The Ledger, every show

“I mean, these companies are compounding it over a hundred percent year over year in the billions of run rate. We have never seen that before, right?”

“We're talking about going from talking about 30 to fifty billion dollar outcomes to multi-trillion dollar outcomes in the form of SpaceX or OpenAI or Anthropic.”

“OpenAI famously saying, hey, if you're an investor in Glean, you don't get to be an investor in OpenAI, which would foreshadow they plan to play in that space.”

“I'd certainly be a little nervous about how the code gen stuff is going to play out today, because it seems like that is just far and away the killer use case for LLMs and therefore the one that these big model providers are going to lean into next from an app…”

“It doesn't appear as though the supply of capital from platforms like the one that I've just joined or some of the others that we've talked about is going to go up in, in, in size. And so again, you could argue that these five to six firms kind of have this ca…”

“These software companies that are not just augmenting, but in some cases replacing the work that humans do and the budget allocated towards paying them for that work, these companies are going to get bigger, right?”

“If you go and talk to a CIO or a CTO of a large enterprise today, they're furiously seeking out ways to apply AI to their business. And the reason for that is because their CEO and their board told them, you're going to get fired because the entire fate of our…”

“It seems very likely to me that in some form or another, Every single one of these frontier model labs will begin building both business and consumer facing products.”

“I see a world in which both ends of the barbell really, really continue to rise, meaning small dedicated specialist firms on one end and large platforms on the other end. And I think that uncanny valley in between is is, is going to be an increasingly challeng…”

“These companies that could be worth trillions of dollars someday. The SpaceX's, the Anduril's, the OpenAI's, the Anthropics.”

“There are definitely certain funds that come to mind that I won't name who have decided the strategy that they're going to employ is to use valuation as a lever to win.”

“We're talking about billions of dollars of run rate growing in excess of a hundred percent year over year. I don't think we've ever seen that before, right? Like you talk about ServiceNow doing, you know, billions of dollars in ARR and growing, you know, 20, 3…”

“If we really are talking about companies that are going to get to some level of AGI such that they're going to be, you know, not just multi-trillions, but potentially larger than that. If we're talking about how Starlink and, you know, the kind of assets being…”

“And so my view is that these spreadsheet investors are just going to keep getting pushed later and later stage.”

“And right now that appears to be very unlikely, at least in the near term, but at some point it could happen. But I also have just learned to never bet against human ingenuity, and given the best and the brightest are now so heavily concentrated concentrated i…”

“I do not think it's a permanent structural challenge because I believe that in the same way that great entrepreneurs flock towards white space, there will be solutions and new products that get devised by investment managers to solve for these liquidity challe…”

“There's a version of this actually happening kind of in AI agents as well, which is, like, will the agents browse the internet like humans do, which is sort of the humanoid side of things, or will we be Changing how the internet works so that agents can intera…”

“When we were at Kleiner Perkins, it was something that we, it was kind of a red line that we wouldn't cross. And the reason for that is because we invested in so few companies and we go so deep with each of those companies that In our mind, it was just too har…”

“There are countless companies in the industry right now where you have really talented founders working on something that's kind of working, but maybe not working to the degree that they hope. And in some sense, they're kind of stuck with it.”

“If you look at some of the best venture investments in history, they've been these seed investments in these companies that have gone on to grow really, really large, and they've come from an investor who's continued to concentrate more and more capital in tha…”

“I can tell you that none of the multistage firms that I know well do anything but seek to be very collaborative and follow what the C firms are doing very closely for that reason.”

“Clay is this company that's growing very, very fast on the sales tech side. And if I'm not mistaken, it was like five or six years of very little to no growth before before it took off.”