Revolut: Europe's most valuable startup ($200B) just showed the world its AI strategy.
Every company will end up copying it.
At the start of this year, Revolut leaned on the frontier labs. Its 2,000 engineers used Claude Code and Codex, and some burned $1,000 to $10,000 a month each. The bills kept climbing, and the returns weren't there.
So Revolut switched its default to an open-source model called GLM. All it needs is GPUs, which it rents from Together AI.
The results, by Revolut's own count:
- The bill is about a tenth of what it paid OpenAI and Anthropic
- Engineers get unlimited tokens instead of spending caps
- Coding time is down 60% and lead time is down 70%
That's the chart below.
Revolut still uses Claude and GPT, but only as "the exception," for the tasks they do best. Everything else runs on open source.
So here's the question I keep coming back to: how many use cases can companies really justify sending to frontier models?
My answer is very few. Plenty of companies still route everything to OpenAI and Anthropic today. For how long?
I think open source ends up handling the vast majority of corporate AI work, and frontier models get a short list of the hardest jobs. That's a problem for labs whose revenue forecasts assume unlimited growth.
If you appreciate unpopular takes, follow me @m0xt_ for more.
🇪🇺 Policymakers should look at how technology can bring a new approach to Europe’s budget.
Agriculture is historically a large part of it.
Yet, technology can improve its kpis and give a better investment ROI.
Robotics & AI are enablers that will change all industries.
Europe can leverage this reality to create tech leaders in key areas, including its historical and new priorities.
We, the four pro-European groups in the @Europarl_EN, reject the #EUBudget proposal put forward by the Irish Presidency of the @EUCouncil, which cannot constitute a basis for Parliament’s consent on the next #MFF.
The draft budget presented by the Commission was half full, half empty. The Irish Presidency’s proposal is completely empty.
The European Commission rightly identified security, defence and competitiveness as new priorities. However, its proposal fails to secure traditional priorities, such as agriculture and cohesion.
The Irish Presidency’s proposal reduces funding for the new priorities, leaving the EU unprepared to tackle new challenges, and slashes much-needed investment intended to improve competitiveness. It also leaves farmers and regions underfunded.
Parliament’s official position, advocating a budget in line with the political commitments made by the Council, the Commission and Parliament, is completely disregarded.
The Irish negotiating box also leaves the Union with no capacity to react in the event of unexpected developments. The flexibility put forward by the Commission in the draft budget and defended by the European Parliament is further reduced by the Irish Presidency.
When it comes to funding the Union, the Irish Presidency is relying solely on the own resources proposed by the Commission, which have clearly failed to secure the unanimous backing of the Member States. It endangers the funding of the Union by disregarding the own resources proposed by Parliament.
Read the statement by the EPP, S&D, Renew Europe and Greens/EFA groups in the European Parliament:
generationNetwork retweeted
Capital-lite models transforming into capital-intensive ones. Now playing at a Silicon Valley theater near you.
FT: Uber commits $10bn to robotaxis in strategy shift [Balance sheet anxiety is real.] $UBER
generationNetwork retweeted
Important point on Venezuela (and Iran):
If oil goes below 40, Russia is selling at 15. That forces Putin to end the war quickly.
generationNetwork retweeted
Ethereum L1 is the world ledger.
Ethereum Layer 1 will be the master ledger for the 🌎🌍🌏.
Permissionless to inspect, use and add data or functionality to.
Credibly neutral.
Censorship resistant.
Tamper resistant and tamper evident (via slashing and transparency).
Incessantly progressively decentralizing itself.
With a best-in-class giant community that is constantly hyper vigilant as there will always be patient, well resourced actors working to subvert the system. Fortunately this will get harder and harder as Ethereum grows and matures.
generationNetwork retweeted
The President of United States is now selling his $100,000 made in China watches with mobile ads…..
The grift never stops.
generationNetwork retweeted
ETH vs BTC performance
10y: ETH outperforms 46x
5y: flat — despite every BTC tailwind
believe in somETHing real
generationNetwork retweeted
AI makes everyone a tech CEO, crypto makes everyone a venture capitalist.
generationNetwork retweeted
Learned today European banks have outperformed the Mag 7 over the past two years....
via @GoldmanSachs
generationNetwork retweeted
Deceleration is a slow and painful death.
Acceleration is the cure.
Question by a reporter:.. "Is it do it or die for Europe?"..
Draghi's answer.. "No, it's not. It's slow agony"
Yes, we support a quick wake up, execution.
We're here to keep up the pressure, incl Time Pressure.
Here's the video by @FrenchDispatch :
youtu.be/IdziFaKOj4o?si=ACgy…
generationNetwork retweeted
Using a newly hacked data base of Russia's border crossing, @istories_media confirmed that Pavel Durov, the Telegram's founder and CEO, visited Russia 50 times between 2015 and 2021. So much for the "Putin's victim"...
Павел Дуров с 2015 по 2021 годы был в России 50 раз.
После провала с криптой в США он вернулся на родину – и Кремль тут же "разблокировал" Telegram, а Дуров на следующий день пообещал инвесторам выплатить долги.
Что еще мы узнали из новой утечки
storage.googleapis.com/istor…
generationNetwork retweeted
$20,000 bank deposit straight into a slot machine with $750 spins in a guaranteed to lose game… but they want to regulate crypto. lol
generationNetwork retweeted
mildly unpopular view but voters are mostly to blame for politicians treating them like idiots.
the politicians who have detailed, nuanced, no-easy-answers proposals are generally unelectable because they are not fun enough.
generationNetwork retweeted
Fun fact: BlackRock's record of getting ETFs approved by the SEC is 575-1. That's another reason this is so big, they don't play around.
Holy crap, they did it! BlackRock has officially filed for a spot bitcoin ETF. Huge. Huge h/t to @CoinDesk for calling it.
generationNetwork retweeted
Fuck, aren’t Silvergate and SVB public companies?
Here I was, all this time, thinking the simple act of registering securities with the SEC would give me all the information I needed to make informed investment decisions that would protect me.
generationNetwork retweeted
Prediction: 2023 will make 2022 look like a sleepy year for AI advancement & adoption.
generationNetwork retweeted
Remember this tweet when the mainstream news tells you Bitcoin is evil because Russia is using it to bypass sanctions.
#bitcoin is like a knife to a surgeon or a knife to a criminal. Like any valuable technology throughout time, its value comes from the intention behind its use.
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