20VC: a16z's David George on How $BN Funds Can 5×, Do Margins & Revenue Matter in AI & the Most Controversial Bet at a16z

David George is a General Partner at Andreessen Horowitz, where he leads the firm's Growth investing team. His team has backed many of the defining companies of this era, including Databricks, Figma, Stripe, SpaceX, Anduril, and OpenAI, and is now investing behind a new generation of AI startups like Cursor, Harvey, and Abridge.

AGENDA:

03:05 – Why Everyone is Wrong: Mega Funds Does Not Reduce Returns

10:40 – Is Public Market Capital Actually Cheaper Than Private Capital?

18:55 – The Biggest Advantage of Staying Private for Longer

23:30 – The #1 Investing Rule for a16z: Always Invest in the Founder's Strength of Strengths

31:20 – Why Fear of Theoretical Competition Makes Investors Miss Great Companies

35:10 – Does Revenue Matter as Much in a World of AI?

44:10 – Does Kingmaking Still Exist in Venture Capital Today?

49:20 – Do Margins Matter Less Than Ever in an AI-First World?

53:50 – My Biggest Miss: Anthropic and What I Learn From it?

56:30 – Has OpenAI Won Consumer AI? Will Anthropic Win Enterprise?

59:45 – The Most Controversial Decision in Andreessen Horowitz History

1:01:30 – Why Did You Invest $300M into Adam Neumann and Flow?