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While active at Benchmark, Bill Gurley would give an annual “state of the markets” presentation to his investors. This conversation renews that format, with Bill exploring what he sees as both worrying and exciting about the investing landscape, with a special focus on private

If you care about the state of high tech investing circa 2025, you may find this interesting. I cover all constituents - founders, VCs, LPs, ordinary investors, regulators, bankers. Something for all.

I mentioned this on Bg2 Pod. Enterprise customers need to declare if they support “open data” or “closed data.” And customers should move away from “closed data” vendors as fast as possible.

VC has become a massive big money, high stakes, high risk, high burn rate game. And you cannot opt out. It’s the game on the field.

I actually don’t think there is any sign that “model quality” will be the key factor. If anything, the models all seem super close to one another and there is no data point that would point towards someone “gapping” from here. It’s a product race not a model race.

So great to the see media properly cover the drastic mis-pricings with the "correct" headline! Kudos to Shawn Tully for the financially accurate take. Easy problem to fix - match supply/demand like you do the next day. fortune.com/2025/06/06/cir…

After 30 years, TCV manages more than $20B, investing in many of the most exciting private and public companies. Jay Hoag founded TCV as one of the original growth and crossover investors. He thinks consumer is about to come back. We discuss that topic and many more. Timestamps

.Fireworks AI processing 5 trillion tokens per day. Insane scale. Compare to MSFT where Satya mentioned 50 trillion tokens in all of April.

🚨BREAKING: ANTHROPIC CLAUDE OPUS IS TRAINED ON AWS’ TRAINIUM2 GPUs - Amazon built Project Rainier: AI supercomputer just for Anthropic - Project Rainier is powered by over half a million of the chips - AWS to announce an update to its Graviton4 chip that includes 600 gigabytes

Our Co-Founders Philippe Laffont Thomas Laffont kicked off our annual East Meets West conference with their keynote address "Coatue View on the State of the Markets." Check out some highlights, including our outlook below. coatue.com/blog/company-u…

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🚨THE RESULTS ARE IN🚨 Texas dominates the poll with 82.7 % of votes for the future #1 state to incorporate by 2050. Delaware voted last place, receiving only 1.9%. Stay tuned—we’ll keep you up-to-date with every new development in the incorporation race.

There is a brand new edition of the best high stakes negotiation book ever written! One of my favorite books. amazon.com/gp/aw/d/B0DGPT…

Thrilled to be invited once again to Coatue’s EMW conference. One of my favorite of the year. Thx to Philippe Laffont & Thomas & entire COATUE team. Coatue may be more bullish on AI than Brad Gerstner! Listen for this and much more.

Read this post and listen to this podcast. Open source is self reinforcing. More is more.

Interesting slide from the Coatue deck. Interesting test of a firms commitment/investment in AI. Are you getting more efficient? Do any of your execs argue they could get by with "fewer" headcount? Quite a high-bar test.

The key ideas in my conversation with Bill Gurley

I had a chance to work with Kevin Weil 🇺🇸 early in his career. I also biked with him once (he’s a beast). Love his perspective on what’s possible with AI.

Watching CNN to catch up on Israel / Iran situation. Wow this is an awful overload of pharma ads. I favor the ban. Banned in most countries.

Bill Gurley CNN All except NZ and US.