20VC: Jensen's Open-Weights Letter | Travis Kalanick Raises $1.7B for Atoms | Google Cloud Grows 82% But The Market Tanks | Francisco Partners Raises $21BN | Etched Raises $300M to Take on Nvidia

**Rory O'Driscoll** (0:00)
Everyone's business model gets a lot better if the two frontier labs can't extract about $100 billion of revenue this year from the businesses. The more you believe they're massively dangerous, the more you believe you're building the bomb here, the more the antropic position feels principled.

**Jason Lemkin** (0:16)
I think these models are very risky, and I think it's an argument to keep the open weight out of the US. And now you want me to bring Kimmy and Quinn in? No way is the CIO going to allow it. That is banned, right?

**Rory O'Driscoll** (0:27)
If you're willing to unfable, would you be willing to run a red-blooded American open weight model?

**Jason Lemkin** (0:33)
Every company in the next 24 months will have a security breach due to an LLM agent. Every single company. And they've already had it, and they're not disclosing it.

**Rory O'Driscoll** (0:40)
People are just getting mildly scared about the bet. Anyone who is capital and can build compute can sell compute.

**Jason Lemkin** (0:47)
And the boring company to me is crazier than Adams. Anybody not working at least as hard as Mark Benioff is just not going to make it.

**Harry Stebbings** (0:54)
This is 20VC with me, Harry Stebbings, my favorite show of the week. This is the only show you need to listen to every week. Rory O'Driscoll, Jason Lemkin, analyzing the biggest stories from the land of tech every single week. So, what's on the agenda today? Number one, Jensen Huang breaks his silence on X. First, Zark, now Jensen. God, the tidal wave of leaders joining X. With, check this out, a 50 company open weights letter that, dun dun dun, Anthropic and Dario has not signed. Naughty boy. In the same week, Anthropic ships Claude Opus 5, cutting it price by half. Then, Travis Kalanick is back, baby, raising 1.7 billion dollars for Atoms. And then we break down Google, accelerating Cloud to 82%.
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