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

<p dir="ltr">AGENDA:</p> <p dir="ltr">00:00 — Anthropic's Monster Month: 6 Billion in February Revenue</p> <p dir="ltr">04:30 — The "Claude Mythos" Leak: 10 Trillion Parameters</p> <p dir="ltr">11:50 — OpenAI Kills "Sora": A Massive Strategic Own Goal?</p> <p dir="ltr">14:30 — OpenAI Hits $100M in Ads: Why OpenAI Must Make Ads Work</p> <p dir="ltr">20:50 — Masa Son's $40BN Bridge Loan: Investing More Into OpenAI</p> <p dir="ltr">21:50 — Cybersecurity Stocks Tank: Is the Anthropic Panic Justified?</p> <p dir="ltr">27:10 — The Golden Age of Cyber: Why AI Agents are a "Golden Goose" for Security</p> <p dir="ltr">31:30 — Gross vs. Net: The Truth Behind AI Revenue Accounting</p> <p dir="ltr">34:50 — The "Vibe Coding" Era: Reselling Tokens and Triple-Counting ARR</p> <p dir="ltr">41:00 — Oura Going Public & Whoop Raises $500M at $10BN Valuation</p> <p dir="ltr">49:50 — Epic Games Layoffs: The Reality of the Attention Economy</p> <p dir="ltr">52:40 — The Manus Scandal: Founders Trapped in China After Meta Deal</p> <p dir="ltr">59:00 — The Billionaire Tax: Why the Golden Geese are Leaving California</p> <p>01:03:20 — Do VCs Actually Add Value? The Ron Conway vs. Matthew Prince Spat</p>

<p dir="ltr">AGENDA:</p> <p dir="ltr">00:00 — Anthropic's Monster Month: $6BN in February Revenue</p> <p dir="ltr">04:30 — The "Claude Mythos" Leak: 10 Trillion Parameters</p> <p dir="ltr">11:50 — OpenAI Kills "Sora": A Massive Strategic Own Goal?</p> <p dir="ltr">14:30 — OpenAI Hits $100M in Ads: Why OpenAI Must Make Ads Work</p> <p dir="ltr">20:50 — Masa Son's $40BN Bridge Loan: Investing More Into OpenAI</p> <p dir="ltr">21:50 — Cybersecurity Stocks Tank: Is the Anthropic Panic Justified?</p> <p dir="ltr">27:10 — The Golden Age of Cyber: Why AI Agents are a "Golden Goose" for Security</p> <p dir="ltr">31:30 — Gross vs. Net: The Truth Behind AI Revenue Accounting</p> <p dir="ltr">34:50 — The "Vibe Coding" Era: Reselling Tokens and Triple-Counting ARR</p> <p dir="ltr">41:00 — Oura Going Public & Whoop Raises $500M at $10BN Valuation</p> <p dir="ltr">49:50 — Epic Games Layoffs: The Reality of the Attention Economy</p> <p dir="ltr">52:40 — The Manus Scandal: Founders Trapped in China After Meta Deal</p> <p dir="ltr">59:00 — The Billionaire Tax: Why the Golden Geese are Leaving California</p> <p>01:03:20 — Do VCs Actually Add Value? The Ron Conway vs. Matthew Prince Spat</p>

<p dir="ltr">Marc Andreessen is a Co-Founder and General Partner at Andreessen Horowitz. The firm now manages over $90BN and has invested in the likes of OpenAI, Airbnb, Coinbase, Anduril and many more. Marc is an innovator and creator, one of the few to pioneer a software category used by more than a billion people and one of the few to establish multiple billion-dollar companies. Marc co-created the Mosaic internet browser and co-founded Netscape (sold to AOL for $4.2 billion). He also co-founded Loudcloud, which as Opsware, sold to Hewlett-Packard for $1.6 billion. </p> <p dir="ltr"><span style= "text-decoration: underline;"><strong>AGENDA:</strong></span></p> <p dir="ltr">05:00 — Why Introspection is Overrated: The Dangers of Learning from the Past</p> <p dir="ltr">08:00 — The One Trait Marc Andreessen Looks For in Every Founder</p> <p dir="ltr">14:30 — Are the Best Founders Broken? What Makes the Best Founders?</p> <p dir="ltr">16:00 — "Extreme Ownership": Why Everything Being Your Fault Changes Everything</p> <p dir="ltr">19:00 — "Do You Read the Comments?" Fame, Criticism & How to Deal with Haters</p> <p dir="ltr">26:00 — Is Venture Now Go Big or Go Home? The Real Future of VC</p> <p dir="ltr">30:00 — Does Price Matter Anymore? The Dangerous Truth About Valuations</p> <p dir="ltr">33:00 — "Stop Chasing Diamonds in the Rough": Why Most VCs Get This Completely Wrong</p> <p dir="ltr">36:00 — Do You Actually Need to Like Founders? The Uncomfortable Answer</p> <p dir="ltr">40:00 — Are Companies 75% Overstaffed? The Most Controversial Take on Hiring</p> <p dir="ltr">45:00 — When Will a16z Go Public? </p> <p dir="ltr">50:00 — Why Labour Displacement Theory Around AI is Totally Wrong</p> <p dir="ltr">55:00 — Why Silicon Valley Is More Dominant Than Ever?</p> <p dir="ltr">01:00:00 — Why a16z Invested $300M into Adam Neumann </p> <p dir="ltr">01:05:00 — What Still Drives Marc Andreesen?</p> <p dir="ltr">01:10:00 — What is the Biggest Mistakes VCs Still Make Today?</p> <p> </p>

<p dir="ltr">Gili Raanan is the Founder of Cyberstarts, one of the best performing venture funds of the last decade. He is famed for being the seed investor in Wiz, Islands and Cyera, leading to multiple 10x+ funds. He has the only remaining monopoly in venture; cyber security in Israel. If it is good, Gili sees it, it is that simple. </p> <p dir="ltr"><span style= "text-decoration: underline;"><strong>AGENDA:</strong></span></p> <p dir="ltr">00:00 — Does the Venture Business Even Work Anymore?</p> <p dir="ltr">05:58 — The Insane Rise of $150M Seed Rounds!</p> <p dir="ltr">08:58 — Will Mega Funds Ever Actually Return Venture Economics?</p> <p dir="ltr">11:13 — How Do You Value Companies Growing at Impossible Speeds?</p> <p dir="ltr">14:50 — The Truth About Growth: Why Most Companies Eventually Plateau</p> <p dir="ltr">18:50 — Do Margins Still Matter in the Age of AI?</p> <p dir="ltr">24:32 — How To Make Mega Money in the World of Secondaries</p> <p dir="ltr">28:11 — What Are Core Misalignments Between GPs and LPs That No One Discusses?</p> <p>37:57 — Quick Fire: Best Investment, Most Memorable Founder, Investing Icon</p> <p> </p> <p> </p>

<p dir="ltr"><span style= "text-decoration: underline;"><strong>AGENDA:</strong></span></p> <p dir="ltr">05:00 — Anthropic vs. OpenAI: Who Is Actually Winning the Enterprise War?</p> <p dir="ltr">07:55 — "Air of Desperation": Is OpenAI Losing Its Invincibility?</p> <p dir="ltr">18:00 — SpaceX at $2 Trillion: Elon's Insane Plan to Build Data Centers in Space</p> <p dir="ltr">29:00 — Jeff Bezos' $100 Billion Fund: The End of "Doing It the Hard Way"</p> <p dir="ltr">34:00 — The $20 Billion "Acqui-hire": The Groq Deal Broken Down</p> <p dir="ltr">40:40 — Figma's Death Spiral? Why the Markets Are Terrified of AI Disruption</p> <p dir="ltr">56:00 — The Broken VC Math: Why You Need $1BN To Do Series A</p> <p>01:04:00 — Win or Die: The Terrifying Reality of the Unicorn "Dead Zone"</p> <p> </p>

<p dir="ltr">Matthew Steckman is the President and Chief Business Officer of Anduril. Matt played a central role in securing the $20BN contract Anduril just won with the US military. Prior to Anduril, Matt served as Chief Revenue Officer for Zipline. Before Zipline, Matt held several leadership positions at Palantir.</p> <p dir="ltr"><span style= "text-decoration: underline;"><strong>AGENDA:</strong></span></p> <p dir="ltr">3:45 — Anduril's $20BN Army Contract Broken Down</p> <p dir="ltr">6:30 — What Do Most Defense Founders Get Completely Wrong?</p> <p dir="ltr">9:15 — Can You Build a Billion-Dollar Defense Company Without the US?</p> <p dir="ltr">12:05 — Why Government Contracts Are Brutal (And Why Most Fail)</p> <p dir="ltr">15:40 — How Does Anduril Predict Wars 5–10 Years Before They Happen?</p> <p dir="ltr">18:20 — Why Cyber Warfare Is the Most Dangerous Battlefield No One Understands</p> <p dir="ltr">23:50 — Why There Will Only Be ONE Winning Drone Company</p> <p dir="ltr">28:10 — How Anduril Decides Where to Deploy $100M+ Product Bets</p> <p dir="ltr">35:20 — What Would Anduril Buy If They Had an Unlimited Checkbook?</p> <p dir="ltr">41:10 — Why Anduril Must Go Public</p> <p dir="ltr">45:00 — Quickfire: The Future of War, VC Mistakes & Career Advice</p> <p dir="ltr"> </p> <p> </p>

<p dir="ltr">Shaunt Voskanian is the CRO @ Figma, where he has scaled the sales machine to over $1BN in ARR and over 400 people. Prior to Figma, Shaunt was Senior VP of Global Sales at Datadog where he scaled the revenue org to $1BN in ARR. </p> <p dir="ltr">AGENDA: </p> <p dir="ltr">04:33 - Are Great Sales Leaders Born or Trained?</p> <p dir="ltr">06:55 - In a world of PLG, is sales less important than ever?</p> <p dir="ltr">11:51 - Why does Shaunt not believe in traditional customer success teams?</p> <p dir="ltr">14:31 - Does the role of the SDR survive in two years' time?</p> <p dir="ltr">19:19 - When is the right time for sales to intercept in a PLG motion?</p> <p dir="ltr">21:43 - How to Set Sales Quotas in a PLG AI Sales World?</p> <p dir="ltr">31:19 - How has what you look for in sales hires changed over time?</p> <p dir="ltr">42:54 - How do you judge sales performance if not on quota?</p> <p>54:49 - Quick fire: Outdated sales tactic, What Role Dies, Best Sales AI Tool</p> <p> </p>

<p dir="ltr">AGENDA:</p> <p dir="ltr">04:02 NVIDIA's GTC: What You Need to Know</p> <p dir="ltr">11:39 Meta's 20% Layoffs & Atlassian Lets Go of 1,600</p> <p dir="ltr">21:42 How to Test AI Fluency in Employees</p> <p dir="ltr">30:59 Anduril Lands $20BN Army Contract</p> <p dir="ltr">46:46 Travis Kalanick Returns With Atoms</p> <p dir="ltr">49:55 If Travis Kalanick Ran Uber Today, Would it be $1TRN Company?</p> <p dir="ltr">56:03 When is it Right to Replace Founders</p> <p dir="ltr">01:04:24 Adobe CEO Exit Shock</p> <p dir="ltr"> </p> <p> </p>

<p dir="ltr">Gokul Rajaram is one of the greatest operators turned investors of the last 2 decades. He is trusted as the go to advisor for the greatest founders in the world. Today he serves as a Board Director at three public companies: Coinbase, Pinterest and The Trade Desk. Prior to Marathon (his firm), Gokul served on the executive team at DoorDash and Block. Before Block, he served as Product Director of Ads at Facebook. Earlier in his career, Gokul served as a Product Management Director for Google AdSense. Gokul is also a prolific angel investor, having invested in 700+ companies, including Airtable, Figma, Groq, Runway, Supabase, and Vercel. </p> <p dir="ltr">AGENDA:</p> <p dir="ltr">03:53 — Investing Lessons from Google, Doordash and Facebook</p> <p dir="ltr">05:32 — Why Mark Zuckerberg is the Greatest Distribution Genius Alive</p> <p dir="ltr">07:23 — Why Every Company Today Needs to be Multi-Product</p> <p dir="ltr">09:16 — Negative Gross Margins: Are the Best Companies Actually Built on "Shit" Economics?</p> <p dir="ltr">10:50 — The SaaS Apocalypse: Is the Entire Sector Going to Zero?</p> <p dir="ltr">12:15 — The 8 Moats of Enduring Software Companies: How to Analyse Companies</p> <p dir="ltr">14:50 — Why Brand is No Longer a Strong Moat (And What Replaced It)</p> <p dir="ltr">16:13 — Salesforce vs. Atlassian: Which Systems of Record are Dying?</p> <p dir="ltr">18:13 — Outcome-Based Pricing: Is This the Total Death of Seat Pricing?</p> <p dir="ltr">20:16 — The Bolt-On AI Trap: Why Rebuilding Your Entire UX is Non-Negotiable</p> <p dir="ltr">23:44 — Are the Outcome Sizes of Vertical SaaS Large Enough for VC Today?</p> <p dir="ltr">28:16 — The Zombie Cohort: What Happens to Private Companies with High Valuations?</p> <p dir="ltr">32:44 — Is "King Making" Complete Bullshit?</p> <p dir="ltr">34:21 — Durability Over Margins: What Really Matters in a 100x Growth World</p> <p dir="ltr">35:36 — The Non-Consumption Miracle: Why Granola and Gamma are Crushing It</p> <p dir="ltr">38:50 — The PayPal Rule: Can You Raise Prices 5 Times in 3 Years?</p> <p dir="ltr">42:47 — My Biggest Miss: How I Misread the Shopify Billion-Dollar Mark</p> <p dir="ltr">45:18 — The Courage to Bet: Why Instacart is the Best VC Deal Ever</p> <p dir="ltr">46:33 — Seed vs. Growth Pricing: When Does Price Actually Destroy Returns?</p> <p dir="ltr">50:53 — Does "Proprietary Founder Access" Even Exist?</p> <p dir="ltr">54:33 — Double Down or Diversify? The Truth About Fund Reserves</p> <p dir="ltr">59:44 — The Vanta Anti-Portfolio: A Mistake I'll Never Forget</p> <p dir="ltr">01:01:21 — When to Sell: The "Sell a Third, Hold a Third, Trade a Third" Rule</p> <p dir="ltr">01:04:12 — Why Remote Early-Stage Companies are Dying</p> <p dir="ltr">01:07:33 — Why Mid-Level Partners are Fleeing Mega Funds</p> <p dir="ltr">01:09:47 — The Best CEO Superpowers: Larry, Mark, Jack, and Tony</p> <p dir="ltr">01:12:33 — The Next 10 Years: Why Dropouts are "AI Maxing" the World</p> <p dir="ltr"> </p> <p> </p>

<p dir="ltr">Elena Verna is the Head of Growth at Lovable, one of the fastest growing companies in the world having hit $400M in ARR in just 18 months. Prior to Lovable, Elena was Head of Growth at both Dropbox and Miro. </p> <p dir="ltr">AGENDA:</p> <p dir="ltr">00:00 – Why "Growth Is Now a Trust Problem" (Not a Marketing Problem)</p> <p dir="ltr">06:10 – Is SEO Dying Because of AI Search?</p> <p dir="ltr">07:00 – Did Lovable's Growth Come From the Founder's Personal Brand?</p> <p dir="ltr">08:30 – Why Every Founder Should Push Employees to Be Marketers?</p> <p dir="ltr">13:10 – Why Every Employee at Lovable Ships Code (Even Marketing)</p> <p dir="ltr">21:20 – Why Paid Marketing in Year One Is a "Death Trap"</p> <p dir="ltr">31:50 – Why Annual Subscriptions Are the Wrong Monetization Model for AI</p> <p dir="ltr">37:00 – If Elena Had an Unlimited Marketing Budget, What Would She Do?</p> <p dir="ltr">48:00 – How Lovable Does Product Launches</p> <p> </p>

<p dir="ltr">AGENDA:</p> <p dir="ltr">00:00 - ANTHROPIC VS. THE PENTAGON: The Billion Dollar Supply Chain War</p> <p dir="ltr">07:11 - B2B PANIC: Why Leading Companies Are Losing Deals to OpenAI</p> <p dir="ltr">12:19 - THE ANTHROPIC ENDGAME: Will Claude Eclipse ChatGPT?</p> <p dir="ltr">17:39 - THE DATA CENTER ARMS RACE: Is the AI Hype Cycle Finally Dead?</p> <p dir="ltr">24:43 - 24/7 PERSISTENT AI: Why You'll Soon Need Data Centers in Space</p> <p dir="ltr">30:37 - THE DEATH OF THE JUNIOR: Why Entry-Level Jobs are Vanishing</p> <p dir="ltr">41:55 - AGENT-LED GROWTH: The Secret Reason Startups are Exploding in 2026</p> <p dir="ltr">46:58 - THE ERA OF GENTLE DECELERATION IS DEAD: Public Markets Turn Brutal</p> <p dir="ltr">55:54 - FIGMA MAKE IS TERRIBLE? The Failure of Quarterly Software Releases</p> <p dir="ltr">01:00:54 - THE ULTIMATE STOCK PICKS: What to Buy and Sell Right Now</p> <p dir="ltr"> </p> <p> </p>

<p dir="ltr">Miles Clements is a Partner @ Accel where he helps to lead their growth fund. At Accel, Miles has led or invested in Atlassian, Cursor, Linear, and more. </p> <p dir="ltr"><span style= "text-decoration: underline;"><strong>AGENDA:</strong></span> </p> <p dir="ltr">03:38 Where is True Alpha and Value in a World of AI </p> <p dir="ltr">05:10 Why it is Total BS that Cursor is Dead</p> <p dir="ltr">07:55 Why Cursor Were Not Wrong to Build Their Own Models</p> <p dir="ltr">09:38 What is the Upside When Investing in Cursor at $27BN?</p> <p dir="ltr">15:12 Do Sub $10BN Outcomes Even Matter to a Fund the Size of Accel?</p> <p dir="ltr">17:07 Losing ServiceTitan: Investing Lesson Learned…</p> <p dir="ltr">19:55 Missing Rippling: What We Learned</p> <p dir="ltr">27:20 What is Accel's Win Rate</p> <p dir="ltr">30:22 How VCs Approach Ownership Has Changed</p> <p dir="ltr">35:09 Does Miles Feel Happier or Sadder to be an Anthropic Investor Post Pentagon Debacle</p> <p dir="ltr">36:45 What Happens to Companies Like Miro and Snyk with High Prices to Live Upto?</p> <p dir="ltr">38:05 Why it is a Great Time to Be Thoma Bravo and Vista </p> <p dir="ltr">38:36 Why Founder-Led Companies Are Always Better</p> <p dir="ltr">41:12 Why Would Any Founder Go Public Today</p> <p dir="ltr">43:48 When is the Right Time to Take Chips Off The Table?</p> <p dir="ltr">45:24 Should VC Firms Have Evergreen Funds and Be Responsible for Public Positions</p> <p dir="ltr">50:28 You Can Pick Any VC to Join Accel, Who Does Miles Choose…</p> <p dir="ltr">  </p> <p> </p>

<p dir="ltr">Mitchell Green is a legendary growth equity investor and the Founder and Managing Partner of Lead Edge Capital, a firm with over $5 billion in assets under management. Known as a relentless "money maker", Mitchell has led investments in the likes of Bytedance, Toast, Procore, Duo Security and more.</p> <p dir="ltr"><span style= "text-decoration: underline;"><strong>AGENDA:</strong></span></p> <p dir="ltr">0:00 The SaaS Apocalypse: Why Incumbents Aren't Going to Zero</p> <p dir="ltr">05:50 "Dead Money": Why Public Software Estimates Were Too High</p> <p dir="ltr">08:15 Leverage is the Enemy: Lessons from the 1999 Retail Crash</p> <p dir="ltr">11:50 The Truth About Growth Equity: Zeroes vs. 10X Returns</p> <p dir="ltr">15:40 Mainframes to AI: Why Oracle and SAP Will Thrive</p> <p dir="ltr">20:35 The "Stock-Based Comp" Scandal: Silicon Valley's Hidden Crime</p> <p dir="ltr">24:35 ByteDance vs. The World: Why China Could Win the AI War</p> <p dir="ltr">31:50 Selling is the Job: Why Buying is the Most Glamorous Part of VC</p> <p dir="ltr">35:45 Too Many Tourists: Why 50% of VCs Shouldn't Be in the Business</p> <p dir="ltr">44:10 The Gross Dollar Retention Rule: The Only Number That Matters in SaaS</p>

<p dir="ltr">AGENDA: </p> <p dir="ltr">04:13 Anthropic vs The Pentagon: Who Wins</p> <p dir="ltr">13:54 Was Sam Altman Wrong to Take the Deal </p> <p dir="ltr">24:28 OpenAI's $110BN Mega Round: The Breakdown</p> <p dir="ltr">28:22 Who Has a Bigger Valuation Premium: Sam Altman or Elon Musk</p> <p dir="ltr">34:38 Why We Got the SaaS Apocalypse Wrong?</p> <p dir="ltr">43:24 Why Salesforce Could be the Best Buy in Public Markets</p> <p dir="ltr">47:46 Block Lays Off 40% of Team: AI or Overhiring</p> <p dir="ltr">01:00:16 Cursor Hits $2BN in ARR… so not Dead?</p> <p dir="ltr">01:18:15 How to Pick Winners in AI?</p> <p dir="ltr"> </p> <p dir="ltr"> </p> <p> </p>

<p dir="ltr">Monday has been hit harder than almost any other public SaaS company. With $1.3BN in ARR, the company is valued at just $3.8BN; a more than 60% fall since IPO. Today, Eran Zinman, Monday's CEO joins Harry Stebbings in the hotseat to walkthrough six of the biggest threats to Monday's business; what is real, what is not and what are the unknowns. </p> <p dir="ltr">AGENDA:</p> <p dir="ltr">05:47 Six Threats Monday Faces Today </p> <p dir="ltr">07:04 Threat #1: Vibe Coding: Will Companies Vibe Code Everything</p> <p dir="ltr">11:24 Threat #2: Will OpenAI and Anthropic Own the Application Layer </p> <p dir="ltr">13:52 Threat #3: Will Agents Turn Monday and Salesforce into a Database</p> <p dir="ltr">18:43 Why is Monday Adding 15% Headcount When Everyone is Cutting?</p> <p dir="ltr">21:40 How Monday is Using AI to be More Efficient</p> <p dir="ltr">27:49 What Happens to Seat Pricing? What Comes Next?</p> <p dir="ltr">34:17 What No One Sees About Enterprise AI Adoption</p> <p dir="ltr">37:13 How Google AI Overview Smashed 10% of our Customer Acquisition</p> <p dir="ltr">38:49 If Bullish on Monday, Why Has Eran Not Bought More Stock…</p> <p dir="ltr">40:38 How to Manage Internal Morale When Stock is Down 60%</p> <p dir="ltr">44:08 Do Private Companies Have Advantages Public Companies Do Not Have</p> <p dir="ltr">47:28 With $1.5BN in Cash, Why is Eran Not Buying More Companies…</p> <p dir="ltr">53:30 What is the Most Offensive Bet Eran Would Like to Take?</p> <p dir="ltr">57:13 Quickfire: Marriage, Biggest Short, Mentors</p> <p> </p>

<p dir="ltr">Jerry Murdock is the Co-Founder of Insight Partners, one of the most formidable growth investors of the last three decades, with over $90 billion in AUM and a portfolio that has shaped the modern software economy. Jerry never does podcasts, and so this is his first-ever long-form interview. </p> <p dir="ltr">AGENDA:</p> <p dir="ltr">03:50 There is an AI Tsunami Beginning</p> <p dir="ltr">05:43 Cursor is F***** and Everyone Knows It</p> <p dir="ltr">07:28 How Open Source Will Crush in an Agent First World</p> <p dir="ltr">10:20 Is NVIDIA F****</p> <p dir="ltr">17:32 Are Systems of Record Dead in an Agent-First World</p> <p dir="ltr">21:04 Humans Will Not Buy Software, Agents Will…</p> <p dir="ltr">24:57 Universal Basic Income Will Have to Happen, Mass Unemployment is Coming</p> <p dir="ltr">30:54 What Happens to Tech Private Equity: Is Thoma Bravo F******</p> <p dir="ltr">37:50 What Single Decision Does Jerry Regret Most… Why?</p> <p dir="ltr">41:45 Single Biggest Mistake With Insight… What Did Jerry Learn?</p> <p dir="ltr">45:26 Why is Now the Best Time to Start a Fund</p> <p dir="ltr">47:03 The Twitter Bet that Made $90BN Insight</p> <p dir="ltr">49:34 Biggest Marriage and Parenting Advice</p> <p dir="ltr">56:04 Will Agents Help Us Live Forever</p> <p dir="ltr"> </p> <p> </p>

<p dir="ltr">AGENDA:</p> <p dir="ltr">03:55 Anthropic Security Product Wipes Billions Off Public Markets</p> <p dir="ltr">11:17 Do Agents Turn SaaS Incumbents into Valueless Databases</p> <p dir="ltr">22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires</p> <p dir="ltr">23:20 Citrini Research Piece: Everything You Need To Know</p> <p dir="ltr">26:04 Will DoorDash Be Replaced by Agents</p> <p dir="ltr">34:22 Will "Ghost GDP" Soften Consumer Spending Power</p> <p dir="ltr">42:46 Why No Public Company Has Created a Good Agent Product</p> <p dir="ltr">47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market</p> <p dir="ltr">51:05 OpenAI Massively Increases Spending Plans: Analysis</p> <p dir="ltr">56:24 Figma Fights Back: Earnings Through the Roof</p> <p dir="ltr">01:02:12 Momentum Versus Value: Four Public Stocks to Buy</p> <p dir="ltr">01:09:30 Jack Altman Joins Benchmark Capital</p> <p dir="ltr"> </p> <p> </p>

<p dir="ltr">Lucas Swisher co-leads the growth fund at Coatue where he has partnered with iconic companies like OpenAI, Harvey, Deel, Canva, Openevidence, Anthropic, and others. Prior to Coatue, he was on the investment team at Kleiner Perkins, where he focused on growth stage software businesses. </p> <p dir="ltr">AGENDA:</p> <p dir="ltr">04:23 Why Public SaaS Is Getting Crushed in the AI Wave</p> <p dir="ltr">06:01 How to Find Value in the Deluge of Public SaaS</p> <p dir="ltr">10:34 Durability of Revenue in AI</p> <p dir="ltr">17:42 Market Size vs. Founder Quality: What Wins?</p> <p dir="ltr">19:04 Why Price is the Last Thing to Matter</p> <p dir="ltr">24:58 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns?</p> <p dir="ltr">28:04 What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth</p> <p dir="ltr">30:34 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion</p> <p dir="ltr">33:03 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency</p> <p dir="ltr">36:42 Why it has never been harder to be a seed investor</p> <p dir="ltr">39:25 Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts)</p> <p dir="ltr">44:12 Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early</p> <p dir="ltr">46:05 Lessons from Mary Meeker: Modeling, Storytelling with Data, and Not Missing the Forest</p> <p dir="ltr">48:27 Lessons from Mamoon Hamid: Spotting Inflection Points with Minimal Data (Figma Story)</p> <p dir="ltr">49:54 LP 'Pick One' Games: Mamoon Hamid, Mary Meeker, Insight Partners</p> <p dir="ltr">51:41 OpenAI vs Anthropic: Who Wins?</p> <p dir="ltr">56:52 Most Memorable Founder Meeting: Harvey and Founder-Market Fit</p> <p dir="ltr">59:00 Career Decisions & Misses: Leaving Insight, Missing Anduril, and Looking Ahead</p> <p> </p>

<p dir="ltr">Alexander Embiricos is the Head of Codex at OpenAI, leading the development of the company's flagship AI coding systems that power automated software generation, debugging and developer workflows. Under his leadership, Codex has become one of the most widely adopted AI developer platforms. </p> <p dir="ltr">AGENDA:</p> <p dir="ltr">05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer</p> <p dir="ltr">07:17 Do We Need PMs? The "Undefined" Product Role and When It Matters</p> <p dir="ltr">08:06 The Real AGI Bottleneck: Human Prompting, Validation, and "Too Much Effort"</p> <p dir="ltr">13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows</p> <p dir="ltr">13:52 Enterprise Reality Check: Security, Permissions, and Safe Agentic Browsing</p> <p dir="ltr">17:57 Is Inference the New Sales and Marketing? </p> <p dir="ltr">18:49 What % of Codex Was Written by AI?</p> <p dir="ltr">21:33 Do OpenAI Use AI for Code Review?</p> <p dir="ltr">23:31 Is there any stickiness to AI coding tools?</p> <p dir="ltr">28:22 What Does "Winning" Mean at OpenAI? Mission, Competition, and Moats</p> <p dir="ltr">32:04 The Future UI: Chat or Voice</p> <p dir="ltr">34:10 Agent-to-Agent Workflows: Designing for Approvals, Compliance, and Automation</p> <p dir="ltr">35:39 Do Coding Models Have a Data Moat?</p> <p dir="ltr">36:50 How does Codex View Data: Will They Build Their Own Mercor and Turing?</p> <p dir="ltr">37:27 How Does Codex View Consumer: Will They Compete with Lovable?</p> <p dir="ltr">41:56 Benchmarks vs "Vibes": How People Actually Judge Models</p> <p dir="ltr">42:43 Cursor's Edge and the Case for Building Your Own Models</p> <p dir="ltr">47:37 Is SaaS Dead? What Still Defends Value (Humans + Systems of Record)</p> <p dir="ltr">51:28 Talent Wars and Career Advice for New Engineers in the AI Era</p> <p dir="ltr">01:01:03 Guardrails, the Fully AI-Managed Stack, and a 10-Year Vision for Everyone</p> <p dir="ltr"> </p> <p dir="ltr"> </p> <p> </p>

<p dir="ltr">AGENDA:</p> <p dir="ltr">04:14 Anthropic's $30B Raise at $380B</p> <p dir="ltr">06:18 Why SaaS Stocks Keep Getting Crushed</p> <p dir="ltr">18:15 Wall Street's New Religion: AI Replaces Headcount </p> <p dir="ltr">22:42 The Bear Case for Shopify: What Could Go Wrong?</p> <p dir="ltr">31:51 Replit and Lovable are Proof Figma Missed Out: Figma; Buy or Sell? </p> <p dir="ltr">48:42 Stripe Raises at $140BN: Is Stripe Wildly Overvalued or Adyen Undervalued? </p> <p dir="ltr">54:36 OpenAI Buys OpenClaw</p> <p dir="ltr">01:06:28 Thrive's $10B Growth Fund</p> <p dir="ltr">01:09:10 Arif Janmohamed Leaves Lightspeed for New Firm</p> <p dir="ltr">01:17:12 Workday's Founder Returns as CEO: Will it Work? </p> <p dir="ltr">01:20:34 Which Founder Returns Next: HubSpot, Twilio, Gitlab?</p> <p dir="ltr">01:24:03 Is Monday.com a Screaming Buy?</p> <p dir="ltr">01:28:25 Jason and Harry Bet $200,000</p> <p> </p>