The Ledger, every show

“I do not believe that Microsoft were buying the Pi model. I think Microsoft are GPU constrained, and we're buying a cluster of 12,000 H-one hundreds.”

“Foundation models, 90%. Application layer, 70%. And in the incumbents, the value going into the incumbents, only 20%.”

“I actually think there's probably going to be less money in the market for venture in two years than there is today.”

“We have the, probably the highest electricity or energy costs in the whole of the Western world. In the UK. That just does not enable you to do a great job of this. It doesn't even enable you to do a great job of training foundation models. Like, if the blende…”

“I'm going to say working with the military is important, and it's going to become more important over the next 20 years.”

“The Wiz Acquisition, thirty two billion. That's like seven percent of Israel's GDP.”

“I'll go hardware. I think if you take a hardware company out to market, the people, investors, immediate response is, oh, that's really hard. But the paradox about venture capital is you need it to be difficult to be valuable. You need to be contrarian and rig…”

“He'll have 350,000 H-one hundreds by the end of this year. That is 14% of the world's H-one hundreds, and he's going to open source the result.”

“He'll have 350,000 H-one hundreds by the end of this year. That is 14% of the world's H-one hundreds, and he's going to open source the result.”

“I think they'll do six hundred million dollars revenue this year. They've sold three, three million devices so far”

“Businesses are growing faster than they ever had before. So I think those cycles will happen quicker, quicker. Previous, it might be five or 10 years that you start to see the best senior operators come out and build a company. Now it might be 18 months, 24 mo…”

“Like bolt.new, forty million dollars revenue run rate in three months.”

“I think we'll look back and the companies that are most impactful in the decade will have grown in the UK and they won't be names we know today because these companies are growing faster than ever. So they'll be AI native, incredibly fast growing businesses, a…”

“Oh, I think we're seeing that firstly price rounds are less common because people aren't willing to accept the new and fair valuation. So you get convertible notes.”

“Particularly since kind of the IPO window isn't open anytime soon.”

“You could take a batch of my angel investments Pre- twenty-fifteen. And I tracked this roughly 27 portfolio companies, about 4.5 X DPI, about 25 X or 24 X TVPI.”

“Look, GoCardless would be an example where the business kind of nine figure ARR, they have just continued growing.”

“If you look at the proportion of the, like, Fortune 500 that are using Copilot, I think it's 60 or 70% I heard last week.”

“One of the things I admire about Sequoia is that their meeting rooms, I think, are named after their LPs.”

“The other thing they do is they effectively have a stock Ticker so that everyone can see in real time what that sort of national wealth is.”

“We invested in CurrencyCloud. Mike Lavin, the founder, I think had 30 years experience in fintech. He was so well placed to understand actually what those buyers wanted and ultimately sold the business to Visa for a billion dollars.”