How do you quietly raise $9 billion in a world obsessed with hype? In today’s episode, we break down the rise of Lightspeed Venture Partners: the ultra-successful, strangely under-the-radar mega-fund shaping the next decade of AI, enterprise, and consumer tech. Lightspeed has posted huge exits this year while sidestepping the froth of the AI bubble… so what are they doing differently?

But first, we dig into the new rift between Amazon and OpenAI, and how shifting alliances in Big Tech are reshaping the AI economy. Why is Amazon repositioning now? What does it signal for OpenAI, Anthropic, and the broader AI stack? And who actually benefits when tech giants redraw the map?

This episode goes deep on: • What makes a mega fund — and why so few succeed • How Lightspeed raised $9B without becoming a public personality cult • Amazon’s evolving AI strategy and why it matters for everyone • Whether the “AI bubble” is real — and who’s insulated if it pops • Who really controls the future of the AI economy

If you want to understand power in Silicon Valley right now, this is the episode.