AGENDA: 00:00 – Google Loses Two AI Legends as Anthropic Wins the Talent War 14:45 – China&#x27;s $50B DeepSeek Bet Changes the AI Power Balance 27:15 – AI&#x27;s Memory Crisis Has Begun — Apple Warns of a &#x27;100-Year Flood&#x27; 30:00 – Wall Street Finally Asks the $725 Billion Question: Who Pays for AI? 41:00 – We Built an AI Finance VP... and It&#x27;s Better Than Humans 46:30 – The Death of Moats? Why Founders Should Stop Talking About Defensibility 58:30 – Databricks, ServiceNow &amp; the New AI Software Winners 01:07:00 – The Seat-Based SaaS Model Is Dying 01:12:00 – OpenAI&#x27;s Custom Models Could Rewrite Enterprise Software 01:17:00 – OpenAI&#x27;s Biggest Threat Isn&#x27;t Anthropic Anymore

20VC: Deepseek Raises $50BN | Wall St's $725BN AI Question | The Rise of Open Source &amp; How it Threatens OpenAI &amp; Anthropic | OpenAI Builds it's Own Chip: Jalapeno | The Death of Moats &amp; The New AI Software Winners

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

# Full Transcript

**Podcast:** The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

## Transcript

[SPEAKER_A] Open source is a bit of a fake because China's paying for all the training.

[SPEAKER_B] The market is set, the game is clear. And this is the classic thing about bull markets is that you can be intellectually right, but the narrative can keep going a long time.

[SPEAKER_A] I think the big story of 2027 in AI and the enterprise and all the margins in the enterprise, right, is show me the ROI next year.

[SPEAKER_B] So you're really talking about 7, 8% of the labor force being replaced by tokens, for the math to work.

[SPEAKER_A] I literally was doing a pitch this week and the founder was going on and on about their moats and I immediately didn't want to invest. Like, I just— enough. Your moat can be LLM lifted away.

[SPEAKER_B] There's only one thing worse than a seat-based model, Jason, and that's a model that's based on bodies.

[SPEAKER_A] You don't get to make $10 million for working 18 hours a week. You get a watch. You get an Omega. You want an Omega or you want to be rich? Make your choice, boys.

[SPEAKER_B] The whole reason the OpenAI and Anthropic models work is because other idiots have spent the $300 billion on their behalf.

[SPEAKER_C] They This is 20VC with me, Harry Stabbings, and it's my favorite show of the week. Jason Lamkin, Rory O'Driscoll discussing everything you need to know that's gone on in the last 7 days.

[SPEAKER_A] What do we discuss today?

[SPEAKER_C] Google Loses Two Generational Scientists in 48 Hours. That's a tough time. Deepseek Closes $7.4B Series A. Is it Series A? At a $50BN price, but only China gets voting rights. Interesting. Then finally, the $725BN question Wall St is finally asking. Who's actually going to pay for AI? But before we dive into the show today, are you a founder working nonstop to raise your next round? Are you an investor doing all you can for your portfolio companies to help them stand out? Funding and scaling a vision is challenging. Banking should not be. HSBC Innovation Banking caters to tech and healthcare founders all over the world who need a really great banking partner that matches their pace, offering fast onboarding, product packages designed for your business, and capital solutions built for high-growth startups and the VCs investing in them. With HSBC Innovation Banking's rapid onboarding, you can get access to your new accounts and facilities quickly, so your team can stay focused on building and scaling what's next. You'll be paired with your own dedicated team of venture ecosystem veterans who have the network and experience to guide companies in your specific sector at your specific stage. And behind that support is this real strength: HSBC's $3 trillion balance sheet and global network that provides this stability and international reach needed to grow your operation with confidence. To see how HSBC Innovation Banking can support you...

20VC: Deepseek Raises $50BN | Wall St's $725BN AI Question | The Rise of Open Source & How it Threatens OpenAI & Anthropic | OpenAI Builds it's Own Chip: Jalapeno | The Death of Moats & The New AI Software Winners

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

20VC: Deepseek Raises $50BN | Wall St's $725BN AI Question | The Rise of Open Source &amp; How it Threatens OpenAI &amp; Anthropic | OpenAI Builds it's Own Chip: Jalapeno | The Death of Moats &amp; The New AI Software Winners

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

20VC: Deepseek Raises $50BN | Wall St's $725BN AI Question | The Rise of Open Source & How it Threatens OpenAI & Anthropic | OpenAI Builds it's Own Chip: Jalapeno | The Death of Moats & The New AI Software Winners

Every day you wait, your competitors are finding
edge in conversations you're not hearing.