AI Summary
5 min readAnjney Midha discusses his new firm, AMP Public Benefit Corporation (PBC), and shares views on a potential GameStop-eBay merger while outlining his approach to AI infrastructure, venture investing, and compute allocation. Drawing from his experience at Andreessen Horowitz and selling a company to Discord, he emphasizes execution in underutilized resources and frontier science.
GameStop-eBay Merger Thesis
Midha argues most commentary on Ryan Cohen's interest in eBay misses the point. eBay's February fiscal 2025 10-K shows $2.4 billion spent on marketing for just one million new users amid 135 million total, implying massive reacquisition costs rather than true growth. He sees this as $2 billion in "fat" Wall Street treats as fixed, which Cohen could cut and redirect to treasuries, covering debt interest.
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What you'll learn
- 1 (00:00) **Intro Banter** - Casual welcome and generational run hype leading into eBay discussion
- 2 (00:40) **eBay/GameStop Thesis Overview** - Challenges media narratives on Ryan Cohen's potential acquisition, focusing on business viability over financing
- 3 (01:58) **eBay Marketing Inefficiency** - Highlights $2.4B marketing spend yielding only 1M new users among 135M base
- 4 (03:01) **Cost-Cutting Floor Case** - Acquiring eBay to slash $2B marketing fat, offset debt interest
- 5 (03:51) **Collectibles Moat vs Amazon** - eBay's defensible niche in high-value items unscaleable via Amazon warehouses
- 6 (04:29) **AI Agents and Physical Verification** - Future agentic commerce demands trust via in-store checks for rare assets like pens
- 7 (05:36) **Discord Ecommerce Lessons** - Anjney's experience building NFT marketplace reveals liquidity needs verification
+ Full timestamped outline available in the app
Show Notes
This is our full conversation with Anjney Midha, recorded live on TBPN.
We discuss his thesis behind AMP and why he believes compute is the most constrained and valuable resource in the AI economy, how billions of dollars in underutilized compute are creating a massive inefficiency that his firm is aiming to solve by building a coordinated “compute grid,” and why he’s structuring AMP as both an infrastructure and capital platform to back the next generation of AI labs, unlock scientific breakthroughs, and accelerate progress across the entire ecosystem.
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