20VC: Cursor Raises $2.3BN: Who Wins the Coding War | Peter Thiel and Softbank Sell NVIDIA: Analysed | Why Venture Capital Will Hit $1TRN and the Opening of Retail | Why Stripe and the Best Companies Will Never Go Public

**Rory** (0:00)
Entry price comes when time is unclear. Winning is the only thing that comes when time is huge.

**Jason** (0:05)
If you're not seeing massive TAM expansion, there's just no point in even playing as VCs.

**Rory** (0:09)
The late stage business is either the best business in the world or the worst business in the world, and there's nothing you can do to determine which it is.

**Tom** (0:18)
Coding is no longer on this extremely steep improvement path. As the models improve in performance dramatically, people switch.

**Rory** (0:27)
To say that would be ugly would be an understatement. It would be terrifying. I mean, beyond terrifying.

**Tom** (0:34)
I think we're at a point where, if there's some wobble, the magnitude of the correction will be fast and brutal.

**Harry Stebbings** (0:42)
But before we dive into the show today, you've heard me mention Guardio before. They protect millions of people from phishing, scams and online threats, but now something genuinely exciting has happened. Lovable, one of the fastest growing AI platforms, just integrated Guardio directly into their Gen. AI chain. What that means? Every single site built with Lovable now gets scanned in real time. Phishing pages, impersonation sites, scam redirects are blocked before they ever go live. And that's a huge shift. It's rare to see companies take responsibility for the safety of the broader internet. Lovable did, and Guardio is the engine making that possible. Guardio also leverages advanced AI threat detection to block highly targeted socially engineered scams before they ever reach you. From phishing emails and fake login pages to financial fraud, Guardio protects you across the way you actually live and work online. If you want to see what modern proactive protection looks like and protect your platform, go to guard.io/20vc.
AI changes how fast threats appear. Guardio changes how fast they can get stopped. And as guard.io defends your clicks, HubSpot terms them in to customers. You want to grow your company, right? But instead of having the time to get to the next level, you start maintaining the status quo. It's freaking maddening. Well, HubSpot's customer platform, it actually solves this breeze. No, it is not a fabric refresher. This is the next generation. Their built-in AI takes over all the busy work. It writes emails, it qualifies leads, it answers common customer questions and even help create content. Also, your marketing, your sales, your service teams can focus on what matters most. And the impact is undeniable. Teams are saving 750 hours a week. One even increased leads by 251%. And these results show up in days, not months. Over 238,000 businesses already use HubSpot. So join them. Visit hubspot.com/ai.
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**Rory** (3:59)
You have now arrived at your destination.

**Harry Stebbings** (4:02)
Guys, I am so excited for this. It's always my favorite show to do. We have the wonderful Tom Tungus joining us today. Tom, welcome to this wonderful trio. It's so great to have you.

**Tom** (4:12)
I'm thrilled to be here. Thanks for having me on.

**Harry Stebbings** (4:14)
Not at all.

**Rory** (4:15)
Tom, I gotta say, have you become so Americanized, Tom asked that you're just going with Tom now? Are you just recognizing that Harry, like all English people, has no command of foreign languages?

**Harry Stebbings** (4:27)
Sorry, I didn't understand that.

**Rory** (4:29)
Would you like him to use your given name Tom? Are we going to stick with what Harry said?

**Tom** (4:34)
Oh, Tom's great. This is great. Let's roll with it. Let's be brief.

**Rory** (4:36)
Become an American. Tom is up.

**Harry Stebbings** (4:39)
Don't worry, Tom. Roy will remain this obnoxious way for the following 90 minutes. It's all good. I've got used to it. He'll correct your punctuation next. But I want to start on some very exciting news. FICASA, $2.3 billion at a $29.3 billion valuation. And recent Thrive, CO2, DST, Excel, all the big players all involved. Chaps, how did we analyze this? And I look at this and honestly feel more irrelevant than I've ever felt.