20VC: Anthropic's Superbowl Ad: Who Won - Who Lost | Harvey Raises $200M at $11BN Valuation | Sierra Hits $150M in ARR: Is Customer Support Too Crowded

**Mike Cannon-Brooks** (0:00)
The idea that software is a category is dead is ludicrous to me. It's tough out there. It's going to be hard. Welcome to the technology industry.

**Jason Lemkin** (0:08)
I just think we have to give up on TAM. I think we just have to let the revenue show us the path to TAM. I think every category that I know of outside of engineering and product is at existential risk of shrinking seats.

**Rory O'Driscoll** (0:20)
It's the venture capital equivalent of you can't get fired for buying IBM. You can't get fired for sticking money in with a 1X preference on the consensus winner. This is classic top of the bubble stuff.

**Harry Stebbings** (0:32)
This is 20VC with me, Harry Stebbings. Now, today we have Rory, Jason and one very special guest. We have Mike Cannon-Brooks, co-founder of Atlassian, joining us for my favourite show of the week, the show where we discuss the single biggest news items that have happened in the last seven days of tech. This was an incredible one. I want your feedback. Let me know what you think of this show, harry at 20vc.com. 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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**Mike Cannon-Brooks** (4:24)
You have now arrived at your destination.

**Harry Stebbings** (4:27)
I am so excited for this, guys. We have a very special guest joining the trio in Mike Cannon Brooks. Mike, thank you so much for joining such a phenomenal group of intellectuals.

**Mike Cannon-Brooks** (4:39)
Thanks for having me.

**Harry Stebbings** (4:40)
We saw Anthropic release updates which wiped billions off the stock market. I want to start with Anthropic predicts $149 billion in ARR in 2029 under the most optimistic scenario. The question that we ask ourselves is, is this just the collective budgets of enterprises all going to Anthropic? How do we think about that?