20VC: Anthropic Raises $30BN from Microsoft and NVIDIA | NVIDIA Core Business Threatened by TPU | Sam Altman's "War Mode" Analysed | Sierra Hits $100M ARR: Justifies $10BN Price? | Lovable Hits $200M ARR & Rumoured $6BN Round

**Rory** (0:00)
The PE on Nvidia, to give that soundbite that I love, it's lower than the PE on Costco.

**Jason** (0:04)
I don't care about your talk. I don't want to hear about your pilot. I want to smell that your team is in hyperaggressive mode. If it is, I think you can come back. I do not think you can push your team too hard. I think you should push them as hard as the business needs to go. And if they leave, it's great. Salesforce could be the next Google. It could be in 18 to 24 months. We could be like, oh my God, Asian Force crushed it. All these startups, we didn't need them because Asian Force is so good.

**Rory** (0:29)
The great American tech mag seven sucked more of the world's profit dollars out of the rest of humanity. Go team.

**Harry Stebbings** (0:36)
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**Rory** (3:51)
You have now arrived at your destination.

**Jason** (3:54)
It is very exciting to be at the new upgraded 20VC studios. It's exciting here.

**Harry Stebbings** (3:58)
I mean, thank you. And Rory, we miss you. It's not the same without you here. But thank you for joining us.

**Rory** (4:04)
You're welcome. You'll survive.

**Harry Stebbings** (4:06)
You know what? We will. But we want to start with the news of the day. So Anthropic secured up to $15 billion from Microsoft and Nvidia, pushing valuation to $350 billion with commitments for $30 billion in Azure Compute. You can see I'm learning from prior episodes and setting the context. Let's start there. How did we analyze that?

**Jason** (4:29)
It was pretty funny watching Twitter this week. We're like a week ago, they're like, OpenAI is dominant. Three days ago, it was like Gemini 3 Pro is, Mark Benioff's like, I'll never go back to chat GBD again. And today, it's Claude 45 has crushed everything. My point is, like, there's just no stability. There's no stability in seed investing. There's no stability in Anthropic. So my meta learning, which I wouldn't have even had a couple weeks ago, is more power to them because I think you need infinite capital when there's no stability. It's just so funny. I mean, literally, three days ago, it was Gemini, and today it's Anthropic. What will it be next week?