What happens when two of the biggest tech waves—AI and crypto—start to converge? In this LP Summit conversation, a16z General Partners Chris Dixon and David George explore how stablecoins are creating a new global financial layer, why generative AI is reshaping market structures, and how the next tech giants will be built. From network effects to native AI business models, this is a sharp look at the future of innovation and investing. Timecodes: 00:00 Introduction 00:46 State of Crypto Today 01:53 The Rise of Stablecoins 06:14 Generative AI: Initial Impressions 10:08 AI's Second-Order Effects and Future Media 12:36 AI and Crypto: Coordination and Collective Action 15:54 Google's Innovator Dilemma 18:34 Google's Business Model and the Internet Pact 20:52 Future Business Models in the AI Era 23:54 Advertising and Business Models in the Digital Age 26:11 Network Effects and Competitive Moats 28:11 The Future of AI Applications and Infrastructure 31:33 Investment Strategies and Market Structures 35:25 Evaluating Founders and Venture Capital Insights Resources: Find Chris on X: https://x.com/cdixon Find David on X: https://x.com/DavidGeorge83 Watch ‘What is an AI Agent?’: https://youtu.be/xGEUPLLuEIo?si=RM-tD-R8H9XfbIP Stay Updated: Let us know what you think: https://ratethispodcast.com/a16z Find a16z on Twitter: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Subscribe on your favorite podcast app: https://a16z.simplecast.com/ Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.