The Ledger, every show

“Half of these knowledge workers are going to be gone in 24 months”

“And every VC has a fraud in their portfolio. Every single VC has a fraud in their portfolio.”

“We're going to see three trillion dollar plus IPOs over the coming months. It's never happened before. The value of SpaceX plus Anthropic plus OpenAI will be more than all the other tech IPOs combined ever.”

“I want small high paid teams that work in the office over six days a week. That's I'm not interested in investing in anything else. I'm just not interested. And it's not because I don't have empathy. It's because they're gonna fail.”

“SpaceX, Anthropic, OpenAI, we'll add in Databricks, we'll have Arsan, one of the co-founders here in about half an hour after this. That's going to create more market value, more value, and more wealth than every other IPO since 2000.”

“I bet there'll be a hundred billion dollar startup acquired in the next 12 months.”

“Anthropics revenue is like nothing we've ever seen. Okay. It'll be at fifty billion in less than four years or four years plus or minus.”

“I'm going to take this bet that it's going to trade up three X, In twenty-twenty-six, just based on GameStoppers driving it up.”

“The big exits will solve it, right? The whizzes and the, I mean, we thought whizz was big. Now we have cursor. Now I'm going to win the bet of a hundred billion dollar exit in the next year.”

“The big three, SpaceX plus OpenAI plus Anthropic, their value at IPO will exceed every other IPO for the last 20 years combined.”

“I think there's a high degree of confidence that most of the roads lead back to Nvidia reaching 10 trillion of cumulative, cumulative bookings over the next five to seven years.”

“Every category that I know of outside of engineering and product is at existential risk of shrinking seats.”

“At the end of the day, on 1.2 humans is plus 20 AI agents is doing about what 10 human GTMs is.”

“I don't think Rory or I would, I'll defer to Rory, but I think someone will fund him. He's smart as Rory, Rory said, like he showed the upside as well as the downside. I don't know if there's a lot of morality in the business. I think someone will give them ju…”

“Half of these sales teams will be gone in two years. Half of these sales and customer success teams will be gone in two years because they're mediocre. They'll be gone. They're all going to be laid off.”

“If as an employee, if you join a company with, in, in 2023 with a valuation over a billion as an employee, you're gonna make nothing. It doesn't matter what it sells for, you're gonna make nothing.”

“We will see deal structures that are objectively bad for the company done more and more often to win deals, whatever it takes.”

“And that's why your European startups, most of them are going to fail at least in the U S because they can't do much more with more, right? They're going to fail. Their little point solutions are just going to disappear in six months. We don't need those littl…”

“That worked great for years until Service Titan shut them off the other day, shut them off after all these years with a thousand joint customers.”

“Next year, there's going to be backlash. I can see it in my best portfolio companies where we can't go back anymore. We can't live. We can't go back in time. And I need my 10 sub agents running 24 hours a day to do my job or I quit.”

“I think it will be the nail in the coffin for almost every public software company. And what I mean is when Stripe and data, like, okay, there's OpenAI, there's Anthropic, we can put them in a different category, right? They clearly are on many levels. When Op…”

“Classic CS and CX won't even exist in 24 months. There's really no, there'll be commodity cheap products But we won't even need it. It's already dying and merging into marketing, sales, every, everything's becoming one agent.”

“The era of no code, of things that we can, humans can do without engineering resources, it's slowly winding down. And if it's in chat, GBT, man, I'm just worried.”

“Any investment I've made that is not run by a founder is a zero. It's going to be a zero in this age. It's going to be a zero. I look across, now you, we have different portfolios, but the ones I have that are not run by founders, whether they're at twenty mil…”

“Fable went in, found it, decided those were changes that should be made to the app, MCP'd into Replit, told Replit to change the app, change the core algorithm around Jason's Gems, and never told me Never shared it. Never did anything. Did all of this autonomo…”

“He's got to go frontier and open and open is dangerous. Open doesn't need CUDA. Open is cheaper and it's lower margins. Open will bypass him, but he's got it.”

“I think these models are very risky. I use them every day. I love it. And I think it's an argument to keep the open weight out of the US. It's gonna favor the ban because we can't, we have no idea what these models are gonna do.”

“I believe that every company in the next 24 months will have a security breach due to an LLM agent. Every single company.”

“Almost every GT AI agent GTM provider is buying data sources that they probably shouldn't be buying. Almost every startup that is doing GTM, they are buying, whether it's a cleanse Chinese data center, they are taking your, like, you can't be that good with da…”

“I think when the renewals come, they all just die like Marketo. They're just all gonna die.”

“It is going to zero. It is, but it is one of the slowest decays you can get, right? Because moving off a marketing automation system in the enterprise is very slow, but it is without question going to zero. There are no net new logos and everyone hates it.”

“Open AI, an anthropic, Kind of lied about the books, and they definitely lied about training on YouTube”

“I think this is going to fail because I don't think there is enough talent To do what we want to do in the enterprise. The idea makes sense to on a spreadsheet. It makes sense. Sad is smarter than me, but I, my today, my experience is it's going to fail with a…”

“Like Cerebus is going public, I think today at like a forty billion dollar market cap. It has some interesting customers, but basically it only has two customers today in the Middle East that you've never heard of.”

“They have an enterprise base, which is, it has, you know, between 40 and 70% in, you know, gross margin just on inference.”

“When we started this show, you need to be a fucking prompt it. They would joke this was the highest paying job out of college was prompt engineers were making a 150,000 dollars out of college because they knew how to write a prompt. That skill's worthless toda…”

“I mean, for us there, so there'll be a whole generation of these people that are just never hired. There may be some folks that are laid off. I, and I think more commonly they'll just be slowly managed out and just replaced with agents.”

“The biggest issue we're going to have going forward is our agents are going to get so good. They sit idle all day long. They don't have enough work.”

“To be direct, I think by the end of this year, we're going to give up on reskilling. I think folks are going to stop pretending they can reskill folks that are not going to be able to make the jump to the agentic age.”

“I really do think by the end of the year, we're going to choose tokens over humans.”

“I think what will happen going into 2027 is an engineering QA departments will get destroyed because you'll be like, I got six QA engineers.”

“And so even, and so our startups that we're excited about, I think ultimately they will achieve the same historic level of bloat, maybe half the size, but they will get as bloated as they can because they will have much larger, broader product lines.”

“We're gonna have to reflate and hire thousands and thousands of people per tech leader to avoid social unrest.”

“I actually think It's worse than that Rory, because I think these are going to be by far the layoffs that Harry just rattled off and the ones for this year, I believe are going to be far worse than any layoffs in our lifetimes. And I'll tell you why. And I kno…”

“I don't think in a year we're going to need any traditional marketing automation software. It's too dated. It doesn't work for agents marketing.”

“They're not going to recommend Marketo for your agent to do marketing automation, ok? In fact, it mocked Marketo outreach and sales loft as tools useless to agents. Ok, this API grid. They said there is no place in the, an agent will never send an email throug…”

“Coupa, New Relic, Anaplan, even Zendesk, Avalara, Smartsheet they all look like they may not be able to fully repay their debt”

“This is a micro trend that I think is going to accelerate this year is founders giving the keys to their friends, not completely quitting, like eight months after an accelerator that didn't work out, but I mean, it's just, I'm at 40,000,050 1,000,020 million, …”