People don't want to talk about it because it's scary to admit that this is happening.

A founder that closed a $15 million Series A from a top tier VC and then a half year later,

they plan to return the cash to investors.

You add that Clyde will displace the product and I wrote the value.

This is really happening.

Most people are not talking about it.

It's kind of wild.

It's running a zombie company to put your nose to the

grindstone at a startup for 10 years, 15 years, and the outcome is unknown. Or you get a guaranteed,

you know, 10, 20, 30 million dollar package from Open AI. Do you think that the companies in your

portfolio that are facing the similar chasm going from the SaaS era to the AI era or the agentic era are going to make it?

Probably 50% that I think might make it. It might not be the money printing free cash flow machine that people think it's going to be.

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at quo.com slash twist. That's QUO.com slash twist. Hey, everybody and welcome back to Twist. Today is May 13th. It's Wednesday, which means it's Venture Capital Roundtable Day. I'm joined by Abevius of some of my favorite people, including, of course, my usual co-host, Jason Callicanus. Jason, how are you? I'm well. Excited for today. We also have Jenny Fielding from Everywhere Adventures. Jenny, how's life on your end? It's good. I'm excited to be back. It's been a while. It has been a while. If you don't know her firm, Everywhere Adventures does essentially raises capital from a collection of about 500 founders and then sources deals from the same group. Portfolio companies include

StarCloud, Headway, Devo, and others. Jenny, good to have you here. Now, Sam, slow ventures. How are you doing? I'm great, man. Glad to have you here. Major portcoes include next door Robin Hood, human interest, air table, et cetera, et cetera, et cetera, busy man. And then finally, we have Dave McClure from Pactical Venture Capital. Dave, how you doing?

Fantastic. Good to have you back. You run a secondaries-focused fund that also buys GP and LP commits, which is a big deal because we're going to start today by talking about the most important thing in the world, which is news that Anthropic and OpenAI dropped successive bombs on the SPV market. And if you don't know what that means and you're listening to this, imagine that you can't buy shares in Anthropical Urban AI because you're not a VC. You're not an employee. So you go to somebody in a back alley behind a dumpster. They have a couple of shares in there. And they say, don't worry. Got some anthropic for you here. Yeah, exactly. Just caught with a little bit of like, you know, sugar or something.

In this case, the fentanyl is the layered fees and it turns out that the two companies in question

...