Sourcery

Adam Foroughi, Co-Founder & CEO of AppLovin, and Giovanni Ge, CTO of AppLovin, join Sourcery from AppLovin’s Palo Alto headquarters for a deep dive into the technology and strategy behind its advertising business.
Gio joined AppLovin in late 2022, when the company was worth roughly $5.5 billion, and helped architect Axon 2, the recommendation engine that became central to AppLovin’s transformation. The new architecture improved predictions and advertiser returns, helping drive the company’s expansion beyond mobile gaming into e-commerce ads and its recovery from a 92% post-IPO decline to a $100B+ company.
Adam and Gio break down how Axon works, how AppLovin scales with a remarkably lean engineering team, how AI is changing the way they build, why knowing what not to build matters, and what it would take for AppLovin to eventually become a trillion-dollar company.
We also cover AppLovin’s expansion into e-commerce, the future of advertising across LLMs and connected TV, engineering culture, and how they think about building for the next five to ten years.

Adam Foroughi: https://www.linkedin.com/in/adamforoughi/
Giovanni Ge: https://www.linkedin.com/in/xiaochuan-giovanni-ge/
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/IZHwulZQixQ

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery  
Follow Sourcery for the latest updates!
https://www.sourcery.vc
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Adam Foroughi, Co-Founder & CEO and Giovanni Ge, CTO at AppLovin
(00:52) Gio's first impression of AppLovin
(03:38) Joining AppLovin after a 30% stock drop
(09:59) How Axon 2 actually got built
(20:23) Why AppLovin never needed a sales team
(21:59) From gaming ads to e-commerce
(24:47) From a napkin drawing to a real product
(30:54) The onboarding mistake most companies make
(34:37) What "AI-Native" actually means
(36:37) Should new engineers still learn to code?
(41:41) UGC vs. traditional ads: what's winning?
(47:56) Adapting to AI without rebuilding from scratch
(54:50) Gio's daily tech stack
(1:02:17) AppLovin's path to a trillion-dollar valuation
(1:06:19) Recovering from a 90% stock drop
(1:09:47) What's next for AppLovin?
(1:13:44) What happens when AI takes over?
(1:15:48) Adam and Gio's hottest takes
(1:19:50) How to actually stay locked in

Sourcery goes inside Neros Technologies’ new 250,000-square-foot Millennium One facility with Co-Founder & CEO Soren Monroe-Anderson.
Neros designed the factory with enough space to eventually produce one million drones per year. Today, the company says it is already manufacturing more than 250 drones per day, with engineering, testing, supply chain and production operating under one roof.
Soren takes us through Neros’ engineering labs, flight-test operation, drone and ground-station assembly lines, manufacturing software and 100% end-of-line flight testing. We also get a look at the latest Bandit interceptor prototype, which can reach roughly 300 km/h, with Neros targeting closer to 400 km/h for intercepting faster jet-powered Shahed variants.
We also visit the new-product introduction line where Neros is preparing Archer AI for mass production, and the massive open portion of the factory reserved for bringing more component manufacturing in-house. Soren explains why mass-producing drones requires designing the product around manufacturing, why 3D printing does not solve the underlying supply-chain problem, and how Neros plans to vertically integrate its way toward million-unit scale.

Soren Monroe-Anderson: https://x.com/soren_ma
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/1qysc9sNACg

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery  
Follow Sourcery for the latest updates!
https://www.sourcery.vc

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
 
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Inside Neros' 250,000 sq. ft. Millennium One Factory
(01:21) How Neros pushes its drones to the limit
(02:35) Why 3D printing can't solve the drone supply chain problem
(03:40) How their drones are built different
(06:20) The new 300 km/h Bandit interceptor
(09:09) Inside the drone assembly line: producing 250+ drones a day
(11:17) South Bay's biggest American flag
(11:42) How Neros stress-tests its drones
(15:26) Inside the new product introduction line
(17:01) What roles is Neros hiring for
(19:00) Soren's hot take on defense tech

Soren Monroe-Anderson, Co-Founder & CEO of Neros Technologies, joins Sourcery from the company’s new 250,000-square-foot factory in Torrance following its $250 million Series C at a $2.5 billion post-money valuation.
The round, led by Sequoia and American Strategic Technology Fund, comes as Neros expands from its core Archer FPV platform into multiple product lines, including Archer AI and Bandit, its counter-UAS interceptor. Neros is also fresh off a $500 million Army IDIQ and is building toward the capacity to manufacture one million drones annually.
Soren explains why modern warfare is increasingly being shaped by low-cost drones, why America fell so far behind China in drone and electronics manufacturing, and what it actually takes to “de-China-fy” a defense supply chain. Neros has pushed critical components including boards, chips, motors and magnets outside China, but Soren argues complete independence is far harder when Chinese suppliers still dominate some raw materials and precursor chemicals.
We also discuss Neros’ transition from a single-product company to a multi-product defense manufacturer, the rise of interceptor drones, autonomous capabilities that can operate through communications loss, sovereign manufacturing for U.S. allies, and why Soren wants Neros to become the “Toyota of defense manufacturing.”

Soren Monroe-Anderson: https://x.com/soren_ma
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: ⁠https://youtu.be/a8sFzL-E948

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery  
Follow Sourcery for the latest updates!
https://www.sourcery.vc
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Soren Monroe-Anderson, Co-Founder & CEO at Neros Technologies
(01:02) Neros just raised $250M at a $2.5B valuation
(04:25) Inside the Army's $500M drone contract
(08:05) The Interceptor drones taking over the battlefield
(12:55) Is it even possible to build a drone without China?
(19:55) The biggest BS claims in defense tech right now
(22:58) Neros’s growth to over 250 employees
(25:29) The Talent bottleneck slowing down American manufacturing
(29:43) The biggest myth about re-industrializing America
(35:52) What actually happens on a modern battlefield?
(37:41) How Starlink is changing drone warfare
(40:41) Soren’s learnings from Kelly Johnson

Justin Lopas, Co-Founder and COO of Base Power, joins Sourcery at Factory 1 in Austin for the launch of Base Core and the company's $1 billion Series D.
The round values Base at $13 billion post-money and is led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase's Strategic Investment Group. Existing investors Thrive Capital, a16z, Lightspeed, Trust Ventures, and CapitalG re-invested, bringing total capital raised past $2.5 billion.
Base Core is the largest standalone home battery on the market at 40 / 80 kWh. Justin walked me through the factory floor, the install demo, and why Base builds the hardware itself.
"It is so critical to bring manufacturing back to the US, especially for critical infrastructure."
We cover:
› The $1B Series D at a $13B post-money valuation
› Base Core, 40 kWh of storage and 20 kW on the inverter
› Whole home backup versus circuit-level backup
› Retail choice markets versus utility partnership markets
› Installing batteries around data centers to offset interconnection load
› 4,000 units per week by the end of the year
› Over 100 installs a day
› 100% US and Mexico supply chain
› Factory 1 built in under 6 months

Justin Lopas: https://x.com/JLopas
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: ⁠https://youtu.be/zfFGgfI2Xog

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery 
• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com  
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery  
Follow Sourcery for the latest updates!
https://www.sourcery.vc

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
 
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Justin Lopas, Co-Founder & COO at Base Power Company
(01:06) Base Power raises a $1B Series D
(02:26) Meet Base Core
(05:42) Demo: Whole-home backup in action
(07:06) How Base Power's business model works
(08:55) Inside Base Power's Factory
(11:28) Why Base Core is 3x larger than other home batteries
(12:05) Inside the manufacturing line
(13:23) Can humanoid robots build batteries?
(14:13) Why Base Power manufactures its own batteries
(15:47) Inside the robotic assembly line
(18:09) How lithium-ion batteries work
(21:40) Scaling production to 4,000 units a week
(22:33) Installing 100+ systems a day
(23:03) COO or Electrician?
(23:53) From oil rigs to Base Power

Dylan Fox is the founder and CEO of AssemblyAI, the voice AI infrastructure platform behind AI notetakers, medical scribes, drive through ordering, contact centers and humanoid robots. AssemblyAI went through Y Combinator's first AI batch in 2017 and now serves over 1 million developers with roughly 100 million API calls a day.
We get into the volume numbers, why weekly conversations are up over 800% in three years, the three macro trends pulling voice into everything, why coding agents turned small businesses into API customers, how data mixture drives 75% of model quality, the humanoid robot speaker problem, on device models, and the disclosure question the entire voice agent industry is avoiding.
"It's very easy to optimize for a public open source benchmark. It's very hard to optimize across all these real world applications."
We cover
› 120 million weekly conversations and 4x YouTube's daily voice volume
› Coding agents expanding the TAM by 100x
› Context aware voice models and the McDonald's ordering problem
› Why humanoid robots can't disambiguate speakers
› Whether voice agents should disclose they are AI

Dylan Fox: https://x.com/YouveGotFox
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/xAF7HkX2DXI

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery 
• MongoDB–Millions of developers and more than 65,200+ customers across industries, including ~75% of the Fortune 100, rely on MongoDB for their most important applications. With integrated capabilities for operational data, search, real-time analytics, & AI-powered data retrieval, MongoDB helps organizations everywhere move faster, innovate more efficiently, & simplify complex architectures. https://mongodb.com/ai
• AssemblyAI–Millions of developers use AssemblyAI to power their voice ai applications and features. One API gives you access to best-in-class speech-to-text, voice agent, and speech understanding models for both pre-recorded and real-time audio.  Granola, ClickUp & HeyGen are scaling with AssemblyAI - get $50 of free credits today at http://AssemblyAI.com/sourcery

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Dylan Fox, Founder & CEO at Assembly AI
(01:06) AssemblyAI's voice traffic just beat YouTube by 4x
(03:33) $100K in GPU credits that started it all
(06:39) Why Voice AI is inflecting right now
(10:11) AssemblyAI's infrastructure-first strategy
(12:41) Handling 120 million weekly calls
(14:49) How AI agents are rewriting Internal Ops at AssemblyAI
(17:05) The Sovereign AI problem nobody's solved for voice
(18:26) Is the Keyboard and Mouse finally dying?
(22:33) The problem Humanoid Robotics hasn't solved yet
(25:14) The real problem behind translating languages
(29:27) Can AI actually talk to animals?
(31:24) The real reason Open-Source benchmarks lie to you
(34:20) Building websites in chat rooms as a kid
(36:48) On-Device AI models are about to change everything
(43:03) The people who shaped Dylan's career