Will Open-Source Threaten Anthropic's Business & Do Margins Matter in a World of AI | Matt Murphy

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. ----------------------------------------------- Timestamps: 00:00 Intro 01:21 How Menlo Got Into Anthropic 05:12 Ownership Doesn't Matter Anymore 07:25 When Does Price Actually Matter? 10:18 How Menlo Sized Up for the Second Anthropic Round 13:43 When to Take Money Off the Table 22:00 Why Menlo Raised Only $3B When They Could Have Raised Much More 29:41 OpenRouter: Why Matt Thinks It's Already a Beast 31:05 The Legora Investment: Is Anthropic a Threat? 34:33 Series A Is the Worst Insertion Point Right Now 37:18 The Barbell Strategy: Go Earlier and Go Bigger, Skip the Middle 43:25 Can a Great Seed Investor Also Be a Great Growth Investor? 54:59 Menlo's Anthropic Carry 56:33 Richer Investors Make Better Investors 1:01:29 Where Is AI Overheated? 1:02:40 Where Is AI Underinvested? 1:04:15 What Matt Is Most Excited About in the Next 10 Years ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... Follow Harry Stebbings on X:   / harrystebbings   Follow Matt Murphy on X:   / mmurph   Follow 20VC on Instagram:   / 20vchq   Follow 20VC on TikTok:   / 20vc_tok   Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/con... ----------------------------------------------- #20vc #harrystebbings #ai #mattmurphy #menloventures #anthropic #opensource #venture