20VC: Anthropic Surpasses OpenAI Revenue | OpenAI Acquisition of TBPN: Analysed | OpenAI Management Team Reboot | YC Kicks Delve Out | Mercor Hack and Why Now is the Time for Cyber | Supabase Raising at $10BN & Doug Leone Returns to Sequoia

AGENDA: 03:59 — Anthropic Surpasses OpenAI in Revenue 12:43 — OpenAI Management Reboot 18:24 — OpenAI Buys TBPN 29:00 — SpaceX Files for IPO Targeting $2 Trillion Valuation 37:21 — Doug Leone Returns to Sequoia Capital 41:14 — YC Kicks Out Delve 45:21 — The Rise of Open Router 57:59 — Supabase Targeting $10B Valuation 01:08:18 — The Mercor Hack and AI Cyber Threats Moving Forward 01:17:25 — The $1.8B Two-Person Company  

Demis Hassabis is the Co-Founder & CEO of Google DeepMind - working on AGI, responsible for AI breakthroughs such as AlphaGo, the first program to beat the world champion at the game of Go; and AlphaFold, which cracked the 50-year grand challenge of protein structure prediction and was recognised with the 2024 Nobel Prize in Chemistry. Demis is revolutionising drug discovery at Isomorphic Labs. Ultimately, trying to understand the fundamental nature of reality. AGENDA: 00:04:00 — What Actually Counts as AGI; and Where Are We Today? 00:05:00 — What Are the Biggest Bottlenecks Holding AI Back Today? 00:06:00 — Have We Hit the Limits of Scaling Laws? 00:07:00 — Where Is AI Ahead of Expectations; and What's Still Missing? 00:07:30 — Why Can't AI Systems Learn Continuously Like Humans? 00:08:30 — How Did DeepMind Go from Behind to Leading the Pack? 00:11:00 — Are We Heading Toward Model Commoditization; or Winner-Takes-All? 00:12:00 — What Does the Future of Open Source Really Look Like? 00:13:00 — What Does a Post LLM World Look Like? 00:14:45 — Can AI Really Fix Drug Discovery—and Cut the 10-Year Timeline? 00:17:00 — What Does "Good" AI Regulation Actually Look Like? 00:18:00 — Who Should Be the Ultimate Arbiter of Truth in an AI World? 00:19:30 — If Demis Had One Shot to Fix AI Safety, What Would He Do? 00:21:00 — Is This Time Different for Jobs; or Will History Repeat Itself? 00:22:00 — Is AGI Bigger Than the Industrial Revolution; and Faster? 00:23:00 — Are We Underestimating AI Despite All the Hype? 00:23:30 — Does AI Lead to Massive Inequality; or Universal Prosperity? 00:24:30 — How Do We Solve the Energy Crisis Created by AI? 00:26:00 — Why Stay in the UK Instead of Moving to Silicon Valley? 00:28:00 — Will Europe Ever Build a Trillion-Dollar Tech Giant? 00:29:30 — Meeting Elon Musk for the First Time? 00:31:00 — What Big Questions About AI Is No One Talking About? 00:31:30 — What Does Demis Want His Legacy to Be?    

Andrew Dudum is the Founder and CEO of Hims, the company reshaping consumers relationship to healthcare. It has been a rocky ride over the last 6 months, the company is down 66%, their market cap today is $4.3BN on $2.3BN of revenue. They just bought their largest international competitor, Eucalyptus for $1.5BN.  AGENDA: 00:00 — Why Being Public Is Better Than Private  02:50 — My Advice to The Collisons on Taking Stripe Public 07:15 — How to Hire for the Most Gritty People: The Test  10:55 — How AI Will Reshape All of Customer Acquisition  15:30 — What Did Hims Do That Andrew Wishes They Had Not Done  20:15 — What is the Least Profitable but Most Important Hims Product 27:10 — The $1.5BN Acquisition: Why Hims Bought Their Biggest Global Competitor  33:45 — Why Brand Marketing Beats Performance Marketing  39:40 — The Future of Prevention: Why Your Next Blood Test Should Be Free  46:50 — Disrupting the PBMs: How We Are Breaking the Corrupt US Healthcare System

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

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

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.  AGENDA: 05:00 — Why Introspection is Overrated: The Dangers of Learning from the Past 08:00 — The One Trait Marc Andreessen Looks For in Every Founder 14:30 — Are the Best Founders Broken? What Makes the Best Founders? 16:00 — "Extreme Ownership": Why Everything Being Your Fault Changes Everything 19:00 — "Do You Read the Comments?" Fame, Criticism & How to Deal with Haters 26:00 — Is Venture Now Go Big or Go Home? The Real Future of VC 30:00 — Does Price Matter Anymore? The Dangerous Truth About Valuations 33:00 — "Stop Chasing Diamonds in the Rough": Why Most VCs Get This Completely Wrong 36:00 — Do You Actually Need to Like Founders? The Uncomfortable Answer 40:00 — Are Companies 75% Overstaffed? The Most Controversial Take on Hiring 45:00 — When Will a16z Go Public?  50:00 — Why Labour Displacement Theory Around AI is Totally Wrong 55:00 — Why Silicon Valley Is More Dominant Than Ever? 01:00:00 — Why a16z Invested $300M into Adam Neumann  01:05:00 — What Still Drives Marc Andreesen? 01:10:00 — What is the Biggest Mistakes VCs Still Make Today?  

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.  AGENDA: 00:00 — Does the Venture Business Even Work Anymore? 05:58 — The Insane Rise of $150M Seed Rounds! 08:58 — Will Mega Funds Ever Actually Return Venture Economics? 11:13 — How Do You Value Companies Growing at Impossible Speeds? 14:50 — The Truth About Growth: Why Most Companies Eventually Plateau 18:50 — Do Margins Still Matter in the Age of AI? 24:32 — How To Make Mega Money in the World of Secondaries 28:11 — What Are Core Misalignments Between GPs and LPs That No One Discusses? 37:57 — Quick Fire: Best Investment, Most Memorable Founder, Investing Icon    

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

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. AGENDA: 3:45 — Anduril's $20BN Army Contract Broken Down 6:30 — What Do Most Defense Founders Get Completely Wrong? 9:15 — Can You Build a Billion-Dollar Defense Company Without the US? 12:05 — Why Government Contracts Are Brutal (And Why Most Fail) 15:40 — How Does Anduril Predict Wars 5–10 Years Before They Happen? 18:20 — Why Cyber Warfare Is the Most Dangerous Battlefield No One Understands 23:50 — Why There Will Only Be ONE Winning Drone Company 28:10 — How Anduril Decides Where to Deploy $100M+ Product Bets 35:20 — What Would Anduril Buy If They Had an Unlimited Checkbook? 41:10 — Why Anduril Must Go Public 45:00 — Quickfire: The Future of War, VC Mistakes & Career Advice    

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.  AGENDA:  04:33 - Are Great Sales Leaders Born or Trained? 06:55 - In a world of PLG, is sales less important than ever? 11:51 - Why does Shaunt not believe in traditional customer success teams? 14:31 - Does the role of the SDR survive in two years' time? 19:19 - When is the right time for sales to intercept in a PLG motion? 21:43 - How to Set Sales Quotas in a PLG AI Sales World? 31:19 - How has what you look for in sales hires changed over time? 42:54 - How do you judge sales performance if not on quota? 54:49 - Quick fire: Outdated sales tactic, What Role Dies, Best Sales AI Tool