20VC: OpenAI's $3BN Acquisition of Windsurf: The Breakdown | Are Endowment Funds F******* & How LP Deployment to Venture Will Change in 2025 | Why Revenue Multiples are BS, The Rise of AI Rollups and Multi-Stage Funds Destroying Seed Investing

Where is OpenAI slightly weak compared to anthropic? It's encoding. There are like different levels of deals. 10% is bet the farm. 1% is like an SVP deal.

The evolution of the story from the models are everything, all these apps are just AI wrappers, to the models have such market cap they can buy the apps. And what you recognize here is no one knows nothing. Any deal where you have a hundred percent conviction you'll 5X, I'll just do it. If I was the CFO of an Ivy League university, Let's just say my cash planning for this year would be dramatically different than my cash planning normally.

So last week we did this incredible episode with Rory O'Driscoll and Jason Lemkin breaking down the biggest stories in tech financing, IPO, M<unk>A, and venture. The show did so well, I was like, shit. We have to do this every week. So this week we discuss the endowment fund crisis and how they think about financing their commitments in venture. We discuss the windsurf acquisition and we discuss whether in this environment every hot talent in venture should go and start their own fund or not.

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