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.

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.

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。

Kevin Roose × Casey Newton × Erin Griffith × Mike Isaac × Jasmine Sun

Anthropic’s possible $100 billion IPO at a $2 trillion valuation would put its AI economics under public-market scrutiny: first-half 2026 revenue reached $16.3 billion, up 14X, while operating losses narrowed to roughly $600–700 million.Griffith estimates third-quarter growth at 44%; the key test is whether the slowdown reflects competitors catching up or broader demand weakness, as non-cancellable compute commitments leave the company exposed if usage falls.

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.