Managing Partner at Qiming Venture Partners and earlier worked at Bessemer Venture Partners, building a career around identifying major shifts in consumer technology, marketplaces, fintech, and AI.

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Sponsor:

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X/Twitter: @dweisburd LinkedIn: https://www.linkedin.com/in/dweisburd/ Weisburd Capital: https://www.weisburdcapital.com/

Stay Connected with Hans Tung:

LinkedIn:http://linkedin.com/in/hans-tung

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Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Why He Chose Anthropic Over OpenAI (2:03) The Consumer Internet Signal Hidden Inside Anthropic (4:37) Why “Values” Can Become a Competitive Advantage (7:27) The Brutal Reality of Taking a Company Public ()Why Immigrants Build So Many Billion-Dollar Companies ()The VC Skill Most Investors Completely Fail At ()The Problem Every AI App Founder Is Secretly Worried About ()Why Physical AI Could Create Entirely New Winners ()The Network Effect Hidden Inside LLMs ()The “Prosumer” Pattern That Predicts Massive Companies Early