In this episode, Ev Randle, a General Partner at Benchmark, discusses how the rise of AI has fundamentally disrupted traditional venture capital and SaaS investing principles. He explains that the old rules, where scale reduced risk and high margins were always positive, no longer apply, creating a new 'bizarro world' for investors. The conversation covers the unique economics of AI companies, the shift towards inference-based revenue models, and the massive liquidity events on the horizon.