Lemkin: Portfolio SaaS companies see no revenue lift from AI coding
Jason Lemkin · Coinbase Cuts AI Spend by 50% | Kalshi's $40B Valuation & Impending IPO | The Year for SaaS Roll-Ups · 20VC with Harry Stebbings · Jul 2, 2026 · at 8:25
SaaS investor Jason Lemkin discusses whether massive enterprise token spend on AI developer tools and agentic coding is yielding measurable business productivity or revenue gains.
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“Even any of our port, many of our portfolio companies that are doing well, that are not purely reselling tokens, they're coming to the conclusion that I'm not quite sure what the hell I know I want to do this. I can't put the genie back in the bottle. AI is great but it's not lines of code. What the hell? And so many folks are not seeing the lift from net revenue, net productivity, they thought from agentic coding.”
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