John Somorjai × Alex Immerman

Salesforce pairs scarce AI capabilities with 15,000 sales reps, though six-to-nine-month integrations keep build-versus-buy speed in question.Fin’s 14-day internal deployment, over-40% share of help.salesforce.com traffic and 65% human-free resolution illustrate outcome pricing as customers may need fewer seats.Somorjai says security can veto deals, while valuations above $10 billion leave few buyers and the timing of a reckoning remains unknown.

Sarah Guo × Vlad Tenev

Agentic Trading has attracted more than 150,000 accounts and about 30 million daily tool calls at the last disclosure; Tenev expects sophisticated users to drive early activity, while infrastructure load remains an open question.Robinhood Chain’s DeFi-enabled stock tokens let developers build stock-linked NFTs and meme-coin pairs, supporting Tenev’s forecast that tokens could become a default route to US equities in underserved countries.

Harry Stebbings

OpenAI’s proposed round shrank from $30 billion to $20 billion, with about $11 billion committed, as Rory compares its $1.25 trillion valuation with potentially public Anthropic at $1.5–$2 trillion.DoorDash’s reported $17 billion Instacart deal could combine cited 60% and 20% delivery shares, subject to antitrust clearance, while agents’ direct-order potential threatens platform take rates despite negligible volumes today.

David Senra × Scott Kupor

a16z turned investors’ personal networks into firmwide services, growing from three employees to nearly 100 in its first year.Skype’s sale to Microsoft 18 months after its buyout at four times the purchase price returned half the fund to LPs, accelerating fundraising and hiring.At OPM, digitizing retirement files and consolidating 120 HR systems now test whether modernization can overcome risk-averse incentives.

Tommy × Alex Wilson

Stablecoins could boost Treasury buying and dollar demand, potentially restraining yields, but only buy time on U.S. debt.B2B represents 80–90% of Cyclops’ work, where faster, cheaper settlement may let processors retain merchant distribution and capture intermediary economics.Cyclops replaces five to 10 providers with one integration and expects over 10 payments-company customers by year-end, versus an initial target of three.

Molly O'Shea × Shardul Shah

Bloomberg’s January 2026 figures put Index’s 2012 fund at 11X DPI versus a 1.5X industry average, and its $780 million 2015 growth fund at 5.1X.Shah says a roughly 25% valuation gap should not stop a deal; with model advances every few months unsettling AI retention, adaptable founders become central to durability.

Harry Stebbings × Erik Bernhardsson

Modal has reached $1 billion ARR after 15X growth in 12 months, yet capacity spending keeps cash flow negative.Its 25-neocloud pool, per-GPU-second pricing and adjacent products aim to smooth demand, retain customers and lift gross margins toward Bernhardsson’s 40–60% range.Watch whether 30–40% monthly growth can support buying roughly two to three times projected capacity as hardware-price timing remains unknowable.

David Tisch × Harry Stebbings

Tisch says low seed ownership can work as outcomes expand toward $10 billion and fast growers dilute 3–8%, not 12–20%, later.BoxGroup backs about 150 seed companies flexibly and has a $275 million follow-on fund; Cursor returned the fund multiple times.Multistage rivals may make seed the only entry point, while rigid ownership targets can screen out outliers.

Paige Finn Doherty × Molly O'Shea

Sourcery grew from O’Shea’s internal funding tracker into a public research archive, with LinkedIn bringing most subscribers.She favors broad promotion over exclusives, estimating 90% of interview work happens afterward; announcement timing helped early podcast traction.Behind Genius has backed over 60 companies across three funds, emphasizing “technical storytellers”; Doherty says Knox Metals’ visibility drives orders and investor interest.

Jenny Johnson × Molly O'Shea

Johnson favors shorter-term AI financing: today’s cash-generative borrowers differ from internet-bubble firms, but 20- or 30-year data-center debt risks locking in current chip and energy needs.Franklin Templeton’s late-stage SpaceX and Anthropic stakes seek missed IPO returns, but illiquid holdings may stay at 6%, 7% or 8% against a 15% limit.