Your regular reminder of how, in VC, a few funds, and a few companies, drive nearly all the returns. We looked at how the 119 funds we backed between 2010 and 2020 performed over the last 12 months. Here’s what we found 👇 /1

🚨1/9 In a new WP, @LichtingerGuy and I use detailed LinkedIn résumé + job-posting data on ~285k U.S. firms (2015–2025) to study a debated question: how does generative AI adoption affect entry-level employment?

There is a real "Series A crunch" Previously ~30% of startups got to a series A in 2 years. In recent vintages only ~15% did. data from @peterj_walker / @cartainc

Is SaaS dead? What seems to be happening: * tough macro, cost cutting * AI sucking the air out of the room * SaaS vendors perceived as “last generation” despite best efforts to add AI quickly * enterprise budgets for AI are not net new, they’re taken from somewhere (SaaS

The Stunning Depreciation Rate of most AI ‘infra’ investments (and why this is not railroads / internet backbone 2.0 / H100s are not bent metal)

France seems to be crushing it: • Builds housing • Builds transit (Anglo country difficulty level: impossible) • Leading Europe esp on defense • Green: nuclear, bikes etc • High birth rates in declining world; Paris seems like highest birth rate large metro

@cpaik All of the big venture returns will now come from really hard technical problems. Building an easy “app” will now be considered a hobby or a small business.

The End of Software https://t.co/JWg6QYqLzO

I am excited to announce that the shipping of our secure-touchscreen device, Ledger Stax, has begun for pre-order customers. My message to the Ledger community: https://t.co/8eRtdgXv5E

18-24 months between primary venture rounds is out of date. Today's startups are taking 24, 30, 36 months to get to the next primary round (doesn't look at extensions or bridges). Median time between Series A and Series B is now closer to 2.5 years 😬 Data: Carta Q1 State of

Its a weird bit of whiplash going from arguing with folks claiming models are warming too fast a year ago (no warming since 2016!) to folks arguing that models are warming too slow today. One year does not a trend make, and models are by and large doing ok:

Whenever possible when building a new product or doing a startup, you want to be doing something that would not have been technically possible even a couple year prior. AI is so exciting is because there are endless opportunities that could not have been done before.

We are nominated for best web3 investor at the @TheBigWhale_ Awards 2024. Second year in a row! Now we need your help to get us to the top spot. You can vote until Monday here: https://t.co/oPaUK6XPat

20 years in the making, we’ve distilled the essence of USV’s investment thesis: USV invests at the edge of large markets being transformed by technological and societal pressures https://t.co/18fR2n90me

Ce texte mérite d'être lu et partagé à toute la sphère écolo. Vu qu'il est assez long, j'en ai fait un #thread pour le rendre plus accessible 🧵👇

Peter Thiel: “It’s always a big mistake going after a giant market on day 1... Almost all of the successful companies in Silicon Valley had some model of starting with small markets and expanding. What’s very counterintuitive about many of these companies is that they often

aaaand... here's the inevitable VC teardown of the S-1 by yours truly https://t.co/v1Rw7Hm0W4

Interesting quantitative attempt by @ttunguz to measure the VC / startup financing gap between now and a potential return to the historical mean. https://t.co/Wz6huNg4Hg

What do I think about Community Notes? https://t.co/9A0PnanndM

Always has, always will be the home of tech. Sorry Miami. 🪦