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.

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.

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.

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。

Peter Diamandis × Salim Ismail × Dave Blundin × Alexander Wissner-Gross × Emad Mostaque

Anthropic’s proposed $1.5–2 trillion IPO pairs $16.3 billion in first-half 2026 revenue and nearly $1 billion in Q2 operating profit with more than $500 billion in compute commitments.Neocloud declines expose financing risk, with rivals reportedly borrowing at 15% versus SpaceX’s 8%; recursive self-improvement could eventually shock compute demand.Kimi K3.1 Pro’s score of 55, planned open weights and $2/$10 per million input/output token pricing add pressure on closed-model economics as reliability and task completion gain importance.

Harry Stebbings × Naveen Rao

Rao sees US spare power becoming scarce within years, tying AI growth to construction.Unconventional co-designs models and hardware for efficiency as falling token prices pressure inference margins, despite a $10 trillion market forecast within 10 years.He sees robotics 100 times larger than agentic coding, with prototypes in two to three years and a market in five to seven.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Nikesh Arora

Chamath estimates 90% of AI spending is concentrated in 1% of companies, with 80% from unprofitable VC-backed businesses, leaving genuine demand diffusion the key test.France’s 10-year yield has exceeded 5%; Chamath says bond pressure toward 8% could force a reset, while Jason sees no reasonable endgame.

Jason Yanowitz × Santiago Roel Santos × Haseeb × Zaki

GPT-56’s exploit for a PHP flaw known since 2004 shows AI making neglected vulnerabilities economic targets; Cloudflare reportedly saw attacks climb from hundreds hourly to millions.Haseeb sees model economics favoring DeepSeek’s cheap volume or Anthropic’s superior intelligence; OpenAI’s routing of Kimi K3 and GLM 5.3 could make it an enterprise control panel but may weaken OpenAI’s model-building incentive.

Marc Andreessen × Ben Horowitz × Chris Dixon × Erik Torenberg

a16z is expanding the ACC Crypto Fund into a16z Frontier for “outer planets” beyond existing verticals as crypto’s boundaries blur with fintech and Wall Street.Marc Andreessen calls AI’s early-adopter gap with incumbents the widest of his career; employees adopting ahead of companies could fuel startup formation, while AI answers and Stack Overflow’s traffic drop point to an internet-economics reset.