The Ledger
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Bornstein: Startups like Cursor and Harvey shifted to open source for customization
“But I do think we passed a threshold in like, I want to say about a year ago where a bunch of smaller companies or like new application companies, as they were trying to figure out, how do I really build an AI? Without just being a wrapper on top of open AI, t…”
Casado: OpenAI, Anthropic, and Cursor show tremendous real growth
“The reality is, is open AI has grown tremendously, and Anthropic has grown tremendously, and Cursor has grown tremendously, and so, like, there is some underlying market signals To fuel the chaos.”
Casado: Early AI coding tools reached $400M to $600M in ARR
“The first kind of monetized AI app was code, right? It was Copilot, and so Microsoft had invested a ton of money and matured the market with Copilot, with VS Code, and so everybody knew it. It's just, like, the models weren't quite ready then, and so you had, …”
Casado: Cursor acquired Graphite as a larger strategic M&A move
“It wasn't until later like, the graphite acquisition, where they started thinking about acquisitions in terms of strategic direction. And of course, that was a much larger acquisition.”
Truell: Cursor's first acquisition was Supermaven, founded by Tabnine's creator
“The first real M&A we did was SuperMaven. And so This as just one concrete example, this was a team of five people. It was started by the person who had built Copilot, GitHub Copilot before GitHub Copilot, which was tab nine and was also a researcher at OpenAI”