Meta's Muse Hits #1 | Menlo Sounds the AI Bubble Alarm | Keith Rabois vs Airwallex: Who is Right?
Harry Stebbings, Jason Lemkin, and Rory O'Driscoll discuss Meta's AI app hitting number one, Anthropic's IPO delay, and how to tell defensible AI bets from risky infrastructure plays.
The gist
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Meta AI topped the app store, and the hosts see coding agents as especially defensible because enterprises won't share source code with outside AI providers.
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Agentic commerce will let AI agents bypass traditional gatekeepers like Amazon's ad business, rewarding platforms with open APIs instead.
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Anthropic's IPO moved from October to November, which Rory O'Driscoll says is likely about timing Q3 results cleanly, not a sign of market weakness.
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Seed check sizes have grown from 3 to 5 million dollars in 2010 to 10 to 20 million in 2026, but exit multiples must scale too or returns won't follow.
Jason Lemkin uses it
"It's the first real ChatGPT competitor. It's one of the best pieces of software I've ever used. But it's also a Trojan horse to fight ChatGPT because the LLM's pretty good. It built me an entire CRM for every SaaS sponsor — it tracks every email about them, every item in real ..."
▶ Play at 9:523 creators recommend it, including TBPN and Jack Raines.
See all on the Meta AI page"I read the Journal in the morning, I check it in the evening. It was so funny yesterday because the headline in the morning was 'Deals pull as Wall Street worries about data center trade' and the headline at the end of the day was 'NASDAQ explodes as AI capex fears recede.'"
▶ Play at 1:09:428 creators recommend it, including Chamath Palihapitiya, Jim Collins, and John Coogan.
See all on the Wall Street Journal page
Jason Lemkin uses it
"I got switched over on Replit to auto router where it switches between Claude, Fable, the open source ones, and everything. Now I don't even know which one it's using. And then I saw some performance degradation. So then I had to switch it all back to Claude."
▶ Play at 29:5312 creators recommend it, including Chris Koerner, 20VC with Harry Stebbings, and Brandon Doyle.
See all on the Replit pageWhat they recommend · 4 picks
"It's the first real ChatGPT competitor. It's one of the best pieces of software I've ever used. But it's also a Trojan horse to fight ChatGPT because the LLM's pretty good. It b..."
"I've used it. It's awesome. What I use it for is deciding who in the SaaStr community should meet each other. It's quite good at that. Infinitely so cheap it doesn't even measur..."
"I got switched over on Replit to auto router where it switches between Claude, Fable, the open source ones, and everything. Now I don't even know which one it's using. And then ..."
Jason Lemkin
3 picks · guest
"It's the first real ChatGPT competitor. It's one of the best pieces of software I've ever used. But it's also a Trojan horse to fight ChatGPT because the LLM's pretty good. It b..."
"I've used it. It's awesome. What I use it for is deciding who in the SaaStr community should meet each other. It's quite good at that. Infinitely so cheap it doesn't even measur..."
"I got switched over on Replit to auto router where it switches between Claude, Fable, the open source ones, and everything. Now I don't even know which one it's using. And then ..."
Rory O'Driscoll
1 pick · guest
"I read the Journal in the morning, I check it in the evening. It was so funny yesterday because the headline in the morning was 'Deals pull as Wall Street worries about data cen..."
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