20VC with Harry Stebbings

"I'm a fan of Seven Powers, this brilliant book which talks about kind of seven ways that businesses accrue value and sustainability."

"I haven't logged into Salesforce in 6 months, but we use it every minute. Our agents use it every minute."

"The $4,000 or $6,000 Mac max studios"

"We're buying Mac minis we're buying Mac studios that can run a full model on the Mac"

"I'm an investor in a company called Monaco that's the next AI SDR for us. It booked us a six-figure deal the first day"

"Alice in Borderland."

"I have a self-playing piano from Steinway and that is amazing, but I don't get to use it at all. Like, it's fantastic. Look it up. It's amazing."

"Dude, I love Suno. I actually sent Nick at Revolut a song to get him to come on the show"

"we're like one of the few organizations of our size uses agent force. We ran an experiment"

"I'm one of the seven people that uses Claude instead of ChatGPT as a consumer app"

"He uses 11 Labs as part of the voice for one of his games. And he said, 'This will be the year where we see the true substitution of AI products based on price.'"

"I think there's a chance that Cursor loses half of their revenue this year with the cannibalization of them by Claude code. I don't know anyone who's not moved to Claude code."

"I think it's fascinating because everything that Travis said in the early days at Uber has become true. I mean, I take Waymo all the time. I will only time I'll ever take an Uber is if I have to."

"I will tell you I think the least broken app I use is Salesforce. It's very powerful."

"One that I'm not an investor in that I know that we use is called Artisan, which is just an AI SDR tool and more. They did 2 million last month."

"We have literally sent millions and millions of business to Artisan and Qualified because those were the first two ones we used."

"for our type of work it will either be Claude or Gemini that is the top model"

"for our type of work it will either be Claude or Gemini that is the top model"

"If I invest in this round at this price and the company executes, do I want to put more at a higher price? That's the litmus test."

"If I meet investors today that haven't actually downloaded and tried to build something themselves, I think they don't have the skill set to make an evaluation of the company they're looking at."

"The Stockholm Archipelago. I really recommend it. It's beautiful."

"what you should be doing is coding with Cursor and building things yourself"

"You're getting an actual functioning program, albeit with a more expensive cost structure and maybe not the right long-term solution, for hundred billion."

"Jack Dorsey just laid off 40% of the staff at Block from 10,000 to 6,000 employees."

"Using Cursor for coding"

"We saw Jack Altman who raised last year 275 million for Alt Cap. He's a wonderful dude. I'm sure everyone loves Jack."

"AIO is beating every other CRM company in the valley"

"ElevenLabs beat OpenAI at voice and AIO is beating every other CRM company in the valley"

"ElevenLabs beat OpenAI at voice and AIO is beating every other CRM company in the valley"

"synthesia has beaten benchmark-backed Hey Gen"

"synthesia has beaten benchmark-backed Hey Gen"

"The largest SaaS company in the world that's independent outside of Microsoft and the hyperscalers, Salesforce, right?"

"Salesforce, Workday, Service. Now, those are like a couple hundred billion of market cap, right?"

"The largest SaaS company in the world that's independent outside of Microsoft and the hyperscalers, Salesforce, right? Salesforce, Workday, Service. Now, those are like a couple hundred billion of market cap."

"unless you're an Anthropic OpenAI Cursor Lovable OpenAI Carvey you name your like you're irrelevant"

"How do we create retentive patterns, behaviors, programs to ensure that people stay with Codex and they don't flip to cursor when there's a better model."

"Replit should not be owning product prototyping and development for product people Figma should own this"

"What's the commonality between ServiceNow, Salesforce and Shopify? It seems like nothing. But actually, they all could be abstracted away into a database."

"What's the commonality between ServiceNow, Salesforce and Shopify? It seems like nothing. But actually, they all could be abstracted away into a database."

"If I am shopping on ChatGPT, I may not go to that merchant store ever."

"If the future of e-commerce is conversational commerce and it does not happen on the Shopify platform, that is not a net positive. The Shopify software in two years may be obsolete."

"I think it would be disingenuous to say that couldn't happen to Shopify. That agentic commerce agents part of discovery is going to happen on my sofa."

"another candidate who obviously won't happen but it was who was great guest Jeff Lawson who was at Twilio is now like I'm doing fusion you you people knock yourself out"

"I Drew from Dropbox and Aaron from Box just unwavering resilient persistent"

"I was just looking at Yelp this week. I mean, Yelp's down to $1.22 billion valuation for I mean Jeremy's young but it's been what 20 something years right and it's down 47% this year"

"Monday at 3.8 billion. Is that a buy or not?"

"I Drew from Dropbox and Aaron from Box just unwavering resilient persistent"

"Anthropic raises $30 billion at a $380 billion post money"

"Thrive closes on a mega $10 billion fund"

"OpenClaw creator joins OpenAI"

"Claude code from 1 to 2.5 billion at the end of the year to today"

"Most of OpenAI's revenues comes from ChatGPT on the consumer side"

"Replit and lovable should not be owning product prototyping. In the next release of Replit when you log in the next day, it will have built three to four features for you on its own"

"Lovable and Replit shouldn't have gotten here, guys. We own this space"

"I don't think there is a credible near-end story that replaces a shopping website and a payments mechanism with some kind of AI"

"Stripe being worth $140 billion and Adyen being worth a third of that"

"Is Adyen wildly undervalued? Adyen is a wildly profitable company with almost 50% operating margins"

"Thrive has done an amazing stock picking job of backing Stripe, of backing Databricks, of backing OpenAI, and of backing them at scale."

"the two model companies SpaceX stripe and does and databicks again when you deal with hundred billion dollar plus market cap companies"

"Thrive has done an amazing stock picking job of backing Stripe, of backing Databricks, of backing OpenAI, and of backing them at scale."

"Thrive has done an amazing stock picking job of backing Stripe, of backing Databricks, of backing OpenAI, and of backing them at scale."

"someone could buy Fidelity small cap growth and get actually in this case midcap and large cap growth, pay 50 bits and buy the same stock."

"are Lightspeed and GC going to come out with 20? I mean again as we've said you thinking of it as early stage venture is just a mistake."

"it is interesting that Aneel had to go back in like eight months to run Workday. It's a pretty fast boomerang."

"Do you think Aneel wanted to go back as the solo CEO just as much as Daniel wanted to go back to UiPath?"

"This is why you should bet on Salesforce of of I mean listen most most public B2B companies are founder led right most of them are but the amount of stress in that organization is so high at Salesforce"

"I released a show with the head of sales at 11 Labs. Insanely popular show. I mean, I can't even tell you how insanely popular it was. And it the thing that everyone oscillated around was the 20x sales comp."

"maybe I HubSpot and GitLab are the only candidates I can think of where there's just not enough boomerang people."

"Customer service isn't just like, hey, I need an agent that answers questions. Sooner or later, you wanted to read the source code and explain to the customer how it works."

"Nick's challenge right now might be that he is so distributed. He's trying to go for the whole world, launching in Dubai, India, launching everywhere."

"David at least has slightly more focus. He has a very solid base in Brazil, making a lot of money from there."

"I've seen the acceleration of AI and I know we can ship all these things on the existing organization."

"When you look at the wow rate, wow numbers for ChatGPT."

"Today we have Mike Cannon Brooks, co-founder of Atlassian, joining us for my favorite show of the week."

"Anthropic predicts 149 billion in ARR in 2029 under the most optimistic scenario"

"we saw Sierra's 50 million plus quarter taking to over 150 million there are now"

"I was at Replit the other day at 300 million in revenue, 300 people"

"You look at Cursor, it's doing a billion dollars in revenue, but it's pretty much the same billion dollars"

"Harvey, we mentioned that raised in December raised $200 million at an 11 billion price"

"I don't think we're allowed to believe in luck at a16z. We have to see 100% of the deals in our domain."

"Why would you point it at rebuilding payroll or ERP or CRM, right?"

"even if you vibe coded your ERP and your payroll with all the kind of risks and dangers that that entails, you're going to save 8 to 12%"

"Anish Akaya GP at Andreessen Horowitz where he leads consumer and fintech investing at series A"

"The public SaaS company who has distribution, be it a HubSpot or a Salesforce who has millions of customers."

"How do you think about the future of UiPath? They've had a tumultuous journey in the public markets"

"The public SaaS company who has distribution, be it a HubSpot or a Salesforce who has millions of customers."

"Tesla trades at 1.2 trillion plus or minus. It's got a 100 million flat car business with declining profitability."

"There's only two assets that give you that. Self-drive and Optimus. For lack of any information, split it 50/50."

"Anthropic signed a deal for a million TPUs"

"If OpenAI needs a bailout, it has to bail them out. It has no choice."

"I think Nvidia has no choice. It has to bail out."

"Anthropic and others have already diversified away. Anthropic signed a deal for a million TPUs"

"is deep on the whole Amazon Trainium ecosystem"

"Microsoft bailed them out for years"

"Twitter/X.ai investor rolling into the largest market cap private company on the planet maybe 6 months before it goes public"

"Would you prefer to be a SpaceX investor taking 20% dilution here"

"If you read Reminiscences of a Stock Operator which is the definitive book about trading, the Jesse Livermore book about trading"

"Whether it's just ChatGPT or Claude or whatever, or whether it's Replit or Gamma or heck, Granola, it's so powerful that it is your sales and marketing motion"

"Whether it's just ChatGPT or Claude or whatever, or whether it's Replit or Gamma or heck, Granola, it's so powerful that it is your sales and marketing motion"

"Whether it's just ChatGPT or Claude or whatever, or whether it's Replit or Gamma or heck, Granola, it's so powerful that it is your sales and marketing motion"

"Whether it's just ChatGPT or Claude or whatever, or whether it's Replit or Gamma or heck, Granola, it's so powerful that it is your sales and marketing motion"

"And on paper, when you log into Carta, your share price is higher."

"Buying Cursor doesn't help. It's not big enough."

"Tesla trades at 1.2 trillion plus or minus. It's got a $100 million flat car business with declining profitability."

"someone very brilliant who I'm very close to said to me the other day who's very close to Tesla said they will you will be surprised in 5 years time that they were ever known for cars given the brilliance of Optimus"

"But is that is an called Fiverr? Just it's the new Fiverr."

"Whether it's just ChatGPT or Claude or whatever, or whether it's Replit or Gamma or heck, Granola, it's so powerful that it is your sales and marketing motion"

"it seems to me like OpenAI is going down the you know let users fine-tune models like that type of journey"

"Finally, we have Nvidia pulling out of OpenAI. The deal was apparently non-binding when it was announced and Nvidia were offered up to 100 billion as Jensen said very clearly."

"The rest from Sequoia, from DST and Dragon"

"SpaceX has completed its acquisition of XAI, valuing the combined private company at 1.25 trillion as Elon Musk moves to pair his rocket business with an AI unit"

"SpaceX has completed its acquisition of XAI, valuing the combined private company at 1.25 trillion as Elon Musk moves to pair his rocket business with an AI unit that's burning about a billion a month"

"Waymo is raising a monster $16 billion round at a $110 billion valuation. 13 billion coming from Google. The rest from Sequoia, from DST and Dragon. It's another win for Google in AI."

"That's why we've all moved to investing anymore at OpenAI because we want the folks who like, you know what, I just don't love my job at thinking machines. Come to OpenAI."

"I just don't love my job at Thinking Machines. Come to OpenAI. You will lose nothing."

"Figma Make is a failure and I don't mean to be dramatic but I think folks at Figma if they're honest would agree like they thought this was revolutionary"

"Figma make is a failure. They should own product prototyping and development but they don't"

"if your traditional support software like zendesk the the old zendesk is growing 0%"

"It looks like OpenAI overexposure is now seen as a big negative"

"Microsoft. Now the second largest market cap loss ever. They lost $360 billion in market cap in a day. So what's the problem there? It looks like OpenAI overexposure is now seen as a big negative."

"We talked a lot about Navan mission and vision and private jets and all of these things"

"The entire Navan was created because of my anxiety in an airport."