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Hi Reader, Earlier this year, people were talking about Anthropic going public at $2 trillion. This week it set a price range that values it closer to $1 trillion. Most people are blaming the stock market. I think something more interesting is going on. Free AI models that anyone can download are getting good enough to do a lot of what Claude and ChatGPT can do, presenting a real problem for a company that has signed up for more than half a trillion dollars in compute bills. In this week's...
Hi Reader, If your body temperature ran 1.5 degrees above normal, you'd call it a fever and take it seriously. Our planet is running about that hot right now, yet most of us still don't think of climate as a health problem. At our recent health equity summit, I saw just how wide that gap is, even among people who work on health every day. In this essay I write about why the connection gets missed, who's left out of the climate conversation, and why the problems that fall between climate and...
Hi Reader, This one is a bit of a hot take. When USV and Benchmark announced their biggest funds ever this fall, a lot of people read it as the end of the small fund. I see it differently. Back in August, I gave a short talk to a room of emerging managers about what I call fee funds and carry funds. Once a fund gets big enough, the management fee becomes the business, and that changes which companies get funded. This piece builds on that talk. It covers what it means for founders and LPs, why...