Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more.
Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others.
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Timestamps:
00:00 Intro
01:10 Nvidia Acquires Poolside for $6B
06:34 Neo Labs Are Out of Favour
07:49 Mercor Raises at $20B: Nvidia Joins the Round
13:07 Poolside’s Investor Letter: Couldn’t Raise $2B, Hit the Capital Wall
19:30 Why Only 4–5 Companies on Earth Can Finance a Frontier Model
22:25 OpenAI’s Mission Crisis
27:17 “It’s All About Code”
32:00 OpenAI Must IPO in 2027
35:49 OpenAI’s Consumer Subscription: Selling $10,000 of Tokens for $200
42:10 Hugging Face Potential Acquisition
46:58 Citadel Unwinds 80% of Leopold’s Fund
54:38 The Coming AI Valuation Crash: Has the Market Run Out of Marginal Buyers?
56:39 Token Addiction Is Real
59:16 Stripe at 41% Growth
01:08:21 Open Claw 2.0 Security Leak
01:13:11 Personal Productivity Agents
01:20:05 The Dumbest Category We’re Funding Right Now
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Legal Disclaimer:
The content of this podcast is for informational and entertainment purposes only and does not constitute financial or investment advice. Any discussion of stocks, public markets, or investment strategies reflects the personal opinions of the speakers and should not be relied upon when making investment decisions. Figures, valuations, and financial data referenced may be estimates or subject to error. Always consult a qualified financial adviser before making any investment decision. The views expressed are those of the individual speakers and do not represent the views of 20VC or its affiliates.
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