The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Anthropic Raises $30BN at $380BN Valuation | Thrive Raises New $10BN Fund | OpenAI Buys OpenClaw | Stripe Raises at $140BN: Is Adyen Wildly Undervalued? | Monday, Figma, Shopify: Which are Buys vs Sells?
502 snips
Feb 19, 2026 
Rory O'Driscoll, veteran SaaS-focused investor; Jason Lemkin, SaaS scaling expert and founder of SaaStr. They debate Anthropic's $30B raise and AI funding frenzy. They unpack why AI narratives crush SaaS stocks, where AI is actually eating (coding, support, legal), Figma's missed AI adjacencies, Stripe versus Adyen, OpenClaw/OpenAI moves, and why mega private funds like Thrive keep growing.
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Enterprises Will Power Near-Term AI Spend
- Corporate America and Wall Street have decisively chosen to 'will' AI into existence by prioritizing AI budgets and projects.
- Expect one to two years of aggressive AI spending even if ROI is uncertain.
Narrative Trade Overwhelms SaaS Fundamentals
- The market has shifted from valuing SaaS narratives to favoring AI momentum, causing many SaaS stocks to fall.
- Rory argues narrative drives short-term pricing, while fundamentals will matter longer term.
Act Now On Product Roadmaps
- Fix product roadmaps to capture AI-adjacent opportunities before competitors do.
- Rory warns companies must act quickly or risk multiples compressing if they miss AI-driven adjacencies.