Eno Reyes is the co-founder and CTO of Factory, the agent-native software development platform building autonomous "Droids" for enterprise engineering teams. Factory has raised $220 million, most recently a $150 million Series C at a $1.5 billion valuation, from investors including Khosla Ventures, Sequoia Capital, 20VC, NEA, Blackstone, Insight Partners and Nvidia. Before founding Factory, Eno worked as a machine-learning engineer at Hugging Face, training, optimizing and deploying large language models for enterprise customers. AGENDA: 00:00 Are We Underestimating AI by an Order of Magnitude? 06:35 Why Can the Smartest AI Model Be the Cheapest? 18:51 Is Anthropic's Coding Business Really Worth $2 Trillion? 33:41 Will Continuous-Learning Models Help or Hurt Factory? 40:43 Will 80–90% of Neo-Labs Die in the Next 18 Months? 44:33 Should American Enterprises Work With Open-Source Chinese Models? 55:42 Must AI Founders Radically Rethink What a Great Outcome Looks Like? 1:04:30 Do Pedigree and Credentials Still Matter in AI Hiring? 1:19:17 Which Is the Biggest Threat: Claude Code, Codex, Cognition or Cursor? 1:24:20 What Seems Crazy Today but Will Be Obvious in Five Years?