Agenda:

00:00 - Why Benchmark Is Bleeding Partners (and Why That’s the New Normal)

04:57 - “I Wouldn’t Leave Benchmark… Unless I Had THIS” — Jason on Brand vs Autonomy

09:01 - The Rise of the Solo GP & The Death of LP Conventional Wisdom

13:50 - The Unstoppable Force of Elad Gil & The Myth of LP Discipline

18:45 - Is Vibe Coding the New SaaS? Jason’s $10K/Month Spend Reveal

26:57 - Cursor’s Growth Is Insane—But Is It Sustainable?

31:44 - Will Microsoft, Google, or Amazon Win the AI Infra War?

37:42 - Is GitHub Copilot the Biggest Miss in Microsoft’s History?

44:15 - Are Big Tech Incumbents Now Too Powerful to Fail?

48:00 - Apple’s AI Problem: Is It Time for a Management Overhaul?

52:30 - Figma’s IPO: $30B Return, Zero Hype. What Happened?

1:06:00 - Final Bets: Cursor to $4B ARR, Lovable to $400M ARR, OpenAI to $800BN?

Martin Casado is a General Partner @ a16z where he leads the firms $1.25BN infrastructure fund. At a16z, Martin has led investments in companies like Cursor, dbt Labs, and Fivetran to name a few. Before joining a16z, he co-founded Nicira, acquired by VMware for $1.26B. At VMware, he served as CTO of Networking. Widely regarded as a visionary in enterprise infrastructure, Martin has helped shape the modern cloud computing stack.

Agenda:

00:00 – Analysis of Current AI Investment Landscape

04:45 – Will Anthropic Kill the AI App Layer?

09:20 – “The Oligopoly Is Coming—Just Like Cloud”

12:50 – Are AI Models Actually Terrible Venture Investments?

15:40 – Why it is BS to Put Down AI Apps for Having Temporary Revenue

21:30 – “Open Source Is a National Security Weapon—And We're Losing”

26:40 – “Have the Foundation Models of the Future All Been Founded Already”

34:30 – Why it is BS to Denigrate AI Apps for Having Low Margins

38:40 – Does AI Make 1x Engineers 10x or 10x Becomes 100x

44:10 – “We’re All Dead Wrong About AI and Job Loss”

50:30 – “The Only Sin in Venture: Backing the Wrong Winner”

55:10 – What People Think They Know About Wealth But Do Not

Fernando Fanton is one of the most respected product leaders in Europe, having held Chief Product Officer roles at Monzo and Just Eat. He previously led product and tech at Rappi, one of Latin America's most valuable startups. Today, Fernando is the CPO @ Property Finder; one of the biggest breakout unicorns from MENA. 

Agenda:

00:00 – Is “having a vision” actually killing great product teams?

03:15 – Why do most products suck—and what separates the great ones?

07:20 – Should we kill the PM role entirely? Fernando says maybe.

11:45 – Is Monzo’s obsession with trust more powerful than speed?

16:10 – What’s the #1 reason internal tools will never replace SaaS?

21:00 – Will AI wipe out the need for designers and PMs?

26:30 – Is it arrogant for product teams to protect users from “bad” choices?

32:15 – What’s the future of product when OpenAI controls the whole stack?

37:40 – What Monzo product blew up—and why no one saw it coming?

42:55 – Can a bank built on principles really become a $100B company?

Agenda:

00:00 – Did Jason Just Kill Replit? 

03:45 – Why Claude Lies To You and Cannot Be Trusted

06:50 – You Cannot Trust Agents. Period.

10:20 – Why Windsurf Was Dead Without Claude

12:30 – Cursor vs. Lovable: What’s the Better Bet?

14:40 – Should You Still Invest in Cursor at $28B?

18:05 – Would You Bet on Anthropic at $100B or OpenAI at $300B?

24:15 – Inside OpenAI’s Secret Weapon: The Calvin French-Owen Memo

27:50 – Perplexity Just Crushed ChatGPT and Claude

32:15 – Will Cursor Build Their Own Models Before Anthropic Cuts Them Off?

33:20 – Figma’s IPO at $16B: Outrageous or Fair Game?

41:55 – 90% of Seed Funds Are Cooked—Is Rob Go Right?

52:15 – How Often Do You Meet a Founder Who Can Return the Fund?

1:08:00 – Which Seed Fund Would You Back Today?

Edwin Chen is the Founder and CEO of Surge. Founded in 2020, Surge has scaled to $1BN+ in revenue with zero external funding. At the same time, their competitor, Scale.ai raised over $1.3BN to reach $850M ARR. Today, Surge have the world’s largest model providers as customers and have just 120 employees. 

Agenda:

00:00 — “Everyone Else Is Just a Body Shop” — Edwin Calls Out the Whole Industry

01:05 — Why 90% of Big Tech Is Wasting Time on Useless Problems

03:45 — “I Don’t Do 1-on-1s” — How Surge Kills Meetings and Still Moves 10x Faster

05:55 — Will a Single Person Build a $1B Company? 

08:10 — 100x Engineers Are Real — Here’s How to Spot Them

12:10 — Why Most PhDs Are Useless in AI Training

14:20 — Built to a Billion With Zero VC — Edwin Explains How and Why

17:00 — “No Sales Team, No PR, No BS” — Why Surge Stays in the Shadows

21:15 — The Real Reason AGI Might Take Until 2040

24:45 — Will Synthetic Data Kill Human Labelling? 

29:00 — “Academic Benchmarks Are a Scam” 

31:05 — Why the Real Bottleneck in AI Isn’t Compute or Models — It’s THIS

33:00 — What Every AI Company Should Be Asking (But Isn’t)

35:15 — “No, I Wouldn’t Sell Surge for $100B” 

39:00 — Is the Application Layer Doomed? Edwin Predicts the Future of AI Startups

46:30 — Have the Leading Foundation Models Already Been Founded? 

48:10 — AGI Could Be Dangerous — And Most People Are Ignoring Why

20VC: Scaling to $1BN+ in Revenue with No Funding: Surge AI | The Most Insane Scaling Story in Tech | 

Scott Wu is the co-founder and CEO of Cognition, the company behind Devin, the world’s first AI software engineer. On Friday last week they pulled off the acquisition of the year, acquiring Windsurf, following their licensing agreement with Google. Previously a world-class competitive programmer, he was a gold medalist at the International Olympiad in Informatics and a member of the U.S. Math and Physics Olympiad teams. Before Cognition, he was a founding engineer at Scale AI, helping shape the early AI infrastructure stack.

AGENDA:

00:00 – Why are founders walking away instead of going down with the ship?

01:05 – How did Cognition pull off the $220M Windsurf deal in just 72 hours?

04:45 – What really happened behind closed doors the weekend Windsurf was acquired?

07:15 – Did Google overlook a goldmine in the Windsurf team and IP?

09:00 – Who are the 100 people that secretly shape the future of AI?

12:30 – Can application startups ever gain leverage over foundation model giants like Anthropic?

14:15 – Is coding about to be replaced by simply describing what you want?

17:30 – 50% of new code is AI-written. Where does that go next?

20:45 – “We’ve gone from 0 to $80M ARR in 6 months. Quietly.”

25:00 – Are IDEs and agents just the training wheels for the real future of software engineering?

28:20 – If you could only back one—OpenAI or Anthropic—who’s the better bet?

30:00 – Why has Cognition kept its insane growth a secret… until now?

Agenda:

00:00 Windsurf was dead—then this deal changed everything

05:00 The Windsurf x Google x Cognition saga explained

09:00 The OpenAI deal collapsed—what really happened

15:00 FTC rules forced a brutal deal structure—who lost?

17:00 The investors’ returns: who actually made money?

21:30 Will Google’s corp dev team get fired over this?

23:00 Cognition’s genius $220M acquisition of Windsurf: Most brilliant Deal of the Year

26:00 The biggest recruiting flex in Silicon Valley this year

35:00 “Roll your own SaaS” is complete nonsense

38:00 Lovable vs Cursor vs Replit: who wins the coding war?

41:00 Why Lovable could be the ChatGPT of builders

44:00 Will these vibe-coded apps become durable businesses?

48:00 The shocking churn rates hidden inside AI SaaS

55:00 Are these $2B valuations actually... cheap?

56:30 Grok just destroyed GPT-4 in benchmarks—WTF?!

01:01:00 Why Grok might overtake OpenAI in the next 12 months

01:11:00 Meta just invested $3.5B in Ray-Bans—WTF?

01:12:30 Should every S&P 500 company buy Bitcoin now?

01:15:00 Will Meta kill open source? What happens to Llama 5?

Vlad Tenev is the Founder and CEO of Robinhood, the greatest story on Wall St of the last decade. In the previous 18 months, Robinhood has increased its net revenue by 58% to nearly $3B; a $500M loss in 2023 turned into a $1.1B profit in 2024. Robinhood’s stock is up roughly 4x, lifting their market cap to north of $80B. Today, Robinhood has nine lines of business that do over $100M in revenue. 

Agenda: 

00:00 – “Tokenization Is The Biggest Innovation in Finance”

03:28 – How Robinhood 4x’d Its Market Cap in 8 Months

06:40 – AI Writes 50% of All Net New Code at Robinhood

10:02 – Why Robinhood Built a Secret ChatGPT for Support

12:11 – The One Customer Type That Transformed the Business

15:29 – “CoreWeave Is Retail’s Way Into AI” — The Meme Stock Defense

18:05 – Inside Robinhood’s Tokenized Private Shares Product

21:23 – “Capital as a Service” — Vlad’s Wild Vision for Startup Fundraising

24:10 – The $100M Revenue Line Vlad Wishes He Could Kill

26:45 – Robinhood Is Building... Cash Delivery Trucks?!

29:55 – “We Were Shipping Nothing”: Vlad on the 2020–2022 Culture Crisis

33:20 – What Line of Business Will Be the Biggest For Vlad in 5 Years Time

35:11 – The One Competitor Vlad Actually Respects

36:55 – From Men’s Health to Japanese Toilets: Vlad’s Weirdest Quickfire Yet

38:40 – “I Was in the Dumps”: What 2022 Taught Vlad About Resilience

40:00 – Where Robinhood Is Headed: The Next Decade of Financial Infrastructure

Kieran Flanagan is the CMO at HubSpot, where he’s led the transformation of their growth strategy from SEO-led to multi-channel and AI-powered. Formerly SVP of Marketing, he helped scale HubSpot’s user base to millions and revenue past $2B. Before HubSpot, he drove breakout growth at Marketo and Salesforce. Kieran is one of the most respected voices in SaaS marketing and a pioneer in growth-driven content strategy.

Agenda:

00:03 – The Death of Growth Teams? Kieran's Wild Prediction

06:44 – AI Innovation Pods: The New Org Structure for Startups

10:18 – Email Personalization That Tripled Conversions

13:21 – From Software Budget to Labor Budget: The Shift is Happening

16:35 – The Big Lie: Why Autonomous Agents Still Suck

19:24 – The Secret Sauce Behind HubSpot’s Email AI Stack

21:44 – Segment-Based Marketing Is Dead. Enter Micro Audiences.

24:15 – Content Collapse: Why Google Organic Is Getting Torched

30:52 – The Future of AI SEO: 1 Product, 100 Pages, Infinite Prompts

33:16 – Memory = Moat: Why ChatGPT Is Becoming Unbeatable

35:46 – Prompt Engineering is the New Coding: Here's How to Win

41:03 – The Death of the Middle Manager Marketer

46:17 – OpenAI vs. Anthropic: Kieran’s $400M Bet

48:00 – Europe Is Falling Behind: The Harsh Truth on Regulation

52:39 – CMO Playbook 2025: Micro-Audiences, Creator-Led, AI at Scale

Agenda:

[00:00] The AI Talent Crisis No One’s Ready For

[03:00] Daniel Gross and Nat Friedman: Why Two Legendary VCs Walked Away From $1B to Join Meta

[12:00] Meta’s AI Talent Magnet: Will It Actually Work?

[15:00] Cursor Is Breaking the Market: Can Anyone Compete?

[18:30] OpenAI’s SBC Bombshell: More Stock Comp Than Revenue

[22:00] CoreWeave’s Power Play: Buying Their Landlords

[26:00] Is Circle Next to Go Shopping with Meme Equity?

[28:00] PE Is Back: The Olo Take-Private Explained

[35:00] Why Triple, Triple, Double, Double Is No Longer Sexy

[41:00] QSBS Hack: The Billionaire’s Tax Loophole You’re Missing

[48:00] Microsoft’s AI Layoffs: Salespeople Are Dead, Long Live Engineers

[50:00] “If You Need a Week to Learn AI, You Should Be Fired”

[53:00] Will Sequoia’s Sean Maguire Be Pushed Out? Place Your Bets

[57:00] Will There Be a Recession in 2025? Jason Bets $75K It’s a No

[1:00:00] Is Linda Yaccarino Still CEO of X by Year-End?

[1:03:00] Circle and CoreWeave’s Meme Rally: Real or Mirage?

Scott Galloway is a Professor of Marketing at NYU Stern, where he’s taught for over two decades. He’s the founder of several successful companies, including L2 (acquired by Gartner for over $150M), Red Envelope, and Prophet. He’s a New York Times bestselling author of four books on business and tech, and co-hosts the award-winning Pivot podcast. Galloway also serves on the boards of The New York Times Company and Panera, and his public talks have been viewed tens of millions of times globally.

In Today’s Episode We Discuss:

02:00 – How to Win in a New Economy of AI

06:00 – Should We Break Up Big Tech?

08:00 – Why Young People Have a Right to Be Angry?

11:00 – Why the Tax Code Is Rigged Against the Young

13:00 – Tax Changes That Would Make Young People Rich Again

17:00 – The Tinder Effect: Why Men Are Angry

20:00 – The Loneliness Epidemic in Men

23:00 – Remote Work & The Case for Alcohol

26:00 – Why Richer Families are Happier Families

30:00 – The Truth About Kids and Career

34:00 – Are Billionaires Happy?

38:00 – Becoming a Better Son, Father, Partner

46:00 – Behind the Persona: Who Scott Galloway Really Is

AGENDA:

00:00 – $400B in AI CapEx: Rational Investment or Madness?

05:00 – Figma's IPO: Rule of 80, $1.5B in cash, 40% margins. Unreal.

08:00 – Adobe Screwed the Deal—Should They Have Just Bought Canva?

16:00 – Pay-to-Play Deals: Heroic Hail Mary or Guaranteed Write-Off?

21:30 – How Index Is Returning $3.5B on 2 Deals

24:00 – Melio’s $2.5B Exit: Insane Growth… So Why Did They Sell?!

35:00 – Massive Penthouses and the Death of Focus: AI Founders Beware

39:00 – Chime, Anthropic, Menlo & The Art of Selling LPs the Future

41:00 – Couchbase Acquired: PE Buyers Are Back… Or Are They?

44:00 – Why No One’s Buying These 9-Figure SaaS Zombies

48:00 – If You Didn’t Grow from AI By June 30, You’re Already Dead

53:00 – Superhuman vs The AI-Natives: Who Wins the Replatforming War?

54:30 – Oracle's $30B AI Deal: Larry Did It Before You Even Started

56:00 – Scale Is Dead. Long Live Surge. The AI Data War Gets Bloody.

01:01:00 – Asana CEO Move & the Great Founder Exodus of 2025

01:06:00 – Will Cluely’s Founder Be a Billionaire by 2029? Place Your Bets