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Sourcery
Molly O'Shea interviews leading investors, CEOs, and founders about technology companies, markets, and company building.
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Apollo’s Yahoo Playbook, 5 Years After the $5B Deal
Lanzone says Apollo has largely recovered its $4.8 billion Yahoo cost through early cash returns and disposals including AOL.The reset shut loss-making ad tech that cost hundreds of millions annually and opened inventory to competing demand, while retaining DSP.Scout restores owned search, but Lanzone makes no IPO commitment and hesitates to call Yahoo’s audience distribution a moat.
USV’s New $900M Fund: Fred Wilson, Rebecca Kaden & Mike Mignano
Fred WilsonRebecca KadenMichael MignanoMolly O'Shea
USV’s $900 million fund targets 30-40 companies with $10 million-$30 million Series A checks as larger rounds and scaling costs reshape venture.Its AI thesis spans applications, infrastructure, physical AI, and energy, while usage retention, compute costs, inference subsidies, distribution, interoperability, trust, and leadership concentration remain key tests.
Inside OpenAI’s $500B Valuation | Altimeter’s Largest Bet
Altimeter made OpenAI its largest-ever investment at the $150B round, betting ChatGPT’s 700M weekly actives and announced $10B revenue run rate can scale toward a $200B consumer opportunity.Its power-law concentration rests on ChatGPT’s retention smile curve and release speed, while GPT-5’s benchmark jump from just under 60% to 81% highlights upside; whether OpenAI remains the winner and value shifts beyond semis remain unresolved.