No Priors

Sarah Guo × Michael Lee

Sequence Holdings is pairing frontier engineering with incumbent advantages, partnering with the Dell family office on its $7.7B acquisition of Baldwin.At BankSouth, average consumer-loan underwriting volume fell 94%, timelines dropped from 30 days to 11, and Q2 loan volume doubled versus Q1 without changed standards.Whether Atlas can repeat that operating leverage depends less on code than on the more difficult human engineering problem.

Sarah Guo × Stefano Ermon

Diffusion inference is becoming a commercial signal: at GPT-2 scale, it matched autoregressive perplexity using the same data and parameters while generating text roughly 10x faster.Mercury extends the wedge to production: Ermon says OpenCall moved from Cerebras to NVIDIA GPUs for comparable speed, lower cost, and higher quality, while Inception’s proprietary stack and frontier-intelligence gap remain key tests.

Brian Armstrong × Elad Gil

Coinbase says roughly 76% of agentic transactions are below 30 cents, making card rails uneconomic and supporting self-custodial wallets plus the X42 protocol.With 88% of revenue now non-Bitcoin trading, prediction markets reaching a $100M revenue run rate and tokenized stocks could broaden the exchange, while the SEC path for U.S. availability remains unresolved.

Rene Haas × Elad Gil × Sarah Guo

Arm moved from IP licensing into physical silicon with the Arm AGI CPU after Meta sought a general-purpose agentic CPU no one else could provide.AI reaches 80% to 90% of engineers, while Arm’s documentation and test benches may make proprietary IP more trainable; supply may remain constrained for 3 to 5 years, with data-center construction a possible next bottleneck.

Elad Gil × Ofir Ehrlich × Gonen Stein

Models and compute have almost zero switching cost; accumulated enterprise data is becoming the moat, underscored by Google’s $10M purchase of bankrupt Spirit Airlines’ data.Eon maps and classifies siloed data, controls sensitive access, and exposes it to AI without compromising production or compliance, while agentic permissions create extreme-velocity ransomware risk and most companies still do not use AI.

Sarah Guo × Max Hodak

Prima won CE marketing approval in Europe in July, with commercial sales expected in coming weeks after trials let patients with macular degeneration complete Sudoku, crosswords, and read books.Science acquired Pixium’s Stanford-originated implant after about two years, calling it “by far the state-of-the-art”; pricing is unset, while future versions could improve color and expand the population from hundreds of thousands to millions.

Sarah Guo × Erik Allebest

Chess.com is on track for a little over $200 million in revenue this year with 10M DAU, 40–50M MAU and 250M+ registered members, achieved without primary capital after a $56K 2005 domain purchase.Cash-flow-funded product and community compounding lifted the baseline through successive demand waves, while the secondary-only CVC deal and General Atlantic reinvestment improved operational maturity.Gambit and the billion-player ambition extend expansion paths, while cheating enforcement and AI governance remain risks to monitor.

Elad Gil × Melisa Tokmak

Netic has moved beyond call overflow: over 70% of customers are now “Netic first,” with agents determining service urgency, equipment, customer value, and the right worker across essential-service businesses.A $500,000 contract closed end-to-end in 14 days, and Tokmak estimates over $600 million in customer value from AI-handled interactions; the open question is whether vertical orchestration can compound faster than general-purpose labs or services roll-ups.

Sarah Guo × Andy Fang × Stanley Tang

Ask DoorDash is shifting demand, with 50% of restaurant-order trajectories reaching new-to-customer venues and grocery baskets roughly 40% larger.DoorDash’s 10 billion delivery history supplies pickup and handoff ground truth for routing DOT, drones and Dashers, but scaling now depends on hardware, operations and supply chains rather than autonomy alone.

Elad Gil × Glenn Fogel

Booking’s Penny is emerging as a personalized travel concierge, with adoption reportedly doubling monthly and a stronger long-term opportunity in repairing disrupted itineraries than merely shortening search.The investment test is still unresolved: token costs, routing, conversion, cancellations, loyalty, and lifetime value must justify roughly $700 million of annual multi-initiative spending, while scale remains an advantage rather than a moat.