Pat Grady just published the AI briefing he recorded for Sequoia’s LPs.
It is the closest thing you will get to hearing how Sequoia talks about AI when it is speaking to the people whose money it manages.
Grady says plainly that AGI arrived last November, walks through what the labs actually believe right now, lists the good, the bad and the ugly of what is coming for everyone else, and then explains why the real money for startups sits in the space between what the models can do and what companies actually use them for.
📚 Below is the full breakdown, slide by slide, with the clip for each point and the numbers from inside Sequoia’s portfolio that most people skipped
Inside you will find:
The Three Things That Make This Wave Different
Why Sequoia Says AGI Arrived in November 2025
The Good, the Bad and the Ugly of AI on Main Street
What the AI Labs Actually Believe Right Now
How the Labs Are Fighting for Every Token
The Diffusion Gap Where Startups Make Their Money
The Four Places Sequoia Wants Startups to Build
How the Best AI Startups Now Run Their Companies
The Two-Step Deal Behind Sequoia’s 110 to 3,400 Jump
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