On April 13th, 2025, after six months of intense use and training, my GPT model on ChatGPT was compromised and started to delete content and lie to me. And I think I know why: AI Trauma -- a metaphor for the (user-generated) unintended consequences of reinforcement learning in AI models. TL;DR When GPTs strive to … Continue reading Causing Trauma for Your AI Model – Actions Have Consequences.
“Why are you not convinced by trillions of dollars? What has happened to your business instinct? Are you stupid?” -- Admiral Rob Bauer, Chair of NATO's Military Committee, 2024 (via Financial Times) This was addressed to Western financial institutions during a NATO industry forum in Washington, where Bauer expressed frustration at the persistent reluctance of … Continue reading Navigating the Complexities of Defense Private Equity: Unique Challenges and Elevated Risks
We often use the term "Defense Industry" in conversations. I've done so, too, when talking about primes and their defense products — where armed forces are their only customers. And I think I am doing a disservice to my LPs. As an investor, it's a bit more tricky: What about militarization of civil infrastructure? Or … Continue reading Defense is Not a Sector or an Industry
Defense investments are experiencing a remarkable surge across both public and private markets. Venture capital funding in defense technology has reached unprecedented levels, with European defense and security tech startups securing a record $5.2 billion in 2024, marking a 24% increase from the previous year [here and here]. This trend is further underscored by NATO … Continue reading How Increased NATO Spending Affects European Defense Industry
