Erik Torenberg speaks with tech analyst Benedict Evans about the current state of AI, what has changed over the past year, and which questions remain unanswered. The conversation covers coding agents, foundation models, AI infrastructure spending, software economics, and the tension between today's AI excitement and the long-term realities of technology adoption. Evans discusses why coding has emerged as AI's first breakout use case, how previous platform shifts can help frame the current moment, and why many of the most important questions about AI remain unresolved. Along the way, they explore the future of software, enterprise adoption, consumer behavior, and whether AI models ultimately capture value themselves or become infrastructure for the next generation of applications. Timestamps: 00:00 - Intro 00:44 - What's Changed Since Last Year 05:53 - OpenAI vs Anthropic Strategy 10:31 - The Pricing Crunch & Platform History 22:48 - What Comes After Coding 38:18 - AI & the Future of Enterprise Software 48:43 - The CapEx Problem 55:07 - Will Models Become Commodities? Resources: Follow Benedict Evans on X: https://x.com/benedictevans Follow Erik Torenberg on X: https://x.com/eriktorenberg Read Content Isn’t King: https://www.ben-evans.com/benedictevans/2017/7/13/content-isnt-king Read Netflix is Not a Tech Company: https://www.ben-evans.com/benedictevans/2019/7/31/Netflix Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Show on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Show on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.