20VC: Mag7 Earnings: Google & Amazon Win - Meta and Microsoft Falter | Anthropic's $50BN Raise & What it Means for a Potential IPO | Atlassian, Twilio and Five9 Beat: The SaaS Apocalypse Over? | Sierra's $15B Valuation: Peak or Potential

**Rory O'Driscoll** (0:00)
The most aggressive quarter in American capitalism. This is leaning in like you've never seen leaning in before. This is the top of the distribution pulling away. Let me repeat, without the AI initiative, Microsoft, the corporation is flat revenue. When the music stops, who has a chair with a trillion dollars on it?
Big companies have to spend big money to do big things. If you know the relationship between human spend and token spend for coding as the mother-in-law job, you probably have a handle on what's going on.

**Jason Lemkin** (0:30)
Anyone on Linkedin that talks about their team, fire them. My team this, they're also precious about their team. A CMO today should be able to run their own campaigns.

**Harry Stebbings** (0:38)
This is 20VC with me, Harry Stebbings, and it's my favorite show of the week. Rory O'Driscoll, Jason Lemkin, analyzing the biggest news in tech. Now, this week, it was the Super Bowl of earnings week, baby. Mag-7 earnings. So, what happened? Well, I'll kind of break it to you. Meta lost, Microsoft, not looking so good. Amazon thumbs up and Google Home Run winner. Next, is the SaaSpocalypse over? Atlassian 29% up, Twilio 20% up, Five9 23% up. And then, in private markets, Sierra raising $950 million at a $15 billion valuation. And then finally, we finish with Sam Altman vs Elon Musk. Week 1 of the trial begins. You cannot make this up. But before we dive into the show today, let me tell you about Omni. It's an AI analytics platform and it solves a problem every scaling company hits. Your team needs insights, not just data lookups, the stuff that really matters. And it's critical to get it right, like CAC payback periods and net dollar retention. For AI agents to act on your company data, they need your business context, your definitions, your logic, your permissions. And that's what Omni's governed context graph provides. Your data team defines it once, then anyone, your Ops lead, your CFO, your PM, can ask a question in English and get an answer in seconds. Perplexity, Mercury and DBT run on Omni, and 20 VC listeners get a free three week trial. Three week, very specific, not a month, but three weeks. Go to omni.co/20vc, that's omni.co/20vc.
After Omni helps you find the right customers, checkout helps you close them. Over the past 15 years, Guillem Pouzaz has led checkout.com through what he calls the velocity years, a period of hyper growth with relentless product building. The lesson, high growth is a gift, but it demands ruthless focus. As his mother put it, play the game you're good at. For checkout.com, that game is digital payments, obsessing over data, chasing basis points and compounding learnings over time. And that discipline is paying off. 2025 checkout.com processed over 300 billion in total volume, up 64% year over year and returned to full year EBITDA profitability. They now support over 1000 enterprise merchants globally, including 63 that process more than a billion annually, with brands like eBay, Vinted, Amex, Asos and Tmoo. Guillaume's message though, it's pretty clear. They've earned the right to win anywhere. Now they're investing in innovation across marketplaces, issuing, financial experiences and agentic commerce. If you want payments built for what's next, talk to the team at checkout.com, that's checkout.com. While Checkout powers the moment money changes hands, Invisible powers the people behind the work. Why don't we hear more real AI success stories from big companies? The models are insanely good, but implementation is the problem. It's really, really hard. There's data all over the place. There's legacy tech and manual workarounds. It's a Ferrari engine in a shopping cart. Meet Invisible. Invisible trains 80% of the top models and then adapts them to the messy reality of your business. Take the Charlotte Hornets NBA team. Invisible took years of game tape and analog scouting notes to go from uncertainty to a draft pick and summer league championship win in weeks, not seasons. Get the data in order first and suddenly AI can do almost anything for you in the enterprise. If you want AI that hits the P&L, go to invisibletech.ai/20vc.

**Rory O'Driscoll** (4:11)
You have now arrived at your destination.

**Harry Stebbings** (4:14)
Boys, there's a lot for us to report on this week. We had a big week of earnings. Mag 7 Super Bowl was the title that I had down. $540 billion in combined revenue, $700 billion in AI capex. I thought we'd start with like the clear winner, which seemingly was Alphabet. Cloud backlog nearly doubled to $462 billion. Now it sees Alphabet's entire 2025 revenue. Do you agree Alphabet was the runaway winner from this mega earning season?

**Jason Lemkin** (4:45)