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Top News

• NotebookLM founders launch AI startup: Have you played with NotebookLM? It’s a piece of software from Google that the search giant describes as “your personalized AI research assistant.” It’s popular. And now, TechCrunch reports, some of the folks who built it have quit their corporate gigs and are heading out to found a new company. Details are light, but expect the crew to have access to about as much capital as they want.

• A win for crypto startups: Former SEC Commissioner Paul Atkins is heading back to the governmental body, this time at its head. Atkins is widely expected to pursue a crypto-friendly regulatory regime atop the SEC. For crypto startups stymied by the Gensler era, it’s great news. For folks who are critical of the crypto ecosystem, it’s not.

• Heirloom Carbon raises $150M: Whenever a Series B reaches the nine-figure mark, we take notice. Enter Heirloom Carbon’s recent $150 million raise for what climate-tech reporter Tim De Chant describes as “carbon removal technology” that uses “crushed lime derived from limestone” to power direct air capture instead of a more traditional liquid-based approach. Anything to give us more time to sort out the climate, frankly, is welcome.

TWiST500

Today on the podcast, we added HuggingFace to the TWiST500. The company has a solid pedigree of venture backing, which is bullish in its own right. But what sets Hugging Face apart is its centrality in the AI conversation. Far more than merely hosting models today, Hugging Face is also a place where AI devs and enthusiasts gather, natter, and work together.

Developer mindshare is a non-GAAP metric, but one that really matters. Just ask Microsoft, who famously advocated for developer support.

On the financial side of things, Hugging Face was reported to have annualized revenues of between $30 million and $50 million last August, so it’s presumably much larger now. That means that the company’s ability to rip cash out of its growing community is strong. AI enthusiasm is hardly set to taper, so the road ahead appears more than a little lucrative for the company.

We’re vetting big returns here on the TWiST500, and I think Hugging Face has a real shot at one for the books. Onto the list it goes! — Alex

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This Week in Startups

E2054: Jason and Alex kick things off with a look at SEC leadership changes and corporate security concerns before welcoming Mike Sherbakov (Veteran fund) and Herbert Dwyer (EMPEQ founder) to discuss EMPEQ's tech. Jason and Alex highlight updates from Twist500, including a feature on Hugging Face's recent progress. They also have a quick look at the state of EU startup culture and wrap up with a great discussion on capitalism's role in safety nets.

E2053: Jason and Alex dive into Michael Saylor’s pitch for Microsoft to adopt Bitcoin, discussing its potential for digital transformation and how it stacks up against traditional investments. They break down asset-heavy vs. asset-light business models, analyze Tesla’s compensation package in light of a Delaware court ruling, and explore corporate incorporation trends focusing on Delaware’s role in governance.

E2052: Jason and Alex tackle the latest headlines, starting with Hunter Biden's pardon and its broader implications for presidential power. They discuss crypto regulation shifts, Michael Saylor's Bitcoin strategy, and Sequoia's global investment search. Plus, they explore nearshoring trends, credit card delinquencies, and Bernie Sanders' populist stance on defense spending. They wrap up with Bitcoin predictions and a deep dive into Dogecoin's leaderboard.

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• DevSquad: Most dev agencies only offer developers. Why? Because product management is hard. Get an entire product team for the cost of one US developer plus 10% off at http://devsquad.com/twist.

LAUNCH Cloud Kitchens Incubator

Applications are open for Cohort 2 of the LAUNCH CloudKitchens Incubator (LiCK). We're looking for food entrepreneurs who wish to expand into the ghost kitchen space or tech founders with a team and a great idea. The application and more information can be found at https://ck.launch.co/.

The TWiST500 newsletter is the new, updated, and improved TWiST Ticker.