20VC: Instinct Raises $1B at $10B Valuation | AMD Buys Fei-Fei Li's World Labs for $8.2B | Meta Poaches MongoDB's CEO | Bessemer Raises $5.75B | Oura Pulls IPO & Nubank Eyes $8–12B Monzo Takeover

AGENDA:  00:00 Highlights: Jack Altman Joins The Trio 05:00 Anthropic's S-1 Leaks: $8B Operating Loss and $518B in Compute Commitments 10:00 Instinct Raises $1B at a $10B Valuation to Take On Meta 25:00 AMD Buys Fei-Fei Li's World Labs for $8.2B 39:00 Meta Poaches MongoDB's CEO as Shares Plunge 20% 43:00 AI Startup Seeks $10B Valuation Just One Week After Seed 47:00 Modal Hits $15B Valuation as Baseten Eyes $26B 54:00 OpenAI Reopens Its $200 Plan—and Halves What You Get 57:00 Oura Pulls IPO After Targeting a $16B Valuation 01:03:00 Nubank Eyes $8–12B Monzo Takeover 01:08:00 Bessemer Raises $5.75B as NFX Switches to Its Own Capital 01:14:00 Anthropic Founders Move to Lock In 50.1% Voting Control  

Alex Mashrabov is the Founder and CEO of Higgsfield, the third fastest scaling company to $1BN in ARR behind OpenAI and Anthropic. Reports suggest their latest funding round could place an $8BN valuation on the company. Prior to Higgsfield, Alex sold his prior company to Snap Inc for $166M. Alex was a competitive programmer as a kid, reaching third best in the world. AGENDA:  00:00 The Programming Prodigy Who Sold to Snap for $166M 09:00 Burning $10M: The Pivot That Saved Higgsfield 12:00 A $1B Revenue Run Rate in 18 Months; How Real Is It? 16:00 Will OpenAI and Google Wipe Out $20 AI Subscriptions? 21:00 Are AI Labs Gaming the Benchmarks? 28:00 Spending $4M a Month on AI; Genius or Insanity? 36:00 Are AI Moats Bullshit? The Great "Wrapper" Debate 43:00 One Full Day With His Son in Three Months: The Cost of Ambition 54:00 Quickfire: Is Snap Broken—and Will HubSpot Survive AI? 01:02:00 $10B in the Next 12 Months? Alex's Audacious Growth Bet  

Parag Agrawal is the Co-Founder and CEO of Parallel, building web search infrastructure for AI agents. 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. AGENDA: 03:00 What Breaks When Agents Search the Web 1,000x More? 07:00 Speed, Cost or Accuracy: What Do Agents Really Need? 13:00 Will Tiny Models Catch Today's Most Powerful AI? 16:00 Is Model Routing a Commodity? 21:00 Is Amazon Making a Mistake by Blocking AI Agents? 23:00 Does the Ads Business Model Die in a World of Agents? 27:00 Can You Pay Publishers Without Killing Your Margins? 33:00 Why Parag Wants a Race to the Bottom on Price 43:00 What Stops Your AI Agent Breaking the Rules to Get Results? 45:00 Why AI Hacks Should Embarrass the Labs 52:00 What Parag Saw Working With Elon Musk  

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

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.  AGENDA:  05:00 Why Dario is Wrong About Millions of AI Einsteins? 13:00 Is AI Safety Becoming an Excuse to Kill Open Source? 21:00 Does UiPath Really Need 4,000 Employees? 28:00 Would You Help Train the AI That Could Replace You? 32:00 What Percent of Salary Spend Does Daniel Spend on Inference? 34:00 Can You Really Vibe Code Your Way Out of Paying for Software? 37:00 Why Would Anyone Take Their Company Public Today? 39:00 Could an OpenAI–Anthropic Duopoly Break Nvidia's Business? 45:00 Will AI Models Capture the Value—or Will the Apps? 49:00 Is Fireworks Still Undervalued at $15 Billion? 56:00 Has Europe Already Lost—and Should Founders Leave? 1:03:00 What Could Kill UiPath—and How Is AI Changing the CEO's Job? 1:06:00 60 Supplements a Day: How Far Would You Go to Live Longer?

Thomas Sohmers is the co-founder and chairman of Positron AI, building chips to make running AI dramatically cheaper and more energy-efficient. 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. AGENDA: 04:30 Why Does AI Inference Need Different Hardware from Training? 10:25 What Is Nobody Telling You About AI's Token Economics? 13:10 Should We Really Slow Down the AI Frontier? 16:55 What Happens If America Slows Down—and China Doesn't? 19:30 Should We Restrict China's Access to AI Chips? 20:15 Why Aren't Zuckerberg and Jensen Backing an AI Slowdown? 21:25 Are We Being Misled About Data Centers? 23:25 Can the West Beat China While Drowning in Regulation? 26:20 How Many Planned Data Centers Will Actually Get Built? 27:15 Data Centers in Space: Real Opportunity or Elon Hype? 28:10 Is Energy AI's Biggest Bottleneck? 29:55 Could the Debt Boom Derail AI? 31:25 What Is KV Caching—and Why Does It Change AI Economics? 35:25 Does Compressing AI's Memory Make It Less Intelligent? 41:05 How Do We Solve AI's Exploding Memory Demands? 43:45 Will Every Company Own Its Own AI Model? 47:10 Why Bet on Ever-Bigger Models? 48:20 If We Already Have AGI, What Comes Next? 53:25 What Happens When Every AI Lab Builds Its Own Chips? 57:30 If DeepSeek Can Slash Costs with Software, Why Build New Hardware? 59:50 How Cheap Will AI Tokens Be by 2028? 1:03:15 What Would Be the First Warning Sign of an AI Bust? 1:03:55 Could Open Models Break OpenAI and Anthropic's Growth? 1:05:55 Could Mercor and Surge Become $200 Billion Companies?  

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

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. AGENDA: 04:00 The Portfolio Construction of a $2.6 Billion University Endowment? 09:00 Why We Spend More Time on Porfolio Construction Than Manager Selection? 14:00 Should LPs Back VC's Biggest Names or Find the Next Breakout Manager? 21:00 How Baylor Made Millions in the SaaSpocalypse? 26:00 Are Public Markets a Casino or Are Private Valuations the Real Fiction? 34:00 How Do You Buy a Market Crash Without Catching a Falling Knife? 49:00 Would You Fire a Fund Manager Who's Making You Money? 57:00 Could the Backlash Against Data Centres Derail the AI Boom? 01:02:00 Which Asset Class Is Overhyped—and Where Is the Next Big Opportunity?  

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

AGENDA:  00:00 Jensen Huang Declares AGI Has Arrived 04:05 Instinct and GrokBot Ignite the AI Assistant War 13:32 OpenAI's GPT Astra Redefines What AGI Means 26:00 GPT Astra and Fable 5.1 Accelerate the Model Race 30:38 OpenAI's Chief Scientist Calls for Enforced AI Safety Limits 40:50 Tesla Launches Cybercabs as Travis Kalanick Returns to Robotaxis 45:55 Index Pulls Out of Town Deal Following Instinct Conflict 49:45 Anthropic Abandons $6BN Descartes Acquisition After Due Diligence 56:18 Robinhood Earns First Underwriting Role in Oura IPO 01:00:28 Wonderful Doubles to $5BN and Approves $170M in Secondaries 01:09:02 Thinking Machines Targets $40BN Valuation in $6BN Funding Round