Eno Reyes is the co-founder and CTO of Factory, the agent-native software development platform building autonomous "Droids" for enterprise engineering teams. Factory has raised $220 million, most recently a $150 million Series C at a $1.5 billion valuation, from investors including Khosla Ventures, Sequoia Capital, 20VC, NEA, Blackstone, Insight Partners and Nvidia. Before founding Factory, Eno worked as a machine-learning engineer at Hugging Face, training, optimizing and deploying large language models for enterprise customers. ----------------------------------------------- Timestamps: 00:00 Intro 03:02 Why the Cheapest AI Model Is Not the Cheapest System 11:08 Could AI Data Companies Be Worth $200BN? 12:46 Are Frontier Model Valuations Overestimated? 15:57 Can Anthropic Really Be Worth $2TRN? 17:36 Has AI Been Marketed Terribly? 21:00 Will AI Companies Ever Reach SaaS-Like Margins? 26:00 Is Model Routing Already Commoditized? 32:12 Who Will Own Your Company's Intelligence? 36:44 ...