The Data Minute

What actually separates a great early-stage bet from an obvious one? This week on The Data Minute, Peter sits down with Lan Xuezhao, Founder and Managing Partner of Basis Set Ventures, fresh off closing the firm's $250 million Fund IV.

Lan built Basis Set in 2017 as one of the first venture funds structured specifically around AI, years before AI became the entire market's obsession. Her portfolio includes an early bet on Scale AI before the fund technically existed, along with Quince, Path Robotics, Workstream, Ergeon, Cusp, and Drata. She and Peter dig into why she deliberately looks for founders who don't come from the obvious pedigree or the most hyped category, how she reads "speed of learning" in a founder across a single meeting or a string of them, and why she thinks a chart everyone loves (fastest company ever to $100 million in revenue) is one of the most misleading in venture right now.

The conversation also covers her thesis behind backing Quince as a supply chain company rather than a consumer brand, why robotics went from a graveyard of failed bets to the hottest category in the market, how AI is compressing deal diligence from weeks to days, and her framework for thinking about secondaries with LPs who have stuck with her since fund one. It closes with a personal story: raising her first fund five months pregnant, and the LPs who told her flatly she was crazy to try.


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Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
00:00 – Intro: Reading the Bifurcated Seed Chart
01:20 – Why Unknown Founders Command Premium Valuations
03:38 – Higher Valuation, Lower Multiple: The Math of Being Late
04:18 – Two Types of Companies Basis Set Backs
05:33 – Defining "Good": Avoiding the Most Obvious Space
07:14 – Is Revenue-Per-Employee a Real Signal or Just Vanity?
08:55 – Defining "Speed of Learning"
11:55 – Do the Most Expert Founders Struggle to Update Their Views?
13:14 – The Interview Trick: Pick Any Topic, Go Deep
16:31 – The Revenue Chart Everyone Loves (and Why It Lies)
18:48 – Margin, Retention, and What Actually Matters at Seed
21:19 – Why Series A to B Is the Most Confusing Stage
22:35 – Using AI to Compress Diligence From Weeks to Days
24:16 – The Quince Thesis: Supply Chain, Not Consumer Brand
27:06 – Robotics: From Graveyard to Hottest Category
27:54 – Model Commoditization: Real Risk or Lazy Narrative?
30:07 – The San Francisco Premium: Moving Here Doubles the Price
33:27 – Does Sky-High Ambition Help Companies or Kill Them?
36:17 – LP Sentiment: Recycling Capital, and Why the Type of LP Matters
40:28 – A Framework for Secondaries: Baskets, Founders, and the Data Point That Worries Her
44:13 – Are There Too Many VCs?
45:51 – Fund Four: When a Firm Stops Feeling Like a Collection of Funds
47:26 – LPs Aren't Backing the Outcome, They're Backing the Process
48:34 – Raising Fund One Five Months Pregnant, and Being Called Crazy
49:14 – Outro

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

What does it actually take to build an executive team from nothing? This week on The Data Minute, Ashley Neville fills in for Peter and sits down with Francois Ajenstat, Founder and CEO of Golden Analytics, to talk hiring at the earliest stages of a company, from seed through Series B.

Francois spent over a decade as Chief Product Officer at Tableau before leading product at Amplitude, and recently launched Golden Analytics, an AI-native BI platform that just closed $21 million in total seed funding. He walks through why he sees fundraising as less about the check and more about finding long-term partners, why he never set out to build a foundational model, and why he thinks the fear around AI replacing data analysts has it backwards. He also breaks down his approach to those first few hires: starting with people he trusts completely, using Carta's own compensation data to build trust with candidates during offer negotiations, and the three-part test he runs on every new hire around AI fluency, taste, and ownership of outcomes.

The conversation also covers Golden's unconventional customer feedback loop, the surprising order in which startups actually hire across functions, and Francois's long-running framework for job satisfaction: the work, the people, and the recognition.

Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
01:17 – Announcing the $21M Seed: Fundraising Is About Partners, Not Just Capital
02:57 – Pitching Golden Analytics: Zig When Everyone Else Zags
06:06 – Why Golden Isn't Building Its Own Foundational Model
07:48 – The Privacy Question: Why Golden Never Sends Customer Data to the Models
09:17 – Will AI Replace the Data Analyst? (No, It Makes Them 10x)
10:57 – From CPO to "Solo" Founder: Why the Label Never Fit
13:14 – Hiring Employee One: The Former Tableau CTO
15:17 – Using Carta's Comp Data to Build Trust with Candidates
17:42 – Thinking About the ESOP from Day One
19:08 – The New Hiring Bar: AI Fluency, Taste, and Ownership
21:44 – Inside a Seven-Person Company Outshipping the Competition
22:46 – No Wall Between Customers and Engineers
24:33 – Making Customers Feel Like Founders
27:03 – An Unboxing: The Golden Analytics Coin
28:06 – The First Experience: What Happens When You Open Golden
29:33 – Surprising Data: Founders Hire Before They Raise
30:52 – The Order of Hires: Why CFOs Come Before Revenue
32:18 – Fractional vs. Full-Time: "Does This Make the Beer Taste Better?"
34:22 – What's Next to Hire: Engineers Ahead, Sales Behind
36:11 – Why Golden Skips the Middle: Senior Talent Paired With Junior Hunger
38:25 – Education, Fear, and Learning by Doing
41:15 – Building Carta's Own Report With AI, Faster
43:06 – Every Company Is a Data Company
44:27 – The Customer Data Francois Obsesses Over Daily
47:28 – Is SaaS Dead? Why the "Apocalypse" Headlines Miss the Point
49:21 – The Three-Factor Test for Job Satisfaction
51:47 – Redefining Appreciation: Experiences Over Titles
54:47 – What's Next for Golden Analytics
56:30 – Outro

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved. In the interest of transparency, Golden Analytics is a customer of eShares, Inc. dba Carta, Inc. ("Carta").  While we have invited them here today to discuss their journey, please note that this is not an endorsement, solicitation, or recommendation for Golden Analytics or Carta. Carta does not assume any liability for reliance on the information provided during this podcast.

What if you treated hiring at your startup like an NBA Front Office scouting for the next Draft? This week on The Data Minute Podcast, Ashley sits down with Kirk Lacob, EVP of Basketball Operations at the Golden State Warriors, to discuss what it's like to gather the data and make the calls on world-class basketball talent.

Kirk argues that data's real value in the draft isn't identifying the best players: everyone already knows who they are -- it's in improving decision accuracy at the margins, even by just 2-3%. He also helps viewers see the direct parallel between NBA salary cap constraints and startup equity allocation.

The conversation also compares winning a championship to a successful founder exit: both buy lasting equity with stakeholders that carries the organization through down years long after the moment has passed.

Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Read the Total Comp Scouting Report on Carta's Data Desk: https://carta.com/data-desk/

Chapters:
00:00 – Intro
00:54 – Draft Week: The NBA's Christmas Morning
03:02 – Data-Driven Decisions: From Moneyball to Margin Gains
07:31 – Constrained Resources: Playing Within the Cap
12:52 – Valuing Talent Beyond the Numbers
16:03 – Hiring for the Stage You're In, Not the Stage You're At
19:47 – Delegation, Letting Go, and the Cost of Control
25:02 – Failing Fast in a Sport That Remembers Every Loss
26:51 – The VC-Founder Parallel: Aligned Incentives (and Where They Break)
29:55 – Sweetening the Deal When the Number Isn't Enough
38:05 – Championship Equity: What Winning Buys You Long-Term

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved. In the interest of transparency, the Golden State Warriors are users of eShares, Inc. dba Carta, Inc. ("Carta").  While we have invited them here today to discuss their journey, please note that this is not an endorsement, solicitation, or recommendation for the Golden State Warriors or Carta.  Carta does not assume any liability for reliance on the information provided during this podcast.

How do you invest in what’s cool before the rest of the world catches on? This week on The Data Minute, Peter sits down with Amber Atherton, Partner at Patron, to explore the rapidly shifting landscape of consumer venture capital.

Amber reveals the tactical strategies she uses to keep her pulse on the cultural vanguard, including running multiple TikTok burner accounts and hunting for early micro-trends inside gamer communities and niche digital spaces. They dive deep into her recent thesis on "computational taste," analyzing whether AI models can possess or dictate authentic taste, and why design-native founders are uniquely positioned to win the next wave of tech adoption.

The conversation also covers the massive grey-market-to-mainstream pipeline powering the "American Peptide Boom," the business model shift behind ChatGPT's inevitable advertising play, and a transparent breakdown of the psychology of liquidity, including exactly when a founder should (and shouldn't) leverage secondary markets.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
00:18 – Intro: Consumer VC and Amber Atherton
01:09 – The Truth About Demo Day and Fundraising Reality
03:22 – Defining Consumer Investing: Trend Hunting vs. Fundamentals
05:09 – TikTok Burner Accounts and Tracking Gen Z Culture
09:02 – Computational Taste: Building the Taste Layer of AI
09:52 – Can an AI Model Have Genuine, Ephemeral Taste?
17:31 – The Squeeze: Where Consumer VC Stands Today
19:20 – Gray Market to Mainstream: The American Peptide Boom
22:51 – Formats and Vibe Coding: Amber's Writing Process
26:51 – "In My Bones": Why Amber Chose Venture Capital Over Being a Founder
30:10 – The Repeat Founder Conundrum: Motivation vs. Experience
31:09 – The Psychology of Liquidity: When to Take Secondary
33:36 – Honesty in the Idea Maze: Knowing When to Pivot or Return Capital
34:53 – ChatGPT Launching Ads: The Economics of Attention
36:04 – Spicy Question: Do Accelerators Work for Consumer Founders?
37:51 – "Peptide Summer": Net-New Brands vs. Incumbents in Wellness
39:58 – Outro: Headed to the Skate Park

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

Is seed investing facing an existential crisis? This week on The Data Minute, Peter sits down with Rob Go, Founding Partner at NextView Ventures, to discuss the structural shifts making the "game on the field" harder than ever for early-stage investors.

Rob explains why many successful seed VCs are exiting the industry and how the rise of mega-funds and massive accelerators like YC has squeezed traditional seed firms into a narrow "subset" of the market. They dive into the "feeder fund" phenomenon, the arbitrary nature of ownership mandates, and why the $1B–$3B exit range has become a "Death Valley" for startups.

Despite the current angst, Rob shares his optimistic "bull case" for 2030, explaining why diminishing competition and a rotation away from late-stage consensus will lead to a healthier venture substrate in the years to come.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
00:20 – Intro: Rob Go and the Seed Existential Crisis
02:16 – Defining Seed: Betting on anything before PMF
03:35 – Why senior seed VCs are exiting the industry
05:02 – The Squeeze: Mega-funds vs. Accelerators
07:02 – Scarcity vs. Abundance: What’s left for seed funds?
08:44 – The "Feeder Fund" trap and the factory supply chain
12:38 – The risk of taking seed money from a mega-fund
13:34 – Breaking down the 4 styles of seed investing
15:20 – Why specialist seed funds can be transient
19:29 – Super Compounders: Will exits keep getting bigger?
21:59 – The "Death Valley" of $1B–$3B exits
25:08 – The Blumhouse equivalent for venture capital
27:18 – Normalizing secondaries as an exit strategy
33:53 – Rant: Why ownership targets are backwards
39:04 – Offensive vs. Defensive bridge rounds
45:07 – "I've become way more Zen": Why the 2030 outlook is bullish
50:18 – Outro

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

There is a long-standing stigma in venture capital that debt is a "company killer." This week on The Data Minute, Peter Walker sits down with Marshall Hawks, former SVB expert and author of “Venture Debt Deals,” to debunk the myths and explain why debt is often the smartest addition to a founder’s equity mix.

Marshall breaks down the tactical reality of how these deals actually get done, from the "sniff test" lenders perform during office visits to the critical differences between venture banks and private credit funds. He explains how founders can use debt to survive 15-year exit timelines while minimizing dilution, and shares the specific red flags that indicate a startup is becoming over-leveraged.

Plus, Marshall offers a rare look at the "workout groups" that step in when things go wrong and explains why a company's General Counsel might not be the right person to lead a debt negotiation. Whether you are an early-stage founder or a late-stage operator, this episode is a definitive guide to capitalizing your business in a shifting market.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
00:16 – Intro: Marshall Hawks and the Venture Debt stigma
01:10 – Why Marshall wrote "Venture Debt Deals"
03:26 – Addressing the Paul Graham view: Is debt dangerous?
06:40 – When (and when NOT) to touch venture debt
09:14 – The "Insurance" Play: Why many founders never draw the capital
10:48 – Venture Banks vs. Private Credit Funds
13:00 – Understanding draw periods and interest-only terms
17:34 – Why your lender wants to visit your office (The Sniff Test)
22:28 – The market after March 2023: Life after SVB
26:09 – The "Workout Group": What happens when things go sideways? 
30:31 – Green flags: How to diligence your lending partner
33:50 – The legal process: Why GC’s need outside support
37:13 – Hidden costs: Why the company pays everyone’s legal fees
42:31 – Using debt to survive 15-year exit timelines
44:49 – Red flags: Debt service vs. opex ratios
48:06 – Final advice: Fundraising is not success

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

Live from the Chase Center in San Francisco, Peter gathers four leading venture investors to discuss the shifting landscape of private markets. This special episode features Salil Deshpande (Uncorrelated Ventures), Amit Patel (Owl Ventures), Vignesh Ravikumar (Sierra Ventures), and Corey Goodman, PhD (venBio Partners).

The episode covers why gross margins have become the most critical metric for AI model companies and how the rise of secondary markets is challenging the traditional ten-year fund structure. They explore the new "efficiency benchmarks" for startups, where founders are expected to reach milestones faster with significantly less capital and headcount.

We also dig into the reality of AI in biotech, the "Nvidia problem" regarding value capture, and why massive fund sizes often lead to a regression to the mean. Plus, the guests share the data points they wish they had, from true product retention to the complex inner workings of human biology.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
00:30 – Salil Deshpande: AI gross margins and value creation
01:29 – Why the rate of AI improvement is still increasing
02:02 – Secondary markets and the end of the 10+2 model
03:28 – How massive fund sizes impact price discipline
04:40 – Amit A. Patel: The shift in efficiency benchmarks
06:17 – Personalized learning and AI’s impact on education
08:00 – Justifying longer exit timelines with larger outcomes
09:47 – Matching capital deployment to fund strategy
11:42 – Vignesh Ravikumar: Building in the hyperscale era
13:00 – Capturing value outside of the model layer
13:41 – Fund size as a driver of conviction and ownership
14:50 – The unknown data on AI product retention
15:13 – Corey Goodman, PhD: Turning science into medicine
16:11 – Why AI is overhyped in the world of biology
17:50 – Why the 10-year model still works for biotech
19:27 – Why mega funds regress to the mean in life sciences

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

In this special deep dive episode, Peter is joined by his Carta Insights colleague Hamza Shad to unpack the operational reality of running a venture fund. They leave behind portfolio performance metrics to focus entirely on the business of the fund itself.

Peter and Hamza break down the data from Carta’s inaugural Fund Economics report. They analyze how much capital GPs are actually committing to their own funds, why anchor LPs are taking larger stakes, and whether the industry standard "2 and 20" fee structure is actually holding up.

They also discuss the hidden costs of fund operations, from legal fees to audits, and why the 2022 vintage is deploying capital slower than its predecessors. Plus, they answer audience questions on recycling capital, managing lines of credit, and why marking up SAFEs on SAFEs is a red flag for LPs.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
00:00 – Intro: The business of the fund
02:30 – GP Commit: How much skin in the game?
04:40 – Why PE managers commit more than VCs
05:58 – The rise of the Anchor LP
10:38 – Capital Calls: Timelines and delays
15:30 – Why the 2022 vintage is deploying slowly
19:53 – Is "2 and 20" still the standard for fees?
23:00 – Carry benchmarks across fund sizes
25:40 – The rarity of preferred returns in VC
27:00 – Operating Expenses: Legal vs. Tax costs
28:58 – Why audits are becoming mandatory
31:33 – The danger of marking up SAFEs
33:22 – Managing Manco expenses
35:24 – Q&A: When to call capital
41:35 – Q&A: Valuation methodology and stale marks
44:18 – Q&A: Secondaries and recycling capital
47:58 – Q&A: Thesis drift
49:28 – Outro

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

This week on The Data Minute, Peter sits down with Arian Ghashghai, Founding Partner at Earthling VC, to discuss his thesis of investing in "weird stuff early."

Arian explains why he bets on robotic oyster farms, virtual reality, and ocean exploration when other investors are chasing the latest consensus trends. He breaks down his "pirate ship" approach to venture capital and why being the first check is often more valuable to a founder than being the "most helpful."

They also discuss the current state of the VC market and why Arian believes many funds have shifted from true long-term investing to short-term trading. Plus, Arian shares his unfiltered advice on raising from LPs, why he ignores "signaling risk" from big funds, and why Zurich might have a higher talent density than San Francisco.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
00:00 – Intro: Investing in weird stuff
02:07 – Intro to Earthling VC
02:47 – The "weird stuff early" thesis
03:57 – Who are the LPs backing weird tech?
05:47 – Why VR is a polarizing investment
08:55 – The value of transparency with LPs
10:49 – Case study: Robotic oyster farms
14:36 – Do LPs push back on style drift?
16:06 – Why keep the fund size small?
18:50 – Portfolio construction: Diversified vs. Concentrated
19:56 – Fundraising advice: Find alignment, don't convince
25:46 – Can a solo GP really support 50 companies?
28:42 – The three types of investors: Biggest, First, Helpful
30:50 – Speed as a competitive advantage
33:03 – Why Safe caps are just demand-driven prices
34:11 – The cynicism of modern venture capital
38:02 – Are VCs investing or just trading?
41:31 – Do we need more VCs?
46:41 – Avoiding consensus deal flow
48:17 – Why Zurich is an underrated tech hub
50:50 – Why founders love explicit investors

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

Welcome to 2026. In this special New Year’s episode of The Data Minute, Peter sits down with his colleague Ashley Neville from Carta’s Insights Team to dissect the data that defined 2025 and forecast the trends shaping the year ahead.

Ashley and Peter analyze the "haves and have nots" market where AI startups command a 40% valuation premium over their peers. They explain why solo founders now account for over a third of all new companies and how capital constraints are driving this shift.

They also break down the changing landscape for startup employees, including why equity packages have dropped by 50% and why many departing workers are choosing not to exercise their options. Plus, they discuss the liquidity pressure facing VCs, the "Nvidia problem" for LPs, and what founders need to understand about the Safe market in 2026.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
01:14 – Ashley Neville joins the show 
02:18 – Fundraising: A market of "Haves and Have Nots"
03:47 – The 40% AI valuation premium
06:00 – Why the bar for media coverage has skyrocketed
07:34 – The surge of the Solo Founder (30% to 36%)
10:00 – The concentration of startups in SF and SaaS
11:17 – The new hiring reality: 10% leaner teams
13:34 – Why employee equity packages are down 50%
15:20 – Why employees are leaving options on the table
18:43 – The "First Employee" equity bump
21:10 – The need for better equity education
24:02 – The liquidity crisis: IPOs vs. Staying Private
28:05 – LP Psychology: Why invest in VC when you have Nvidia?
29:39 – Companies staying private for 16-18 years
32:10 – Fund Economics: VC vs. PE personal capital
36:20 – The most common founder questions (Safes & Dilution)
38:52 – Outro

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.