20VC: Cursor Raises $2.3BN: Who Wins the Coding War | Peter Thiel and Softbank Sell NVIDIA: Analysed | Why Venture Capital Will Hit $1TRN and the Opening of Retail | Why Stripe and the Best Companies Will Never Go Public

Entry price comes when TAM is unclear. Winning is the only thing that comes when TAM is huge. If you're not seeing massive TAM expansion, there's just no point in even playing as VCs. The late stage business is either the best business in the world or the worst business in the world, and there's nothing you can do to determine which it is. Coding is no longer on this extremely steep improvement path. As the models improve in performance dramatically, people switch. To say that would be ugly would be an understatement. It would be terrifying. I mean, beyond terrifying. I think we're at a point where if there's some wobble, the magnitude of the correction will be fast and brutal. But before we dive into the show today, you've heard me mention Guardio before. They protect millions of people from phishing, scams, and online threats, but now something genuinely exciting has happened. Lovable, one of the fastest growing AI platforms, just integrated Guardio directly into their directly into their Gen AI chain. What that means? Every single site built with Lovable now gets scanned in real time. Phishing pages, impersonation sites, scam redirects are blocked before they ever go live, and that's a huge shift. It's rare to see companies take responsibility for the safety of the broader Internet. Lovable did, and Guardio is the engine making that possible. Guardio also leverages advanced AI threat detection to block highly targeted, socially engineered scams before they ever reach you. From phishing emails and fake login pages to financial fraud, Guardio protects you across the way you actually live and work online. If you wanna see what modern proactive protection looks like and protect your platform, go to guard.io/20vc. AI changes how fast threats appear, Guardio changes how fast they can get stopped. And as guard.io defends your clicks, HubSpot turns them into customers. You wanna grow your company. Right? But instead of having the time to get to the next level, you're stuck maintaining the status quo. It's freaking maddening. Well, HubSpot's customer platform, it actually solves this. Breeze. No, it is not a fabric refreshener. This is the next generation. Their built in AI takes over all the busy work. It writes emails. It qualifies leads. It answers answers common customer questions and even help create content. Also, your marketing, your sales, your service teams can focus on what matters most and the impact is undeniable. Teams are saving seven hundred and fifty hours a week. One even increased leads by 251% and these results show up in days not months. Over 238,000 businesses already use HubSpot so join them. Visit hubspot.com/ai. And while Hubspot builds your funnel, Framer builds the experience around it. Are you still jumping between tools just to update your website? Don't do this. Framer unifies design, CMS, and publishing all on one canvas. No handoff. No hassle. Everything you need to design and publish in one place. Framer already built the fastest way …