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The Twenty Minute VCGoogle Loses $500B in 12 Hours | DoorDash Buys Instacart for $17B | Kalshi Raises $1B
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Episode Details
EPISODE INFO
- Released
- November 5, 2026
- Duration
- 1h 8m
- 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 00:54 OpenAI Cuts Its Valuation to $1.25TRN 02:02 Is the AI Trade Starting to Crack? 04:58 Alphabet Loses ~$500BN 07:08 Why Anthropic’s IPO Could Face Pricing Pressure 08:02 Is Anthropic’s Growth Actually Slowing? 11:19 Why AI Model Pricing Is Falling Faster Than Expected 13:50 Why AI Economics Are Becoming Almost Impossible to Predict 16:11 Is Canva Heading Toward Quiet Obsolescence? 19:44 Can Consumer AI Agents Ever Have Sustainable Unit Economics? 26:36 DoorDash Buys Instacart for $17BN 27:52 Are AI Agents an Existential Risk to DoorDash? 31:56 Kalshi Raises $1BN at a $40BN Valuation 32:28 Cohere’s Sovereign AI Bet With the Canadian Government 38:35 How AI Pen-Testing Tools Could Become Cyber Weapons 41:10 Cognition vs Baseten vs Serval 44:40 Why Serval Could Be the Best Risk-Reward of the Three 47:54 Can Vertical AI Actually Expand the TAM? 50:00 Why Inference Still Has the Fastest Revenue Velocity in AI 52:24 Can Crosby Reinvent the Law Firm With AI? 59:02 Physical Intelligence at $20BN: How Big Can Robotics Get? 1:02:00 Why Venture Needs M&A to Keep Working 1:03:55 Why Salesforce Is Buying Its Way Into the AI Era 1:07:04 Why Big Tech Acquirers Want $100M+ Revenue Before They Buy ---------------------------------------------------------------------------------------------- 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... ----------------------------------------------- Legal Disclaimer: The content of this podcast is for informational and entertainment purposes only and does not constitute financial or investment advice. Any discussion of stocks, public markets, or investment strategies reflects the personal opinions of the speakers and should not be relied upon when making investment decisions. Figures, valuations, and financial data referenced may be estimates or subject to error. Always consult a qualified financial adviser before making any investment decision. The views expressed are those of the individual speakers and do not represent the views of 20VC or its affiliates. ----------------------------------------------- #20vc #harrystebbings #roryodriscoll #jasonlemkin #openai #cognition #alphabet #google #doordash #ai
SPEAKERS
Jason Lemkin
guestFounder of SaaStr and a SaaS-focused investor and operator.
Harry Stebbings
hostFounder and host of 20VC (The Twenty Minute VC) interviewing top investors and operators.
Rory O’Driscoll
guestVenture capitalist and investor focused on technology companies.
EPISODE SUMMARY
In this episode of The Twenty Minute VC, featuring Jason Lemkin and Harry Stebbings, Google Loses $500B in 12 Hours | DoorDash Buys Instacart for $17B | Kalshi Raises $1B explores AI price discovery hits Big Tech, agents, and mega-deals The conversation argues that OpenAI’s reduced valuation and round size can be explained by relative attractiveness versus a larger, faster-growing, profitable, more liquid alternative, rather than as definitive evidence that AI demand is breaking.
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