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

**Rory O'Driscoll** (0:00)
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.

**Jason Lemkin** (0:10)
It's a whole new world where I think OpenAI is even more competitive again.

**Rory O'Driscoll** (0:13)
The dirty little secret of venture again is how much of your money you make in that one year in 10 when everybody buys the dream.

**Jason Lemkin** (0:19)
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.

**Rory O'Driscoll** (0:28)
They didn't weigh over leverage, they just weighed over paid for it. You can serve as 2 billion plus of debt on a 1 billion low growth company with a pre-AI story that has to transform to AI.

**Harry Stebbings** (0:39)
This is 20VC with me, Harry Stebbings. It's my favorite show of the week, Rory O'Driscoll, Jason Lemkin, the biggest news in tech. In other words, this shit is going to 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. And then finally, Thoma Bravo hands over the keys to Medallia, to creditors, $5.1 billion of equity wiped out. What is the future of this stage of private equity? 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 in international reach needed to grow your operation with confidence to see how HSBC Innovation Banking can support you. Whether you're on day one or day 1,000, visit innovationbanking.hsbc to learn more and connect with an Innovation Banking Specialist. That's innovationbanking.hsbc.
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**Rory O'Driscoll** (4:46)
You have now arrived at your destination.

**Harry Stebbings** (4:49)