Keen On America

For media moguls, we are living, to borrow from Dickens, in the best and worst of times. As Nicholas Thompson confessed to me at DLD, The Atlantic CEO is simultaneously “excited” and “terrified” by the power of AI to revolutionize his media industry. On the one hand, Thompson explains, AI represents the best tool journalism has ever had for locating needles in haystacks. On the other hand, AI has the potential to obliterate traditional media’s entire business model. So what’s it to be: extinction or renaissance? For Thompson, a lot depends on the fate of copyright. If our Silicon Valley leviathans pay for the original content that powers their intelligence, then media companies can prosper in the age of AI. If not, then it really will turn out to be the worst of times for high quality, curated publications like The Atlantic.

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One of the most bracing presentations at DLD this year was given by Crunchbase's data queen Gene Teare. Breaking down America's VC dominance, Teare's speech might have been entitled "64% and Counting." As Teare told Keith and me in a special Teare family edition of our regular That Was The Week show, the VC gap between Europe and America is only getting wider. From 2014 to 2023, US share of global venture dipped below 50%. But in 2025, it roared back — with nearly two-thirds of all global VC flowing to America. The foundation model funding disparity tells the story: OpenAI raised $40 billion last year, Anthropic $17.5 billion. The top French AI company? $2 billion. Oh mon Dieu.

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Not everything at DLD this year was on the growing US-European economic and technological divide. There were many speeches on the environment including from heavyweights like Kate Raworth. And I had the opportunity to catch up with my favorite advocate of regenerative agriculture, the managing partner at Acton Capital, Jan-Gisbert Schultze. According to Schultze, today's deepest problem is our spiritual disconnection from nature. We've lost 50% of our soil carbon, he notes, and with it the fertility that sustains us. We can save ourselves, he says, from the soil up — by embracing regenerative agricultural practices that prioritize local community activation and sustainable farming. Schultze is putting this into practice at Lake Constance, Germany's largest lake, where his Regenerate Forum is working to transform an entire county into what he calls a "climate landscape" — retraining farmers, rebuilding soil, and relocalizing the food system.

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Few speakers at DLD this year were more sombre than The Economist's deputy executive editor Kenneth Cukier. “Civilizations aren’t killed,” Cukier says, “they commit suicide.” It's now "three minutes to midnight" in Europe, he warns, and what he called the priceless "vase" of the liberal order is about to shatter. Borrowing from Hemingway's description of personal bankruptcy, Cukier argues that civilizational suicide comes "slowly, then suddenly". So can anything avert this collapse? Cukier isn't particularly optimistic, but nor is he hopeless. The vase hasn't shattered yet. The hope, he suggests, is with new peaceful technologies that can help reinvent democracy. But if the European clock really is teetering at three minutes to midnight, it's hard to be persuaded by Kenneth Cukier’s abstract promises of ethical technology.

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Few people experienced the Dot-Com bubble with more vertiginous intensity than Bill Gross, the Pasadena-based founder of Idealab and many many other internet startups over the last 30 years. So when I sat down with Gross at DLD, I couldn’t resist opening with the boom/bubble gambit. How, I asked him, does today’s AI hysteria compare with the Web 1.0 madness of the Nineties? While Gross - whose current ProRata.ai play is focused on protecting creativity in the age of generative AI - doesn’t believe that today’s boom is akin to the Dot-Com bubble, there are similarities. We are at what Gross calls a “Napster moment” in terms of making the big LLMs accountable for all the content they are illegally crawling (ie: stealing). And to get beyond this moment, he says, everyone from Google and OpenAI to Perplexity and Anthropic, needs to move to a “Spotify model” that fairly shares revenue with the human creators of knowledge.

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