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42:44ENThey Paid $7.7 Billion for a Broker — and Intend to Do One Deal a YearModeration: Sarah Guo, Elad GilSequence Holdings co-founder Michael Lee tells No Priors why owning a market leader, not selling it software, is how AI actually remakes an incumbent.
22:01ENThe first AI take-private is a $6.3 billion bet that services can grow like softwareModeration: Sarah Guo, Elad GilLong Lake CEO Alexander Taubman tells Elad Gil why his firm is taking American Express Global Business Travel private after 30 AI-driven acquisitions — and why they buy the company instead of selling it a tool.
1:27:01ENThe $16 Trillion Services Market Is Being Bought, Not Sold ToModeration: Nathan LabenzMarc Bhargava of General Catalyst explains how AI-enabled rollups turn low-margin service firms into compounding, software-like businesses.
25:13ENThe AI Table Is Being Cleared: Two or Three Coding Winners, and Forty Years Without a Biotech GiantModeration: Sarah Guo, Elad GilSarah Guo and Elad Gil walk through which AI markets have already consolidated, why rival startups still refuse to merge, and the biotech science sitting unused.
26:08ENFewer Than 3% of Deals Get Investigated. Selling to the Monopolist Is What Triggers the FTC.Moderation: Sarah Guo, Elad GilChair Lina Khan tells No Priors how merger review actually works in AI markets, why open-weight models matter, and why the agency banned most non-competes.
29:12ENGoldman says AI will touch 5% of tasks. Two investors take the report apartModeration: Sarah Guo, Elad GilSarah Guo and Elad Gil use a host-only No Priors episode to dismantle a June 2024 Goldman Sachs note, then map where they would buy, incubate, and hold.
1:30:20ENDana White Built the UFC From What He Loved — and Hated — About BoxingGast: Dana White · Moderation: Lex FridmanThe UFC president tells Lex Fridman how a $2 million bargain, a jiu-jitsu mat, and a lifetime of fight-fan grudges became a global sport.
43:07ENThe VCs All Asked Who Else Had Done It. HubSpot’s Answer Was Intuit.Moderation: Sarah Guo, Elad GilBrian Halligan walks through two decades of category creation, a CRM pivot nobody wanted, and why he thinks incumbents — not startups — win this AI round.
2:44:38ENPosting a photo of this moment was not a product category yetGast: Kevin Systrom · Moderation: Lex FridmanKevin Systrom tells Lex Fridman how Instagram began as a failed check-in app, hid a slow upload behind a caption screen, and later sold a thirteen-person company to Facebook for a billion dollars.
1:42:04ENPaid Growth, Step by Step: Shopify's Performance Marketing Lead on Tests, Signal and Team DesignGast: Timothy Davis · Moderation: Lenny RachitskyTimothy Davis walks through when to start paid, how to run signs-of-life tests, which platforms to try, what to measure and who to hire first.
1:00:51ENInflict Pain, But Do It With a Smile: Julia Schottenstein on dbt's Rise and the Art of Getting AcquiredGast: Julia Schottenstein · Moderation: Lenny RachitskyA former NEA investor turned dbt Cloud product leader explains why dbt won, how to approach M&A and pricing, and how venture habits make her a better PM.
1:34:36ENFounder Is an Attitude, CEO Is a Craft: Jonathan Lowenhar on Failure Modes, Magic Box Exits and HiringGast: Jonathan Lowenhar · Moderation: Lenny RachitskyEnjoy The Work's Jonathan Lowenhar lays out the skills founders must learn to become CEOs, from avoiding common failure modes to selling a company, hiring, go-to-market and trusting intuition.
1:24:01ENFrom Sandwich Math to Expert Data: Scale AI's CEO on What Actually Makes Models SmarterModeration: Lenny RachitskyJason Droege explains what really happened with Meta's investment in Scale AI, how data labeling turned into expert work, and what Uber Eats taught him about building businesses.
1:34:27ENMatt Mullenweg on Open Source Ideals, the WP Engine Fight and Why Llama Isn't Really OpenGast: Matt Mullenweg · Moderation: Lenny RachitskyThe WordPress co-creator and Automattic CEO gives his side of the WP Engine dispute, explains his open source philosophy, and talks AI, community building and acquisitions with Lenny Rachitsky.









