{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Slow Hunch","title":"Meltem Demirors (Crucible Capital)","html":"","width":"100%","height":180,"duration":2568,"description":"My conversation with Meltem Demirors, founder of Crucible.\n\nMeltem has spent much of her career thinking about the relationship between scarce physical resources and the digital economy. She started in oil and gas, was early to Bitcoin, and is currently obsessed with the energy-to-compute value chain that underpins AI. \nThat thread now runs through Crucible, where she invests across energy, compute, materials, and the markets that scale them. Compute and energy are becoming core commodities of the AI era, with entirely new markets forming around them. \nAs agents become economic actors, those markets may look very different from the ones we know today.\n\nChapters: \n00:00 AI is a commodities business\n01:50 Meltem’s slow hunch: energy, compute, and markets\n06:25 From Bitcoin mining to the energy-to-compute thesis\n10:03 The founding thesis behind Crucible\n15:03 Why commodities and capital markets matter\n20:18 The economics of the AI infrastructure boom\n26:06 Debt, neo-clouds, and the coming compute shakeout\n30:58 Compute and energy as the commodities of the AI era\n34:43 Agents as traders and economic actors\n37:47 What an agent-native economy might look like\n40:34 Why markets may be the best way to distribute AI’s gains","thumbnail_url":"https://img.transistorcdn.com/Miey0AwAFKTKs0A_ufYSnDbrZHkWY3pdiAZS43mf4rw/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8wYTMz/NDYyYTc0NDBkZWNi/YWM3OWI5NDExYzQ5/NGNkMC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}