Sourcery

fal has raised $1.65B in a combined Series E and Series F, with Sequoia Capital leading the E and Bessemer Venture Partners leading the F. Its founders see generative media as 1 of only 3 product market fits in AI, alongside search and coding agents.

Burkay Gür (Co-Founder and CEO) and Gorkem Yurtseven (Co-Founder and CTO) started fal in 2021 after building machine learning infrastructure at Coinbase and Amazon. fal runs the infrastructure behind image, video, audio, and 3D models, serving developers, studios, and the model labs themselves.

Recorded at Dalida in San Francisco, Burkay and Gorkem explain how fal moved from Python data infrastructure into generative media, why video and image now split its revenue 50/50, and how demand kept rising as video prices jumped more than 10X. They also cover fal’s 150+ person org with only 2 reporting levels, the compute shortage shaping model launches, and why they believe the margin in AI sits with compute providers over applications.

“AI really has 3 product market fits. One of them is search. The other really clear one that’s growing really fast now is coding agents. And the third one is, we believe, generative media.”

We cover:

› The $1.65B Series E and F

› Why individuals spend $10K to $20K a month on generative media

› Veo 2 pricing and the shift to professional ads and film work

› Super ICs and hiring for agency, hunger, and humility

› World models, open source, and Hollywood adoption

Burkay Gur: https://x.com/burkaygur

Gorkem Yurtseven: https://x.com/gorkem

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/pPzJ1wE8Lnw

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit:http://mercor.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

Shardul Shah, Partner at $17B Index Ventures, joins Sourcery from the firm's NYC office to discuss its investments in Anthropic, Wiz, Datadog, Simile, Parallel, and the next generation of AI companies.

Shardul joined Index in 2008 and has backed some of the most important companies in cloud infrastructure and cybersecurity, including Wiz, acquired by Google for $32B.

We discuss why startup valuations will keep rising, how Index invests in founders before they even have a business plan, the firm's approach to conviction and concentration, the future of cybersecurity in an agent-to-agent world, and the evolving IPO and M&A markets.

Shardul also shares how Index invested over $250M in Wiz, why the firm has historically underestimated its biggest winners, and how it identifies the next generation of category-defining founders.

Shardul Shah: https://x.com/shardul_shah

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/9Vq63dnCfMU

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit:http://mercor.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Shardul Shah, Partner at Index Ventures

(00:54) How venture has changed in the last 5 years

(04:00) Index's biggest investments

(05:35) What Index looks for when backing founders

(08:41) Will AI replace venture capital?

(09:17) What’s durable when AI moves this fast?

(11:35) Why Index doesn't worry about valuations

(15:12) "We're no longer an underdog"

(16:33) The hardest part of winning deals

(18:25) The founder who proved his investor wrong

(21:13) The lessons behind saying no and thinking bigger

(26:10) Inside Flapping Airplanes

(26:47) Did Wiz sell too early?

(30:56) How much money do startups really need?

(33:55) Concentration vs diversification

(35:43) Why venture fund cycles are getting shorter

(37:13) The changing IPO and M&A environment

(39:41) What 3 decades of returns look like

(41:25) The person behind Shardul's biggest decisions

I went inside Starcloud’s headquarters in Redmond, Washington, right outside of Seattle, to tour the $2.3B company building AI data centers in space.

Philip Johnston, CEO & Co-Founder led the tour, alongside technical features with Co-Founder & CTO Ezra Feilden, Co-Founder & Chief Engineer Adi Oltean, as well as Bailey Montaño, Miguel Rivera and Camilo Lopez from the engineering team.

Starcloud has raised $450M to put Nvidia GPUs, AI inference and eventually gigawatts of computing infrastructure into orbit. Its latest round was $250M, led by Manhattan West, with Nvidia, Cisco Investments, Benchmark and EQT. The team went from founding to orbit in 21 months. Starcloud 1 launched with the first Nvidia H100 in space. Starcloud 2 launches in January with 100x the power, and Starcloud 3 is designed to deploy up to 50 satellites per SpaceX Starship launch.

We cover the economics of orbital vs terrestrial data centers, the $500/kg launch cost threshold, SpaceX rideshare and Nvidia chips in space. We also get into liquid cooling and radiators, radiation and chip burn-in, edge inference for government customers and plans for an 88,000-satellite constellation.

We also go behind the scenes of spacecraft testing, including a rebuilt secondhand vibe table, plus laser fabrication and welding. We close with Philip’s take on SpaceX passing $100T and his mission to send a spacecraft to Alpha Centauri.

Philip Johnston: https://x.com/PhilipJohnston

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: ⁠https://youtu.be/mdq6urSx-f8

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit:http://mercor.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

I got interviewed! Paige Finn Doherty of Behind Genius sat down with me in the yard to look back on Sourcery's insane growth for her 100th episode. Copy below is from her post, check out her podcast Seed to Harvest. (https://open.spotify.com/show/1TcSnOcmeCG82HnXwNZwM0?si=452aee7408c1489c)

In just one year of full-time building Sourcery, Molly O’Shea has interviewed over 200+ founders, CEOs, execs & investors across public co's, startups, VC, growth equity, PE, hedge funds on her show, Sourcery - including Alex Karp, the CEO of Palantir ($PLTR), Palmer Luckey, CEO of Anduril, Brian Armstrong, CEO of Coinbase. In today’s episode, we talk about how an art degree led her into venture, how an internal deal newsletter became Sourcery, and why she went all-in on X when Elon bought it.She also shares her contrarian take on funding-announcement exclusives and how a Top 100 dream-guest list landed her the Alex Karp interview that went viral. And yes, we talk about the Alex Karp sword swinging moment. My mission is to educate and inspire the next generation of CEOs and builders, and the reason why I wanted to share a conversation with Molly is she’s one of my favorite creators in the technology space!00:25 Intro01:26 Lemonade stands in Connecticut and growing up with two entrepreneur parents03:59 Drawing houses in Moleskines and teaching herself dimensions06:14 Using art to stand out08:32 Why the USC Architecture program failed her ROI test11:17 Discovering VC at Google’s 30 Weeks incubator15:12 Breaking into VC18:44 How Sourcery started as an internal deal newsletter22:53 Why she went all-in on X when Elon took over27:41 Breaking news vs. timeless content, and a funding-announcement playbook31:34 What frustrates her: companies that don’t amplify their own interviews34:21 Her Top 100 dream-guest list38:06 How the list landed Alex Karp40:55 Alex Karp: The first walking interview and the sword46:17 Jack Altman: “It’s my brother”48:28 Dry humor, Will Ferrell, and learning to smile49:53 The next list, and landing 20%+ of the first one in a year51:24 How Molly chooses guests55:41 Her vision for Sourcery: more walk-and-talks, factory tours, future list1:01:36 Molly asks Paige about Behind Genius Ventures1:05:28 What we’re each manifesting for the next 12 months

Is AI in a bubble? What happens to circular AI financing deals, and why is one of the world's largest asset managers investing in SpaceX and Anthropic?

I sat down with Jenny Johnson, CEO of Franklin Templeton ($1.8T AUM), at the firm's NYC headquarters to discuss today's market conditions, AI valuations, private markets, and the future of investing.

We cover:

•

AI Bubble & Circular Deals: AI infrastructure spending, revenue recognition, chip depreciation, and risks in long-term data center financing.

•

SpaceX & Anthropic: Franklin Templeton's late-stage venture investments, the SpaceX IPO, and Elon Musk's ambitions.

•

Market Conditions: Inflation, interest rates, geopolitical risks, and where Jenny sees opportunities.

•

Building a $1.8T Asset Manager: 17 acquisitions in six years, the $4.5B Legg Mason deal, and Franklin's expansion into private markets.

•

AI & Tokenization: 1,000+ AI agents, an 11% sales uplift, and why blockchain could transform financial infrastructure.

Jenny also shares how she went from Franklin Templeton's mailroom to CEO, and why she believes Elon Musk is the modern-day Benjamin Franklin.

Jenny Johnson: https://www.linkedin.com/in/jennyjohnsonfranklintempleton

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/VmCKksLNmsM

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/ • Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit:http://mercor.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Jenny Johnson, CEO at Franklin Templeton

(01:08) Where is the market really headed?

(05:34) Why AI is the biggest growth lever

(08:10) Are we in an AI bubble?

(11:28) How Franklin Templeton got into SpaceX and Anthropic

(18:28) Closing a $4.5B deal in the middle of COVID

(21:39) The strategy behind 17 acquisitions in 6 years

(24:11) How Canvas grew from $2.5B to $30B

(28:43) Why blockchain will rebuild finance

(32:50) Will companies stop paying for top AI models?

(37:08) Franklin Templeton’s 70-year climb

(40:21) Who is the modern day Ben Franklin?

What if AI could predict human behavior before it happens?

I sat down with Joon Sung Park, Co-Founder & CEO of Simile, the $2B AI startup building foundation models of human behavior, backed by Greenoaks, Index Ventures, + investors including Fei-Fei Li & Andrej Karpathy.

Simile is building digital twins of real people to simulate how individuals, consumers, and entire populations make decisions. Its foundational Stanford research demonstrated 85%+ accuracy in predicting human behavior, and today the company has partnerships providing access to over 40 million real people globally.

Companies including CVS, Wealthfront, Deloitte, and Banco Itaú are already working with Simile to understand their customers, test products, optimize messaging, and simulate decisions before deploying them in the real world.

We discuss how Joon's original Stanford research, Smallville, evolved from 25 autonomous AI agents into a $2B company, why human behavior is more predictable than we think, and how simulations could transform traditional market research, corporate strategy, and decision-making.

We also put Simile to the test. Before our interview, Joon simulated our conversation using AI, and the model correctly anticipated one of my opening questions.

Joon Sung Park: https://x.com/joon_s_pk

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: ⁠https://youtu.be/-6Kg5N7JL7I⁠

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit:http://mercor.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

Former Twitter CEO & CTO Parag Agrawal predicts AI agents could drive another 5,000–10,000x increase in web usage, fundamentally transforming how the internet operates and makes money.

Now Founder & CEO of $2 Billion Parallel Web Systems, Parag is building the search infrastructure for an internet where AI agents, not humans, become the primary users. With a reported $230M raised, customers including Harvey and Notion, and a team that has grown 4x this year, Parallel is positioning itself at the center of the AI infrastructure boom.

Recorded at Index Ventures in San Francisco, we discuss the massive GPU demand behind AI search, why traditional advertising and subscription models could break, and how Parallel is developing a new way to compensate content owners as agents replace human browsing. Parag also explains why the web will shift from reactive to proactive, how he's scaled Parallel from 30 to 120 employees this year, and lessons from his 11 years at Twitter as engineer, CTO, and CEO.

Parallel Web Systems was funded by Index Ventures.

Parag Agrawal: https://x.com/paraga

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: ⁠https://youtu.be/iRI6gTe1wGM⁠

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit:http://mercor.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Parag Agrawal, Founder & CEO at Parallel

(01:03) What is Parallel AI?

(05:28) Bots took over the web & it’s only the start

(07:22) Will people stick with AI agents?

(11:55) Why models will get bigger, smarter and cheaper

(14:47) Where AI startups actually find GPUs

(19:43) Is 10x a year the new normal?

(21:59) Searching the web faster than you can blink

(26:02) AI that knows what you need before you do

(26:57) Agents are breaking the web’s business model

(31:08) Good bots vs bad bots

(42:04) Why great models still give bad answers

(47:56) Proactive agents and the future of search

(51:30) The person who drives Parag’s ambition

Apollo bought Yahoo and AOL from Verizon in 2021 for about $5B, nearly half the $9B Verizon spent assembling them. 5 years later, Yahoo has returned Apollo’s capital in one of the fastest returning deals in the firm’s history.

Jim Lanzone has been CEO of Yahoo since September 2021. Yahoo ranks among the top 5 internet companies in the US, reaching roughly 90% of the American online population and 700M users globally each month across Finance, Sports, Mail, News, and Search. Jim previously served as CEO of Tinder, CBS Interactive, where he launched CBS All Access (now Paramount+), and Ask Jeeves, and co-founded eTour. He sits on the board of Snap.

We go inside the Apollo acquisition, a structure of roughly $4.25B in cash, $750M in preferred interests, and a 10% stake retained by Verizon, and how Jim works with Reed Rayman, now Head of the AI Sector at Apollo and still Yahoo’s board chair. Jim walks through reorganizing Yahoo into GM-led brands, shutting down and selling a money-losing ad tech stack, and divesting EdgeCast, TechCrunch, and AOL, which went to Bending Spoons for a reported $1.4B to $1.5B. We also cover Yahoo Scout, the company’s first in-house search engine in 17 years, and why startups with less than one-tenth of 1% of Yahoo’s users carry higher valuations.

“It’s one of the fastest returning deals in the history of Apollo. We are playing with house money now for what the upside could be here.”

We cover:

› Inside Apollo’s ~$5B acquisition and the deal structure

› Working with Apollo’s Reed Rayman on a growth-led turnaround

› Divesting AOL, EdgeCast, TechCrunch, and the ad tech stack

› Yahoo Scout, AI search, and 30 years of search data

› 700M monthly users and Yahoo’s valuation vs AI startups

Jim Lanzone: https://x.com/jlanzone

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/31JELwiXgMo

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit:http://mercor.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

Guillermo Rauch, Founder and CEO of Vercel, joins Sourcery from the company's San Francisco headquarters to discuss how AI agents are transforming software development, infrastructure, and the economics of SaaS.

Vercel has reportedly reached $600M in annualized revenue, growing 148% YoY, with more than 485,000 paying teams and a $9.3B valuation. Its infrastructure powers applications for OpenAI, Meta, Stripe, Shopify, DoorDash, and more.

AI agents now account for 60% of Vercel deployments, up from just 3% at the beginning of 2026. Guillermo explains why coding is becoming dramatically cheaper, why companies may eventually generate software instead of buying it, and how the internet is shifting from human interfaces to agent-native infrastructure.

We cover open vs. closed AI models, autonomous agents, cybersecurity, the future of SaaS, exploding compute demand, and how the role of software engineers is changing.

Guillermo Rauch: https://x.com/rauchg

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/WuorvLfAFmA

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://harvey.ai/

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Mercor—The human intelligence behind frontier AI. Frontier labs and leading enterprises use Mercor to turn the knowledge of 5M+ experts into the data, evals and benchmarks that make AI better at real work. Visit:http://mercor.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Guillermo Rauch, Founder & CEO at Vercel

(03:32) The simplest advice for going viral

(07:24) How Vercel became the index of AI

(14:34) Robots writing code for robots

(17:57) The web's next users aren't human

(21:15) Is ChatGPT reading your website right now?

(29:16) The end of SaaS and the rise of personal software

(34:07) AI agents are soldiers with no frontal lobe

(45:42) AI hackers and the coming cyber war

(52:10) 80% of tokens now go to open models

(59:00) The biggest risk for frontier labs

(1:04:00) Can AI labs survive the public markets?

(1:06:28) Why AI has Silicon Valley working 7-7-7

(1:16:56) Your vibe-coded demo won't get you hired

(1:22:22) The hardest part of running a company is keeping it simple

(1:27:01) Why no company can run all its AI apps 24/7

Dr. Nworah Ayogu, MD, MBA, Partner at Thrive Capital, joins Sourcery to discuss how AI is transforming drug discovery, medicine, and the economics of healthcare.

A Harvard-trained physician, founding team member of Cityblock Health, former General Manager of Amazon Clinic and first Chief Medical Officer of Amazon Pharmacy, Nworah is now a partner at Thrive Capital. The investment firm has grown to over $65bn in AUM and its healthcare portfolio includes Neuralink, Nudge, Isomorphic Labs, OpenEvidence, OpenAI, Oscar Health, and Cadence.

We cover AI's potential to accelerate drug development, Isomorphic Labs and Demis Hassabis, Neuralink's brain-computer interfaces, OpenEvidence's rapid adoption among physicians, personalized medicine, and the emergence of 10X doctors and nurses.

We also explore some of Thrive’s breakout healthcare incubations, the next generation of trillion-dollar healthcare companies, and why AI's most important breakthroughs may happen in medicine rather than software.

Disclaimer: This podcast is for informational purposes only. The views expressed are the speaker's own as of the recording date and are subject to change. Thrive funds and their affiliates have investments in certain companies discussed in this episode. References to those companies are illustrative, do not represent all investments made by Thrive, and should not be viewed as recommendations or indications of future investment performance. Past performance is not indicative of future results.

Dr. Nworah Ayogu: https://www.linkedin.com/in/nworah

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/gYA2yyV6U5E

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: https://www.harvey.ai/

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

Perplexity Founder & CEO Aravind Srinivas believes the next wave of American economic growth could come from smaller, AI-native businesses, not just the largest technology companies.

Perplexity, valued at ~$20B with more than $2B in reported funding and backing from NVIDIA, SoftBank, IVP, NEA, Accel, Jeff Bezos, and Elad Gil, has evolved from an AI answer engine into a platform for autonomous agents, research, and knowledge work.

I sat down with Aravind at Perplexity's new San Francisco headquarters to discuss the economics of AI, the future of entrepreneurship, and why agents could enable a generation of smaller, more profitable companies.

Aravind reveals that Perplexity's revenue is growing 5x year over year, enterprise adoption is accelerating, and one solopreneur is spending over $1M annually on Perplexity Computer while generating $3M in annual revenue.

We also explore Perplexity's bet on local AI, its work with NVIDIA and Apple, and why the company has no plans to build its own data centers despite the massive infrastructure buildout underway.

Aravind Srinivas: https://x.com/AravSrinivas

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/1C8_n9nnx5Y

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Harvey—The AI platform built for legal work, is helping the best firms and companies close deals faster. More than 200,000 lawyers, 80% of the Am Law 100, and over 20% of the Fortune 500 build with Harvey. Visit: http://www.harvey.ai

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure:

Paid Ad. Agents are an experimental AI tool. Its output may be inaccurate and is not investment advice. Public Holding’s, Inc. makes no guarantees about its accuracy or reliability—verify independently before use. Brokerage accounts and services provided by Open to the Public Investing, Inc. See additional disclosures at https://public.com/disclosures/agenticdisclosures.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Aravind Srinivas, Co-founder & CEO of Perplexity

(01:30) Why Perplexity's brand is built on curiosity

(08:18) How to build a $1T company in America alone

(13:45) Is the American dream still alive?

(16:28) Stop blaming users for bad prompts

(22:55) How Perplexity quietly grew 5x

(28:28) "We don't have competitors, we have contributors"

(29:20) The data center is coming to your laptop

(34:32) Orchestrating up with NVIDIA, down with Apple

(39:17) Why Perplexity is skipping the data center race

(41:25) Stop asking AI to write code, ask it to think

(48:27) The Hugging Face incident & multi-agent threats

(53:31) Why Perplexity isn’t chasing a billion users

USV spent 20 years keeping its funds small on purpose. Its new $900M raise is the largest fund cycle in the firm’s history.

I sat down with USV General Partners Fred Wilson, Rebecca Kaden and Michael Mignano at the firm’s New York office to unpack why one of venture capital’s most disciplined early-stage firms is getting bigger now, and what they think the next era of AI will look like. Together with General Partner Nick Grossman, they’re leading USV into its next chapter.

USV was early to Twitter, Coinbase, Stripe, MongoDB, Twilio, Etsy, Duolingo and Abridge. More than 20 years after Fred Wilson and Brad Burnham laid out the firm’s original internet thesis, Fred believes AI today looks a lot like the internet in 2003. The infrastructure is here, but many of the defining applications have yet to be built.

We get into why AI is making products cheaper to build but breakout companies potentially more expensive to create, why ARR can hide weak retention, the growing importance of founder storytelling, personal AI agents, the “Rebel Alliance” around open AI infrastructure, and why energy may be one of the cleanest bets on AI.

At the center of USV’s new thesis is “obliterate, don’t automate.” Instead of making existing industries incrementally more efficient, AI could completely restructure them. Fred’s version is simple. Don’t hire a lawyer, use an AI lawyer. Don’t hire an accountant, use an AI accountant. Don’t hire a doctor, use an AI doctor.

Fred Wilson: https://x.com/fredwilson

Rebecca Kaden: https://x.com/rebeccakaden

Michael Mignano: https://x.com/mignano

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/sYH4fKKtSPw

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

John Collison, Co-Founder of Stripe, on how AI agents are changing commerce, payments and the internet itself.

I sat down with John at Browserbase Navigate to talk agentic commerce, computer use, cybersecurity and why Stripe considers 2026 the beginning of the “singularity epoch.” We get into why computer use could be the next major leap in AI, how agents will reshape product discovery and transactions, and why Stripe is rebuilding parts of its infrastructure for AI instead of humans.

We also cover Stripe’s acquisitions of Bridge, Privy, Metronome and OpenRouter, usage-based billing, multi-model routing and how AI is already transforming workflows inside Stripe.

Browserbase builds infrastructure for AI agents that use the web, providing cloud browsers and tooling that let agents navigate websites and take actions across existing web interfaces.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Stripe’s $1.9T & Rebuilding for AI
(00:31) Why Agents Will Replace Web Forms
(02:20) How AI Rewires Commerce & Product Discovery
(04:40) Why AI Could Mean More Cyberattacks
(06:49) Why Stripe Says the Singularity Started in 2026
(09:29) Stripe Is Rebuilding Its APIs for AI Agents
(11:38) Why Stripe Bought Bridge, Privy, Metronome & OpenRouter
(15:12) When Stripe Builds vs. Buys
(16:55) How AI Is Changing Stripe Internally
(20:39) How John Keeps Up With AI
(23:28) The Coming Good Bot vs. Bad Bot Problem
(24:53) 17 Years of Lessons Building Stripe

Jonathan Siddharth, Co-Founder & CEO of Turing, joins Sourcery to break down how AI training & deployment are changing in 2026.

We cover the shift from training models to pass benchmarks to training agents for real work through RL environments, and why AI agents that can operate for days today could eventually work autonomously for weeks, months and years.

Jonathan explains why open-weight models are now roughly 3–6 months behind the frontier, why enterprises are building their own AI systems, and how companies should think about frontier vs. sovereign AI, model routing, distillation and owning their proprietary learning loops.

“There's absolutely a place in the world for Ferraris & Koenigseggs. But there's also a place in the world for Model Ys.”

We also get into reward hacking, emergent behavior, AI safety, recursive self-improvement, super intelligence (SI) and why Jonathan believes AI will see a slower takeoff over the next decade rather than an overnight transition.

Jonathan Siddharth: https://x.com/jonsid

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/nI1owceD-xg

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Jonathan Siddharth, Co-Founder & CEO at Turing

(01:03) The biggest shift in AI data this year

(04:10) Why AI won't replace jobs, but uplevel them

(08:31) The arms race inside cybersecurity

(11:22) Why train AI on what it shouldn't do?

(15:45) The Hugging Face hacking incident

(22:33) How AI models cheat to win

(27:40) The AI playbook

(32:20) Open models are only 3–6 months behind

(41:30) Why chips, energy and data always win

(47:27) Is superintelligence by 2030 the goal?

(53:32) Jonathan's hottest take on AI

(55:00) The next 10 years of superintelligence

Annie Lamont is Co-Founder and Managing Partner of Oak HC/FT, the healthcare and fintech investment firm she built with Andrew Adams. Across 40+ years she has managed $14B, backed 70+ successful exits and 15 IPOs, and been named the top healthcare investor on the Forbes Midas List multiple times. Her portfolio includes athenahealth, Devoted Health, One Medical, CareBridge, VillageMD, Main Street Health, Komodo Health, and Chai Discovery.

Recorded at the New York Stock Exchange, the conversation covers China taking 50% of pharma's outside research dollars, clinical trial reform at the FDA, and Chai Discovery's roadmap from antibodies to peptides to small molecules. Lamont also explains how AI can cut the 25% to 30% of healthcare costs that are administrative.

On the investing side, she walks through backing repeat founders Todd Park and Brad Smith, CareBridge's acquisition by Elevance, Oak's $1M to $100M check sizes across a $2B fund, and newer portfolio companies Halluminate and Auger. The episode closes with the Brex Performance segment on mentors.

"I just think you've got 10% of the world that's worth it & 90% that's not."

We cover:

› Why AI drug discovery changed in the last 2 years

› China's rise in life sciences

› Devoted Health tripling in size and halving its operating ratio

› Why only 10% of AI companies justify their valuations

› Auger and Dave Clark's $100M AI supply chain build

Annie Lamont: https://x.com/annielamont

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: ⁠https://youtu.be/sjd_G6-k930

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Annie Lamont, Co-Founder & MP at Oak HC/FT

(00:56) How AI reshaped the line between Healthcare and Fintech

(08:35) The China threat to American drug development

(17:03) Are Hospitals actually at risk from AI?

(23:26) How AI will transform your healthcare experience

(32:58) How M&A is changing in Healthcare

(58:49) What's kept Annie Lamont going for four decades

AI's next bottleneck? It might not be GPUs. Memory prices have risen 700% this year, while power, cooling and data transfer are all becoming major constraints on the AI infrastructure buildout. At the same time, the semiconductor industry is approaching the physical limits of simply making transistors smaller.

I sat down with Steven Latré, VP of AI at imec and Thema Board Member, and Adam Chambers of Strike Capital, to talk about what comes after the GPU and where the next wave of value in AI infrastructure could be created.

We get into

› Why memory is already one of AI's biggest bottlenecks

› The power, cooling and data transfer constraints behind inference

› Why photonics could become a critical technology for the next generation of chips

› What happens as Moore's Law approaches the limits of physics

› Why Steven thinks we'll laugh at today's AI in 5–10 years

Steven describes imec as the “hidden gem” of semiconductors. The organization works years ahead of the commercial market, with the world's biggest chip companies coming through its facilities to develop technologies that may not reach the market for another 7–10 years.

His hottest take is that today's LLMs will eventually look like dial-up internet.

“I think we're gonna laugh 5-10 years from now at how old-fashioned AI was today.”

Recorded at the Strike x Sourcery Summit in the South of France.

Steven Latre: https://x.com/slatre

Adam Chambers: https://www.linkedin.com/in/adam-chambers-0b2009274

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/6-q_8T_m5GM

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Europe is preparing to mobilize up to €800B in additional defense spending. But money alone doesn't solve one of its biggest problems.

After decades of underinvestment, Europe's defense industry needs to dramatically increase its ability to manufacture at scale. Component lead times can stretch into years, certain contracts can take 4–5 years to deliver and modern warfare increasingly requires systems produced in the tens of thousands, hundreds of thousands or even millions. As Aistis Šimaitis puts it, “Volume wins.”

I sat down in Monaco with Aistis, Co-Founder & CEO of Onodrim and former head of Palantir's commercial business in Europe, George Hadjiminas, Chief Strategy Officer at Theon International & EFA Group, and Bruno Wejchert, Partner at Strike Capital.

We get into

› How Ukraine exposed the gaps in Europe's defense industrial base

› Why manufacturing and volume matter as much as new technology

› Why autonomous warfare requires dramatically cheaper components at massive scale

› Why George believes “prototypes don't fight wars”

› Bruno's prediction that Europe could produce a $500B defense company within the next decade

The conversation covers everything from autonomous systems and defense procurement to the lessons Aistis took from Palantir and why George believes “prototypes don't fight wars.” As billions flow into European defense, the question is increasingly not just who can build the best technology, but who can actually manufacture and deliver it at scale.

Recorded at the Strike x Sourcery Summit in the South of France.

Aistis Šimaitis: https://www.linkedin.com/in/aistissimaitis/

George Hadjiminas: https://www.linkedin.com/in/georgioshadjiminas/

Bruno Wejchert : https://www.linkedin.com/in/bruno-jan-wejchert-00b46a1a6/

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/X_1wGD6nxbo

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

AI's next infrastructure bottleneck? It's everything connecting them.

As AI models grow, they increasingly need to run across massive clusters of GPUs. Traditional copper interconnects are running out of steam, pushing the industry toward optical interconnects and silicon photonics.

I sat down with Thema's Herwig Van Hove and Yannick De Koninck in Monaco to go deep on the photonics supply chain powering the next generation of AI infrastructure.

Yannick spent five years at NVIDIA, where he helped build its silicon photonics technology from scratch to product-ready maturity. He left what he calls the “golden palace” to join Thema and help build large-scale photonics manufacturing in Europe.

Herwig comes from deep tech investing and saw a different problem. The innovation was ready, but the industrial supply chain wasn't prepared for the speed or scale of AI demand.

We get into

› Why copper is running out of steam inside AI infrastructure

› How photonics could reduce the networking and energy bottlenecks facing AI factories

› Why the photonics supply chain wasn't prepared for the AI boom

› What Yannick learned building silicon photonics at NVIDIA

› Thema's plan to begin production in 2027 and build a major photonics manufacturing platform in Europe

Thema believes the opportunity extends far beyond a single component.

“If you look at an AI factory today, half of that is GPUs, but the other half is the technology to interconnect these GPUs.”

Herwig believes Europe has a rare opportunity to turn decades of photonics research into industrial scale, pointing to ASML as proof that Europe has done it before.

Recorded at the Strike x Sourcery Summit in the South of France

Herwig Van Hove: https://www.linkedin.com/in/herwigvanhove

Yannick De Koninck: https://www.linkedin.com/in/yannick-de-koninck-63304314/

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/HfSIbxNv-To

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Stord is on track to cross $1 billion in annual revenue this year after 10Xing the business over the last four years.

The goal: level the playing field with Amazon Prime for the other two-thirds of commerce on the internet.

I sat down with Stord Founder & CEO Sean Henry in Cap Ferrat to talk about the company's $250M Series F, its massive bet on robotics and AI, and why he believes the biggest value from this technology may ultimately accrue to physical businesses, not the AI and robotics companies themselves.

Stord now processes roughly 100 million packages a year reaching about one-third of U.S. households, representing nearly $20 billion in GMV and generating around 8 billion operational data points annually.

We get into:

› Why Stord is going hard on agentic robotics and AI

› The data advantage behind 100M packages a year

› Why humanoids may be the wrong form factor for warehouses

› How acquisitions and vertical integration are accelerating Stord's scale

› Going from Thiel Fellow at 19 to building a $1B+ revenue business

Sean also explains the flywheel behind Stord: more volume creates greater density, lower costs and faster delivery, which in turn makes the company more competitive as it scales.

His hottest take is that today's AI and robotics companies may eventually become commoditized as the technology becomes cheaper and easier to replicate internally.

Instead, he thinks the value accrues to the application layer and real-world businesses putting that technology to work.

Recorded at the Strike x Sourcery Summit in the South of France

Sean Henry: https://x.com/seanhenry

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: ⁠https://youtu.be/oMKuy_-vXa4

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Deel went from $1M to $100M in ARR in under 20 months, then from $100M to $1B in just 3 years.

Today, the company has surpassed $1.5B in revenue and is valued at $17.3B.

I sat down with Shuo Wang, Co-Founder & CRO of Deel, to break down the sales and operating machine behind one of the fastest-growing companies in tech.

Shuo co-founded Deel alongside Alex Bouaziz, Co-Founder & CEO, in 2019. They built Deel as a global company from day one. Today, the company helps businesses hire, manage and pay teams around the world.

We get into:

› How Deel scaled from $100M to $1B in three years

› Why Shuo thinks founders simply aren't selling enough

› Building and incentivizing a remote sales organization across 120 countries

› How an MIT-trained robotics engineer became CRO and applies systems thinking to sales

› Shuo and Alex's founder dynamic, going global from day one and what she's learned from James Dyson and Jeff Bezos

Recorded at the Strike x Sourcery Summit in the South of France

Shuo Wang: https://x.com/shuooo

Molly O’Shea: https://x.com/MollySOShea

Sourcery: ⁠https://x.com/sourceryy

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: ⁠https://youtu.be/9_hERpzF_E0

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Zone—develops next-generation data center campuses, partnering with AI companies, site developers and technology leaders to bring compute online faster and at scale. Visit: https://zonefrontier.com/

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://getvcx.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery

• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Shuo Wang, Co-Founder & CRO at Deel

(00:41) How Deel went from $100M to $1B ARR in 3 years

(02:43) Why Deel went global from day one

(03:36) Who uses Deel? From ElevenLabs to Chanel

(04:16) Hot take: People need to sell more

(05:15) Why sales is really about systems

(06:18) How to build a winning remote sales team

(07:48) Going global with Snoop Dogg

(08:34) How Shou and Alex divide the roles

(09:23) The founder who inspired Shuo

(10:24) The Bezos mindset

(11:36) Hot take: Why founders need to sell more