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42:44ENThey Paid $7.7 Billion for a Broker — and Intend to Do One Deal a YearPresenta: 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 softwarePresenta: 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.
1:17:01ENDeel CEO Alex Bouaziz on Fundraising, Acquisitions and Global PayrollInvitado: Alex Bouaziz · Presenta: Harry StebbingsBouaziz discusses Deel’s financing, hands-on leadership, acquisition playbook and the company’s ambitions amid a dispute with Rippling.
51:06ENScott Wu on Cognition's Windsurf Deal and the Future of AI CodingInvitado: Scott Wu · Presenta: Harry StebbingsThe Cognition CEO explains the fast-moving acquisition, the role of AI agents in engineering, and his predictions for software development.
25:13ENThe AI Table Is Being Cleared: Two or Three Coding Winners, and Forty Years Without a Biotech GiantPresenta: 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.Presenta: 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 apartPresenta: 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.
1:20:50ENJason Lemkin on SaaS Valuations, Private Equity and the Liquidity ProblemInvitado: Jason Lemkin · Presenta: Harry StebbingsThe SaaStr founder discusses slowing software growth, AI budgets, venture returns and why the next exit may be harder to find.
54:32ENNikesh Arora on Competition, Acquisitions and Leading Through ChangeInvitado: Nikesh Arora · Presenta: Harry StebbingsThe Palo Alto Networks CEO discusses product advantages, acquisition discipline, communication and the personal tradeoffs of leadership.
59:00ENMark Suster on Venture Fundraising, Liquidity and Exit PricesInvitado: Mark Suster · Presenta: Harry StebbingsThe Upfront Ventures partner explains his fundraising approach, investment reserves and view of private equity as a buyer of venture-backed companies.
1:08:30ENBastian Lehmann on Selling Postmates, Starting Again and the Future of AIInvitado: Bastian Lehmann · Presenta: Harry StebbingsThe former Postmates CEO recounts the Uber stock deal, discusses his approach to investors and shares predictions about personal AI and new devices.
1:30:20ENDana White Built the UFC From What He Loved — and Hated — About BoxingInvitado: Dana White · Presenta: 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.
1:02:30ENLuca Ferrari on Bending Spoons, Acquisitions and Learning From RiskInvitado: Luca Ferrari · Presenta: Harry StebbingsThe co-founder explains how his company buys and improves established products, allocates capital and evaluates talent.
1:08:17ENFrank Quattrone on Technology M&A, IPOs and the Amazon Pricing DebateInvitado: Frank Quattrone · Presenta: Harry StebbingsThe Qatalyst founder recounts deals involving Qualtrics, LinkedIn and Amazon, and explains how markets, financing and regulation shape transactions.
43:07ENThe VCs All Asked Who Else Had Done It. HubSpot’s Answer Was Intuit.Presenta: 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 yetInvitado: Kevin Systrom · Presenta: 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 DesignInvitado: Timothy Davis · Presenta: 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 AcquiredInvitado: Julia Schottenstein · Presenta: 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 HiringInvitado: Jonathan Lowenhar · Presenta: 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.
1:34:27ENMatt Mullenweg on Open Source Ideals, the WP Engine Fight and Why Llama Isn't Really OpenInvitado: Matt Mullenweg · Presenta: 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.







