Keep pulling the thread on David George.
Navan now uses AI to handle 50% of its user interactions for complex tasks like travel bookings and changes.
By implementing AI, Navan expanded its gross margins by 20 percentage points over the last three years.
AI-related stocks account for almost 80% of the S&P 500's recent returns.
In 2025, OpenAI and Anthropic are projected to add almost half as much new run-rate revenue ($23 billion) as the entire public software industry ($46 billion).
It is predicted that in 2026, AI model companies will generate 75% to 80% as much new revenue as the entire public software industry, including legacy companies like SAP.
An a16z portfolio company founder reported that two engineers using AI coding tools like Codex and Cursor rebuilt a product 10 to 20 times faster than previous development efforts.
The current AI product cycle is expected to last 10 to 15 years, and the industry is only at the very beginning of this cycle.
The fastest-growing AI companies are reaching $100 million in revenue significantly faster than the fastest-growing SaaS companies did in their era.
Top-performing AI companies in a16z's dataset are growing at a rate of 693% year-over-year.
The most efficient AI companies are generating between $500,000 and $1 million in annual recurring revenue per full-time employee (ARR per FTE).
To achieve a 10% hurdle rate on a projected cumulative hyperscaler capex of nearly $5 trillion by 2030, annual AI revenue would need to reach approximately $1 trillion, or 1% of global GDP.
The ten largest unicorns in North America and Europe account for nearly 40% of the total $5.5 trillion valuation of all unicorns, a concentration that has doubled since 2020.