The pre-seed bubble, the measure of multi-billion AUM funds, the true cost of churn, and nobody knows what an AI agent is
Founders becoming GPs, 12 ideas from Don Valentine, the newest distribution channel to unlock, and five memos on early-stage companies we like
What YC is looking for, the 21 biggest stories affecting venture, and who is winning the search war
Seed rounds are more expensive than they’ve ever been, craft is the antidote to slop, the OpenAI mafia, and lessons from Roelof Brotha
The future of M&A, Techstars wants to mirror YC, a 10-year look at building a startup, and how language compresses itself
What AngelList is building, what you’re telling LPs when you raise your fund size, new fund I’s are popping up again, and how to get free AirPods on us
Data on early-stage valuations YoY, Morgan Stanley is entering privates, and discounts on some of the best tools we use every day
How to make sense of the former CTO of OpenAI's latest round rumors, tariffs and secondary buyers, and Founders Fund raises a massive growth vehicle
A glimpse into the future for VC as an asset class, virtue signaling is killing independent thinking, and the case for equity-for-services
The best things I found on X this week, digging your moat through typing a sequence of keys, and the importance of sales rep math
Escaping the venture treadmill, megafunds and the great re-risking, the year of the $1b secondary, and some VC returns data
Data on FF returns, creating leverage for AI-first teams, how VCs actually add value
