20VC with Harry Stebbings

"the unwillingness to release ChatGPT-2 which in retrospect was overdone"

"When we started this podcast, you went on to ChatGPT or Claude."

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

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

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

"For them, the optimal UI is a chat box where you say exactly what you want and like voila, there it is."

"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"

"my conclusion is OpenAI has surplus tokens and Anthropic does not"

"When you saw like the announcements from OpenAI and Anthropic about forward deployed engineers and these partnerships with big private equity groups to go help their portfolios."

"Microsoft's own some of OpenAI's IP, but are they really capturing enough value? When OpenAI blew up and they fired Sam, Satya kept saying this is not such a huge bet for us."

"So I'm pretty bullish actually on OpenAI in the enterprise"

"I'm pretty bullish actually on OpenAI in the enterprise"

"Like we see like Open AI don't have commissions. It's like here's your salary and then here's your equity."

"OpenAI reboots management team. OpenAI buys TBPN."

"Anthropic hits a whopping $30 billion in revenue, surpassing OpenAI"

"is the biggest threat to your business not actually open AI and if chat GPT is the kind of consumer interface with a lot of healthcare questions"

"Anthropic, are they eating Open AI's lunch when it comes to enterprise?"

"This week, Anthropic sues the US government, Oracle and OpenAI"

"When we look at the big exits this year, you've got Data Bricks, you've got Anthropic, you've got Open AI, and you've got SpaceX."

"OpenAI trades at 800 billion today. I think if Samman died tomorrow morning, it would trade at 600 billion."

"OpenAI closes $110 billion round"

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

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

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

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

"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."

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

"Nvidia print 81.6 billion in revenue and the market yawns"

"Why wouldn't you buy the [expletive] out of Nvidia, AMD, Nebius, Corewave?"

"are we slightly seeing a loosening of Nvidia's stronghold on the market?"

"The debrief on Grok's twenty billion dollar deal to Nvidia"

"Man, this is summer at Nvidia. I mean, they're on fire on everything. These are unprecedented levels of capex spend."

"Do you not think we do legitimately operate in monopoly markets? I mean, let's look at like Nvidia."

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

"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."

"Microsoft can't make that statement hey our co-pilot is so cool that we don't care which LLM we use and enterprises are just ripping it off the shelves."

"The other two are early teens EBITDA, which is roughly the same as Microsoft and Google. Pretty boring, right?"

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

"Microsoft bailed them out for years"

"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."

"BABA Ventures which has backed the likes of Revolute and of course 11 Labs in the early days"

"which has backed the likes of Revolut and of course 11 Labs in the early days"

"When I had Nick from Revolute on the show, he he said something fascinating. He said, 'We run 26 different product experiments at the same time. I treat it much like a venture incubator'"

"The best thing that Revolut have done is they've created this kind of incubator for new products. They have 26 new products running all the time at Revolut."

"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."

"Meta debuts new Spark. It's Alex Wang's first model from Meta's super intelligence labs"

"most notably Meta who they have since reportedly lost part or all of them being a customer of their data"

"Meta reportedly a speculative 20% workforce reduction which should be 16,000 of 79,000"

"Meta moves in to absorb the surplus AI data center capacity"

"Meta moves in to absorb the surplus AI data center capacity."

"Uber was the sharing economy"

"Remember the Airbnb was the sharing economy and Uber was the you remember the sharing economy"

"If he were running Uber today, it'd be a trillion dollar company. His hyperaggressiveness, which in a different era led to his downfall, but it worked, right? It destroyed Lyft."

"I think Travis Uber would be a trillion dollar company today because it would be 5 years ahead of where it is today."

"Why did you decide to build your own models when cursor did and TBD on whether that was actually effective when you have the historical precedence to say actually underlying models move faster more efficiently than you would create them yourself?"

"there's this concept of agent labs right we talk about AI labs but there's agent labs you know us cursor some of these other companies"

"You got these guys called Cursor walking down the street saying, 'Hey, good news. We got a exploding business, couple of billion dollars in ARR, but bad news we have shitty gross margins cuz we need our own model and we need compute.'"

"breaking news, Cursor acquired by XAI or SpaceX for 60 billion dollars with a 10 billion dollar break clause"

"Cursor is being acquired by XAI SpaceX in other words for $60 billion with a break clause of $10 billion by the end of the year"

"Claude Code is clearly directly competitive with Cursor"

"then cursor is selling it again and recognizing the revenue right"

"when you look at like the switch from cursor to claw code for a lot of developers, it's almost been overnight for a lot of them."

"Everything cursor is about everything cla code is about is multiple agents running in parallel."

"Cursor is going to build specialized coding models that are going to serve specialized coding tasks. Especially for a lot of enterprise users like they don't need for their models to be good at poetry or teach you how to make an apple pie."

"Miles helps lead Excel's growth investing practice where he's back some of the best in the business including Atlassian linear cursor and many more."

"At Accel, Miles has led or invested in Atlassian, Linear, Cursor, and more."

"But most of the companies I just mentioned, their view as they've told me is cursor is obsolete. That's where the product is today."

"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."

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

"If Anthropic doubled pricing we would not change our usage."

"two times 150 for Anthropic if they really are capacity constrained that's 150 star that's 300 million you're giving up every 3 months"

"Starting off, Andre Capathy joins Anthropic and Anthropic Eye, a $900 billion valuation for their latest fund raise."

"Anthropic probably grew tokens 15x in Q1. The most aggressive quarter in American capitalism is an underperforming quarter relative to the privates."

"$45 billion poured into Anthropic from the hyperscalers."

"I do not believe Anthropic will ever build a direct Figma or Illustrator Adobe competitor"

"Anthropic turns down 800 billion dollar funding offers and crosses the trillion dollar mark on secondary markets"

"Anthropic turns down $800 billion funding offers and crosses the trillion mark on secondary markets"

"Anthropic has the advantage of clarity and focus. OpenAI has the advantage of the consumer business"

"What makes Dario so good that other people don't see from the outside? A couple of things. One, sheer scientific brilliance."

"he's one of the founding investors of Anthropic"

"Anthropic, reclaiming the number one spot on the back of its $30 billion raise at a $380 billion valuation"

"Anthropic hits a whopping $30 billion in revenue, surpassing OpenAI. Their training costs are a quarter of OpenAI."

"I think Anthropic referenced this"

"Anthropic hits a whopping $30 billion in revenue, surpassing OpenAI"

"Anthropic, are they eating Open AI's lunch when it comes to enterprise?"

"anthropic now captures 73% of all spending among companies buying AI tools"

"This week, Anthropic sues the US government, Oracle and OpenAI"

"This week, Anthropic sues the US government."

"When we look at the big exits this year, you've got Data Bricks, you've got Anthropic, you've got Open AI, and you've got SpaceX."

"Whatever it is that's in the water at Anthropic, it's working and it has created unity."

"Anthropic released their latest security products or product and it massively hit some of the biggest players"

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

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

"I am just so burnt out of the boy who cries wolf. Every job's going to be destroyed. Everything is insecure."

"I don't buy Dario anymore. He may well be the second greatest founder of all time behind Elon. But I am just so burned out of the boy who cries wolf"

"The only place anthropic is weak is consumer. So of all the things they could have done in the Super Bowl, say the engineers's pal, the the product guy's buddy, all the things they could say how he revolutionized product creation, they talk about the one area they fail"

"SpaceX then drops theirs, the largest IPO in history"

"SpaceX. They set June the 12th for the largest IPO in history. $1.75 trillion market cap, raising $75 billion."

"Anthropic partners with SpaceX. Plus, they commit $200 billion to Google over 5 years."

"breaking news, Cursor acquired by XAI or SpaceX for 60 billion dollars"

"Cursor is being acquired by XAI SpaceX in other words for $60 billion"

"SpaceX finally confidentially files for IPO targeting a $2 trillion valuation."

"SpaceX finally confidentially files for IPO targeting a $2 trillion valuation"

"SpaceX at two trillion after Terra fab."

"You've got to believe that the next round for this Anthropic and SpaceX are all public offerings."

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

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

"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"

"You know I remember interviewing Dax from Lightseed Dax to Silver and he mentioned the challenge Lightseed the POS system in a lot of restaurants"

"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."

"Is that like simply using artisan qualified Monaco and having like AI SDRs do outbound for you?"