Tomasz Tunguz
speaker
457 appearances
2 recordings
1 series
first heard Jun 2025
last heard 6d ago
Tomasz Tunguz’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Sep 2026 with 1.
Appearances
And so I would expect them to be pretty active just given I haven't looked at their activity in a while.
But I would expect them to be pretty active just given how attractive the multiples are.
No, I think that's right.
I think GPs and LPs definitely want to, I mean, in many cases, move on
those positions just because the industry has changed and liquidity is absolutely important, although 26 is a monster year for liquidity.
But just cleaning up those vintages and migrating those companies to the next person who is interested in managing them the way that you talked about is a big part of the industry.
In every LP conversation that we have,
Managing liquidity is among the top two or three
I think it breaks down into two phases.
The first phase is really about data acquisition.
The most valuable data, I think the estimate was about 10 billion in data, is being spent this year to train some of these models.
And so as we think about what Cursor has done or what Meta is doing with Muse, they very likely want to develop very specific models that are incredibly efficient to serve.
And to do that, they need the data acquisition.
It makes sense to subsidize it for a while.
until they get enough trajectories to be able to fine tune and serve a very efficient model.
So I think that's probably priority two.
Priority one is distribution.
Priority two is scaling the costs.
And then third is monetization.
And just given Google's distribution in consumer, Meta's or Facebook at the time's distribution in consumer, Snapchat, same thing, Pinterest even, the ultimate monetization
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