Meta’s Muse Hits #1 | Menlo Sounds the AI Bubble Alarm | Keith Rabois vs Airwallex: Who is Right?

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 00:52 Anthropic Delays Its $2TN IPO 04:11 Can Frontier AI Companies Even Go Public? 07:16 OpenAI’s $278BN Burn Problem 09:38 Meta’s New AI Product Takes Aim at ChatGPT 13:12 AI Agents Are Finally Building Real Software 14:30 Amazon vs Shopify: Who Wins Agentic Commerce? 17:40 Why AI Agents Could Disrupt Systems of Record 22:12 Jev: The New AI Model That Is 100x Cheaper 24:34 Why AI Is About to Unbundle the LLM Stack 29:06 The Coming Explosion in AI Model Routing & Evals 31:17 How OpenAI and Anthropic Will Respond to Cheap Models 33:21 Are Traditional Seed Rounds Disappearing? 37:17 Are Bigger Venture Checks Actually Justified? 38:49 Is FOMO Driving Today’s Venture Market? 43:18 How Should VCs Invest at the Top of the Cycle? 44:10 Why “Quiet Compounders” Are Losing Their Market 45:15 Can Triple-Triple-Double-Double Still Win in Venture? 50:22 What Should LPs Back in Venture Today? 52:46 Why Being an LP Is Harder Than Ever 54:44 Factory at $5BN: Would We Invest? 57:37 Why Coding Is the Motherlode of AI 1:00:05 Why Enterprises Won’t Trust OpenAI With Their Code 1:01:38 Legal AI: Would We Invest in Harvey or Legora? 1:05:23 Crusoe at $30.9BN: Is AI Infrastructure Overpriced? 1:07:25 The Risk of Leveraged AI Data Center Bets 1:10:50 Keith Rabois vs Airwallex 1:15:56 Why Every Founder Needs an Army of Advocates ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... 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 Newsletter: https://www.thetwentyminutevc.com/con... ----------------------------------------------- Legal…