Right now, every AI model you've ever used works the same way. You talk, it listens. It responds, you listen. Thinking Machines is trying to change that by building a model that processes your input and generates a response at the same time, so it's more like a phone call than a text chain.

The company has been trying to embed itself inside the AV industry — as a data provider, an investor, and a distribution platform — but the consumer-facing bet may be just as important.

The invisible force behind all of this is no mystery to anyone paying attention to the city's tech economy. San Francisco is home to some of the most valuable private companies in the world, and their employees have been quietly accumulating — and, increasingly, cashing out — fortunes.

Intel's stock has risen a stunning 490% over the past year, a bet by Wall Street that may be running well ahead of the company's actual turnaround.

Like many AI companies automating work that humans currently do, Basata will eventually face a harder question about where the line is between augmenting workers and displacing them. For now, the founders say the administrative staff they work with aren't worried about that; they're more worried about drowning.