20VC: Five Predictions for a World of Agents | The Ads Business Model Will Die | Biggest Lessons from Working with Elon Musk at Twitter with Parag Agrawal, Parallel

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

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. AGENDA: 00:00 Why AI Assistants Are Silicon Valley's Hottest Market 07:00 How Does Town Compete With Grokbot, Instinct and Big Tech? 11:00 Will We Have One AI Agent or Different Agents for Every Part of Our Lives? 17:00 How Many Mistakes Can AI Agents Make Before We Stop Trusting Them? 20:00 How Does Town Choose the Best Models Without Destroying Its Margins? 29:00 Is the AI Assistant Market Already Too Crowded? 37:00 Can Apple Win the Agent Race—and Are We Entering a Cybersecurity Nightmare? 41:00 What Does a Successful Town User Look Like—and Which Pricing Tier Makes Money? 47:00 What Will AI Agents Be Able to Do in Three Years That They Cannot Do Today? 54:00 Is the Skepticism Around Billion-Dollar AI Assistant Companies Justified? 58:00 What Needs to Happen for Town to Become a $100BN Company? 1:02:00 How Has AI Changed Hiring—and Why Does Town Spend $75K Per Engineer on AI Tools? 1:06:00 What Is JD Most Excited About Over the Next Decade?

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.  AGENDA:  00:00 Cliff Weitzman Reveals His Biggest-Ever Strategic Mistake 03:08 Why Speechify Is Paying Millions to Build Their Own Data Centres 09:59 What No One Knows About Buying Chips That Everyone Should Know? 20:19 The AI Data Gold Rush Has a Brutal Business-Model Problem 23:42 How ElevenLabs Leapfrogged Speechify—and Why It Was Cliff's Fault 31:00 The $15M AI Talent War: Can Startups Still Compete for the Best Talent? 36:57 The New 10X Engineer: Ten Killer Decisions Every Day 46:12 The Voice-AI Bloodbath: Who Survives Commoditisation? 53:21 The Screen Is Dying—and Voice Will Replace It 57:58 How Cliff Plans to Use AI to Cure His Brother's Disease