The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Why Cursor is Dead | An AI Tsunami is Coming & You Need to Prepare | Systems of Record Become Valueless Databases with Agents | Is This The End of Tech Private Equity with Jerry Murdock, Co-Founder of Insight Partners

Jerry Murdock is the Co-Founder of Insight Partners, one of the most formidable growth investors of the last three decades, with over $90 billion in AUM and a portfolio that has shaped the modern software economy. Jerry never does podcasts, and so this is his first-ever long-form interview. AGENDA: 03:50 There is an AI Tsunami Beginning 05:43 Cursor is F***** and Everyone Knows It 07:28 How Open Source Will Crush in an Agent First World 10:20 Is NVIDIA F**** 17:32 Are Systems of Record Dead in an Agent-First World 21:04 Humans Will Not Buy Software, Agents Will… 24:57 Universal Basic Income Will Have to Happen, Mass Unemployment is Coming 30:54 What Happens to Tech Private Equity: Is Thoma Bravo F****** 37:50 What Single Decision Does Jerry Regret Most… Why? 41:45 Single Biggest Mistake With Insight… What Did Jerry Learn? 45:26 Why is Now the Best Time to Start a Fund 47:03 The Twitter Bet that Made $90BN Insight 49:34 Biggest Marriage and Parenting Advice 56:04 Will Agents Help Us Live Forever

20VC: Anthropic Wipes Billions Off Markets | Citrini Research: The Ultimate Breakdown: Agents, "Ghost GDP", Consumer Spend etc. | Figma Earnings Beat & Four Public Stocks to Buy | Jack Altman Joins Benchmark

AGENDA: 03:55 Anthropic Security Product Wipes Billions Off Public Markets 11:17 Do Agents Turn SaaS Incumbents into Valueless Databases 22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires 23:20 Citrini Research Piece: Everything You Need To Know 26:04 Will DoorDash Be Replaced by Agents 34:22 Will "Ghost GDP" Soften Consumer Spending Power 42:46 Why No Public Company Has Created a Good Agent Product 47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market 51:05 OpenAI Massively Increases Spending Plans: Analysis 56:24 Figma Fights Back: Earnings Through the Roof 01:02:12 Momentum Versus Value: Four Public Stocks to Buy 01:09:30 Jack Altman Joins Benchmark Capital

20VC: Inside Coatue's $70BN Machine: Why Price Matters Least | Why Mega Markets are the Most Important | How to Assess Durability of Revenue and Margins in AI with Lucas Swisher

Lucas Swisher co-leads the growth fund at Coatue where he has partnered with iconic companies like OpenAI, Harvey, Deel, Canva, Openevidence, Anthropic, and others. Prior to Coatue, he was on the investment team at Kleiner Perkins, where he focused on growth stage software businesses. AGENDA: 04:23 Why Public SaaS Is Getting Crushed in the AI Wave 06:01 How to Find Value in the Deluge of Public SaaS 10:34 Durability of Revenue in AI 17:42 Market Size vs. Founder Quality: What Wins? 19:04 Why Price is the Last Thing to Matter 24:58 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns? 28:04 What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth 30:34 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion 33:03 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency 36:42 Why it has never been harder to be a seed investor 39:25 Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts) 44:12 Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early 46:05 Lessons from Mary Meeker: Modeling, Storytelling with Data, and Not Missing the Forest 48:27 Lessons from Mamoon Hamid: Spotting Inflection Points with Minimal Data (Figma Story) 49:54 LP 'Pick One' Games: Mamoon Hamid, Mary Meeker, Insight Partners 51:41 OpenAI vs Anthropic: Who Wins? 56:52 Most Memorable Founder Meeting: Harvey and Founder-Market Fit 59:00 Career Decisions & Misses: Leaving Insight, Missing Anduril, and Looking Ahead

20VC: Codex vs Claude Code vs Cursor: Who Wins, Who Loses | Will All Coding Be Automated - Do We Need PMs | The Real Bottleneck to AGI | The Three Phases of Agents and What You Need to Know with Alex Embiricos, Head of Codex at OpenAI

Alexander Embiricos is the Head of Codex at OpenAI, leading the development of the company's flagship AI coding systems that power automated software generation, debugging and developer workflows. Under his leadership, Codex has become one of the most widely adopted AI developer platforms. AGENDA: 05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer 07:17 Do We Need PMs? The "Undefined" Product Role and When It Matters 08:06 The Real AGI Bottleneck: Human Prompting, Validation, and "Too Much Effort" 13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows 13:52 Enterprise Reality Check: Security, Permissions, and Safe Agentic Browsing 17:57 Is Inference the New Sales and Marketing? 18:49 What % of Codex Was Written by AI? 21:33 Do OpenAI Use AI for Code Review? 23:31 Is there any stickiness to AI coding tools? 28:22 What Does "Winning" Mean at OpenAI? Mission, Competition, and Moats 32:04 The Future UI: Chat or Voice 34:10 Agent-to-Agent Workflows: Designing for Approvals, Compliance, and Automation 35:39 Do Coding Models Have a Data Moat? 36:50 How does Codex View Data: Will They Build Their Own Mercor and Turing? 37:27 How Does Codex View Consumer: Will They Compete with Lovable? 41:56 Benchmarks vs "Vibes": How People Actually Judge Models 42:43 Cursor's Edge and the Case for Building Your Own Models 47:37 Is SaaS Dead? What Still Defends Value (Humans + Systems of Record) 51:28 Talent Wars and Career Advice for New Engineers in the AI Era 01:01:03 Guardrails, the Fully AI-Managed Stack, and a 10-Year Vision for Everyone

20VC: Anthropic Raises $30BN at $380BN Valuation | Thrive Raises New $10BN Fund | OpenAI Buys OpenClaw | Stripe Raises at $140BN: Is Adyen Wildly Undervalued? | Monday, Figma, Shopify: Which are Buys vs Sells?

AGENDA: 04:14 Anthropic's $30B Raise at $380B 06:18 Why SaaS Stocks Keep Getting Crushed 18:15 Wall Street's New Religion: AI Replaces Headcount 22:42 The Bear Case for Shopify: What Could Go Wrong? 31:51 Replit and Lovable are Proof Figma Missed Out: Figma; Buy or Sell? 48:42 Stripe Raises at $140BN: Is Stripe Wildly Overvalued or Adyen Undervalued? 54:36 OpenAI Buys OpenClaw 01:06:28 Thrive's $10B Growth Fund 01:09:10 Arif Janmohamed Leaves Lightspeed for New Firm 01:17:12 Workday's Founder Returns as CEO: Will it Work? 01:20:34 Which Founder Returns Next: HubSpot, Twilio, Gitlab? 01:24:03 Is Monday.com a Screaming Buy? 01:28:25 Jason and Harry Bet $200,000