Cognition vs Factory | Anthropic Under Threat | ElevenLabs Doubles Its Valuation to $22B

Dev Ittycheria is CEO of MongoDB, where he has led the company through its IPO and transformation into one of the world’s leading developer data platforms, with a market cap that has reached tens of billions of dollars. Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more. Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. ----------------------------------------------- Timestamps: 00:00 Intro 01:17 OpenAI Nears a $70BN Run Rate 03:09 What Happens if Anthropic’s Q3 Numbers Disappoint? 05:34 OpenAI vs Anthropic: Has the Momentum Shifted? 08:27 OpenAI Raises at a $1.4TN Valuation 09:58 Factory vs Cognition: Did Chris Degnan Cross a Line? 18:19 Has Loyalty Changed in the AI Era? 22:35 The Vinod Khosla Tweet That Shocked the Panel 25:14 Reflection Launches Beam: America’s Answer to Chinese Open Models? 28:55 Why Enterprise AI Could Be Far Bigger Than Current Usage Suggests 31:43 Could US Open Models Take 50% of Open-Source Tokens? 34:49 Investment Committee: ElevenLabs at a $22BN Valuation 38:07 Salesforce Buys Listen Labs for $2BN 41:30 Is Your AI Startup a Feature or a Franchise? 45:44 Should Founders Take a $2BN Exit Early? 49:09 Vercel Hits $600M ARR as Agents Drive 50% of New Business 51:29 Why Winning AI Agents Could Become More Important Than Winning Google 55:09 How Startups Should Optimize for Agent Recommendations 59:33 Nvidia’s $17BN Licensing Deal Gets Hit With a Lawsuit 01:05:33 Meta’s Muse vs OpenAI Dots 01:10:42 Why Oura Pulling Its IPO Is Bad News for Venture ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... Follow Dev Ittycheria on X: https://twitter.com/dittycheria Follow Harry Stebbings on X: https://x.com/harrystebbings Follow Jason Lemkin on X: https://x.com/jasonlk Follow Rory O’Driscoll on X: https://x.com/rodriscoll Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our…