The a16z Show Steven Sinofsky & Balaji Srinivasan on the Future of AI, Tech, & the Global World Order
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Aug 11, 2025 
Balaji Srinivasan, founder of the Network School and former CTO of Coinbase, joins former Microsoft executive Steven Sinofsky for an insightful discussion. They analyze the recent surge in tech mergers and acquisitions, exploring how regulation is reshaping the industry landscape. The duo delves into the ‘acquihires’ trend, the pitfalls of M&A, and the complex dance between innovation and regulatory scrutiny. They also discuss AI's transformative potential and the urgent need for strategic adaptation by American companies in the face of evolving global competition.
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Regulators Lack Numerical Intuition
- Balaji Srinivasan argues many regulators are selected for verbal skills and lack numerical intuition for scale.
- He warns this blocks understanding of orders‑of‑magnitude differences like millions versus billions.
Most M&A Destroy Value
- Erik Torenberg cites research showing M&A is, on average, a net destroyer of value.
- He argues regulators can't credibly claim M&A reliably benefits the public when history disproves that.
Antitrust Harms Startups, Strengthens Incumbents
- Balaji Srinivasan says blocking acquisitions reduces startup funding and paradoxically strengthens incumbents.
- He explains that big exits recycle capital and fuel new startups, so stopping them hurts the ecosystem.
