Stablecoin proliferation is shifting toward corporate treasury, as banks and multinationals may issue white-label coins to capture float.CLARITY’s 49–50 failure hit Coinbase roughly 10% and Circle 12%, while the SEC’s five-year exemption may accelerate tokenized-securities innovation but remains reversible.Arc’s more than 190 partners showed Circle’s reach, but its memecoin-heavy debut obscured a payments strategy designed to offset lower rates.

Luca Ferrari × Molly O'Shea

Bending Spoons’ edge is an integrated operating model that standalone owners cannot economically reproduce.Its 50-plus proprietary technologies, nearly 1,000-person core team, and debt-funded permanent ownership support claimed annual savings above $100 million and $4 million revenue per core Spooner.Airtable’s approximately $1.3 billion enterprise value reflects the underwriting test, while AI startup valuations and unmeasured AI capabilities remain key risks to monitor.

Peter Diamandis × Salim Ismail × Dave Blundin × Dr. Alexander Wissner-Gross

Dario Amodei proposes slowing frontier releases through employee-level third-party evaluators, lab coordination, and international bioweapons cooperation, while Alex Wissner-Gross calls the campaign a possible “safety cartel.”Anthropic reports biological-weapons cases and says it can no longer confidently assure models remain below the dangerous threshold, strengthening the case for mutual API testing while leaving cartel-like coordination unresolved.

Harry Stebbings

Instinct’s $1B raise at a $10B valuation pairs minute-long latency with compute costs: 10M users paying $10 monthly imply a $1.2B annual burden.Jason’s reversal—from recommending the round to refusing it—alongside Miro’s $1.3B sale from $17.5B and Canva’s slowdown from 30% to 20%, highlights SaaS’s shift from revenue multiples to EBITDA.

Patrick O'Shaughnessy × Michael Moritz

The structural edge that enabled Moritz’s venture career—pre-internet imperfect information, close founder relationships, and few competitors—dissipated “maybe 15, 16 years ago,” leaving today’s ecosystem healthy “if you’re a founder.”His Sequoia discipline tied compensation to performance, while he sees AI creating more jobs than it loses and tool-armed founders expanding what small companies can accomplish, with disruption across particular sectors still certain.

卫诗婕 × 郑俊聪

祥峰中国四年不投DeepSeek、智谱、Kimi等大模型，转向AI for science与物理AI，新基金至少50%投具身智能。宇树以成本降一个梯级打开应用场景，量产一致性成为壁垒；中国供应链按周迭代与香港、内地上市，重塑Long China的创新与退出逻辑。

李翔 × 王华东

具身智能正经历中国投资史上前所未有的高估值融资潮，但王华东认为“贵不是问题”，关键在于能否交付有价值、产生毛利的产品。宇树在2021年B轮投前估值约7亿元时，已按出货量位居四足机器人全球第一；行业仍须警惕以更贵、更不可控的方案重做Rule-based已解决的问题，并观察Room-based落地与迭代能否兑现商业化。

Yan Liberman

Yan sees Bitcoin reaching the high $90,000s before materially easier liquidity, with only 10–15 investable tokens.His six-token book favors uncrowded productive assets: Grass has roughly $70 million expected revenue and $40 million indicated operating profit against about $330 million FDV.Grass’s October unlocks and AERO’s second-half-of-September expansion are catalysts, but demand, emissions and cross-asset opportunity cost remain unresolved.

Molly O'Shea × Luca Ferrari × Francesco Patarnello × Matteo Danieli × Valentina Jerusalmi

Bending Spoons wins deals by paying the highest price, with post-integration platform, technology, and talent value supporting high returns for shareholders.Its vertical-agnostic filter prioritizes platform unlock, sufficient scale, and predictability, favoring 5–10 larger deals over transforming $20 million-revenue businesses.With an M&A pipeline that has never been so rich, AOL’s months-long Yahoo carve-out and re-platforming remain a key execution watchpoint.

Harry Stebbings × David Morehead

David Morehead argues that fund multiples need a timeline: three six-year 3X growth-equity funds can compound to 27X versus 15X over 15–18 years.Baylor treats growth equity as its return engine, VC as diversification, and uses 10% market-decline increments while pricing cash at 8.5%.Software’s 50–60% selloff and permitted powered land offer differentiated opportunities, but permitting constraints and the unresolved AI adoption question remain key watchpoints.