For the first time, companies can treat AI token spending almost like headcount: allocate more money, deploy more intelligence, and potentially get more work done. That shift could change much more than engineering productivity. It could reshape how companies form, how teams are managed, how businesses are financed, and who is best positioned to build them. In this episode, a16z crypto General Partner Guy Wuollet and Head of Engineering Noah Citron join host Robert Hackett to explore the economics of the AI-native company. They discuss why engineering teams may soon manage token budgets like P&Ls; how AI enables companies to scale labor up and down almost instantly; and whether the future belongs to smaller, leaner businesses run by people who are unusually good at directing agents. The conversation also covers software-engineering “pod shops,” AI as variable labor, the future of consulting and private equity, and why stablecoins and blockchains may become the default financial infrastructure for AI agents and businesses. Finally, they ask a larger question: If AI has created so much new intelligence, why has it not yet produced an obvious jump in economic growth? And in a world where everyone can access powerful models, will intelligence matter less than grit, judgment, and agency? Highlights 00:00 — Intro 4:01 — Why token spending is starting to resemble headcount 4:51 — Deciding how much spend is too much spend 9:04 — The agentic A/B test: How to quantify "return on tokens" 12:05 — The software-engineering "pod shop" 25:13 — Paying deference to the Machine God 26:06 — The rise (or not) of lean, AI-native microbusinesses 28:05 — Everyone's a manager? The new style of thinking for engineers 30:48 — Why AI agents may naturally use stablecoins 34:33 — When AI productivity will appear in GDP 47:49 — Why grit and agency may matter more than IQ 51:38 — How AI could create new paths for startups 54:53 — Innovation, commoditization, and creative destruction Links: Guy Wuollet: https://x.com/guywuolletjr Noah Citron: https://x.com/noahcitron Robert Hackett: https://x.com/rhackett Subscribe: https://www.youtube.com/@a16zcrypto Website: https://a16zcrypto.com/ X: https://twitter.com/a16zcrypto Newsletter: https://a16zcrypto.substack.com/ As always, none of the following should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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