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。

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.

Toto Wolff × John Collison

Mercedes combines F1’s scarce team ownership with roughly $1 billion in revenue and a 30% margin, though Collison’s roughly 15x EBIT framing uses current earnings that Wolff says were considerably higher than at the transaction.Owner control supports a ten-year horizon, but the “$200 million and a bit” cap forces lap-time trade-offs, and DAS’s ban after one year leaves regulatory durability an unresolved risk.

Jim Lanzone × Molly O'Shea

Lanzone says Apollo has largely recovered its $4.8 billion Yahoo cost through early cash returns and disposals including AOL.The reset shut loss-making ad tech that cost hundreds of millions annually and opened inventory to competing demand, while retaining DSP.Scout restores owned search, but Lanzone makes no IPO commitment and hesitates to call Yahoo’s audience distribution a moat.

Fred Wilson × Rebecca Kaden × Michael Mignano × Molly O'Shea

USV’s $900 million fund targets 30-40 companies with $10 million-$30 million Series A checks as larger rounds and scaling costs reshape venture.Its AI thesis spans applications, infrastructure, physical AI, and energy, while usage retention, compute costs, inference subsidies, distribution, interoperability, trust, and leadership concentration remain key tests.

David Senra × Ari Emanuel

Ari Emanuel’s $4.2 billion UFC acquisition bet on scarce live sports compelling platforms to pay, despite Fox’s sale, AT&T’s blocked deal, Comcast’s disinterest and Amazon’s withdrawal.By expanding ESPN’s initial $300 million, eight-event package into 10 events plus pay-per-view, he secured a seven-year agreement approaching $4 billion, while TKO and MARI extend the thesis but financing and timing remain risks.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Jake Paul × Drew Taggart × Alex Pall

Jake Paul is turning owned attention into distribution and talent infrastructure, citing 138 million Netflix viewers for the Mike Tyson event and 400 MVP fighters.His $100 million Anti Fund and The Chainsmokers’ fund target venture economics, but later tranches priced at two or three times earlier valuations without operating improvement leave realized DPI—not TVPI—as the test of Chamath’s bubble warning.

Koji × 于红

于红放弃八位数 carry 和十五年一级市场生涯，转向儿童 SEL 教育，押注语数外巨头尚未覆盖、却在中国日益严峻的社会情感能力缺口。她以林迪效应判断 AI 时代语文和开放性更稀缺，并以高认知家长为起点逐步教育市场；五年十年仍是起步期，家长认知与效果验证是关键变量。

David Senra × Luca Ferrari

Bending Spoons is a buy-to-hold-forever operator, producing $3B in run-rate revenue at 54–55% adjusted operating income margins through acquisitions and deep integration.Evernote's headcount fell from 350 to about 20, while revenue now exceeds $100M and product velocity is at least three times faster, demonstrating the operating model's leverage.Diagram and Alt Spooner point to further productivity gains, while fewer, larger deals and the unresolved IPO timeline remain important execution signals to monitor.

David Senra × Travis Kalanick

Adams—also rendered “Atmo” or “Atoms” in the transcript—is pursuing specialized robotics and AI across food, mining, and robot “wheelbase,” targeting gains such as 20% more annual mine output.Its investable thesis is that operational efficiency can eventually outrun subsidy, but management capacity, regulatory intervention, and the company’s “slightly different” fundraising process remain key execution and financing variables to monitor.