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.

Ramtin Naimi × Patrick O'Shaughnessy

Naimi rates venture’s opportunity set 10/10 and froth 6.5–7/10, citing faster adoption despite familiar financing excesses.AI’s 10–20× growth can mask concentrated, usage-based or low-margin revenue; vertical-AI valuations still hinge on labor replacement he has not seen.Meanwhile, mega-funds are deploying three times faster than expected, delaying funding as compute builders may need debt exceeding 5–10× equity.

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.

Patrick O'Shaughnessy × Martin Casado

Frontier models captured 80%+ of dollar-weighted demand over three years, yet Casado estimates an individual model’s commercial lifespan at just three to six months.Startups may still pay 10 times more for the smartest model, sustaining pricing power even as coding workflows saturate.If demand saturates, value could shift to open source, a transition Casado says “nobody knows” how it would unfold.

李翔 × 李丰

美股AI交易转向检验投入回报：微软宣布融资250亿美元后，谨慎开支带来的部分涨幅回吐。李丰称美股总市值约为美国M2的3.5倍，流动性周期尾部波动加剧，急跌时点仍无法判断。A股受公募风格监管及12月1日试行新规推动提前再平衡，外围急跌时跌幅和速度可能减缓一些。

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.

庄明浩 × Koji

明浩认为，Seedance凭短剧打通生产、分发、广告变现、模型再投资和用户数据闭环，生态远大于可灵。OpenAI于3月24日关闭Sora Tool后，Perplexity可能已值两三百亿美元，Character.AI同类已有四五家公司月流水可能超一千万美元，显示边缘赛道也能长出大公司。

庄明浩 × Koji

庄明浩称Seedance领先依靠独家数据与短剧广告闭环，通用模型能否打穿视频及物理能力仍待验证。Anthropic于6月4日展示局部自我改进循环的可能，下游数据、后训练需求或增，全天候Agent也放大安全风险。小模型追赶前沿已由18—24个月缩至九个月；垂直公司不必成为万亿美元巨头，也可做成百亿至两百亿美元公司。

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.