20VC: Leading Anthropic's First Ever Round | Will Open Source Threaten Anthropic's Business | Do Margins Matter in a World of AI | Why Triple, Triple, Double, Double is Not Good Enough Today | Why Series A is Hard Today with Matt Murphy @ Menlo

Matt Murphy is a Partner at Menlo Ventures, who just raised $3 billion in fresh capital, its largest pool ever. Matt's portfolio includes Anthropic, Lovable, Legora, OpenRouter, Chai Discovery, Axiom, OpenEvidence and more. AGENDA:  00:00 Why Menlo Broke All Its Investing Rules to Back Anthropic 09:00 Why Ownership Matters Less in an Outlier-Driven Venture Market 13:00 Do We Have an SPV Problem in Venture Today? 20:00 Do Margins Still Matter in AI? 23:00 Why Open Source Won't Derail Anthropic's Growth 26:00 Does Every Model Provider Need to Build Its Own Chips? 29:00 Why Anthropic Is Not a Threat to Legora 32:00 Why Series A Is the Hardest Place to Invest Today 36:00 Why Signalling Is B.S. and Every Fund Is Going Full Stack 42:00 Why Building a Company in Europe Is Hard Mode 47:00 Why Triple-Triple-Double-Double Is No Longer Venture-Scale Growth