Speaker · Updated
Jason Lemkin: latest market views
SaaStr
Summary
Jason Lemkin is the founder and CEO of SaaStr, the large B2B/SaaS founder community and events business, and a seed-stage investor through SaaStr Fund who previously co-founded EchoSign (acquired by Adobe).
Chorus has 33 views from Jason Lemkin across 2 episodes on 20VC since October 22, 2026. Their latest calls: bullish on Anthropic, OpenAI, Bending Spoons S.p.A. and Fireworks AI; bearish on Alibaba Group Holding, Instinct, Anduril Industries and CoreWeave.
Where they stand
Their latest bullish or bearish call on each company.
What they talk about most
- Anthropic · 5
- Venture capital & startups · 4
- OpenAI · 3
- Modal Labs · 2
- AI & jobs · 1
- Alibaba Group Holding · 1
- Credit markets · 1
- Cybersecurity · 1
- Instinct · 1
- Open-source AI models · 1
- Warhounds · 1
- AI pricing & unit economics · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
AnthropicBullish
Anthropic's five-year path to IPO and fast liquidity makes it unprecedented and better than typical seed-to-liquidity timelines.
He says Anthropic went from seed to IPO in five years versus 24 for SpaceX, which is unprecedented. He argues that getting out via the IPO in under six years to distributions beats seed deals that take about 18 years to full distributions and other deals that take 10-12 years to IPO, so a single Anthropic outcome can return the fund faster.
“to get here in five years from [a seed] startup, it's just beyond unprecedented... less than six years to distributions, I mean, I know Rory will will roast me for it, but you got to think, why would I do anything else?”at 5:33
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
Debt financing for AI labs like Anthropic and OpenAI is getting harder and bank appetite for neolab debt is limited.
Broadcom had to guarantee most of Anthropic's debt for its chip purchases, and the debt came at higher interest rates than expected. He reads this as a sign that fundraising is getting harder even for the top labs, and says banks are finding it harder to sell down neolab debt. He calls this the one real thing to be nervous about. Rory counters that banks have hit their limit, but that the market is shifting to equity issuance instead.
“going forward fundraising even for Anthropic and OPI and even if it's somewhat indirect is it's getting harder... it's getting harder for the banks to lay off and sell the Neolab debt, I think that's the real only one to be nervous about.”at 10:06
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
AnthropicBullish
Anthropic's IPO should get a good retail run in the next two quarters, given its growth metrics and Nasdaq 100 inclusion.
He does not expect Anthropic to miss a quarter in the next two quarters. He cites 900% net revenue retention, which he admits may really be 300-400% because it includes pilots and trials. He thinks that, together with the brand and the Nasdaq 100 inclusion, it will probably have a good retail run.
“within the next two quarters... With 900% NRR, even if in reality it's more like 300 to 400% because it includes like pilots and trials. I just think that plus the brand plus being in the Nasdaq 100, it'll probably have a good retail run.”at 12:54
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
OpenAIBearish
OpenAI's governance turmoil and missteps let Anthropic take a lead in coding; OpenAI's IPO may be slightly worse.
He says OpenAI, despite being a larger company, let Anthropic control part of the market for roughly five years or ten years in AI time. He points to the CEO drama and the nonprofit-to-profit fight as costly distractions. He also says OpenAI's IPO will probably be slightly worse than Anthropic's, as it is less capital efficient and slightly slower.
“despite startup doing better than them, they basically let Anthropic control part of the market for almost a which is like five years or ten years in AI time, right?”at 14:09
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
AnthropicBullish
Anthropic owned the coding market for about a year, and coding is the killer app, so it should keep its lead.
He says Anthropic has owned the playbook for almost twelve months and that there is no point using another coding solution, since coding is the killer app. Open-weight models have reached rough parity, but Anthropic still leads in coding. He credits OpenAI for letting Anthropic take that position.
“Anthropic own the playbook for the chessboard for almost twelve months. There's no point in using any other coding solution and coding is the killer app as Rory said 100 times and the math is true.”at 14:12
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
Layoffs will accelerate as companies fund AI infrastructure and cope with endless competition, with no stability.
He cites Cloudflare cutting 20% of staff while its growth accelerated, with no visible business downside. He says SaaS companies used to reach a stable plateau, but now there is none, and competition from new startups is constant. He sees layoffs 2.0 and 3.0 coming, both to pay for AI infrastructure and to escape the performative AI environment.
“There's no planes of stability at all... So I just think layoffs are just gonna accelerate because we have no choice.”at 20:21
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
Chinese open-weight models are finished in the US after DeepSeek's federal ban and the Qwen data-upload issue.
DeepSeek is being banned across federal agencies. The Cohere-Qwen episode showed that Alibaba's Qwen model called servers in China and Singapore and uploaded data while told not to. He argues no CIO or CISO will approve such a model, and that enterprises face job-loss risk if they keep using these models. He calls it the beginning of the end.
“I think that the Chinese open weight models are pretty much over in The US. I think it's the beginning of the end.”at 23:12
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
Alibaba Group HoldingBearish
Alibaba's Qwen model secretly uploading data to its servers makes enterprise trust in it very hard to win back.
Qwen, Alibaba's model, was found calling Alibaba servers in China and Singapore and uploading data despite saying it did not. He thinks it is probably a training error rather than a deliberate backdoor, but says that doesn't matter to enterprise security teams. He adds that the government could exploit or take over such a channel, and that Alibaba said nothing publicly.
“[Qwen's] existing model was calling to Alibaba servers, both in China and in Singapore, pinging them and uploading data to them when it said it wasn't.”at 23:42
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
Risk of backing Chinese-linked AI startups has risen after the DeepSeek ban and the Qwen data issue.
He says VCs would not have taken direct-investment risk in Asian open-weight startups two years ago, and that the Manus unwinding made such deals unlikely to be repeated. Recent events, including the US blocking DeepSeek and the Qwen data issue, are negatives that have raised the risk level a lot. He still backs the IC decisions, because growth is strong enough to justify the risk.
“the risk level didn't just go up in the last week. A lot. And these deep seek being blocked by the US government and this whole Quinn thing and dialing home... These are negatives.”at 32:27
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
AI makes hacking near-instant; unpatched old sites and laid-off IT teams mean attacks worsen for a year or two.
Since the models got good, anyone can be hacked in seconds and attempts are accelerating. The PHP vulnerability is worse than it looks: PHP is still roughly 40% of the internet, much of it old sites that will never be patched. Government and nonprofit sites took their sites down, and IT teams were laid off years ago. He expects a year or two of worsening exposure as every threat vector is exposed almost in real time, with ransomware professionalizing. The only limit he sees is that few can pay large ransoms and few systems control dams or other natural resources, so hacking may decline for a while.
“Now anyone can be hacked in seconds. People attempt to hack faster every day. So everyone's going to get hacked.”at 35:11
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
Mega-rounds for AI labs depend on capital pools that may not last; late-growth funding has a structural issue.
AI companies need enormous capital to pay for inference and compete, so even large rounds from sovereign funds like GIC are not a vanity raise. But the total pool of money for these companies is finite, and he does not know how big it is or when the merry-go-round will end. He calls this a structural issue in the late growth phase, although money currently feels infinite.
“I just don't know how much it is when that merry-go-round ends. We just have a structural issue in this late growth phase.”at 38:31
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
InstinctBearish
Passes at $30B Instinct valuation: no revenue, unclear travel-based model, negative gross margins.
Instinct has no revenue and an unclear business model based on travel, and its growth is in a fungible product with negative gross margins. He wants about 100 days of durable traction before paying a growth-round price. He has seen only about a month of traction, so at $30B he would pass. He is not questioning the team or the strategic market, and he says he is not convinced by the liquidation preference either.
“I just think with no revenue and an unclear business model based on travel, I just think we should unfortunately pass at $30,000,000,000 I just want to see one hundred days of something besides negative gross margin growth of a fungible product.”at 41:57
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
OpenAIBullish
OpenAI at $1.25T is mispriced; a 20%-of-fund bet offers a path to a $10T outcome.
He sees a dislocation: the market is misreading OpenAI as struggling when the numbers show otherwise. Anthropic is on fire, SpaceX has done well, and the models are competitive, with OpenAI having closed its competitive gaps. He compares it to the Anthropic round at about $183 billion, which was a dislocation that made money. He says both OpenAI and Anthropic can become $10-20 trillion companies. A 20% position at $1.25 trillion would return the fund even at a $10 trillion outcome, and worst case he doubles his money. Unlike priced-to-perfection rounds such as Inflection or Instinct, OpenAI is not priced to perfection.
“And I think we should put 20% of the fund into OpenAI at the $1,250,000,000,000 round. Think that it is mispriced.”at 45:50
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
AnthropicBullish
Anthropic is only 0.1% of Fortune 500 budgets; it should reach 2-3%, implying major growth ahead.
Anthropic holds only about 0.1% of Fortune 500 budgets today. Even the most conservative estimates, based on what Anthropic and OpenAI have achieved, point to 2-3%. Moving from 0.1% to 2-3% is significant growth ahead of the investment. He also points to Anthropic's 900% net revenue retention as the kind of evidence of durable growth he wants to see.
“It's only 0.1% of the fortune five hundred budgets today. Clearly, it's going to be in the two to 3% range even by the most conservative estimates”at 46:52
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
WarhoundsUncertain
Warhounds' military dog market may be small, but the sovereignty angle and founder channels make it real.
He is unsure whether the market is worth the valuation and does not know how big the models are. He notes that key national security components, such as rugged laptops and the dogs themselves, come from outside the US, which is a sovereignty gap. The founder Palmer Luckey sits at the core of the defense industry and has the channels to sell, so the markets are real and visible to him. Maybe the TAMs are small, but the models make sense.
“How big these models are, I don't know... And maybe the TAMs are small, but the models make sense.”at 51:31
20VC: 20VC: Anthropic Files S1 Ahead of $2TRN IPO | Instinct's Rumoured $30 Billion Fundraise | Microsoft Laysoff 27,000 While Meta Taps Equity Markets for $95 Billion Capex Spending Spree ·
Large funds need billion-dollar positions, so seed investors at high entry prices struggle to make money.
Jason argues that today's multi-billion dollar funds need billion-dollar positions in nearly every company to produce returns. Mid-sized outcomes like a $2B company do not suffice, since reaching a billion-dollar position requires major ownership that founders rarely give up. He adds that seed funds entering at $50-100M valuations cannot make money, and that top-decile companies used to earn an automatic term sheet but no longer do.
“But you gotta have billion dollar positions in everything in Big Boy Venture today. Its billion dollar positions are nothing. There's no point in investing otherwise with large funds.”at 0:00
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
CoreWeaveBearish
CoreWeave is a B-tier neocloud with no unique moat and heavy debt, so it is shock-sensitive and not worth holding.
Jason compares CoreWeave with Nvidia and calls it B-tier. He argues CoreWeave exists only because Nvidia and its partners need it. It produces no singular silicon, GPU or software that no one else can make, and it rents out excess capacity while buying GPUs. With massive debt loads and risk, he expects it to be more sensitive to shocks than A-tier assets. He says B-tier assets should not command a premium, and he would not hold CoreWeave long term.
“CoreWeave exists because Nvidia and Friends need it to exist for now. It has no inherent reason to exist.”at 16:01
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
OracleBearish
Oracle is a B-tier asset with massive debt, weak enterprise software sales, and reliance on renting capacity.
Jason puts Oracle in the B tier alongside CoreWeave. Oracle carries massive debt loads and risk and is highly sensitive to shocks. He argues Oracle cannot sell enough enterprise software, because customers do not want to install enough of its products on their servers. As a result, it is stuck renting out excess capacity, buying GPUs and doing Stargate, which he sees as B-tier activity.
“Oracle just can't sell enough enterprise software. People don't want to install enough of this crap on their servers. So they're stuck renting out their excess capacity and buying GPUs and doing Stargate.”at 16:22
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
AnthropicBearish
Anthropic's market share will likely fall about 10% by end of next year, though still strong in absolute terms.
Jason says developers are not loyal, and market share has shifted quickly among Anthropic, OpenAI, open-weight models and Kimi since the show began. Replit's switch of its default model to OpenAI, because it is cheaper at roughly peer quality, shows the pattern. He expects Anthropic's share to fall about 10% by the end of next year, while revenue stays large in absolute terms. Investors building top-line models should allow for materially worse outcomes than the best case, and expect choppy trading after the IPO.
“It wouldn't surprise me if at the end of next year, [Anthropic's] market share is down 10% from where it is today. And it still could be great on an absolute basis.”at 21:21
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
OpenAIBullish
OpenAI models gain share because they deliver similar quality at 30-40% lower cost, as Replit's routing shows.
Jason explains that Replit made OpenAI its default model because OpenAI's models are cheaper for roughly the same output quality. Replit's own routing layer makes this switch. Teams like Replit, Lovable and Base44 have a strong incentive to get the quality-price balance right. Their routing shows that quality is roughly peer level and the price is 30-40% better. Jason notes this could change, since Replit's choices may shift again.
“the quality is sufficiently peer level here. And the price is 30 to 40% better for us today.”at 24:04
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
AI product buyers are highly cost-sensitive, pushing routing toward cheaper models over top-tier intelligence.
Jason says Replit users are cost sensitive, and enterprise customers are too, because they do not want massive variable bills from product teams building prototypes. Replit has a model selector, and the routing choice shows that customers push to cheaper models when quality is similar. He argues this makes the market a super cost-sensitive model. Replit, with its large user base, is a useful lab for watching how quality and cost get optimized.
“But the enterprise customers are very cost sensitive because they don't want these massive variable bills for the product teams going off and building prototypes. It's a super cost sensitive model, right?”at 25:21
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
Enterprise AI adoption & AI software
Code review is the most important software category today, since AI-written code is never production-ready.
Jason argues code review is the most important category in software by far, even if it does not produce the largest fortunes. LLMs generate code quickly and it is good, but it is never production-intent. Reviewing and making code production-ready still takes an order of magnitude more time than building it. He says the biggest category is build-to-prod, and the money will come from getting AI code into production, not from building it.
“I actually think code review is the single most important category today in software. By far the most important category.”at 29:31
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
Modal LabsBullish
Modal is a better business than CoreWeave because it adds value rather than just renting GPUs.
Jason says he likes Modal's $15.75B round more than CoreWeave, because Modal adds value to the ecosystem rather than being an outsourced rack of GPUs. He acknowledges the competition is infinite and limitless, so the company needs strong conviction from its growth investors. He also says the round is a strong one and that Modal is one of the most interesting rounds he has seen.
“I like it better than CoreWeave. I like adding value to the universe rather than just being some outsourced racks of GPUs.”at 32:17
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
Fireworks AIBullish
Fireworks' margins have risen to the mid-30s and should reach about 50% soon.
Lemkin says Fireworks' margins have crept up this year, and are now in the mid-30s, with a path to around 50 pretty soon. He argues that even mid-30s margins are tolerable for public markets if they hold, and that the multiple matters more than the margin level.
“Fireworks are mid thirties now, and they'll be, you know, hitting 50 pretty soon. Even mid thirties, if it stays there, I mean, the public markets can tolerate that.”at 35:07
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
Modal LabsBullish
Modal's round is cheap; the deal makes money even if margins never reach the 40s.
Lemkin argues Modal's valuation is cheap relative to its fast revenue growth, which he sketches from roughly $1B to $3B and onward to about $5B, with a further step up expected next year. He concludes the deal pays off even if Modal's gross margins never reach the 40s, because the growth carries the return.
“Modal was, you know, by all intents, it was cheap. ... Even if the margins never hit the 40s, we make money on this deal.”at 36:19
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
TownNeutral
Town at $1B is a bet he would pass on; not enough data to get excited.
Lemkin says Town has no data and is a classic series A/B bet with a bow tie at a $1B valuation, so it is not compelling on its own. He notes the team expects only about $500M of inference spend over twelve months, far less than a peer's $5B, which limits downside. He still says he would pass and that there is not enough here to get excited either way.
“This is just a bet. This is just an old classic series A series B with a bow tie at a billion. ... But there's just not enough here for me to get excited either way.”at 37:02
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
PlaidBearish
Plaid is a good company, but he doesn't see a $25B exit, so he would not take it to IC.
Lemkin calls Plaid a great company, but says his firm would not even do the deal today. He does not see a $25B exit for it, so he would not bring it to the investment committee. He says it is too early to predict where it will go.
“Bunch of guys from Plaid... it's a great one, but we wouldn't even do Plaid today. Don't even see a $25,000,000,000 exit for Plaid, so I wouldn't even bring it to the IC.”at 37:12
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
Anduril IndustriesBearish
Anduril at $90B, about 40x revenue, looks too rich given its margins.
Lemkin calls Anduril a generational company that got in early on next-generation defense, with deep contracts. He still questions whether a roughly 40x revenue multiple, given its margins, is justified. He ties this to a broader worry that private rounds have drifted too far from public comparables.
“[Anduril] is clearly a generational company. Right? Got in early on next generation defense, clearly deep, has the contracts, has everything. ... But is this thing worth 40 times revenue with the margins and everything it has?”at 38:35
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
Private revenue multiples are disconnected from public comps and will likely correct.
Lemkin points to public SaaS comps such as HubSpot, Monday and Klaviyo trading near 2x revenue, and Braze, once the best exit in its category at 6x, now near 3x. He argues that the rounds being done, for example Anduril at about 40x revenue, are disconnected from where public markets would value them. He calls that disconnect almost certainly true, and says a public-market correction, or lower exit multiples, would be needed to reconcile them.
“If the multiples are disconnected from where they will land, the multiples, and that's just venture... I think that's almost certainly true. The multiples are disconnected.”at 39:39
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
AI-era marketing software is being punished too hard; its multiples may be too low.
Lemkin notes HubSpot, Klaviyo and similar marketing software companies trade below 3x revenue, which he calls the worst public category. He argues they are not dying, and that agentic AI players trading near these levels could also be underpriced if their growth slows to 60-70%. He is uncertain whether the AI versions will settle too early into their peers' multiples.
“I do wonder if the AI versions of low multiple companies will settle too early into the multiples of their peers. ... I think the whole marketing category is the worst public category without question. ... They're not dying.”at 41:45
20VC: 20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B ·
3 older views from Jason Lemkin are on the episode pages, and all of them are a question away in your AI with Chorus.
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Ask your AI what Jason Lemkin thinks
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