AGENDA: 00:00 - ANTHROPIC VS. THE PENTAGON: The Billion Dollar Supply Chain War 07:11 - B2B PANIC: Why Leading Companies Are Losing Deals to OpenAI 12:19 - THE ANTHROPIC ENDGAME: Will Claude Eclipse ChatGPT? 17:39 - THE DATA CENTER ARMS RACE: Is the AI Hype Cycle Finally Dead? 24:43 - 24/7 PERSISTENT AI: Why You&#x27;ll Soon Need Data Centers in Space 30:37 - THE DEATH OF THE JUNIOR: Why Entry-Level Jobs are Vanishing 41:55 - AGENT-LED GROWTH: The Secret Reason Startups are Exploding in 2026 46:58 - THE ERA OF GENTLE DECELERATION IS DEAD: Public Markets Turn Brutal 55:54 - FIGMA MAKE IS TERRIBLE? The Failure of Quarterly Software Releases 01:00:54 - THE ULTIMATE STOCK PICKS: What to Buy and Sell Right Now

20VC: Anthropic vs The Pentagon: Who Wins | The Ultimate Stock Picks: What to Buy | The Data Centre Arms Race: Is the Capex War Stalling | The Era of Public Company Deceleration is Dead

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

## Participants

- **Harry Stebbings** (The Twenty Minute VC)
- **Rory O'Driscoll** (Rory/Scale Venture Partners)
- **Jason Lemkin** (SaaStr)

## Transcript

[SPEAKER_01] And I think the consensus is in law, Anthropic would probably win a good slug of this case, which is different than saying they're going to win the fight. The idea that you can just have all this shit for free is at some point going to stop because someone's going to have to cover their nut. I think getting rid of juniors is where we get budget for these data centers in part. This goes out really cold. You can have dispossessed urban poor forever and nothing happens. But if you piss off the 20-something-year-old middle class, the overeducated elites, they tend to cause trouble.

[SPEAKER_01] Now, OpenAI and Anthropic have the most amount of surface area to attack of any company in the world right now.

[SPEAKER_02] The era of gentle deceleration has ended. It's dead.

[SPEAKER_00] This is 20VC with me, Harry Stebbings, and it's my favorite show of the week. Rory O'Driscoll, Jason Lemkin analyzing the biggest news in tech this week. First on, Anthropic sues the US government for being labeled a supply chain risk. Oracle and OpenAI end plans to expand flagship data center. Meta moves in to absorb the surplus AI data center capacity. Then CrowdStrike, they beat expectations but trade down. And then finally, we have our stock picks.

[SPEAKER_00] What to buy, what to sell, public market predictions coming up. 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,

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20VC: Anthropic vs The Pentagon: Who Wins | The Ultimate Stock Picks: What to Buy | The Data Centre Arms Race: Is the Capex War Stalling | The Era of Public Company Deceleration is Dead

Transcript

Built for investment professionals

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

20VC: Anthropic vs The Pentagon: Who Wins | The Ultimate Stock Picks: What to Buy | The Data Centre Arms Race: Is the Capex War Stalling | The Era of Public Company Deceleration is Dead

Transcript

Built for investment professionals

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

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