20VC: OpenAI's Multi $BN Deal with AMD | Polymarket, Vercel and Supabase Raise Mega Rounds | Does King Making Really Work in Venture Capital: Harvey vs Legora | Chamath is Back: The SPAC is Back
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 693 Ratings
🗓️ 9 October 2025
⏱️ 85 minutes
🧾️ Download transcript
Summary
AGENDA:
03:29 OpenAI and AMD's Major Partnership
07:35 Microsoft Have F***** Up the OpenAI Partnership
17:08 OpenAI's Developer Day Announcements
20:45 Why VC is the Most Forgiving Asset Class on Price and Valuation
29:10 What Does it Take to IPO in 2025: Why Snyk Will Not IPO
42:30 Four Strategies Companies Need to Take to Own Their Own Destiny
49:31 Vercel Raises $300M at $9BN: Suicide Round or Strategic
55:39 Does King Making Really Work in Venture Capital: Legora vs Harvey
01:08:11 Chamath Raises Latest SPAC: SPACs are Back
01:10:56 Polymarket Raises $2BN at a $9BN Valuation
01:14:53 Quick Fire Questions and Wrap-Up
Transcript
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| 0:00.0 | Paul Graham was right. Sam Altman understands power. He has more power than no AMD, so he took 10% of their company for the privilege of selling stuff to him. |
| 0:08.4 | The interesting thing is the leverage that Open AI has, even though they're losing a shit ton of money, precisely because they have the users. |
| 0:17.3 | Nvidia is making so much money. it's almost incomprehensible. |
| 0:21.0 | So I think Jensen knows he's got to give up some of it. |
| 0:23.9 | The more you do this, the more you just say to yourself, you just need to do big, exciting |
| 0:29.9 | deals in trends that are absolutely obvious. |
| 0:33.6 | And every time you try and make it harder than that, you just, you lose money. |
| 0:39.4 | This is 20VC with me, Harry Stebings. |
| 0:40.8 | It is my favorite show of the week. |
| 0:42.7 | Now, what a show we have in store for you. |
| 0:44.4 | So many great bits of content. |
| 0:49.5 | We have OpenAI's partnership with AMD and their ability to buy 10% of AMD. We have their Dev Day announcements analyzed and broken down. |
| 0:53.5 | We have SuperBases new round, |
| 0:55.6 | Vassel's new round. Chamath's new SPAC is back. Spack's a back, baby. It is an incredibly fun show. |
| 1:03.2 | I cannot wait to hear your thoughts. Let me know what you think. I want this to be the best show |
| 1:07.1 | of the week for you. Harry at 20VC.com. Let me know your feedback. I want to make it better for you. |
| 1:14.2 | But before we dive into the show today, now most people who get scammed never talk about it. |
| 1:19.8 | And if it can happen to tech savvy professionals, CEOs and investors, it can happen to |
| 1:24.6 | anyone. But the problem isn't just losing money, is that today's scams, |
| 1:29.1 | they're built differently for a very new world, one where AI can generate convincing messages |
| 1:34.5 | in seconds and fake sites look more like real sites than the real thing. Traditional tools were not |
| 1:41.0 | built for this future. And that's why Guardio exists. Gardio is this incredible |
... |
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