Investment Highlights - Benchmark's latest fund includes Mercor (10 billion USD valuation), Sierra (10 billion USD valuation), Firework (4 billion USD valuation), Legora (2 billion USD valuation), and Langchain (1.4 billion USD valuation) [1] - The fund's multiples on invested capital include one 60x, two 30x, and two 20x [1] - Ev Randle's prior experience includes Partner at Kleiner Perkins and investor at Founders Fund and Bond [1] Venture Capital & Market Trends - Discussion on the biggest investing lessons from Peter Thiel, Mary Meeker, and Mamoon Hamid [1] - The report suggests OpenAI could become a 1 trillion USD company [1] - The report questions whether OpenAI or Anthropic will win in coding [1] - The report emphasizes focusing on gross dollar per customer rather than margin [1] - AI labs are identified as the biggest threat to AI app companies [1] - Mega funds are seen as having replaced Tiger [1] - The report suggests GC, Lightspeed, and a16z may not achieve 5x returns on their funds [1] Benchmark's Strategy & Challenges - Discussion on whether Benchmark fires founders and what makes a truly the best partner [1] - Ranking of People, Product, and Market in terms of importance [1] - The single biggest threat to Benchmark is discussed [1]