Leading Anthropic's First Ever Round | Will Open Source Threaten Anthropic's Business | Do Margins Matter in a World of AI

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.

In Today's Show We Discuss:

• Why Menlo Broke All Its Investing Rules to Back Anthropic

• Why Ownership Matters Less in an Outlier-Driven Venture Market

• Do We Have an SPV Problem in Venture Today?

• Do Margins Still Matter in AI?

• Why Open Source Won't Derail Anthropic's Growth

• Does Every Model Provider Need to Build Its Own Chips?

• Why Anthropic Is Not a Threat to Legora

• Why Series A Is the Hardest Place to Invest Today

• Why Signalling Is B.S. and Every Fund Is Going Full Stack

• Why Building a Company in Europe Is Hard Mode

• Why Triple-Triple-Double-Double Is No Longer Venture-Scale Growth