20VC: Anthropic Raises $45BN but Falls Short on Compute | OpenAI Crushes with GPT5.5 and Codex: Back in the Game? | China Blocks Manus $2BN Deal to Meta | Thoma Bravo Hand Back Medallia Keys to Creditors | Why Google is a Bigger Buy Than Ever Before

It's entirely plausible in a world of super big exits that 10 super big exits cover the entire nut from the LP perspective such that it's still a good business. It's a whole new world where I think OpenAI is even more competitive again. The dirty little secret adventure again is how much of your money you make in that one year in 10 when everybody buys the dream. More and more the agent is going to choose what models and just what vendors we use. It's possible you look back and see that as the first disconnect from compute equals revenue.

They didn't weigh over levered it, they just way overpaid for it. You can service 2 billion plus of debt on a 1 billion low growth company with a pre-AI story that has to transform to AI. This is 20VC with me, Harry Stebbings. It's my favorite show of the week. Roryo Driscoll, Jason Lemkin, the biggest news in tech.

In other words, this shit's gonna make you much smarter at a dinner party. So what's on the agenda this week? Number one, $45 billion. poured into Anthropic from the hyperscalers. Next, China blocks Meta's $2 billion acquisition of Manus.

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