AGENDA:

04:30 Groq Acquired by NVIDIA for $20BN: The Breakdown

17:13 Meta's $2BN Acquisition of Manus: Did They Sell Too Early

36:04 OpenAI's Stock-Based Compensation Strategy

47:42 Will AI Replace Venture Capitalists

56:13 Navan Trading at 4x ARR: Who is Good Enough to Go Public?

01:09:46 The Rise of Invisible Unemployment

01:14:21 The Future of Work and Education in an AI-Driven World

I have interviewed 1,000 entrepreneurs over 10 years. Nik Storonsky and our guest today are the two best that I have interviewed.

Joining the show today; Alan Chang, Co-Founder and CEO of Fuse Energy. Alan has scaled Fuse Energy from $2M in revenue in the first year, to $20M the second year to now $400M in the third year. Like Netflix beat incumbents to own media, Revolut beat incumbents to own banking, Fuse will beat incumbents to own energy. Prior to founding Fuse, Alan was one of the first three hires at Revolut where he played a crucial role alongside Nik (Founder) in scaling the company to over $75BN valuation.

AGENDA:

00:04:00 — The interview process that led to the $150M pay packet

00:05:05 — The moment I knew Revolut was going to be a $TRN company

00:06:10 — How Revolut drove speed and urgency in their teams

00:07:35 — Biggest lesson from Nik Storonsky @ Revolut

00:09:40 — If you want to build a generational company, you cannot have work-life balance

00:11:40 — What I disagreed with Nik @ Revolut on most

00:13:35 — Is Nik right that Revolut should have got a banking licence earlier?

00:15:05 — The green movement and the idea of "using less" is BS

00:22:55 — Why China is the shining light for regulation to follow

00:33:00 — What Nik at Revolut taught me about ownership and excuses

00:34:50 — The signs of truly top performing people in a team

00:36:55 — We do not have enough ambitious founders — we need to do more, not focus

00:39:55 — You need to work weekends to win

00:43:50 — Every single year we 10x revenue — now at ~$400M

00:44:35 — Why Eastern European engineers are the best

Items Mentioned in Today's Show:

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Matt Fitzpatrick is the CEO of Invisible Technologies, leading the company's mission to make AI work. Since joining as CEO in January 2025, he has raised $100M and accelerated AI adoption across industries from sports to consumer and government. Previously, Matt was a Senior Partner at McKinsey, where he led QuantumBlack Labs, the firm's AI R&D and software development arm.

AGENDA:

04:40 Interview with Matt Fitzpatrick: Career Journey and Leadership

09:35 The Single Biggest Barriers to Enterprises Adopting AI

15:26 It is BS That Enterprises Can Adopt AI Without Forward-Deployed Engineers

28:05 Are AI Talent Marketplaces Dead? What is the best model?

46:33 How Does the Data Labelling Market Shake Out: Who Wins/ Who Loses

48:27 Are Revenue Numbers for Data Labelling Real Revenue? Or GMV?

51:20 Best Capital Allocation Decision? What did Matt Learn from it?

53:19 How Important is Brand for AI Companies Selling Into Enterprise?

01:05:59 Remote Work vs. In-Person Collaboration

01:17:06 What Does No-One Know About the Future of AI That Everyone Should Know

AGENDA:

03:48 Founder of the Year 2025

06:58 Product of the Year

10:05 Fund of the Year

20:52 Breakout Companies of 2025: Who Made the Biggest Impact?

26:57 Biggest Surprises of 2025

32:57 Predictions for 2026: Top Performing Tech Stocks of the Year

35:25 B2B Stocks to Watch

38:31 Why Salesforce Could Be the Buy of 2026

47:11 Google, Meta, Apple, NVIDIA, Microsoft: Buy One, Short One

55:38 IPO Speculations: Who Will Go Public in 2026

01:00:57 The Impact of AI on Employment

Gérald Marolf is the Chief Product Officer at On Running. Gérald oversees the full range of On's shoes, apparel and accessories to make sure each delivers performance, comfort and style. Before On, Gérald spent over a decade building consumer brands with collaborators such as Microsoft and Ferrari.

AGENDA:

00:00 – Why Most "Great Products" Fail to Create Emotion

03:00 – How Perfume Taught Me Everything About Desire & Product

06:10 – The Brutal Reality of Building Physical vs Digital Products

16:00 – Why "Simple Design" Is Overrated and Dangerous

23:00 – Why Vuori is the Brand to Short in Consumer

28:30 – The Biggest Product Mistake: Listening to Customers Too Much

32:10 – On Only Do Tennis Because of Roger Federer

38:30 – Were We Too Late to Marathon Running? A Painful Admission

43:40 – The Most Controversial Product On Has Ever Launched

49:00 – Are Counterfeits Good or Bad in Fashion?

AGENDA:

03:32 Lightspeed's $9 Billion Fundraise

05:20 The Impact of Mega Funds on Seed VCs

10:09 The Supercycle of Growth and Late-Stage Investments

13:06 Disney Invests $1BN into OpenAI and What It Means

23:19 Oracle Hit Hard: Is Now the Time to Buy

28:34 Broadcom's Market Cap Drop and Anthropic's AI Chip Orders

35:04 Cursor Competes with Figma: The Convergence of Design and Coding Tools

46:20 The Biggest Danger for Incumbents: Being Maimed by AI

55:28 Boom Supersonic Raising $300M to… Power Data Centres… WTF

01:00:24 Will SpaceX IPO at $1.5TRN and The Elon Option Value

David George is a General Partner at Andreessen Horowitz, where he leads the firm's Growth investing team. His team has backed many of the defining companies of this era, including Databricks, Figma, Stripe, SpaceX, Anduril, and OpenAI, and is now investing behind a new generation of AI startups like Cursor, Harvey, and Abridge.

AGENDA:

03:05 – Why Everyone is Wrong: Mega Funds Does Not Reduce Returns

10:40 – Is Public Market Capital Actually Cheaper Than Private Capital?

18:55 – The Biggest Advantage of Staying Private for Longer

23:30 – The #1 Investing Rule for a16z: Always Invest in the Founder's Strength of Strengths

31:20 – Why Fear of Theoretical Competition Makes Investors Miss Great Companies

35:10 – Does Revenue Matter as Much in a World of AI?

44:10 – Does Kingmaking Still Exist in Venture Capital Today?

49:20 – Do Margins Matter Less Than Ever in an AI-First World?

53:50 – My Biggest Miss: Anthropic and What I Learn From it?

56:30 – Has OpenAI Won Consumer AI? Will Anthropic Win Enterprise?

59:45 – The Most Controversial Decision in Andreessen Horowitz History

1:01:30 – Why Did You Invest $300M into Adam Neumann and Flow?

Raaz Herberg is the Chief Marketing Officer and VP Product Strategy at Wiz, the fastest-growing cloud security company in history. As one of the first 10 employees, Raaz has helped scale the business from nothing to a multi-billion-dollar ARR business. Before Wiz, Raaz was a Senior PM working on Azure at Microsoft.

AGENDA:

03:51 What No One Knows About The Early Wiz Days

09:08 Most Effective Marketing Wiz Ever Did? Lessons from it?

24:11 How Wiz Mastered Enterprise Sales and Product Development

39:12 The Value of Proof of Concept an Why Everyone Gets Them Wrong

44:23 Why The Best Leaders Give More Equity Than They Should

52:55 The Impact of COVID on Business Operations

01:01:33 What in AI is No One Talking About That Everyone Should Be?

01:07:29 Why Does Raaz Think Custom Tools Will Dominate the Enterprise?

AGENDA:

03:46 SpaceX's $800 Billion Valuation: A Deep Dive

09:18 IPO Market Predictions for 2026

18:18 Netflix's Bold Move: Acquiring Warner Brothers

27:43 Tiger's New Fund Strategy

33:02 Databricks' Head of AI $500 Million Seed Round

36:38 Harvey Raises $160M at an $8BN Valuation

48:22 Will LLMs Kill the App Layer

01:02:02 Google's AI Capabilities

01:06:58 Chinese Open Source Models in US Startups

01:08:57 Airwallex Raises $330M at an $8BN Valuation

01:23:50 Prediction Markets and Insider Trading

Tarek Mansour is the Co-Founder and CEO @ Kalshi, the leader in the world of prediction markets. Just last week, they announced their $1BN raise at an $11BN valuation. In total, they have raised $1.59BN from some of the best, including Sequoia, a16z, General Catalyst, IVP, Meritech, and more. They also last week announced exclusive partnerships with CNN and CNBC, marking their move into mainstream media and news.

AGENDA:

03:28 Why Did Kalshi Need to Raise $1BN

10:35 Why is Kalshi vs Polymarket Such a Fierce Rivalry?

20:44 The Future of Prediction Markets

25:09 Why Does Kalshi Partner with CNN When They Could Replace Them?

26:27 Why Did Tarek Fight For the Rights of his Early Investors So Much?

27:25 What Makes Alfred Lin The Best?

29:19 Does Having Sequoia as an Investor Change the Game?

36:58 Are Teenage Founders Today Emotionally Ready to Lead Companies

38:30 Quick Fire Round: Celebrity Investors, Relationships with Parents