The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

AGENDA:
03:55 Anthropic Security Product Wipes Billions Off Public Markets
11:17 Do Agents Turn SaaS Incumbents into Valueless Databases
22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires
23:20 Citrini Research Piece: Everything You Need To Know
26:04 Will DoorDash Be Replaced by Agents
34:22 Will "Ghost GDP" Soften Consumer Spending Power
42:46 Why No Public Company Has Created a Good Agent Product
47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market
51:05 OpenAI Massively Increases Spending Plans: Analysis
56:24 Figma Fights Back: Earnings Through the Roof
01:02:12 Momentum Versus Value: Four Public Stocks to Buy
01:09:30 Jack Altman Joins Benchmark Capital

Lucas Swisher co-leads the growth fund at Coatue where he has partnered with iconic companies like OpenAI, Harvey, Deel, Canva, Openevidence, Anthropic, and others. Prior to Coatue, he was on the investment team at Kleiner Perkins, where he focused on growth stage software businesses. 
AGENDA:
04:23 Why Public SaaS Is Getting Crushed in the AI Wave
06:01 How to Find Value in the Deluge of Public SaaS
10:34 Durability of Revenue in AI
17:42 Market Size vs. Founder Quality: What Wins?
19:04 Why Price is the Last Thing to Matter
24:58 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns?
28:04 What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth
30:34 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion
33:03 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency
36:42 Why it has never been harder to be a seed investor
39:25 Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts)
44:12 Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early
46:05 Lessons from Mary Meeker: Modeling, Storytelling with Data, and Not Missing the Forest
48:27 Lessons from Mamoon Hamid: Spotting Inflection Points with Minimal Data (Figma Story)
49:54 LP 'Pick One' Games: Mamoon Hamid, Mary Meeker, Insight Partners
51:41 OpenAI vs Anthropic: Who Wins?
56:52 Most Memorable Founder Meeting: Harvey and Founder-Market Fit
59:00 Career Decisions & Misses: Leaving Insight, Missing Anduril, and Looking Ahead

Alexander Embiricos is the Head of Codex at OpenAI, leading the development of the company's flagship AI coding systems that power automated software generation, debugging and developer workflows. Under his leadership, Codex has become one of the most widely adopted AI developer platforms. 
AGENDA:
05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer
07:17 Do We Need PMs? The "Undefined" Product Role and When It Matters
08:06 The Real AGI Bottleneck: Human Prompting, Validation, and "Too Much Effort"
13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows
13:52 Enterprise Reality Check: Security, Permissions, and Safe Agentic Browsing
17:57 Is Inference the New Sales and Marketing? 
18:49 What % of Codex Was Written by AI?
21:33 Do OpenAI Use AI for Code Review?
23:31 Is there any stickiness to AI coding tools?
28:22 What Does "Winning" Mean at OpenAI? Mission, Competition, and Moats
32:04 The Future UI: Chat or Voice
34:10 Agent-to-Agent Workflows: Designing for Approvals, Compliance, and Automation
35:39 Do Coding Models Have a Data Moat?
36:50 How does Codex View Data: Will They Build Their Own Mercor and Turing?
37:27 How Does Codex View Consumer: Will They Compete with Lovable?
41:56 Benchmarks vs "Vibes": How People Actually Judge Models
42:43 Cursor's Edge and the Case for Building Your Own Models
47:37 Is SaaS Dead? What Still Defends Value (Humans + Systems of Record)
51:28 Talent Wars and Career Advice for New Engineers in the AI Era
01:01:03 Guardrails, the Fully AI-Managed Stack, and a 10-Year Vision for Everyone

AGENDA:
04:14 Anthropic's $30B Raise at $380B
06:18 Why SaaS Stocks Keep Getting Crushed
18:15 Wall Street's New Religion: AI Replaces Headcount 
22:42 The Bear Case for Shopify: What Could Go Wrong?
31:51 Replit and Lovable are Proof Figma Missed Out: Figma; Buy or Sell? 
48:42 Stripe Raises at $140BN: Is Stripe Wildly Overvalued or Adyen Undervalued? 
54:36 OpenAI Buys OpenClaw
01:06:28 Thrive's $10B Growth Fund
01:09:10 Arif Janmohamed Leaves Lightspeed for New Firm
01:17:12 Workday's Founder Returns as CEO: Will it Work? 
01:20:34 Which Founder Returns Next: HubSpot, Twilio, Gitlab?
01:24:03 Is Monday.com a Screaming Buy?
01:28:25 Jason and Harry Bet $200,000

Sebastian Siemiatkowski is the co-founder and CEO of Klarna, the global digital bank with over 114 million global active users and 3.4 million transactions per day. Seb is one of the leading public company CEOs pushing the boundaries of AI. 
AGENDA:
04:50 — The Real Threat to SaaS is The Switching Cost Coming Down
05:57 — What revenue multiple will software companies trade at in the future?
14:12 — Why you need to build your own customer service AI to win
23:51 — Klarna has two times the customer base of Revolut. They will beat Revolut
25:39 — How I lost a billion dollars not investing in Nubank
30:57 — Why Nubank are more likely to win the US than Revolut?
34:28 — We used to be 6,000 people. Now we are just 3,000
39:58 — When is a high valuation too high and can be dangerous?
42:45 — How we got Sequoia to invest and Michael Moritz to join the board
53:14 — If you are an investor today that is not building then you're at a fundamental disadvantage
01:11:43 — I have changed my mind on the adoption cycle... I think it will take longer than people think
20VC: Is SaaS Dead: Klarna Replaces 1,500 Internal SaaS Products | Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski