Rory O'Driscoll

The old customers don't leave, okay?

HubSpot and Box and even Anthropic using it, they don't leave, they renew.

They don't buy as many seats, right?

Because the team is also using Cursor.

But of course they don't churn.

The logo retention remains good, but NRR drifts down and new customers, the next generation, the kids from YC, they defer that purchase.

because they're doing enough in cursor.

And I'm seeing this across my older portfolio, that folks are maimed.

Like the existing retention's good, but the new guys are just taking enough of the new budget that your growth materially decreases.

I think this is a risk for almost everyone that's established is you just get maimed.

You don't get killed, you get maimed.

And cursor could easily maim this market, it's so big.

It's the one that never quite heals.

And you sit in the board meeting and you're like, well, we had 15,000 customers last quarter, Rory.

Now we have 15,200.

Hooray.

Kudos.

But it's this maiming that I think people aren't, a lot of founders aren't being honest about how they're being maimed by AI leaders.

They're being maimed.

They're not being, they're crushed is the narrative we talk about.