Sourcery

Hemant Taneja, CEO of General Catalyst, joins Sourcery to unpack GC's first-ever quarterly Review.
We cover why he wrote it, the state of GC's $43B ecosystem, why the software buyout model is broken, Anthropic's Series G at $380B, the $5B India commitment, buying Summa Health in Akron, the Anthropic–DoW controversy, Mythos and Project Glasswing, Nikesh Arora joining the board, and his take on "Tech Lash 2.0."
Plus: Is GC going public?
HUGE thank you to Deel Co-Founder & CRO Shuo Wang for the introduction to Reggie & the GC team, I am SO happy we were able to make this happen so quickly! What a treat. 
🔗 Read the Q1 2026 Review: https://hemant-taneja.com/

#VentureCapital #GeneralCatalyst #HemantTaneja #AI #Anthropic

Hemant Taneja: https://x.com/htaneja 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/hWI258ZHbxE

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
• Merge—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 
Follow Sourcery for the latest updates!
https://www.sourcery.vc/
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
 
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Hemant Taneja, CEO at General Catalyst
(01:21) Present state of General Catalyst
(05:08) Seed, Creation & the Customer Value Fund
(06:54) The purpose behind GC’s quarterly review
(08:53) What good tech journalism looks like
(12:26) The biggest AI themes right now  
(15:06) How AI is changing investing decisions
(19:25) Why seed and Series G require the same conviction
(22:55) Why does he holds two titles at once?
(25:17) Why Silicon Valley glorifies the wrong founders
(27:52) Building an AI-native hospital
(30:20) Managing funds through bubbles and hype cycles  
(33:13) How funds sell ownership stakes
(34:59) Why the software buyout model is broken
(38:44) Vista's new software buyout debt fund
(39:20) Global Resilience vs. American Dynamism
(41:49) GC’s $5B bet on India
(45:48) What global investing teaches you
(47:09) The four forces of tech lash
(50:12) Anthropic and the Pentagon
(54:06) Is GC going public?
(55:26) The Puka shell necklace era

Leif Abraham, Co-CEO of Public, joins Molly at the New York Stock Exchange for one of the more fun financial discussions on how Public is building the next-generation investing platform “for those who take it seriously." Public represents the first modern alternative to Schwab, Fidelity, and Vanguard — platforms built on decades-old infrastructure that haven't kept pace with today's investors or technology.
The results speak for themselves: millions of users, billions in assets under management, billions in trading volume, and revenue doubling annually as they continue to capture market share.
Public's differentiators include:
AI agents that automate complex investment strategies

"Generated Assets" AI-powered custom indices

Comprehensive multi-asset trading across stocks, ETFs, crypto, options, treasuries, bonds

Focus on sophisticated investors with real assets to compound

Leif and I explore how their AI-generated defense index hit 350% returns in one month (big surprise, lol), the future of financial advisors in an AI world, and why their co-CEO structure works better than solo leadership. Leif explains why they focus on the top 25% instead of chasing mass market speculation, plus his thoughts on AI, wealth inequality, and what it means for society.
For investors seeking a serious platform that combines traditional financial services with cutting-edge technology, this conversation offers valuable insights into where the industry is heading.

Leif Abraham: https://x.com/leifthunder 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒
YouTube : https://youtu.be/NF-VKevrIzg

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing accelerates superintelligence by helping frontier AI labs improve model capabilities and enabling enterprises to deploy end-to-end AI systems inside mission-critical workflows. Visit: turing.com/sourcery• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
• Merge—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit https://merge.dev 

Follow Sourcery for the latest updates!
https://www.sourcery.vc/

Disclosure

Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Most announced data centers will never get built. The ones that do are running on gas generators. And the US grid has no answer for what's coming.
Hannan Happi, CEO & Co-Founder of Exowatt, joins Sourcery for a rare facility tour of their 40,000 sq ft Miami HQ — walking us through the tech, the team, and why the AI power crisis is far worse than the headlines suggest.
Exowatt has raised $140M from a16z, Felicis, Sam Altman, Leonardo DiCaprio, Starwood Capital, Thrive Capital, and more, all betting on a deceptively simple idea: concentrate sunlight with Fresnel lenses, store the heat in rocks at 1,000°C, and dispatch electricity on demand. 24 hours a day, no grid required.
Their P3 system is built from sand, dirt, and steel. Like a large magnified glass and a rock. No lithium. No cobalt. No China. Target cost: 1 cent per kilowatt hour.

Timestamps
(00:00) What is Exowatt? The solar backbone for AI data centers
(01:30) Why the US grid simply cannot handle what's coming
(02:00) Tour begins: Welcome to Lighthouse Miami — 40,000 sq ft facility
(02:45) The P3 explained: three elements, one shipping container
(04:00) The founding story: Atomic venture studio and the modular hypothesis
(05:30) Why solar thermal hasn't followed solar PV's 99.6% cost decline — until now
(07:00) North star: 1 cent per kilowatt hour and where they are today
(11:00) Inside the world's largest solar simulator — the sun, indoors
(13:00) The Fresnel lens up close: a giant magnifying glass for the sun
(15:00) "It's rock science" — the 5-year-old explanation of how it works
(17:30) Domestic raw materials (sand, dirt, steel) as the real competitive moat
(24:30) The phantom data center problem: most announcements won't get built
(26:00) From 100 MW to 10 GW: how data center scale exploded in 3 years
(30:00) Funding breakdown: $140M, a16z, Felicis, Sam Altman, Leonardo DiCaprio
(37:00) Lessons from Tesla: remove parts, iterate fast, build better

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com

• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery

• Merge—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit: https://merge.dev
Follow Sourcery for the latest updates!
https://www.sourcery.vc/
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Max Levchin, Co-Founder of PayPal and CEO of Affirm, joins Sourcery for a wide-ranging conversation on building companies, surviving failure, and navigating one of the most important economic shifts in decades.
We start inside Affirm HQ (with a masterclass in espresso) before getting into the story behind onboarding 800,000 Shopify merchants in a week, the lessons from PayPal that still apply today, and why the team is the single biggest determinant of success. Max also breaks down how AI is collapsing the cost and speed of building software — fundamentally reshaping company formation, competition, and the balance between labor and capital.
As intelligence becomes more accessible, he explains why weaker, more “scammy” companies will struggle to survive in a world where both consumers and builders are more informed — raising the overall bar for quality, execution, and truth. In parallel, the widespread availability of AI tools may effectively increase baseline capability across the population, shifting what it means to be skilled, technical, and competitive.
From reading research papers daily to staying ahead of rapid innovation cycles, he explains why this moment in AI may be even more consequential than the internet or mobile — and what it takes to build and lead in it.
This was recorded March 30, 2026.
Topics include:
Building Affirm & scaling under pressure

PayPal lessons & talent density

Why ~85% of startups fail

AI and the collapse of build costs

Why low-quality / scammy companies will get exposed faster

AI raising the baseline capability of builders

Fintech, credit, and changing consumer behavior

Max Levchin: ⁠https://x.com/mlevchin⁠
Molly O’Shea: ⁠https://x.com/MollySOShea⁠ 
Sourcery: ⁠⁠https://x.com/sourceryy⁠ 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube : ⁠https://youtu.be/yC_dWibdvHY⁠

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• ⁠Brex⁠—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. ⁠https://brex.com/sourcery⁠
• ⁠Turing⁠—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. ⁠https://turing.com/sourcery⁠•⁠ VCX⁠—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at⁠ http://GetVCX.com⁠
• ⁠Deel⁠—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: ⁠https://www.deel.com/sourcery⁠
• ⁠Public⁠–Investing platform Public just launched ⁠Generated Assets⁠, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://⁠public.com/sourcery⁠
• ⁠Merge⁠—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit:⁠ https://merge.dev⁠

Follow Sourcery for the latest updates!
⁠https://www.sourcery.vc/⁠

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at ⁠public.com/disclosures/ga⁠. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

Max Levchin, Co-Founder of PayPal and CEO of Affirm, joins Sourcery for a wide-ranging conversation on building companies, surviving failure, and navigating one of the most important economic shifts in decades.
We start inside Affirm HQ (with a masterclass in espresso) before getting into the story behind onboarding 800,000 Shopify merchants in a week, the lessons from PayPal that still apply today, and why the team is the single biggest determinant of success. Max also breaks down how AI is collapsing the cost and speed of building software — fundamentally reshaping company formation, competition, and the balance between labor and capital.
As intelligence becomes more accessible, he explains why weaker, more “scammy” companies will struggle to survive in a world where both consumers and builders are more informed — raising the overall bar for quality, execution, and truth. In parallel, the widespread availability of AI tools may effectively increase baseline capability across the population, shifting what it means to be skilled, technical, and competitive.
From reading research papers daily to staying ahead of rapid innovation cycles, he explains why this moment in AI may be even more consequential than the internet or mobile — and what it takes to build and lead in it.
This was recorded March 30, 2026.
Topics include:
Building Affirm & scaling under pressure

PayPal lessons & talent density

Why ~85% of startups fail

AI and the collapse of build costs

Why low-quality / scammy companies will get exposed faster

AI raising the baseline capability of builders

Fintech, credit, and changing consumer behavior

Max Levchin: https://x.com/mlevchin
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube : https://youtu.be/yC_dWibdvHY

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• VCX—VCX is the public ticker for private tech, allowing investors of all sizes to invest in venture capital. View The Portfolio at http://GetVCX.com
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
• Merge—The leading provider of customer-facing integrations and agentic tools for frontier LLMs, Fortune 500 organizations, and B2B SaaS companies. Visit: https://merge.dev

Follow Sourcery for the latest updates!
https://www.sourcery.vc/

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.