Thrive Capital's deepening partnership with OpenAI highlights a shift toward high-conviction bets in venture capital, prioritizing centrality in transformative deals over broad portfolios. Databricks' massive raise at a $134B valuation sparks debate over growth premiums and competitive positioning against Snowflake, as AI reshapes enterprise data infrastructure. Meanwhile, undervalued public SaaS companies like PagerDuty and Eventbrite become acquisition targets due to low multiples and stagnant growth, underscoring the 'TAM trap'—the limits of saturated markets. AI enables expansion beyond per-seat pricing into usage-based models, driving efficiency and higher ARR per employee. In wealth management, AI disrupts traditional high-fee models, enabling scalable, automated services for underserved segments. The discussion emphasizes compounding value over time, with long-term builders facing pressure from fast-scaling AI startups. Ultimately, the VC landscape is split between chasing hype and backing durable, defensible businesses, exemplified by the choice between Supabase’s technical moat and Lovable’s cultural momentum.