Ev Williams

speaker

383 appearances 2 recordings 2 series first heard Jun 2026 last heard 18 Jun

Ev Williams’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jun 2026 with 2.

Appearances

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · 20VC: SpaceX Soars to $2.7TRN | Anthropic's Fable Banned by US Government | Wix and Adobe Hit All-Time Lows | Mistral Raising at $20BN and The Case for Sovereign Models | Fin Acquired by Salesforce for $3.6BN · 18 Jun 2026 podcast

At the same time, again, like one, yeah, I mean, we don't need to go down the list again, but again, it's like they have basically every single one of the bad attributes.

Yeah.

They're already like the 80% share winner in all of their markets that they compete in.

They only have share to lose.

The product is getting increasingly replicable.

The terrible business model, it's been amazing for so, so long and is now the wrong one for the given moment for what the market wants.

And then just very few of the upsides that no real kind of usage-based components to the business.

Hard to argue that their products get any ITL one that they can capture because they don't have the talent internally.

So the other big vector on this that is, I think, somewhat under-discussed is that if you talk to hedge fund managers right now and you talk to them, like if you talk to like a TMT hedge fund manager, what a lot of them will say, I think Brad from Altimeter has said this publicly on podcasts where he's like, look, like, yeah, I can go buy Adobe for eight times free cashflow with all of these problems that we don't know how they're going to resolve.

Or I can go buy NVIDIA for 16 times earnings.

So like, who's like the poster child of every single tailwind that we're talking about in AI that has, you know, 80% share themselves of the most important piece of the compute tech stack.

And so what I've heard from a lot of public managers is that SaaS, you know, maybe it's oversold.

Maybe it's too cheap, but why does it matter?

It's just too hard.

You can buy these memory stocks for very cheap multiples.

Again, all these guys and gals in the hedge fund industry, they're graded on how they do versus the index.

If you look at the SOX index this year, I think it's up 45% to 50% this year, whereas the SAS index is probably down 20% to 25%.

Even if you're an expert in SAS and you got the good ones, you've underperformed the SEMI's index.

And so their job isn't to be smart on SaaS.

Their job is to make money, and they can just invest in semis right now and play that trick.

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