BREAKING: Unpacking the largest investment in the history of Altimeter → OpenAI Reaching a $500B valuation & 700M WAUs, Apoorv Agrawal, AI & Software Partner at Altimeter, breaks down how to value OpenAI's insane growth We dig into the numbers. + PLTR FDE, XBOW, Power Laws, Supercycles Highlights - AI Supercycle Mirrors Past Technology Shifts - “Speed Is the Only Moat” - Power Law of VC - XBOW & the Future of Cybersecurity - Palantir Culture → Forward Deployed Engineers Timestamps (00:00) Altimeter’s $10B+ AUM strategy (01:57) Why Altimeter concentrated its largest investment ever in OpenAI (04:45) VC Power Law: Why 0.3% of companies drive 99% of returns (09:25) Consumer adoption of ChatGPT & enterprise spillover (12:08) Velocity: Why speed is the ultimate moat in AI (14:18) Parasocial relationships with ChatGPT (19:29) Adoption curves: Raising the ceiling vs. raising the floor (23:30) Defining AGI & DOOM (25:40) GPT-5 release: Volatility, iteration, & anti-fragility (32:00) XBOW AI: When AI becomes the world’s top hacker (38:22) Where AI value accrues: Chips, infrastructure, or applications (42:50) $1B talent wars & Meta’s AI strategy (44:12) Palantir’s billion-dollar FDE culture (50:10) Lessons from Shyam Sankar & Alex Karp (53:52) Evaluating founder performance & IPO readiness (55:36) IPO Predictions: Klarna, Discord, Databricks, Cerebras, Anduril @apoorv03 | @AltimeterCap