20VC with Harry Stebbings

乔纳森·罗斯是Groq的创始人兼CEO，这家AI芯片公司正在重新定义大规模推理。在他的领导下，Groq已从顶级投资者处筹集超过30亿美元，公司估值接近70亿美元，成为英伟达最强劲的挑战者之一。此前在谷歌，乔纳森带领团队打造了首个张量处理单元（TPU），这使他成为现代AI硬件领域的核心架构师之一。 ----------------------------------------------- 时间戳： 00:00 开场 01:10 当前市场格局分析 03:33 为何超大规模企业必须持续在AI领域不计成本投入 12:35 为何OpenAI和Anthropic必须自研芯片 18:14 OpenAI和Anthropic将成为50亿美元公司：看涨逻辑 28:20 中国AI落后美国的原因及DeepSeek运营成本更高 34:37 欧洲如何参与AI竞争及美国为何比欧洲更规避风险 37:21 为何必须发展核能及如何重振核能产业 48:16 通缩压力与新型就业市场 51:54 氛围编程的未来 53:40 为何AI企业应追求低利润率 58:46 标普7000点、七巨头与市场波动 01:06:44 OpenAI和Anthropic为何被严重低估 01:13:35 五年后的芯片市场 01:21:51 快问快答：最大恐惧、英伟达10万亿美元、扎克伯格收购AI是否可行 ----------------------------------------------- 在Spotify订阅： https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 在Apple Podcasts订阅： https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 关注Harry Stebbings的X账号： https://twitter.com/HarryStebbings 关注Jonathan Ross的X账号： https://twitter.com/JonathanRoss321 关注20VC的Instagram： https://www.instagram.com/20vchq 关注20VC的TikTok： https://www.tiktok.com/@20vc_tok 访问官网： https://www.20vc.com 订阅新闻通讯： https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #jonathanross #groq #ceo #openai #anthropic #chips #nvidia #nuclearenergy #vibecoding

OpenAI and Anthropic may be early. That doesn’t mean they’re the end state. Eno Reyes, CTO & Co-Founder at Factory, says we could still be in AI’s Yahoo era. #ai #openai #anthropic

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. ----------------------------------------------- Timestamps: 00:00 Intro 03:02 Why the Cheapest AI Model Is Not the Cheapest System 11:08 Could AI Data Companies Be Worth $200BN? 12:46 Are Frontier Model Valuations Overestimated? 15:57 Can Anthropic Really Be Worth $2TRN? 17:36 Has AI Been Marketed Terribly? 21:00 Will AI Companies Ever Reach SaaS-Like Margins? 26:00 Is Model Routing Already Commoditized? 32:12 Who Will Own Your Company's Intelligence? 36:44 How SpaceX Buying Cursor Changes the AI Coding Market 40:04 80-90% of Neo Labs Could Die in 18 Months 44:06 Should US Companies Trust Chinese Open-Source Models? 47:26 99% of AI Workflows Will Run on Open Models 49:19 Has Microsoft Played the Best Hand in AI? 51:54 Is AI's Data Centre Debt Becoming Dangerous? 54:29 Are We at Peak AI Froth? 55:58 OpenAI and Anthropic Could Be the Netscape of AI 57:50 Will Legacy SaaS Companies Rush to Sell? 01:02:59 Has Silicon Valley Become Too Money Obsessed? 01:06:03 Why Pedigree Is Overrated When Hiring 01:13:19 Should Engineers Get $100K+ AI Token Budgets? 01:17:51 Quick-Fire Round ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on X: https://twitter.com/HarryStebbings Follow Eno Reyes on X: https://twitter.com/EnoReyes Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #ai #founder #startup

#20vc #ai #factory

Jason Lemkin (SaaStr) on why Hugging Face’s value depends on being left alone.

NVIDIA Bonanza: Buys Poolside & Invests in Mercor and Perplexity Anthropic's $30TRN Revenue Assumption & OpenAI Confirms IPO Why Customer Service, Defence and Robotics are Overinflated All of this + more on 20VC 🎧

Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more. Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. ----------------------------------------------- Timestamps: 00:00 Intro 00:57 - NVIDIA’s $6BN Poolside Deal and the Capital Wall in AI 07:30 - Is a 15x Return Enough for Seed Investors? 13:17 - Why NVIDIA Is Investing in Mercor at $20BN 20:10 - How Big Can AI Data Companies Become? 25:29 - OpenAI Confirms Its 2027 IPO 29:20 - Has Anthropic Overtaken OpenAI? 36:00 - What Is OpenAI’s Differentiated Mission Today? 38:14 - Why Coding Became the Most Important AI Market 42:38 - Why Hugging Face Could Sell for $13BN 47:08 - Citadel Cashes Out of the Leopold AI Trade 51:58 - Is AI Permanently Inflating Silicon Valley? 54:52 - How Much Longer Can the AI Boom Last? 58:07 - Are Companies Becoming Addicted to AI Tokens? 01:02:05 - Will AI Spending Force Companies to Cut Headcount? 01:08:40 - Stripe Reaccelerates to 41% Growth 01:10:17 - Will AI Kill the Old Public Software Leaderboard? 01:13:07 - Why AI Agents Still Cannot Be Trusted 01:17:02 - Is Personal AI Productivity Overhyped? 01:19:51 - Which AI Categories Are the Biggest Bubbles? 01:21:43 - Are Humanoid Robots Overhyped? 01:23:15 - Why Customer Support Software Could Disappear ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... Follow Harry Stebbings on X: https://x.com/harrystebbings Follow Jason Lemkin on X: https://x.com/jasonlk Follow Rory O’Driscoll on X: https://x.com/rodriscoll Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/con... ----------------------------------------------- Legal Disclaimer: The content of this podcast is for informational and entertainment purposes only and does not constitute financial or investment advice. Any discussion of stocks, public markets, or investment strategies reflects the personal opinions of the speakers and should not be relied upon when making investment decisions. Figures, valuations, and financial data referenced may be estimates or subject to error. Always consult a qualified financial adviser before making any investment decision. The views expressed are those of the individual speakers and do not represent the views of 20VC or its affiliates. ----------------------------------------------- #20vc #harrystebbings #roryodriscoll #jasonlemkin #nvidia #openai #anthropic #stripe

What made Travis Kalanick so effective wasn’t just how hard he worked. It was how quickly he could get to the heart of a problem. Andrew Macdonald, President and COO of Uber, recalls watching Travis walk into meetings, ask a few pointed questions and reshape the thinking of people who had spent weeks on the issue. His biggest takeaway: great leaders don’t need to have every answer. They need to know how to move the room forward. #Uber #TravisKalanick #Leadership

Sequoia doesn’t wait for great companies to come knocking. Julien Bek, Partner at Sequoia Capital, explains how his partner Constantine built a relationship with Ken Griffin over years long before Citadel Securities had ever taken outside capital. #sequoiacapital #citadel #20vc

Julien Bek | Sequoia Capital partner on losing the Revolut deal before investing personally with money from his mom.⁠⁠ Ten years later, she sold most of her shares and retired at 74. He now jokes that Sequoia hired the second-best investor in the family.⁠⁠ #Revolut #SequoiaCapital #VentureCapital

Julien Bek | Sequoia Capital partner on why AI agents are becoming an entirely new class of customer.⁠ ⁠ Agent traffic has already reached parity with human traffic. Within five years, it could be 1,000 times greater.⁠ ⁠ #ai #aiagents #sequoiacapital

Julien Bek | Sequoia Capital partner on meeting Lovable founder Anton Osika before the company was built.⁠⁠ He arrived without a plan, failed to ask the right questions and admits he completely underestimated him.⁠⁠ #Lovable #SequoiaCapital #VentureCapital

Inside Sequoia's Investment Committee with Julien Bek | Watch the full conversation on 20VC 🎧 #investing #venturecapital #sequoiacapital

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. ----------------------------------------------- Timestamps: 00:00 Intro 01:11 What Everyone Gets Wrong About Sequoia 06:32 How Sequoia Won Citadel Securities 08:14 Sequoia's $2.5B Anthropic Bet 10:10 Investing in Neo Labs Today Is Like Backing Stumble Upon After Facebook 12:03 Is Series A the Hardest Place to Invest Right Now? 14:00 Why Julien Won't Compromise on Ownership 38:05 How Julien Uncovered a Fraudulent Founder 40:19 Arrogance Is Not a Red Flag — The Don Valentine 2x2 Matrix 41:07 The Lovable Miss: What Julien Got Wrong on Anton Osaka 44:20 How to Adjust Founder Reads by Country 48:54 Lessons From Doug Leone, Pat Grady, Alfred Lin & Shaun Maguire 01:14:57 Why Julien Won't Back Traditional Businesses "Bolting On" AI 01:15:55 Quick-Fire Round ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on X: https://twitter.com/HarryStebbings Follow Julien Bek on X: https://twitter.com/JulienBek Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #julienbek #sequoia #spacex #ai #citadel

"Right now with #ai debt is a huge part of this..." - Jerry Murdock (Insight Venture Partners) on 20VC

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. ----------------------------------------------- Timestamps: 00:00 Intro 01:15 Will the AI Bubble Burst? 03:43 The Warning Signs in Credit Markets That Nobody Is Counting 05:09 Japan's $1 Trillion in Treasuries 07:17 If There's a Credit Dislocation, Half the Neo Clouds Go Away 09:57 Millions of Specialized Models vs a Handful of Frontier Providers 12:39 Open Source vs Frontier: Token Traffic vs Dollar Traffic 16:58 The Demand for Intelligence Is Endless 18:53 Should Enterprises Be Scared Frontier Labs Will Eat Their Lunch? 21:24 The Golden Age of Cyber 23:02 Why Sandboxes Are the Most Important & Most Underrated Security Layer 24:48 Should We Get Used to Lower Margins in the AI Era? 36:16 Is OpenRouter a Long-Term Business? 40:49 Are Venture Cycles Getting Shorter? The Cursor Case Study 43:40 Can You IPO With Less Than $1B in Revenue Today? 45:28 The Coworker Era Has Begun 46:59 Private Equity Is Highly at Risk to Any Financial Dislocation 59:20 Quick-Fire Round ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on X: https://twitter.com/HarryStebbings Follow Jerry Murdock on X: https://twitter.com/aspenjfm Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #jerrymurdock #ai #opensource #aibubble

#ai #investing #entrepreneur

Jason Lemkin (SaaStr) on the OpenRouter X Stripe deal #openrouter #stripe #acquisition

The creator economy is opening up a completely new income stream for young people. Matt Swulinski, Head of Growth at Viktor.com, says some 17 to 19-year-old creators are earning $20K–$30K a month by making UGC ads for brands and taking a cut of the ad spend. #ai #UGC #marketing

Jason Lemkin (SaaStr) on why he would rather be acquired by Elon than Zuck⁠ in the context of the Cursor-SpaceX acquisition ⁠⁠ #markzuckerberg #elonmusk #spacex

#technews #spacex #investing

Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more. Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. ----------------------------------------------- Timestamps: 00:00 Intro 01:07 SpaceX's $60B Takeover of Cursor 08:04 Why Zuck Didn't Buy Cursor 14:10 Microsoft Is the Real Loser in the Cursor Deal 19:52 Stripe's $7BN OpenRouter Deal Creates Huge VC Winners 26:42 Anthropic Turns Its First Profit on $11.5B Revenue 30:35 The $100K Per Engineer Token Budget 38:36 Anthropic vs OpenAI IPO Race: Who Benefits From Going First? 48:22 Silver Lake's $43B Workday Take-Private 57:00 Higgsfield at $5.5B and Lovable at $13.3B ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... Follow Harry Stebbings on X: https://x.com/harrystebbings Follow Jason Lemkin on X: https://x.com/jasonlk Follow Rory O’Driscoll on X: https://x.com/rodriscoll Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/con... ----------------------------------------------- Legal Disclaimer: The content of this podcast is for informational and entertainment purposes only and does not constitute financial or investment advice. Any discussion of stocks, public markets, or investment strategies reflects the personal opinions of the speakers and should not be relied upon when making investment decisions. Figures, valuations, and financial data referenced may be estimates or subject to error. Always consult a qualified financial adviser before making any investment decision. The views expressed are those of the individual speakers and do not represent the views of 20VC or its affiliates. ----------------------------------------------- #20vc #harrystebbings #roryodriscoll #jasonlemkin #spacex #cursor #anthropic #higgsfield #stripe #openrouter

Uber President and COO Andrew Macdonald says Waymo and Tesla can both win in autonomous driving, but the real advantage may come down to distribution. His view is that even the biggest robotaxi players will still want access to Uber’s network because expensive vehicles need to stay highly utilised. #uber #waymo #tesla

Uber President and COO Andrew Macdonald says India and Brazil are already among Uber’s largest markets by trip volume, but the economics look very different. With fares of just a few dollars, he says it could take decades for autonomous vehicles to compete with the cost of human drivers in those markets. That’s why the shift to robotaxis won’t happen everywhere at once. #Uber #India #Brazil

#uber #china #entrepreneur

Uber President and COO Andrew Macdonald explains why building a rewards program is harder for Uber than it is for a hotel. Every free ride still means paying a driver, leaving Uber with far less low-cost inventory to give away. Finding features with high perceived value and low actual cost is the sweet spot. #Uber #UberOne #20VC

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. All on 20VC 🎧️ #uber #ai #20vc

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. ----------------------------------------------- Timestamps: 00:00 Intro 01:51 How Andrew Retains Execution Drive While Being Liked 03:07 Where Andrew Has Been Wrong: Resisting Membership Longer Than He Should 06:32 The Most Efficient Dollar at Uber: Why Membership Beats Price Incentives 08:34 Why Uber One Is Not Yet Amazon Prime 10:08 New Revenue Lines: The Innovator's Dilemma at $250B Scale 11:54 How Uber Incubates New Businesses From Inside a Giant 18:33 Waymo vs Uber 23:56 The China Exit 34:09 Uber Blew Its AI Budget in 4 Months 36:49 The Real AI ROI Question 39:32 How to Budget for AI When Usage Is Vertical and Unpredictable 43:44 Will Uber Have More or Less Employees in 5 Years? 45:44 Should Enterprises Fear Frontier Model Providers? 51:00 How Uber Is Using AI Agents Internally 57:25 Andrew Now Running Uber Eats Directly: The Three-Sided Marketplace Problem 59:45 Why Uber Eats Is Not #1 in the US 01:02:29 Quick-Fire Round ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on X: https://twitter.com/HarryStebbings Follow Andrew Macdonald on X: https://twitter.com/andrewgordonmac Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #andrewmacdonald #uber #traviskalanick #ai #ubereats #doordash #waymo

You don’t need TikTok, Reddit and every new channel to build a growth engine. Matt Swulinski, Head of Growth at Viktor.com, says Meta, Google and lifecycle can take you a very long way. #GrowthMarketing #SaaS #20VC

Matt Swulinski is one of the best growth leaders in AI. He is currently Head of Growth at Viktor, the Accel-backed AI coworker. Previously, he was Head of Growth at Wispr Flow, where he was marketing hire #1 and built the growth function from pre-launch to millions of users. Matt also built the AI-powered marketing OS that automated 100 newsletter sponsorships a month and enabled a lean team to scale dramatically faster. Before Wispr Flow, Matt worked in growth at Superhuman. ----------------------------------------------- Timestamps: 00:00 Intro 01:09 PLG Is Still the Right Foundation Even in an Agent World 02:19 Lessons From Superhuman: Taste, Craft & the Ceiling of Word-of-Mouth 04:36 Why the E-Com Paid Ads Playbook Is the Right Playbook for SaaS 07:35 Why 90% of SaaS Companies Set Up Their Analytics Wrong Before Spending a Dollar 11:00 What to Optimize for First and How to Know It's Working 12:31 LTV to CAC Benchmarks: What Is Good, What Is Okay, What Is Worrying 14:10 Token-Based Products Change Everything in Growth Economics 35:00 Wispr Flow's Growth Flywheel 37:23 Audience Fatigue: When to Diversify and How to Unlock the Next ICP 40:16 How to Build a Referral Program That Actually Works 44:07 Paywalls: Put It Right After the Magic Moment 46:21 AEO: The New SEO Nobody Is Doing Well 55:40 Should AI Change Your Entire Creative Strategy? 1:08:25 Quick-Fire Round ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on X: https://twitter.com/HarryStebbings Follow Matt Swulinski on X: https://twitter.com/MattSwulinski Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #saas #mattswulinski #productledgrowth #ai