20VC: The AI Bubble Is Wrong | AI Margins Need to Improve | Revenue Concentration Should be a Concern | Why People Over-Estimate Open Models But Enterprises Still Fear Frontier Models with Aaron Katz, ClickHouse
episode
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
1h 3m
1 speaker
8 chapters
transcribed 12 days ago
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Is the AI market currently in a bubble or a new growth phase?
We're just getting started. This seems to be accelerating at an unprecedented pace. We haven't seen revenue growth like this in our lifetime. We went zero, twelve, fifty, two hundred, and we'll finish this year north of five hundred. We need to get to a billion dollars of ARR as quickly as possible. I'd put the overunder at December 2027. And I would take the under. We could take the company public next year if we wanted to.
This is a very special 20 VC with me, Harry Stebbings. The show you're about to listen to. Oh, it was not filmed in the usual recording studio. No, no. We went to Craven Cottage, the home of Fulham football. Why? Well, our guest today just got front of shirt sponsorship for Craven Cottage and for Fulham, most importantly, the team that play there. Welcome, Alan Katz, founder and CEO of ClickHouse, industry-leading online analyst. Processing database management system. Try saying that after a couple of tequilas, but they've just crossed 350 million in ARR. They have customers like Microsoft, Anthropic, OpenAI, Tesla, Netflix. If you're a great company, you kind of use ClickHouse. And Aaron is incredible. He was one of the leading execs at Elastic for years.
Before that, he spent 12 years working with the one and only Benny Off at sales for. Force now. He's obviously the co-founder of Click House, which is worth over $15 billion. I cannot wait for you to hear this discussion. It was so much fun for me to sit down with a dear friend in Aaron. But before we dive into the show today, founders face a different set of challenges at every stage of growth. For Sid Shait, co-founder and CEO of D-Matrix, JP Morgan delivered the guidance and expertise to help. Navigate what came next. He credits JPMorgan's high-touch approach with supporting D-Matrix as it grew and expanded internationally. Whether you're in the early days or expanding into new markets, JPMorgan helps startups navigate complexity with real confidence, offering personalized guidance and deep sector expertise.
Find out how JPMorgan helps founders at jpmorgan.com. Forward slash grow without limits. JP Morgan is the bank of the innovation economy. While JP Morgan powers your finances, Asana keeps the work moving. Most companies have tried AI. Most aren't seeing results. Not because AI doesn't work, it's because AI hasn't reached the workflows yet. That's the gap Asana is built to close. Asana is the operating system for human agent teams. Your easy Button for AI productivity across every team. Ready-to-go AI teammates, pre-built for marketing, ops, and IT. No prompt engineering, no setup. They show up where the work is happening, already onboarded, in your workflows, ready to deliver. With Asana, your whole company can work on the same plan towards the same goal.
Whether you're a team of 10 or a team of 10,000. Asana, where humans and agents workflow together. Try it at asana.com. That's a n a dot com. While Asana aligns the roadmap, base44 helps you build faster. You have the idea, but with most AI tools, you hit a wall. The setup, the config, the gap between what you pictured and what you actually ship. Well, base 44 is where that wall disappears. You describe it? Yeah. Base 44 builds it. Apps, websites, AI agents, real Working products built in minutes using nothing but plain language. And it's all batteries included: the back end, the database, the authentication, the hosting, the heavy lifting is handled, so you just really stay in the flow. This doesn't just take the busy work off your plate, but it gives you an advantage and pushes you past what you thought you could build alone.
So in this market, fast is the baseline. To win, you just have to be first. Base 44 is that edge. The move that That skips the troubleshooting and gets you straight to the breakthrough. Build your next thing at base44.com. That's base44.com. You have now arrived at your destination. Aaron, dude, I've done over a thousand shows. I've never had a setting quite like this for a show. So thank you so much for for hosting at Fulham Football Club. Yeah, total joy.
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Chapters
8 chapters
1
Is the AI market currently in a bubble or a new growth phase?
0:00–8:51
2
How do software and product decisions change when agents—not humans—make buying decisions?
8:51–18:29
3
Will 90% of token traffic flow through open‑source models, and can enterprises trust them?
18:29–25:41
4
Why did ClickHouse sponsor Fulham and could sports teams become $20 B‑valued assets?
25:41–33:46
5
When will ClickHouse reach $1 B ARR and what factors will drive that milestone?
33:46–40:31
6
Can startups still attract elite talent from OpenAI and what is the biggest remote‑work mistake?
40:31–48:23
7
Is $0‑to‑$100 M ARR now a baseline, or is durable, high‑margin growth the real goal?
48:23–55:28
8
Will ClickHouse go public soon, and why might the company wait until after 2027?
55:28–1:03:35
Speakers
1 identifiedMore from The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
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