Raghu Raghuram

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.

Raghu Raghuram × Amin Vahdat × Jeetu Patel

AI infrastructure demand is outpacing deployment: Google’s seven- and eight-year-old TPUs remain at 100% utilization, while power, permitting, land, and supply chains may constrain trillions in committed spending for 3–5 years.Specialized silicon, distributed networking, and inference-native systems could deliver 10–100x efficiency gains, but bursty workloads and the need for full-stack co-design make utilization, architecture, and durable product differentiation central risks.

Martin Casado × Raghu Raghuram × Jeetu Patel

VMware’s cycle shows how a software abstraction can disrupt an incumbent before AWS retains the virtual machine and captures developers, a constituency VMware “had no idea how to work with.”Cisco’s reset targets market in nine months, $1 billion in three to four years, and 8–10 repeatable winners by combining protected two-pizza teams with scaled distribution.AI could expand infrastructure demand 100–1,000x as agents create sustained inference workloads, but vertical integration must remain open enough to include competitors such as Microsoft Teams.