20VC: Dario and Anthropic Declare War on Open-Source | Coinbase Slash AI Spend by 50% | Kalshi's $40BN Valuation and Impending IPO | Bending Spoons: Smartest IPO of 2026 and the Year for SaaS Roll-Ups

AGENDA:

00:00 Coinbase Slashes AI Spend 50%—Is the AI Token Bubble Bursting?

12:55 Anthropic Warns Open Source Could Destroy the AI Business Model

18:10 Dario Escalates the AI War with China & Open-Source

22:00 Should the US Ban Chinese AI Models?

33:15 Microsoft's AI Strategy Is Breaking Down

38:00 Kalshi's $40B Valuation Signals a New Consumer Gold Rush

41:15 Has SpaceX Frozen the AI IPO Market?

43:20 Why Bending Spoons May Be the Smartest IPO of the Year

46:00 The $100B Opportunity to Buy Broken SaaS Companies

53:30 Which Software Companies Would Jason Buy Tomorrow?

1:04:30 The Great AI Talent War Is About to Get Worse

1:11:20 Every Company Is Becoming an AI Company—or Dying