20VC: Anthropic Wipes Billions Off Markets | Citrini Research: The Ultimate Breakdown: Agents, "Ghost GDP", Consumer Spend etc. | Figma Earnings Beat & Four Public Stocks to Buy | Jack Altman Joins Benchmark

**Rory O'Driscoll** (0:01)
Maybe the Pentagon is wrong, and they need to buy more Anthropic and just point it at the enemy. It'll bring China to its needs. When you are priced for perfection, anything less than perfection will be a kick in the nuts.

**Jason Lemkin** (0:13)
If you look at all the publicly traded B2B companies, there's only one that has a competitive agent. It's Palantir. I'm going to say we're going to produce 100,000 Decca millionaires out of these AI leaders. Almost all the B2B software we use today is terrible now.

**Rory O'Driscoll** (0:26)
If the only thing that's impacted here is the B2B software industry, my suspicion is the rest of the world will go, yeah, I'm willing to lose those guys.

**Jason Lemkin** (0:33)
Here's the greatest dislocation if I look at the public stocks, right? Clavio versus Shopify.

**Harry Stebbings** (0:38)
This is 20VC with me, Harry Stebbings. Now, it is my favorite show of the week with Rory O'Driscoll and Jason Lemkin. This week, we analyzed the biggest news in tech. What do we cover? We cover Anthropic Security Release, which wiped close to 10% off some of the biggest security stocks. We cover Figma's earnings breakdown. Of course, we cover the Cetrina research piece, which wiped billions off the stock market. 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 a thousand, visit innovationbanking.hsbc to learn more and connect with an Innovation Banking Specialist. That's innovationbanking.hsbc. While HSBC manages your corporate banking needs, Deal helps you build the global team behind it. Two minutes can change your startup's trajectory. The Pitch by Deal is a global startup competition where founders pitch their company in just two minutes for a chance to win a $1 million investment. You'll compete with startups from around the world and get in front of experienced judges who back ambitious teams. If your startup is ready for its next step, take your shot. Apply at deal.com/20vcpitch.
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**Rory O'Driscoll** (4:28)
You have now arrived at your destination.

**Harry Stebbings** (4:31)
Boys, it is so good to be back. We're going to start this week in Anthropic with some news on Anthropic surprisingly. Security review feature wipes out $20 billion from cyber security stocks. Obviously, Anthropic released their latest security products or product and it massively hit some of the biggest players, CloudFlare, CrowdStrike, to name a few. Is this a dramatic overreaction from public markets or is there underlying truth to this?