Episode Details

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Will GPUs become a new asset class? Our latest podcast guest may have some answers.

Stephen Balaban, co-founder and CTO of Lambda, joins us to explain why a $40,000 monthly AWS bill was the best thing that ever happened to the company in its early days, why he recently handed over the CEO title after fourteen years at the helm, and what is really going on in the GPU market, and whether we should be concerned or excited about the opportunity.

About LambdaLambda, branded “The Superintelligence Cloud,” is an AI infrastructure company founded in 2012 that builds and operates gigawatt-scale AI factories and GPU supercomputers for training and inference, serving AI researchers, enterprises, and hyperscalers.

Watch now - Stephen Balaban, co-founder at Lambda

During our latest episode, we also learn how Lambda pivoted from a facial-recognition startup, to a data-collection hardware product called Lambda Hat, to an AI consulting shop nobody would fund, to the largest generator of Deep Dream images on the internet, before finally landing on an opportunity that very few saw coming: GPU cloud businesses.

We also explore an interesting trend and opportunity: could GPUs become a new institutional asset class? We also discuss the lessons Lambda learned from partnering with one of the world’s most talked-about companies: Nvidia.

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Timestamps

(0:00) Meet Stephen Balaban(2:13) The State of GPUs(4:40) 2026: Is This the Breakthrough Year?(6:27) Starting Lambda in 2012(11:14) Spotting the GPU Opportunity(16:42) How Stephen Stays Focused(18:47) Starting a Company with Your Brother(21:44) Stepping Down as CEO(27:52) How to Find a New CEO(29:34) Not Raising from Traditional VCs(31:30) Where Does the GPU Opportunity Go Next?(34:35) GPUs Becoming an Asset Class(36:15) What Keeps Stephen Up at Night(

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