Jen Kha

Ben Horowitz × Anne Neuberger × Raghu Raghuram × Jen Kha

AI models are becoming geopolitical infrastructure because their defaults will mediate products while encoding contested histories, ethics, and values, making model choice a question of sovereignty as well as performance.Private AI, autonomy, and cyber vendors now shape allied deterrence, while global APIs expose startups to demand before local distribution exists; anchor customers and trusted relationships can justify $5 million or $10 million market-entry investments.

Jen Kha × David George

AI-native companies grow more than 2.5x faster, with top performers reaching 693% year-over-year growth and $500,000-$1 million of ARR per employee.Engagement and operating evidence includes Navan handling 50% of travel interactions with AI and expanding gross margins 20 percentage points, while enterprise change management remains the key execution risk.

Jen Kha × David George

AI infrastructure is becoming a utility layer: big-tech capex annualizes near $400 billion, model-access costs fell more than 99% in two years, and ChatGPT reached 365 billion searches in two years.Energy is likely the next five-year bottleneck, followed by cooling, while application durability depends on 90% or more retention, easy acquisition, and workflow depth rather than model access alone.

Alex Rampell × Jen Kha × David Haber × Anish Acharya

AI is becoming a full software cycle atop smartphones and cloud infrastructure, with roughly 15% of adults globally using ChatGPT weekly.Greenfield systems and labor automation offer the cleanest openings, while Salient’s 50% collection lift favors revenue creation over savings-only pitches.Durability depends on owning workflows and private outcome data as models commoditize and incumbents monetize installed distribution.