The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: SpaceX Completes Acquisition of xAI | The 2026 SaaS Massacre: Public Market Collapse | Microsoft's $360 Billion Market Cap Loss | NVIDIA's $100BN Investment Dispute with OpenAI | Waymo Raises $16 Billion at a $110 Billion Valuation
659 snips
Feb 5, 2026 
Jason Lemkin, SaaS investor and founder of SaaStr, and Rory O'Driscoll, enterprise-focused VC, trade rapid takes on market-moving tech deals and AI-driven shifts. They cover SpaceX buying xAI and its implications, the 2026 SaaS market collapse and which software categories are at risk, Microsoft and Nvidia controversies, Waymo’s huge raise, and the rise of agent networks and next-gen CRM.
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‘Up To $100B’ Was An Option, Not A Promise
- NVIDIA's 'up to $100B' commitment to OpenAI was aspirational; 'up to' gives wide optionality.
- Reported headlines about backing off were partly from reading that cap as a firm promise.
Slower Growth Still Means Massive Success
- OpenAI's growth slowdown forces recalibration of external expectations and downstream spending plans.
- Even halving an aggressive growth plan still leaves an enormous, successful company needing to reforecast investments.
Public Backstops For AI Infrastructure Are Plausible
- Governments may consider low‑cost loans or guarantees for AI infrastructure to avoid systemic market shocks.
- Policymakers could treat AI data centers like strategic national infrastructure akin to railroads or airlines.
