In this one-on-one episode, Immad and Raj catch up on what's happening in tech, and what founders should actually be paying attention to right now.

Fresh from DC, Immad shares a surprising disconnect he observed about AI regulation and market sentiment. The conversation moves through whether we're in another bubble, the startup metrics that are being gamed again, and the infrastructure realities that might change everyone's timelines.

They also get into the fundamentals that separate sustainable companies from hype-driven ones: why retention matters more than growth, what to do after raising at a high valuation, and the frameworks they actually use to make spending decisions.

Plus updates on what they're building at Mercury, Tribe, and Lima—and the lessons they're learning along the way.

A candid founder-to-founder conversation about navigating uncertainty and building for the long term.