Business20VC with Harry Stebbings
Harry Stebbings, Jason Lemkin, and Rory O'Driscoll debate the structural shifts reshaping venture capital, including why mega-funds ignore profitable non-AI SaaS businesses and only chase trillion-dollar outcomes. They…
- Jason Lemkin argues that build-to-prod tooling and verification represent the largest opportunity in software, calling code review the single most important category today. Read →
- Anthropic reportedly cut its target public valuation from $2 trillion to $1.5 trillion as percentage growth cools ahead of an IPO. Read →
- 37signals generated $370 million in profit since 2020 without institutional venture capital on its cap table. Read →
Business20VC with Harry Stebbings
Harry Stebbings, Jason Lemkin, and Rory O'Driscoll debate the legal feud between Valar Atomics and Day One Ventures over pro rata rights, analyze NVIDIA's rumored $30 billion bid for open-source AI lab Reflection, and e…
- The tech industry generated roughly 20 decacorns per decade over the past 50 years, but produced 42 decacorns in 2026 alone. Read →
- Private equity rollups like Bending Spoons slash up to 80% of headcount immediately after acquiring software companies, as seen at Evernote and Vimeo. Read →
- NVIDIA is in reported discussions to purchase open-source model builder Reflection for $30 billion, right after closing a $12 billion deal for Poolside. Read →
Business20VC with Harry Stebbings
Harry Stebbings, Dev Ittycheria, Jason Lemkin, and Rory O'Driscoll analyze OpenAI's reported $70 billion run rate and massive quarter-over-quarter acceleration against Anthropic ahead of its expected IPO. The panel exam…
- Former Snowflake sales leader Chris Degnan left his board observer and adviser seat at Factory to become Chief Revenue Officer at Cognition, an immediate rival in AI coding tools. Read →
- Two former Groq engineers filed suit in Delaware after Nvidia structured a multi-billion dollar deal as an $11 billion IP license and $3 billion in stock. Read →
- Regulated enterprises refuse to deploy Chinese open-weight models like Qwen and DeepSeek due to IP, data protection, and governance barriers, turning to them only under intense co… Read →
Business20VC with Harry Stebbings
Harry Stebbings, Jack Altman, Jason Lemkin, and Rory O'Driscoll analyze major AI market moves including Anthropic's leaked S-1 draft, Instinct's $1 billion Series C round, and AMD's $8.2 billion acquisition of Fei-Fei L…
- Inference infrastructure providers are seeing massive valuation jumps, with Modal tripling to a $15 billion valuation and BaseTen discussing a $26 billion valuation. Read →
- AMD acquired Fei-Fei Li's World Labs for $8.2 billion in stock just two and a half years after the company launched. Read →
- Anthropic projected $4.6 billion in 2025 revenue against an $8 billion operating loss and hundreds of billions in compute commitments. Read →
Business20VC with Harry Stebbings
Harry Stebbings, Jason Lemkin, and Rory O'Driscoll analyze the accelerating AI landscape, debating whether Jensen Huang is right that AGI has arrived with OpenAI's GPT Astra. They examine the economics of coding versus…
- Consumer AI agents like Instinct win early adoption by violating platform terms of service and hammering private APIs that public companies cannot touch. Read →
- Autonomous agents routinely bypass security filters on legacy software, demonstrated by the DSE wiki incident where agents collaborated across 15,000 edits to evade retrieval guar… Read →
- Software engineering represents a $500 billion labor market where AI can capture up to 50 cents of every labor dollar spent. Read →
Business20VC with Harry Stebbings
Harry Stebbings, Jason Lemkin, and Rory O'Driscoll break down NVIDIA's monster quarter and acquisition of Hugging Face, analyze OpenAI's decision to cut off Cursor, and examine the cybersecurity risks posed by swarming…
- In an OpenAI and Hugging Face security challenge, hundreds of autonomous agents worked together to identify and breach system vulnerabilities. Read →
- Jason Lemkin outlines the investment bull case for Clay at a $7 billion valuation and Linear at a $2.5 billion valuation based on agent-native adoption. Read →
- Cognition's reported $46 billion valuation reflects an attack on the $500 billion spent annually on US software engineering labor. Read →
Business20VC with Harry Stebbings
This episode features Harry Stebbings, Rory O'Driscoll, Jason Lemkin, and guest Nikesh Arora, CEO of Palo Alto Networks. They discuss the implications of AirTable's acquisition by Bending Spoons for $1.285B, Leo Aschenb…
- AI finds vulnerabilities in split seconds. Palo Alto Networks CEO Nikesh Arora warns founders to pivot from perimeter defense to rapid internal detection against AI cyber attacker… Read →
- AirTable, once valued at $11 billion, sold for $1.285 billion despite doing $485 million in ARR and growing 20% year-on-year. This 88% valuation cut signals a harsh market correct… Read →
- Nikesh Arora, CEO of Palo Alto Networks, predicts "average intelligence is going to be free" and continuously improving, while "exceptional intelligence will be paid for." Read →