Jason Calacanis hosts from Davos, interviewing three technology leaders about the infrastructure powering America's AI and crypto revolution. Jeremy Allaire, CEO of Circle, discusses stablecoins and the regulatory landscape following the Genius Act. George Kurtz, CEO of CrowdStrike, reveals emerging cybersecurity threats including AI-powered autonomous malware and North Korean infiltration of US companies. Adam Goldstein from Archer Aviation updates on VTOL progress ahead of the 2028 Olympics, while Chase Lock Miller of Crusoe Cloud explains the massive infrastructure buildout powering AI data centers.

The conversations reveal a common theme echoing A Game of Thrones - that 'chaos is a ladder' for entrepreneurs who build during disruptive moments. From financial crises spawning Bitcoin to AI creating unprecedented demand for computing infrastructure, these leaders demonstrate how constraint and disruption drive innovation. The discussions span regulatory battles, supply chain challenges, workforce shortages, and the race to build the physical infrastructure supporting America's digital transformation.

Circle's Stablecoin Strategy: Regulation Over Rebellion

Jeremy Allaire chose regulatory compliance over offshore operations, testifying to the Senate in November 2013 despite receiving 'a lot of hate' from the crypto community for working within the system.

USDC has grown faster than Tether for two consecutive years, positioning Circle as the largest regulated stablecoin with full reserves audited by regulators and billions in reserve income.

The Genius Act prohibits stablecoin issuers from paying interest directly to holders but allows platforms like Robinhood and Coinbase to offer rewards and loyalty programs to their customers.

Circle works with a global systemically important bank that moves money between branches using USDC because 'it's faster than going through the corresponding bank' and more trusted than traditional rails.

AI-Powered Cybersecurity Threats and North Korean Infiltration

CrowdStrike discovered hundreds of North Korean employees working remotely at US companies, with one manager asking 'do we have to get rid of him? Because he did such good work' when told their employee was likely a spy.

New 'prompt-only autonomous malware' can run without ever phoning home, using AI to create unique fingerprints each time and autonomously interacting with LLMs to achieve objectives.

AI is 'minting new adversaries' by compressing attack timelines and allowing less sophisticated hackers to automate attacks with nation-state level sophistication through LLM assistance.

Russia remains the top state actor due to Cold War-era talent, operating 'low and slow' with patience, while China combines nation-state intelligence gathering with commercial theft for domestic companies.

VTOL Revolution: From Olympics to Everyday Transportation

Archer Aviation bought Hawthorne Airport for $170 million and secured exclusive rights for LA 2028 Olympics, with Trump's executive order fast-tracking VTOL certification through five announced cities.

The aircraft uses 12 rotors with 24 redundant motors, can glide up to 10 miles with a 50-foot wingspan, and is designed to be '3, 4, 5 times safer' than helicopters with near-zero single points of failure.

Adam Goldstein plans to fly in the aircraft 'later this year' after years of pilot-only testing, marking a key milestone for public confidence and commercial certification.

The defense partnership with Anduril involves building 'autonomous collaborative attack helicopter drones' as part of Project Nix, creating attritable aircraft that cost 90% less than traditional platforms with no pilot risk.

AI Data Center Infrastructure: The New Gold Rush

Crusoe Cloud employs 8,000 workers daily in Abilene, Texas (population 120,000) building AI infrastructure, with electricians earning 'hundreds of thousands of dollars a year' due to massive demand.

Current Blackwell chips require 130 KW per rack, with next-generation Vera Rubin at 250 KW and Vera Rubin Ultra reaching 600 KW, ultimately targeting one megawatt racks equivalent to 'a thousand homes' of power.

Crusoe has 45 gigawatts in their pipeline - 'eight to 10 New York cities worth of power' - with the first small modular nuclear reactor powering an AI factory planned for 2027 at Idaho National Lab.

The company signed a $1.2 billion purchase order with Boom Supersonic for gas turbines, repurposing jet engine technology for power generation to fund Boom's Concorde replacement development.