The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

<p data-pm-slice="1 1 []">Parag Agrawal is the Co-Founder and CEO of Parallel, building web search infrastructure for AI agents.<br /> Parallel has announced $230M in funding from Sequoia, Khosla, and First Round Capital. Previously, he was CEO of Twitter, succeeding Jack Dorsey after serving as CTO and becoming the company's first Distinguished Engineer.</p> <p>AGENDA:</p> <p data-pm-slice="1 1 []">03:00 What Breaks When Agents Search the Web 1,000x More?<br /> 07:00 Speed, Cost or Accuracy: What Do Agents Really Need?<br /> 13:00 Will Tiny Models Catch Today's Most Powerful AI?<br /> 16:00 Is Model Routing a Commodity?<br /> 21:00 Is Amazon Making a Mistake by Blocking AI Agents?<br /> 23:00 Does the Ads Business Model Die in a World of Agents?<br /> 27:00 Can You Pay Publishers Without Killing Your Margins?<br /> 33:00 Why Parag Wants a Race to the Bottom on Price<br /> 43:00 What Stops Your AI Agent Breaking the Rules to Get Results?<br /> 45:00 Why AI Hacks Should Embarrass the Labs<br /> 52:00 What Parag Saw Working With Elon Musk<br /> <br /></p> <p data-pm-slice="1 1 []"> </p>

<p>AGENDA:</p> <p>04:35 Anthropic's $2 Trillion IPO Delayed. Cracks in the AI Boom?<br /> 10:30 OpenAI Faces $278 Billion Cash Burn. Out of Money by 2028?<br /> 12:55 Meta's Muse Hits No. 1. ChatGPT Finally Has a Rival?<br /> 17:05 Amazon Blocks AI Shopping Agents. Shopify Welcomes Them.<br /> 24:10 ChatGPT Inventor Launches Jev. Vercel's Fastest Launch Ever.<br /> 34:15 A $40 Million Seed Round. Is Traditional Seed Investing Dead?<br /> 39:00 Menlo Sounds the AI Bubble Alarm. Harry Calls BS.<br /> 54:00 Factory Triples Its Valuation to $5 Billion. Coding Is the Mother Lode.<br /> 1:00:20 Legora Hits $200 Million ARR. Is $11 Billion Too Rich?<br /> 1:03:50 Crusoe's $3.9 Billion Round. Is the Data Centre Trade Overheating?<br /> 1:08:55 Keith Rabois vs Airwallex. Fintech's Feud Escalates.<br /> 1:16:40 Sydney Sweeney for Airwallex? Lemkin's Wild PR Plan.</p> <p> </p>

<p>Daniel Dines is one of the greatest European founders of the last decade. As the Co-Founder of UiPath, he has scaled the business to a market cap high of $ 44BN in 2021, with the company now generating $1.72BN in revenue, growing 15% year-on-year. The company raised $2BN before its IPO, backed by Sequoia, Accel, CapitalG, Coatue and Kleiner Perkins. <br /> <br /></p> <p><span style= "text-decoration: underline;"><strong>AGENDA:</strong></span> </p> <p>05:00 Why Dario is Wrong About Millions of AI Einsteins?<br /> 13:00 Is AI Safety Becoming an Excuse to Kill Open Source?<br /> 21:00 Does UiPath Really Need 4,000 Employees?<br /> 28:00 Would You Help Train the AI That Could Replace You?<br /> 32:00 What Percent of Salary Spend Does Daniel Spend on Inference?<br /> 34:00 Can You Really Vibe Code Your Way Out of Paying for Software?<br /> 37:00 Why Would Anyone Take Their Company Public Today?<br /> 39:00 Could an OpenAI–Anthropic Duopoly Break Nvidia's Business?<br /> 45:00 Will AI Models Capture the Value—or Will the Apps?<br /> 49:00 Is Fireworks Still Undervalued at $15 Billion?<br /> 56:00 Has Europe Already Lost—and Should Founders Leave?<br /> 1:03:00 What Could Kill UiPath—and How Is AI Changing the CEO's Job?<br /> 1:06:00 60 Supplements a Day: How Far Would You Go to Live Longer?</p>

<p dir="ltr">Thomas Sohmers is the co-founder and chairman of Positron AI, building chips to make running AI dramatically cheaper and more energy-efficient. <a href= "https://www.positron.ai/about"></a>The company recently announced an $875 million Series C at a $5 billion valuation, backed by investors including Gavin Baker's Atreides Management, NEA, Valor Equity Partners and Netscape co-founder Jim Clark.</p> <p dir="ltr"><span style= "text-decoration: underline;"><strong>AGENDA:</strong></span></p> <p dir="ltr">04:30 Why Does AI Inference Need Different Hardware from Training?</p> <p dir="ltr">10:25 What Is Nobody Telling You About AI's Token Economics?</p> <p dir="ltr">13:10 Should We Really Slow Down the AI Frontier?</p> <p dir="ltr">16:55 What Happens If America Slows Down—and China Doesn't?</p> <p dir="ltr">19:30 Should We Restrict China's Access to AI Chips?</p> <p dir="ltr">20:15 Why Aren't Zuckerberg and Jensen Backing an AI Slowdown?</p> <p dir="ltr">21:25 Are We Being Misled About Data Centers?</p> <p dir="ltr">23:25 Can the West Beat China While Drowning in Regulation?</p> <p dir="ltr">26:20 How Many Planned Data Centers Will Actually Get Built?</p> <p dir="ltr">27:15 Data Centers in Space: Real Opportunity or Elon Hype?</p> <p dir="ltr">28:10 Is Energy AI's Biggest Bottleneck?</p> <p dir="ltr">29:55 Could the Debt Boom Derail AI?</p> <p dir="ltr">31:25 What Is KV Caching—and Why Does It Change AI Economics?</p> <p dir="ltr">35:25 Does Compressing AI's Memory Make It Less Intelligent?</p> <p dir="ltr">41:05 How Do We Solve AI's Exploding Memory Demands?</p> <p dir="ltr">43:45 Will Every Company Own Its Own AI Model?</p> <p dir="ltr">47:10 Why Bet on Ever-Bigger Models?</p> <p dir="ltr">48:20 If We Already Have AGI, What Comes Next?</p> <p dir="ltr">53:25 What Happens When Every AI Lab Builds Its Own Chips?</p> <p dir="ltr">57:30 If DeepSeek Can Slash Costs with Software, Why Build New Hardware?</p> <p dir="ltr">59:50 How Cheap Will AI Tokens Be by 2028?</p> <p dir="ltr">1:03:15 What Would Be the First Warning Sign of an AI Bust?</p> <p dir="ltr">1:03:55 Could Open Models Break OpenAI and Anthropic's Growth?</p> <p dir="ltr">1:05:55 Could Mercor and Surge Become $200 Billion Companies?</p> <p> </p>

<p>AGENDA:</p> <p>03:40 Dario Calls to "Pace the Frontier"<br /> 11:30 Why the Fed Will Raid Anthropic if Needed <br /> 21:50 Meta Launches Muse to Take On Instinct<br /> 28:30 Instinct Raising $1BN at $10BN—Would You Invest?<br /> 39:55 Miro Sells for $1.35BN After a $17.5BN Valuation<br /> 47:45 Could Sam Bankman-Fried Win His Freedom?<br /> 51:25 WordPress Power Struggle: Matt Mullenweg Ousted, Then Returns<br /> 1:01:20 Mistral Raises €3BN in Europe's Biggest-Ever Tech Round<br /> 1:05:00 Adobe's New CEO & Canva's Slowing Growth: SaaS Giants Under Pressure</p> <p> </p>

<p dir="ltr">David Morehead is one of the most respected CIOs in the endowment fund world as Chief Investment Officer at Baylor University, overseeing its $2.6BN endowment. Before joining Baylor in 2011, he was a senior portfolio manager at several Chicago hedge funds, investing across corporate securities, distressed debt and public and private energy.</p> <p dir="ltr">AGENDA:</p> <p dir="ltr">04:00 The Portfolio Construction of a $2.6 Billion University Endowment?</p> <p dir="ltr">09:00 Why We Spend More Time on Porfolio Construction Than Manager Selection?</p> <p dir="ltr">14:00 Should LPs Back VC's Biggest Names or Find the Next Breakout Manager?</p> <p dir="ltr">21:00 How Baylor Made Millions in the SaaSpocalypse?</p> <p dir="ltr">26:00 Are Public Markets a Casino or Are Private Valuations the Real Fiction?</p> <p dir="ltr">34:00 How Do You Buy a Market Crash Without Catching a Falling Knife?</p> <p dir="ltr">49:00 Would You Fire a Fund Manager Who's Making You Money?</p> <p dir="ltr">57:00 Could the Backlash Against Data Centres Derail the AI Boom?</p> <p dir="ltr">01:02:00 Which Asset Class Is Overhyped—and Where Is the Next Big Opportunity?</p> <p> </p>

<p>AGENDA: </p> <p>04:30 How Do You Hire Exceptional People in the AI Era?<br /> 08:00 What Actually Works in Growth—and Why Can't You Trust Meta's Numbers?<br /> 17:00 How to Run Hundreds of Millions in Marketing with Zero Employees <br /> 19:30 "Our Engineers Stopped Coding": What Stack Does Eight Sleep Use?<br /> 24:00 Is China Leaving the Rest of the World Behind?<br /> 35:00 How Do You Turn Superstar Athletes into Investors and Brand Ambassadors?<br /> 43:00 What Happens When Your Co-Founder Is Also Your Wife?<br /> 51:30 Should You Match Anthropic's Salaries—or Let Your Best People Leave?<br /> 59:30 Will Children Born Today Ever Need to Work?<br /> 01:05:00 What Drives You to Succeed—and Why Can't You Ever Switch Off?</p> <p> </p>

<p>AGENDA: </p> <p>00:00 Jensen Huang Declares AGI Has Arrived<br data-start="43" data-end="46" /> 04:05 Instinct and GrokBot Ignite the AI Assistant War<br data-start="100" data-end="103" /> 13:32 OpenAI's GPT Astra Redefines What AGI Means<br data-start= "152" data-end="155" /> 26:00 GPT Astra and Fable 5.1 Accelerate the Model Race<br data-start="210" data-end="213" /> 30:38 OpenAI's Chief Scientist Calls for Enforced AI Safety Limits<br data-start="279" data-end="282" /> 40:50 Tesla Launches Cybercabs as Travis Kalanick Returns to Robotaxis<br data-start="352" data-end="355" /> 45:55 Index Pulls Out of Town Deal Following Instinct Conflict<br data-start="417" data-end="420" /> 49:45 Anthropic Abandons $6BN Descartes Acquisition After Due Diligence<br data-start="491" data-end="494" /> 56:18 Robinhood Earns First Underwriting Role in Oura IPO<br data-start="551" data-end="554" /> 01:00:28 Wonderful Doubles to $5BN and Approves $170M in Secondaries<br data-start="622" data-end="625" /> 01:09:02 Thinking Machines Targets $40BN Valuation in $6BN Funding Round</p>

<p>Jean-Denis "JD" Grèze is the Co-Founder and CEO of Town, the AI work assistant reportedly in talks to raise funding at a $1BN valuation. Before founding Town, JD spent seven years as CTO of Plaid. Before Plaid, he was Director of Engineering at Dropbox. He is also a prolific angel investor backing companies including Modal, BaseTen, Merge and NexHealth.</p> <p>AGENDA:</p> <p>00:00 Why AI Assistants Are Silicon Valley's Hottest Market<br data-start="122" data-end="125" /> 07:00 How Does Town Compete With Grokbot, Instinct and Big Tech?<br data-start="189" data-end="192" /> 11:00 Will We Have One AI Agent or Different Agents for Every Part of Our Lives?<br data-start="272" data-end="275" /> 17:00 How Many Mistakes Can AI Agents Make Before We Stop Trusting Them?<br data-start="347" data-end="350" /> 20:00 How Does Town Choose the Best Models Without Destroying Its Margins?<br data-start="424" data-end="427" /> 29:00 Is the AI Assistant Market Already Too Crowded?<br data-start="480" data-end="483" /> 37:00 Can Apple Win the Agent Race—and Are We Entering a Cybersecurity Nightmare?<br data-start="564" data-end="567" /> 41:00 What Does a Successful Town User Look Like—and Which Pricing Tier Makes Money?<br data-start="651" data-end="654" /> 47:00 What Will AI Agents Be Able to Do in Three Years That They Cannot Do Today?<br data-start="735" data-end="738" /> 54:00 Is the Skepticism Around Billion-Dollar AI Assistant Companies Justified?<br data-start="817" data-end="820" /> 58:00 What Needs to Happen for Town to Become a $100BN Company?<br data-start="883" data-end="886" /> 1:02:00 How Has AI Changed Hiring—and Why Does Town Spend $75K Per Engineer on AI Tools?<br data-start="974" data-end="977" /> 1:06:00 What Is JD Most Excited About Over the Next Decade?</p>

<p>Cliff Weitzman is the co-founder and CEO of Speechify, the world's leading AI voice and text-to-speech platform, used by more than 60 million people globally. Diagnosed with dyslexia as a child, Cliff first built Speechify at Brown University to help him consume written material through audio. </p> <p>AGENDA: </p> <p>00:00 Cliff Weitzman Reveals His Biggest-Ever Strategic Mistake<br /> 03:08 Why Speechify Is Paying Millions to Build Their Own Data Centres<br /> 09:59 What No One Knows About Buying Chips That Everyone Should Know?<br /> 20:19 The AI Data Gold Rush Has a Brutal Business-Model Problem<br /> 23:42 How ElevenLabs Leapfrogged Speechify—and Why It Was Cliff's Fault<br /> 31:00 The $15M AI Talent War: Can Startups Still Compete for the Best Talent?<br /> 36:57 The New 10X Engineer: Ten Killer Decisions Every Day<br /> 46:12 The Voice-AI Bloodbath: Who Survives Commoditisation?<br /> 53:21 The Screen Is Dying—and Voice Will Replace It<br /> 57:58 How Cliff Plans to Use AI to Cure His Brother's Disease</p>

<p>AGENDA: </p> <p>00:00 Nvidia crushes $96.2B quarter and nears $12.9B Hugging Face deal<br data-start="70" data-end="73" /> 13:52 OpenAI cuts off Cursor as the Altman–Musk feud escalates<br data-start="135" data-end="138" /> 17:40 OpenAI's 1,000-agent cyberattack triggers an industry wake-up call<br data-start="210" data-end="213" /> 22:58 Instinct hits $2.5B valuation as AI assistants gain spending power<br data-start="285" data-end="288" /> 36:39 Cognition targets $1.6B ARR as the coding-agent market explodes<br data-start="357" data-end="360" /> 40:31 AI forces every startup to become a compound company—or get left behind<br data-start="437" data-end="440" /> 52:42 Salesforce embraces Claude and outcome-based pricing in major AI reset<br data-start="516" data-end="519" /> 1:00:52 Stripe–PayPal deal collapses as both sides clash over price<br data-start="586" data-end="589" /> 1:02:31 Clay hits $7B and Linear reaches $100M ARR as agents choose their tools<br data-start="668" data-end="671" /> 1:11:52 Texas pauses Flock cameras as police-surveillance backlash grows</p>

<p>Aaron Katz is the Co-Founder and CEO of ClickHouse, the real-time analytics database powering companies including OpenAI, Anthropic, Tesla and Microsoft. ClickHouse just surpassed $350M in ARR and raised over $1B from investors including Dragoneer, Khosla Ventures, Coatue, 20VC and Benchmark. Previously, Aaron was CRO at Elastic, where he helped scale revenue from approximately $5M to $500M and led the company through its IPO. Before Elastic, he spent 12 years at Salesforce, working alongside Marc Benioff and helping transform it from a 200-person startup into a global software giant.</p> <p>AGENDA:</p> <p>4:05 Are we in an AI bubble?<br data-start="144" data-end= "147" /> 13:40 How does software change when agents—not humans—make buying decisions?<br data-start="223" data-end="226" /> 22:28 Will 90% of tokens flow through open models; can enterprises trust them?<br data-start="307" data-end="310" /> 31:09 Why did ClickHouse sponsor Fulham; and could sports teams become $20B assets?<br data-start="392" data-end="395" /> 35:49 When will ClickHouse hit $1B ARR? <br data-start="478" data-end="481" /> 38:31 Can startups still win elite talent from OpenAI? Biggest remote work mistake?<br data-start="564" data-end="567" /> 44:54 Is zero-to-$100M ARR now table stakes; or is durable growth what matters?<br data-start="645" data-end="648" /> 48:51 Is college still worth it;  which jobs will survive AI?<br data-start="711" data-end="714" /> 57:58 When will ClickHouse go public; and why not next year?</p> <p> </p>

<p dir="ltr">Eno Reyes is the co-founder and CTO of Factory, the agent-native software development platform building autonomous "Droids" for enterprise engineering teams. Factory has raised $220 million, most recently a $150 million Series C at a $1.5 billion valuation, from investors including Khosla Ventures, Sequoia Capital, 20VC, NEA, Blackstone, Insight Partners and Nvidia. Before founding Factory, Eno worked as a machine-learning engineer at Hugging Face, training, optimizing and deploying large language models for enterprise customers.</p> <p dir="ltr">AGENDA:</p> <p dir="ltr">00:00 Are We Underestimating AI by an Order of Magnitude? </p> <p dir="ltr">06:35 Why Can the Smartest AI Model Be the Cheapest? </p> <p dir="ltr">18:51 Is Anthropic's Coding Business Really Worth $2 Trillion? </p> <p dir="ltr">33:41 Will Continuous-Learning Models Help or Hurt Factory? </p> <p dir="ltr">40:43 Will 80–90% of Neo-Labs Die in the Next 18 Months? </p> <p dir="ltr">44:33 Should American Enterprises Work With Open-Source Chinese Models? </p> <p dir="ltr">55:42 Must AI Founders Radically Rethink What a Great Outcome Looks Like? </p> <p dir="ltr">1:04:30 Do Pedigree and Credentials Still Matter in AI Hiring? </p> <p dir="ltr">1:19:17 Which Is the Biggest Threat: Claude Code, Codex, Cognition or Cursor? </p> <p dir="ltr">1:24:20 What Seems Crazy Today but Will Be Obvious in Five Years?</p> <p> </p>

<p><strong>AGENDA: </strong></p> <p>00:00 NVIDIA Launches a Three-Deal Blitz Across the AI Stack<br data-start="60" data-end="63" /> 04:31 NVIDIA's $12BN Poolside Deal Exposes Frontier AI's Capital Wall<br data-start="132" data-end="135" /> 15:39 NVIDIA Moves to Back Mercor at $20BN and Perplexity at $30BN<br data-start="201" data-end="204" /> 26:55 OpenAI Confirms 2027 IPO as Anthropic Seizes the Lead<br data-start="263" data-end="266" /> 40:42 Hugging Face Draws $13BN Takeover Interest as Open Models Boom<br data-start="334" data-end="337" /> 44:56 Citadel Cashes Out 80% of Its Leopold Aschenbrenner AI Trade<br data-start="403" data-end="406" /> 51:51 AI Boom Is "Less Than One-Third Over"—But Token Addiction Has a Price<br data-start="481" data-end="484" /> 01:04:07 Stripe Reaccelerates to 41% as AI Reshapes Software's Leaderboard<br data-start="558" data-end="561" /> 01:07:45 Instinct Security Scare Exposes Why AI Agents Still Cannot Be Trusted<br data-start="639" data-end="642" /> 01:23:55 VCs Name AI's Biggest Bubbles: Support, Defense, Humanoids and Roll-Ups</p> <p> </p>

<p>Julien Bek is a Partner at Sequoia Capital, one of the most renowned venture firms in the world.  At Sequoia, he has partnered with companies including Rillet, Tacto, and Auctor. Before joining Sequoia, Julien spent five years at Accel, where he worked with companies including Miro, Melio, and BeReal. He is also an angel investor in Revolut and Attio.</p> <p>AGENDA:</p> <p>06:35 – What did Julien only discover about Sequoia after joining the firm?<br data-start="194" data-end="197" /> 08:05 – What does everyone get wrong about Sequoia?<br data-start= "330" data-end="333" /> 13:00 – Is Series A the hardest stage at which to invest today?<br data-start="396" data-end="399" /> 14:00 – Is Sequoia less focused on ownership as outcomes become larger?<br data-start="684" data-end="687" /> 19:20 – Does Sequoia simply pay more than everyone else to win deals?<br data-start="756" data-end="759" /> 22:00 – Is the "triple, triple, double, double" growth model dead?<br data-start="825" data-end="828" /> 25:00 – What is Sequoia's investment process really like behind the scenes?<br data-start="985" data-end="988" /> 27:15 – Can a partner still invest when the rest of Sequoia votes against them?<br data-start="1158" data-end="1161" /> 30:00 – Why can a flawless founder pitch actually be a warning sign?<br data-start="1229" data-end="1232" /> 31:00 – How do you judge whether a founder is exceptional in just 30 minutes?<br data-start="1309" data-end="1312" /> 33:00 – How can investors tell whether a founder's story is genuine?<br data-start="1380" data-end="1383" /> 35:10 – Is arrogance a bad trait in a founder?<br data-start="1441" data-end="1444" /> 36:00 – Which great founder did Julien completely misread?<br data-start="1502" data-end="1505" /> 37:15 – How should investors adjust their founder assessment across different cultures?<br data-start="1592" data-end="1595" /> 39:00 – What does a founder's childhood reveal about their future trajectory?<br data-start="1672" data-end="1675" /> 40:30 – What has Julien learned from Doug Leone, Pat Grady, Alfred Lin and Shaun Maguire?<br data-start="1764" data-end="1767" /> 47:00 – What does it mean when "agents become the new customer"?<br data-start="1831" data-end="1834" /> 49:00 – Does UI become irrelevant in an agent-first economy?<br data-start="1894" data-end="1897" /> 50:15 – Will answer-engine optimisation become larger than SEO?<br data-start="1960" data-end="1963" /> 52:00 – Will AI agents destroy software margins and brand loyalty?<br data-start="2029" data-end="2032" /> 53:00 – How quickly will enterprises allow agents to make purchasing decisions?<br data-start="2111" data-end="2114" /> 54:00 – Is AI infrastructure a safer investment than applications?<br data-start="2180" data-end="2183" /> 56:00 – Do software margins matter less when the potential outcomes are larger?<br data-start="2262" data-end="2265" /> 58:00 – Could the next trillion-dollar company masquerade as a services business?<br data-start="2346" data-end="2349" /> 01:00:00 – Which service industries can AI truly automate end-to-end?<br data-start="2418" data-end="2421" /> 01:02:00 – Are enterprises simply crying out for more help implementing AI?<br data-start="2496" data-end="2499" /> 01:03:10 – Will AI lead to dramatically smaller teams?<br data-start="2647" data-end="2650" /> 01:06:15 – Is traditional private equity screwed?<br data-start= "2710" data-end="2713" /> 01:07:00 – The most overfunded and underfunded categories in venture<br data-start="2793" data-end="2796" /> 01:08:15 – What is the best AI agent company outside Sequoia's portfolio?<br data-start="2869" data-end="2872" /> 01:09:00 – Which missed investment still haunts Julien?<br data-start="2927" data-end="2930" /> 01:09:45 – Which founder trait will Julien never compromise on?<br data-start="2993" data-end="2996" /> 01:10:00 – Which competing fund makes Sequoia bring its A-game?<br data-start="3059" data-end="3062" /> 01:10:45 – How Julien missed Revolut—and helped his mother retire by investing anyway<br data-start="3147" data-end="3150" /> 01:14:00 – What does Julien believe that other Sequoia partners might disagree with?<br data-start="3234" data-end="3237" /> 01:15:00 – What is Julien most excited about over the next five years of AI?</p>

<p>Jerry Murdock is the Co-Founder of Insight Partners, which manages over $90 billion in assets. Jerry personally backed companies including Twitter, Nest and Docker, while Insight's portfolio includes giants such as Shopify, Wiz and monday.com. Across three decades, Insight has helped produce 55+ IPOs and become one of the most powerful technology investment firms in the world. </p> <p>AGENDA:</p> <p class="isSelectedEnd">00:00 — Is the AI Bubble About to Burst?</p> <p class="isSelectedEnd">11:00 — Will Half of All Neoclouds Disappear Within 36 Months?</p> <p class="isSelectedEnd">13:00 — Can Open Source Models Actually Beat OpenAI and Anthropic?</p> <p class="isSelectedEnd">22:00 — Are We Entering the Golden Age of Cybersecurity Attacks?</p> <p class="isSelectedEnd">32:00 — Have AI Valuations Completely Lost Touch With Reality?</p> <p class="isSelectedEnd">42:00 — Is AI About to Wipe Out an Entire Generation of SaaS & Private Equity?</p> <p class="isSelectedEnd">47:00 — Should We Ban U.S. Chips From Being Exported to China?</p> <p class="isSelectedEnd">48:00 — Should We Be Fearful of Open-Source Chinese Models?</p> <p class="isSelectedEnd">49:00 — Will Continuous Learning Kill Every AI Model We Use Today?</p> <p class="isSelectedEnd">53:00 — Why Microsoft Remains a Mega Buy</p> <p>56:00 — Which Mag 7 Giant Would You Short — and Is Apple's AI Strategy a Disaster?</p> <p> </p>

<p>AGENDA:</p> <p>04:20 Elon's Deal of the Decade: SpaceX Buys Cursor for $60BN<br data-start="798" data-end="801" /> 06:10 Why Cursor Was Surprisingly Cheap at $60BN<br data-start= "849" data-end="852" /> 07:00 Why Zuckerberg Failed to Buy the AI Prize Elon Secured<br data-start="987" data-end="990" /> 12:00 Elon vs Zuck: Who Would You Rather Work For?<br data-start= "1040" data-end="1043" /> 14:00 Will Microsoft or Amazon Now Race to Buy Cognition?<br data-start="1176" data-end="1179" /> 17:05 Stripe's $7BN OpenRouter Deal Creates Huge VC Winners<br data-start="1345" data-end="1348" /> 25:00 OpenRouter's Fatal Risk: Enterprises Don't Want 10 Models<br data-start="1537" data-end="1540" /> 28:15 Anthropic Turns Its First Profit on $11.5BN of Quarterly Revenue<br data-start="1666" data-end="1669" /> 32:15 Can Anthropic Really Reach $600BN in Revenue?<br data-start= "1779" data-end="1782" /> 37:00 Why Every Elite Engineer Could Soon Get $100K in AI Tokens<br data-start="1909" data-end="1912" /> 39:30 Would Rory Buy Anthropic at a $2.5TN Valuation?<br data-start="2141" data-end="2144" /> 44:50 Silver Lake's $43BN Workday Bet: SaaS Isn't Dead, It's Mature<br data-start="2386" data-end="2389" /> 53:00 How Silver Lake Could Make $30BN From Workday<br data-start= "2502" data-end="2505" /> 57:00 Lovable vs Higgsfield: Similar Revenue, Radically Different Valuations<br data-start="2581" data-end="2584" /> 58:00 Is Lovable's $13.3BN Price Actually Cheap?<br data-start= "2770" data-end="2773" /> 63:30 Why the DOJ Is Coming After Andreessen Horowitz<br data-start="2955" data-end="2958" /> 69:00 Why A16Z Has "50 Legal Battles" Happening at Once</p> <p> </p>

<p>Andrew MacDonald (Mac) is the longest-serving employee at Uber. Today, he is the President and COO. No one on the planet has spent more time mastering ride-sharing than Mac. Uber now does 300M rides per week, has 200M users, and is one of the most recognised brands on the planet. Mac never does interviews and so this was a rare look behind the scenes at the Uber machine. </p> <p>AGENDA:</p> <p>05:39 – How was Mac the only survivor from the Travis era?<br /> 10:39 – How does Uber decide what to include in Uber One membership?<br /> 11:45 – How does Uber decide which new products to pursue?<br /> 16:08 – What does Uber need to do to reach 500 million users?<br /> 20:37 – Why Uber was right to focus on its core business and divest autonomy?<br /> 24:08 – Why India and Brazil will delay Uber's autonomous future?<br /> 28:34 – The craziest story from Uber's battle in China<br /> 29:27 – Why Travis Kalanick believed money was the moat?<br /> 31:17 – Was Uber structurally disadvantaged in China from day one?<br /> 35:48 – Inside Uber's SWAT team of its 30 best AI engineers<br /> 37:55 – How companies need to extract real efficiency from AI?<br /> 42:00 – Will Uber have more or fewer employees in five years?<br /> 43:52 – Will companies that do not work with frontier models be disaggregated?<br /> 46:02 – Will AI agents disaggregate Uber's interface and customer relationship?<br /> 48:26 – Why Brian Chesky was right: chat is not the best interface for everything<br /> 55:52 – Why it is bullshit to say DoorDash would not be number one if Travis were still CEO<br /> 59:13 – The single biggest lesson from Travis Kalanick<br /> 1:00:07 – The second biggest lesson from Travis Kalanick</p> <p> </p>

<p>AGENDA:</p> <ul> <li data-section-id="un11tn" data-start="57" data-end="112">05:00 Canva's Growth Gets Slashed as AI Costs Explode</li> <li data-section-id="5afbcl" data-start="113" data-end="180">20:00 The Great Software Reset: Why 2026 Will Punish AI Hesitancy</li> <li data-section-id="ajshgm" data-start="181" data-end="246">29:00 Canva's Valuation Reality Check—and the LP Liquidity Trap</li> <li data-section-id="3voj22" data-start="247" data-end="314">35:00 Google's AI Brain Drain: Jeff Dean Leaves, Demis Steps Back</li> <li data-section-id="1g410hm" data-start="315" data-end="366">43:00 Why Google Can't Afford to Cure Alzheimer's</li> <li data-section-id="qrk78a" data-start="367" data-end="437">50:00 The Data-Centre Revolt: Can AI Survive the Political Backlash?</li> <li data-section-id="8ethox" data-start="438" data-end="500">55:00 Elon Musk's $55BN Terrafab Bet to Break Free from TSMC</li> <li data-section-id="1noj48c" data-start="501" data-end="574">57:00 Revolut's $50BN CEO Pay Package—and the Return of Founder Control</li> <li data-section-id="hr5xo6" data-start="575" data-end="651" data-is-last-node="">01:13 AI Shopping, Atlassian's Revival, and Airtable's Brutal Sale Reality</li> </ul> <p> </p>

<p>Alex Atallah is the Founder and CEO @ OpenRouter, the unified interface for LLMs. The company has raised over $153M in funding, with the latest valuation pricing the company at $1.3BN. OpenRouter is reportedly in an acquisition process with Stripe for $10BN. </p> <p>AGENDA:</p> <p>00:00 Is OpenRouter Selling to Stripe for $10 Billion?<br data-start="54" data-end="57" /> 04:05 What Did Alex Learn From Scaling OpenSea?<br data-start="104" data-end="107" /> 06:38 What Did OpenRouter's Founding Thesis Get Wrong?<br data-start="161" data-end="164" /> 14:47 Is AI Model Routing Already Being Commoditized?<br data-start="217" data-end="220" /> 19:12 Do Falling Token Prices Help or Hurt OpenRouter?<br data-start="274" data-end="277" /> 27:16 Should America Be Alarmed by Chinese Open Models?<br data-start="332" data-end="335" /> 32:43 Will US Open-Source Models Compete With Chinese Models in the Next 12 Months?<br data-start="418" data-end="421" /> 39:26 Will the Router Be Swallowed by the Agent Framework?<br data-start="479" data-end="482" /> 48:56 Is Distillation Wrong—and How Should We Look at It?<br data-start="539" data-end="542" /> 50:01 Is the Reported $10 Billion Stripe Deal Actually Happening?</p>