Citrini Research Breakdown: Agents, "Ghost GDP", Consumer Spend | Figma Earnings Beat

ℹ️ EPISODE INFO

Released

February 26, 2026

Duration

1h 21m

Channel

The Twenty Minute VC

Watch on YouTube

▶ Open ↗

📝 EPISODE DESCRIPTION

Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more. Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. ----------------------------------------------- Timestamps: 00:00 Intro 01:14 Anthropic Security Product Wipes Billions Off Public Markets 10:38 Do Agents Turn SaaS Incumbents into Valueless Databases 21:25 Anthropic Secondary Sale Makes Hundreds Decamillionaires 22:53 Citrini Research Piece: Everything You Need To Know 25:40 Will DoorDash Be Replaced by Agents 27:37 Why No Public Company Has Created a Good Agent Product 35:19 Will "Ghost GDP" Soften Consumer Spending Power 50:32 Is Tech Private Equity and Thoma Bravo F***** in this Market 54:22 OpenAI Massively Increases Spending Plans: Analysis 59:48 Figma Fights Back: Earnings Through the Roof 01:06:13 Momentum Versus Value: Four Public Stocks to Buy 01:14:41 Jack Altman Joins Benchmark Capital ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... Follow Harry Stebbings on X: https://x.com/harrystebbings Follow Jason Lemkin on X: https://x.com/jasonlk Follow Rory O’Driscoll on X: https://x.com/rodriscoll Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/con... ----------------------------------------------- #20vc #harrystebbings #roryodriscoll #jasonlemkin #anthropic #ghostgdp #citrini #figma #openai #saas #aiagents

🎤 SPEAKERS

• Rory O’Driscoll

  guest

  General Partner at Scale Venture Partners, focused on SaaS and technology investing.

• Harry Stebbings

  host

  Founder and host of 20VC (The Twenty Minute VC) and venture investor.

• Jason Lemkin

  guest

  Founder of SaaStr and venture investor focused on B2B SaaS.

🧾 EPISODE SUMMARY

In this episode of The Twenty Minute VC, featuring Rory O’Driscoll and Harry Stebbings, Citrini Research Breakdown: Agents, "Ghost GDP", Consumer Spend | Figma Earnings Beat explores aI agents reshape software economics, markets panic, winners fight back hard Anthropic’s security product announcement triggered a sharp cybersecurity stock selloff, which the panel argues was partly an overreaction to “already-possible” capabilities but rational given how perfection-priced multiples amplify small increases in perceived risk.

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