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The Twenty Minute VCSequoia Leaves London, Close Scout Program & End Evergreen Fund | NASDAQ Loses $2.5T in 24 hours
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EPISODE INFO
- Released
- November 12, 2026
- Duration
- 1h 7m
- 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 01:01 Sequoia Restructures: London, Scouts and Evergreen 01:41 Why Sequoia Is Ending the Evergreen Fund 07:05 Why Sequoia Thinks It Can Cover Europe From the US 09:13 Why Sequoia Is Ending the Scout Program 11:56 Why Founders Fund’s Concentration Strategy Works 12:22 Jensen Huang Investigation: What Happens Now? 14:19 Why Jason Thinks Jensen “Needs a Pass” 17:30 Why China Could Be the Biggest Loser From the Nvidia Investigation 20:08 NASDAQ Loses $2.5TRN: Is the AI Trade Cracking? 22:29 Why Anthropic’s IPO Matters More Than the AI Selloff 23:28 Why Anthropic Is Pricing Its IPO Conservatively 25:27 Will Anthropic’s IPO Pop or Trade Flat? 26:12 Is There Enough Capital to Keep Funding Anthropic? 27:17 Why Anthropic Is in a Better Position Than OpenAI 29:09 OpenAI Reaccelerates: Enterprise Becomes the Majority of Revenue 30:01 What Happens When AI Token Prices Keep Falling? 31:29 Can Persistent Consumer Agents Ever Have Good Unit Economics? 34:17 Investment Committee: Zipline vs fal vs Revolut 37:05 Why Revolut Could Become Europe’s Biggest Bank 41:16 Why AI API Keys Are Becoming One of Cybercrime’s Biggest Targets 45:05 Why Security M&A Is Accelerating 47:29 Why Older SaaS Companies Are Struggling to Become AI-Native 51:48 Why Cloudflare Is Winning From the Agent Boom 54:31 Why Seat-Based SaaS Is Under Pressure From Agents 55:21 Figma Below $10BN: Did It Miss Its Best Exit? 59:37 What Figma Needs to Do to Win in Agentic Design 1:02:16 Why California Rejected the Billionaire Wealth Tax 1:04:28 Why Losing Founders From California Would Hurt the AI Ecosystem ---------------------------------------------------------------------------------------------- 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 #jensenhuang #anthropic #sequoia #nvidia #ai
SPEAKERS
Jason Lemkin
guestFounder of SaaStr and a SaaS-focused investor known for scaling and advising B2B software companies.
Harry Stebbings
hostFounder and host of The Twenty Minute VC (20VC) podcast and a venture capital investor.
Rory O’Driscoll
guestVenture capitalist and longtime software investor (known for work at Scale Venture Partners).
EPISODE SUMMARY
In this episode of The Twenty Minute VC, featuring Jason Lemkin and Harry Stebbings, Sequoia Leaves London, Close Scout Program & End Evergreen Fund | NASDAQ Loses $2.5T in 24 hours explores Sequoia refocuses, Nvidia faces scrutiny, and AI markets test capital The episode breaks down Sequoia’s restructuring—leaving London, ending Scouts, merging early and growth, and winding down the Evergreen structure—through the lens of focus, LP incentives, and operational complexity.
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