Jerry Murdock is the Co-Founder of Insight Partners, one of the most formidable growth investors of the last three decades, with over $90 billion in AUM and a portfolio that has shaped the modern software economy. Jerry never does podcasts, and so this is his first-ever long-form interview. 

AGENDA:

03:50 There is an AI Tsunami Beginning

05:43 Cursor is F***** and Everyone Knows It

07:28 How Open Source Will Crush in an Agent First World

10:20 Is NVIDIA F****

17:32 Are Systems of Record Dead in an Agent-First World

21:04 Humans Will Not Buy Software, Agents Will…

24:57 Universal Basic Income Will Have to Happen, Mass Unemployment is Coming

30:54 What Happens to Tech Private Equity: Is Thoma Bravo F******

37:50 What Single Decision Does Jerry Regret Most… Why?

41:45 Single Biggest Mistake With Insight… What Did Jerry Learn?

45:26 Why is Now the Best Time to Start a Fund

47:03 The Twitter Bet that Made $90BN Insight

49:34 Biggest Marriage and Parenting Advice

56:04 Will Agents Help Us Live Forever

AGENDA:

03:55 Anthropic Security Product Wipes Billions Off Public Markets

11:17 Do Agents Turn SaaS Incumbents into Valueless Databases

22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires

23:20 Citrini Research Piece: Everything You Need To Know

26:04 Will DoorDash Be Replaced by Agents

34:22 Will “Ghost GDP” Soften Consumer Spending Power

42:46 Why No Public Company Has Created a Good Agent Product

47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market

51:05 OpenAI Massively Increases Spending Plans: Analysis

56:24 Figma Fights Back: Earnings Through the Roof

01:02:12 Momentum Versus Value: Four Public Stocks to Buy

01:09:30 Jack Altman Joins Benchmark Capital

Lucas Swisher co-leads the growth fund at Coatue where he has partnered with iconic companies like OpenAI, Harvey, Deel, Canva, Openevidence, Anthropic, and others. Prior to Coatue, he was on the investment team at Kleiner Perkins, where he focused on growth stage software businesses. 

AGENDA:

04:23 Why Public SaaS Is Getting Crushed in the AI Wave

06:01 How to Find Value in the Deluge of Public SaaS

10:34 Durability of Revenue in AI

17:42 Market Size vs. Founder Quality: What Wins?

19:04 Why Price is the Last Thing to Matter

24:58 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns?

28:04 What Returns Are ‘Enough’? Why 3x Isn’t Exciting at Growth

30:34 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion

33:03 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency

36:42 Why it has never been harder to be a seed investor

39:25 Is ‘Kingmaking’ a Myth: When Capital Helps (and When It Hurts)

44:12 Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early

46:05 Lessons from Mary Meeker: Modeling, Storytelling with Data, and Not Missing the Forest

48:27 Lessons from Mamoon Hamid: Spotting Inflection Points with Minimal Data (Figma Story)

49:54 LP ‘Pick One’ Games: Mamoon Hamid, Mary Meeker, Insight Partners

51:41 OpenAI vs Anthropic: Who Wins?

56:52 Most Memorable Founder Meeting: Harvey and Founder-Market Fit

59:00 Career Decisions & Misses: Leaving Insight, Missing Anduril, and Looking Ahead

Alexander Embiricos is the Head of Codex at OpenAI, leading the development of the company’s flagship AI coding systems that power automated software generation, debugging and developer workflows. Under his leadership, Codex has become one of the most widely adopted AI developer platforms. 

AGENDA:

05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer

07:17 Do We Need PMs? The “Undefined” Product Role and When It Matters

08:06 The Real AGI Bottleneck: Human Prompting, Validation, and “Too Much Effort”

13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows

13:52 Enterprise Reality Check: Security, Permissions, and Safe Agentic Browsing

17:57 Is Inference the New Sales and Marketing? 

18:49 What % of Codex Was Written by AI?

21:33 Do OpenAI Use AI for Code Review?

23:31 Is there any stickiness to AI coding tools?

28:22 What Does “Winning” Mean at OpenAI? Mission, Competition, and Moats

32:04 The Future UI: Chat or Voice

34:10 Agent-to-Agent Workflows: Designing for Approvals, Compliance, and Automation

35:39 Do Coding Models Have a Data Moat?

36:50 How does Codex View Data: Will They Build Their Own Mercor and Turing?

37:27 How Does Codex View Consumer: Will They Compete with Lovable?

41:56 Benchmarks vs “Vibes”: How People Actually Judge Models

42:43 Cursor’s Edge and the Case for Building Your Own Models

47:37 Is SaaS Dead? What Still Defends Value (Humans + Systems of Record)

51:28 Talent Wars and Career Advice for New Engineers in the AI Era

01:01:03 Guardrails, the Fully AI-Managed Stack, and a 10-Year Vision for Everyone

AGENDA:

04:14 Anthropic’s $30B Raise at $380B

06:18 Why SaaS Stocks Keep Getting Crushed

18:15 Wall Street’s New Religion: AI Replaces Headcount 

22:42 The Bear Case for Shopify: What Could Go Wrong?

31:51 Replit and Lovable are Proof Figma Missed Out: Figma; Buy or Sell? 

48:42 Stripe Raises at $140BN: Is Stripe Wildly Overvalued or Adyen Undervalued? 

54:36 OpenAI Buys OpenClaw

01:06:28 Thrive’s $10B Growth Fund

01:09:10 Arif Janmohamed Leaves Lightspeed for New Firm

01:17:12 Workday’s Founder Returns as CEO: Will it Work? 

01:20:34 Which Founder Returns Next: HubSpot, Twilio, Gitlab?

01:24:03 Is Monday.com a Screaming Buy?

01:28:25 Jason and Harry Bet $200,000

Sebastian Siemiatkowski is the co-founder and CEO of Klarna, the global digital bank with over 114 million global active users and 3.4 million transactions per day. Seb is one of the leading public company CEOs pushing the boundaries of AI. 

AGENDA:

04:50 — The Real Threat to SaaS is The Switching Cost Coming Down

05:57 — What revenue multiple will software companies trade at in the future?

14:12 — Why you need to build your own customer service AI to win

23:51 — Klarna has two times the customer base of Revolut. They will beat Revolut

25:39 — How I lost a billion dollars not investing in Nubank

30:57 — Why Nubank are more likely to win the US than Revolut?

34:28 — We used to be 6,000 people. Now we are just 3,000

39:58 — When is a high valuation too high and can be dangerous?

42:45 — How we got Sequoia to invest and Michael Moritz to join the board

53:14 — If you are an investor today that is not building then you're at a fundamental disadvantage

01:11:43 — I have changed my mind on the adoption cycle... I think it will take longer than people think

20VC: Is SaaS Dead: Klarna Replaces 1,500 Internal SaaS Products | Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski

Carles Reina is VP of Sales at ElevenLabs, where he was the first investor and fourth employee. Carles has scaled the revenue org from Day 1 to over $330M in just 3 years. Carles is also an active investor with investments in ElevenLabs, Revolut, Happy Robot and more.  

AGENDA:

0:00 How I Turned $20K into $16M with Revolut Angel Investment

10:45 Why I Don’t Believe in Product-Market Fit

15:40 How to do Land and Expand: Turning $12K Deals into Millions

19:40 The 20X Rule: A "Ruthless" Comp Plan for Elite Reps

24:35 Public Shaming? Why Honest Pipeline Reviews Save Companies

28:50 Why Your Sales Reps Should Never Be in the Office

35:45 The Outbound King: How to Pivot from 90% Inbound

45:45 "Vibe Coding" & The Death of Technical Ceilings

55:35 Why I’d Fire Myself: The Secret Psychology of High-Performers

AGENDA:

03:43 Anthropic Predicts $149B in ARR in 2029

09:27 Will FDEs Become More or Less Powerful

26:17 Harvey Raises $200M at an $11BN Valuation

42:45 Is Customer Support a Terrible or Terrific Investment Category

56:14 Anthropic’s Superbowl Ad: Who Won and Who Lost

01:11:30 Do CEOs Have to Work Harder Today Than Ever

Anish Acharya is a General Partner at Andreessen Horowitz (a16z), where he leads consumer and fintech investing at Series A. He serves on the boards of standout portfolio companies including Deel, Mosaic, Clutch, Titan, and HappyRobot and has led early bets in companies like Runway and Carbonated. Before a16z, he founded and exited two startups—Snowball (acquired by Credit Karma) and SocialDeck (acquired by Google) and scaled Credit Karma’s U.S. Card business to over 100 million members.

AGENDA:

00:03 - Why building an AI company today requires being in San Francisco

06:58 - The "SaaS Apocalypse" myth: Why "vibe coding" everything is a lie

09:11 - How AI agents are finally breaking the lock-in of legacy software providers

10:13 - Incumbents vs. Startups: Who actually wins the AI distribution war?

14:39 - Why the developer tool market looks more like Cloud than Uber and Lyft

22:43 - The death of the Chatbox? Why browse-based interfaces are still preferable

27:14 - Why power users are 10x more valuable in the age of AI consumption

28:36 - Do margins matter in a world of AI?

34:46 - Why we are definitively not in an AI bubble right now

38:58 - Why the Legal and Customer Support industries will have dozens of winners

39:44 - Lessons from Marc Andreessen: Why the "quality of being right" supersedes process

44:51 - Is "Triple, Triple, Double, Double" dead? The new physics of growth

01:10:41 - The a16z Playbook: How to win 100% of the deals you chase

Ariel Cohen is the Co-Founder and CEO of Navan (formerly TripActions), an AI-powered travel and expense platform. Last month, Ariel took the company public, since being a public company, they have faced a torrid time seeing stock price decline by 50%. The company is currently valued between $4BN-$5BN. 

AGENDA:

0:00 The Truth About Going Public After 11 Years

5:50 Why We Couldn't Wait: The Real Reason for the IPO

8:15 Disrupting the Giants: Amex, Concur, and the $1T Opportunity

11:50 "If We Don't Build This, We're Dead": Seeing ChatGPT Early

18:35 Why Navan Built Their Own Customer Service AI 

23:45 Why Infrastructure is Overrated (and What Actually Matters)

28:55 Vibe Coding: How We Rebuilt Our Product in 6 Hours

34:55 Are Any Public Company CEOs Actually Happy?

38:50 Lessons from Robinhood: Energy, Ethics, and the Stock Price

45:10 The Cost of Success: $1B Mistakes and Parenting Regrets

AGENDA:

00:00 - SpaceX Completes Acquisition of xAI in $1.25 Trillion Merger

08:44 - The Rehabilitation of the IPO and the End of "State Private Forever"

15:53 - The 2026 SaaS Massacre: Public Market Collapse 

31:20 - Next-Gen CRM War: Hubspot Down 50%+ vs Next Gen Heavily Funded

45:30 - Microsoft’s $360 Billion Market Cap Loss and the Shift in AI Narrative

52:45 - Nvidia’s Strategic Retreat: The Dispute Over the $100 Billion OpenAI Investment

01:03:30 - Waymo Raises $16 Billion at a $110 Billion Valuation

01:17:30 - The Launch of OpenClaw and Moltbook: 1.5 Million Agents Join a Social Network

Oren Zeev is one of the most prominent solo capitalists in venture. He is one of the most no BS investors of our time. Oren manages over $1BN in AUM and is known for his "radical alignment" approach, often taking $0 in management fees. His track record includes massive successes like Navan, Audible, and Houzz.

AGENDA:

03:11 – Why the Best Investments Always Look "Wrong" at the Start

05:58 – The AI Tsunami: How to Spot Beneficiaries vs. Victims

10:43 – The Death of Incumbents? Why Most AI Predictions Are Wrong

14:12 – Why Chasing Hyper-Growth is a "Disaster Waiting to Happen"

19:41 – The Biggest Mistakes From 2021 and Investing Lessons From It?

25:52 – Is the Future of Venture Boutique or Mega Fund: Does the Middle Die?

32:00 – The Great VC Shakeout: Why 50% of Funds Will Slowly Die

38:52 – Why Oren Zeev Takes $0 in Management Fees

50:48 – Why VCs Should Never Tell Their LPs What They Are Doing?

59:11 – How I Missed Investing in Facebook and Lessons Learned