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Roman Chernin

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2026-06-08
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2026-06-08
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  1. “So on every time we got intelligence cheaper, the same unit of intelligence cheaper, we are not reducing the consumption, but we are increasing the consumption because we can just solve more complex tasks with the same budget or we can finally economically viably solve the tasks that we already kind of knew that solvable, but economics didn't work and we could not scale. So I think it's quite fascinating what this economics improvements to observe.”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Moment, if you remember, I remember that Nebul Stock went down 40% in one week or so. In February, I think it was February or March 2025. And anecdotal story, the same exact week, we probably had the best week in sales. People on the market were concerned that market is going down and like infrastructure companies like Nebula's not needed because, okay, if AI is so much cheaper, maybe it's bubble. But at the same time, we never had the best commercial week. We were pretty early in our story, but that was the best commercial week in the history of the company because so many people figured out that they can run inference in their production workloads with Deepsek and economics will work. And then at the same time, Kore Store started growing. I think they were the first who really benefited from tuning those models for coding.”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Actually, most of the people are concerned on other side. Like, will we have strong enough open source and strong enough specialized models environment to build this floor? I think that we get at such an early point of adoption. We have so many unsolved problems yet that it's just a matter of the total pi. I think there is enough space to solve so many tasks in the future that it's enough pi for both frontier capabilities and very tuned models for specific use cases and all the world of these open source or specialized models that we can build on top of them to gain these economics advantages and performance advantages when we know what we need. You said that like every time we have the cheaper model is it hard, the business and my favorite anecdotal story about that is I think 15 months ago so there was this deep”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Year ago, and like we continuously seeing it now, every time we find the way to solve some tasks more efficient, we just start solving more complex tasks at the same time. This is like continuous journey, I believe. So you always push the frontier, you always have the more complex tasks to figure out how to solve. When you figure it out how to solve them, you can go down and reduce the price or improve like the quality, but we have so many unsolved tasks that anthropics and opening eyes and all other frontier models still have such a not addressed yet addressed yet market, they continue kind of exponentially grow.”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Need, maybe you don't need the best in the world universal model, but you can create a specialized model that in your particular case will work even better. And that's the way where you may consider to shift from frontier closed models to open source. The most important kind of goals of those models is not just the open source, but they are tunable, they are trainable. So you can take them and you can do something, you can post train them, and you can create a specialized model that in your particular case may work better. So that we see over the world, over the use cases. But why doesn't it hurt anthropic and open AI? Because in reality, they move to the next frontier and to the previous point that we discussed, there are so many unsolved tasks or the tasks that not necessarily have the limited budget to be solved. And every time we see, and we saw it like with deep sequence,”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Yeah, so first of all, I think that it's not in the future, it's already in the present. Again, what we see in a lot of examples, at the moment when our customer or the product builder gets to the scale, they start looking to the ways to improve the economics or accelerate the growth and so on. And this is the way when a lot of them start to look to alternative models. So the best way to build today is obviously to build on the frontier models from great providers like OpenAI and Tropic Google because they actually provided that through. They provide you the best, best capabilities in the world. But then when you figure it out the use case, when you start seeing adoption, when you see the customer data loop, you maybe can find the cheaper or even not cheaper, but more quality, high quality way to serve the same use case.”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Obviously, many, many, many more use cases. We will see much more adoption. I think that what we see yet is if you take every single company in the world, maybe outside of the fastest moving startups, before the show we were speaking with, like, who is moving fast enough or not fast enough, right? So maybe there are some exceptions, but I think if you take any company in the world today and you will look at the AI adoption there, you will actually see that they start using AI in a first percents of the volume in the first percent of the use cases. So if you take any large company, even pretty advanced technologically, you will see that they're just starting. And I'm taking from that that we only beginning. Even if you don't believe in what Musk says about everything in the future, space and so on, just practically from enterprise adoption, it's just the first steps.”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “No, I don't believe it's a bubble. Define the bubble. Do I believe that we will need tens or hundreds more to build? I fairly believe. I probably biased. I would probably not being in the business that we are doing if I wouldn't believe. So I think that we are just at the beginning of this amazing moment when Jansen calls it like useful AI. And we just at the beginning of this kind of real adoption. And honestly, we have maybe one use case that works out of so many of use cases. The one use case that works like coding everybody's talking about coding started working like maybe a few months ago just like let's put it in the perspective. We just a few months from the moment when we've got maybe first use case that works in the scale and we start seeing it's applying here and there. I think we'll see.”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Who has power against NVIDIA? We are in the capital intensive game and we're competing with the most capitalized companies in the world. Our CapEx program this year is 2025 billion dollars. Our competitors, hyperscalers, have eight times bigger in the next six months. The capital cannot help. Six months is too short time. You have what you have. You need to deliver. Consolidation. Yeah, I think the main thread for Nibios as a business is the world will be too much consolidated. It's like a shark. You alive when you move, right? So we have to move.”

    2026-06-08 · The Twenty Minute VC · 20VC: Nebius Co-Founder on AI Infrastructure Bubbles | The Real Impact of Open Source on OpenAI & Anthropic | How Price Elastic is Demand for Compute | Could Nebius Sell 10x More Compute If They Had It & more with Roman Chernin · IDENTIFIED FROM THE TRANSCRIPT · source