The only podcast you have to listen to every week. No politics. Just tech. - Sequoia’s Leadership Transition - Michael Burry Shorts NVIDIA and Palantir - Gamma Raises $100M at $2BN - Has Defensibility Died in a World of AI - Datadog Surges as Duolingo Plummets: What is Happening Spotify 👉 Youtube 👉 Apple Podcasts 👉 Timestamps: 00:00 Intro 01:06 Sequoia's Leadership Transition 07:31 Michael Burry's Big Short on Nvidia and Palantir 14:38 Gamma Raises $100M at a $2BN Valuation 28:39 Does Defensibility Exist Today When Copying is Easy 40:09 Should All Funds Be Way More Diversified 50:02 How to Run a Fundraising Process & What Not To Do 01:00:47 Datadog Surges 20% and Duolingo Crashes: What Happened My 6 takeaways with @jasonlk and @rodriscoll 👇

1. Palantir Will Have a Correction They were trading at north of 120x revenue, growing at 60% last quarter. As with the AI CapEx boom, it is very hard to imagine that there will not be a significant correction in the next two years. Making money from this statement is the hard part. Love to hear your thoughts @JTLonsdale @shaunmaguire @ssankar

2. What Rory Finds Most Stressful About Right Now The pace of evolution is so fast. If you think what you knew six months ago is still useful, you are probably wrong. What did you believe in 6 months ago that you no longer believe in @anjneymidha @infoarbitrage @paulbz

3. What Should Seed Investors Bet on When Time to Copy Is Zero You still need to bet on the best founders. You cannot take the first-month explosion as seriously as you used to. It is not as defensible anymore. Innovation + the best founders get there. If early traction is less relevant, what replaces it in your seed filter today @chadbyers @honam @pitdesi @sethbannon

4. We Should Be Increasing the Diversification of Our Funds and Doing More Checks There is an increase in time to exit & an increase in risk. Logically, you should be increasing your diversification. Smaller checks, more deals, and bigger funds to maintain the same ownership. Love to hear your thoughts on this @m2jr @2lr @bandrew @briannekimmel @NWischoff ?

5. One of the Biggest Mistakes Founders Make When Raising Founders often accidentally start a raise by sending data to just one or two investors. Once you share detailed data, you’ve begun a process, whether you mean to or not. If they pass, you’ve already had a failed process before running a real one. Love to hear your thoughts and advice on this @ilyasu @tjparker @destraynor

6. What Everyone Gets Wrong About Running a Fundraising Process The classic advice: You need to run a process with a big data room. The optimal process: Investors already want to invest before you open any data room. The best processes: Investors don’t even require a data room; they just need a file for diligence. Love to hear your thoughts @kozerafilip @im_roy_lee @awxjack @eoghan