20VC: The Return of Travis Kalanick: Uber Would Be $1TRN Today With Him | NVIDIA Predicts $1TRN in Revenue: Everything You Need to Know From GTC | Anduril Lands $20BN Army Contract | Adobe CEO Shock Exit: The Dominos Falling

**Jason Lemkin** (0:00)
But man, this is summer at Nvidia.

**Rory O'Driscoll** (0:02)
These are unprecedented levels of CapEx band, and now we're forecasting them to keep going for four or five years. Wall Street is simple. If you give them growth, they leave you alone. If you don't give them growth, you better give them profitability. And if you don't give them either, they're gonna bust your jobs. And today, compute eats jobs.

**Jason Lemkin** (0:16)
You do not need to be technical to win with AI agents in Q2 of 26 You do not need to be even 1% technical.

**Rory O'Driscoll** (0:23)
The bigger your fund size, the more you have to be a power law junkie. There's no investment opportunity so good that excess capital won't destroy it.

**Jason Lemkin** (0:32)
I think Travis Uber would be a trillion dollar company today because it would be five years ahead of where it is today.

**Harry Stebbings** (0:37)
This is 20VC with me, Harry Stebbings. It's my favorite show of the week, Jason Lemkin, Rory O'Driscoll, the biggest news in tech. So what are we discussing this week? GTC, what happened with Nvidia, everything that you need to know. Anduril's $20 billion contract, one of the largest contracts ever. Then finally, seed funds.
Why $50 to $100 million seed funds could be the worst-performing size fund of this vintage. But before we dive into the show today, I run 20VC fund and I get this question from founders all the time. Harry, I can't find a good.com. Do you have a hookup? Let me tell you now, the answer is always going to be no. I don't have a guy or gal for that. I do have a recommendation though. If you're building a tech startup, get a.tech domain. Tech startup, .tech domain. It couldn't be more simple or obvious. As an investor, I appreciate founders who put thought into their branding. When I see.tech in your name, it tells me right away that tech is at the core of your build. It'll say that to your customers too. A clean and sharp domain like.tech pays off in the long run. Look at the companies using.tech. Nothing.tech, Onex.tech, Aurora.tech, CES.tech, Ultra.tech, Alice.tech, Neon.tech, Blaze.tech, Pi.tech. Great tech companies. They all use the.tech domain. These are my two cents. If you're building a tech startup, don't overthink it. Secure your.tech domain from any registrar of your choice. While.tech gives modern companies a home online, checkout helps that home convert by turning traffic into revenue. 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 a thousand enterprise merchants globally, including 63 that process more than a billion annually, with brands like eBay, Vinted, Amex, Asos and Tmoo. Guillem's message? So, 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** (3:59)
You have now arrived at your destination.

**Harry Stebbings** (4:02)
Guys, I'm so excited for this. We were just talking about where to start. So much news. Jason, I think you are absolutely right. It's very important to start with GTC and Jensen. Data centers in space. Obviously, Rory said not going to happen, but maybe it does. How did we think about the data centers in space and last night GTC, Jason?