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David George - Building a16z Growth, Investing Across the AI Stack, and Why Markets Misprice Growth - [Invest Like the Best, EP.450]

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David George - Building a16z Growth, Investing Across the AI Stack, and Why Markets Misprice Growth - [Invest Like the Best, EP.450]

Invest Like the Best with Patrick O'Shaughnessy

2025/12/02
Invest Like the Best with Patrick O'Shaughnessy

Invest Like the Best with Patrick O'Shaughnessy

2025/12/02
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

My guest today is David George. David is a General Partner at Andreessen Horowitz, where he leads the firm’s growth investing business. His team has backed many of the defining companies of this era – including Databricks, Figma, Stripe, SpaceX, Anduril, a...

Highlights

In this conversation, David George, General Partner at Andreessen Horowitz, pulls back the curtain on the firm’s growth investing strategy during one of the most transformative technological eras in decades. With deep experience backing category-defining companies, he offers a clear-eyed view of how AI is reshaping industries, what kinds of founders succeed, and how investors can position themselves ahead of seismic market shifts.
05:40
The future of AI will shift from reactive to proactive interaction models.
10:18
90% of technological surplus goes to end-users, not companies
22:03
Most market cap creation goes to the market leader, not followers.
29:22
Winning deals at the growth stage relies on years of relationship building with founders.
31:53
Ben called off the Figma investment debate the same night, halting the decision process.
38:40
Investing allows me to be around great founders and learn about cutting-edge tech
42:30
a16z uses a single-trigger decision-making process to enable fast, transparent investment choices
47:00
Investing in high-growth companies is less risky than traditional investments due to market underestimation.
49:15
Pull companies like ChatGPT and Roblox grow because the market demands more, not because of aggressive sales.
55:05
After seeing strong results, a partner noted 'product fucking market fit'.
1:02:13
The future with AI will be proactive rather than reactive.

Chapters

How AI Is Redefining Human-Computer Interaction
00:00
Why Most Enterprise AI Models Still Don’t Add Up
10:18
What Makes a Founder a ‘Technical Terminator’?
17:19
Can Multiple Giants Coexist in the AI Model Race?
24:29
How a Single Investment Meeting Changed Everything
31:53
How David George Structures His Time for Maximum Impact
36:19
Inside a16z’s No-Committee, High-Speed Decision Engine
41:07
Why Rapid Growth Is Actually Less Risky Than It Looks
45:50
Pull vs. Push: Which Business Model Wins in the AI Era?
48:08
What Truly Drives Valuation in Early AI Companies?
52:51
How Startups Can Beat Giants by Rewriting the Rules
1:02:13

Transcript

Patrick O'Shaughnessy: The best operators have a relentless focus on leverage, finding ways to multiply their impact rather than just working harder. But here's what I see happening in finance teams everywhere. Brilliant people getting buried in expense ma...