20VC: Nikesh Arora on the Frontier Model Problem: Breadth vs Depth | The Future of Token Costs | Memory Becoming the Moat | Where Value Accrues: Infra, Models, or Apps? | Why Enterprise AI is Not Ready & Systems of Record vs Systems of Intelligence

**Nikesh Arora** (0:00)
I think the long-term token pricing should be one-tenth of what it is today. Mythos ended up, I think, ends up being an accelerant to cybersecurity. In technology, you miss one trick, you can survive, you miss two tricks, you're partly impaled, you miss three tricks, you could be obsolete. I came to the United States with two suitcases, $200, and I was willing to do anything, anything at all, to make sure that I made a life for myself because there was no way to go back. When I came to the United States, I was a security guard, I took notes with the disabled, I flipped burgers at Burger King. I had $200. I had to find a way of paying my tuition.

**Harry Stebbings** (0:30)
This is 20VC with me, Harry Stebbings. In the hot seat today, we have Nikesh Arora. Nikesh is the CEO of Palo Alto Networks. They have a market cap of $225 billion. Nikesh is one of the most respected operators in technology. Before, he was CMO at Google, of all things, and I questioned him on marketing in this show, and then he's like, well, I was CMO of Google. God, there are some moments when I think, Harry, you should stop talking. He's an old friend, but this was a very authentic and honest discussion, in a way that I don't think you could have had without that friendship. It was in person in London. Nikesh here is one of the best that I've ever seen him. But before we dive into the show today, you have the idea, but often with AI tools, you hit a wall. Well, Base 44 is where that friction disappears, turning how you talk into how you build. Full stack web and mobile apps, sites, autonomous super agents, all built in minutes, not weekend spent on damn configuration. Base 44 ships it all out of the box, the backend, the database, the authentication and the hosting. It handles the heavy lifting, so you can just stay in the flow. It doesn't just replace the busy work, it multiplies you. It makes you so much more capable, an effective version of yourself. In this market, being fast is the baseline, but to win, you got to be first. And Base 44 is that edge. It's the move that lets you skip the troubleshooting and get straight to the breakthrough. Launch your next big thing at base44.com. That's base44.com. After Base 44 helps you launch, Corgi helps you cover what comes next. My word, what an arresting first line. Get your ass covered with Corgi Insurance, and I'll tell you why. If you're running a business right now, you already know this pain all too well. Getting insurance, it's really slow, it's confusing, and my word, it's full of paperwork. Well, that's exactly why Corgi is here to change the game. Corgi is the first and only insurance carrier designed specifically for tech companies, allowing you to get covered in minutes instead of days. Corgi provides essential coverages for all growth stages, such as D&O, E&O liability, cyber, commercial, general liability, and more. Get your ass covered, I love the way we say ass, with Corgi Insurance, alongside thousands of other startups, at corgi.com/20vctoday.
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**Nikesh Arora** (4:12)
You have now arrived at your destination.

**Harry Stebbings** (4:15)
Nikesh, last time we did a show, I was 22 hours into a 24-hour fast, and I listen back now, and I just think my word, you had the audacity to be with one of the OGs of this business and be hangry. Like I was hangry with you and short temper.