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Totalis (@totalistrading) lets users parlay on anything. Combine multiple event markets into one trade across politics, crypto, stocks, sports, weather, and macro. Starting with parlays, expanding into structured products. Congrats on the launch, @ImTheBigP & @ericliujt! ycombinator.com/launches/QUr-t…

NEW: The Death of Spreadsheet Investing. Inside Benchmark's New AI Playbook Everett Randle (@EverettRandle), GP at @benchmark Why every golden rule of SaaS just got inverted & how AI is rewriting venture investing: › You can now pass $1B+ in revenue with unproven unit economics.. › Late-stage companies can have much higher upside than a Series C Benchmark's AI Bets: Cerebras, Manus, Mercor, Sierra, Legora, Fireworks, Exa, Starcloud, Gumloop.. We cover: › The Disorientation: Scale No Longer De-Risks a Company › What Happened to the Golden Rules? › AI Inverted Nearly Every Framework › New Taxonomy: P x Q x M › Inference Is the Demand Engine › Tokenomics: Frontier vs Open Source › The Liquidity Shock: Reframing the Returns Math › Benchmark's Model: Founders Over Themes 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Everett Randle, General Partner at Benchmark (00:58) Coming off Benchmark's AGM (04:05) The Golden rules of Investing are all gone (08:58) Who actually has a handle on AI Economics? (12:57) Why Benchmark bets on Founders, not Categories (15:31) Brad Gerstner's "Age of Inference" Thesis (19:07) The most important shift since the Cloud (23:55) Inside Gumloop's AI automation canvas (26:40) The Token Maxing problem nobody's solving (27:25) Ev's "Mom Test" for frontier AI (31:33) What happens when frontier models get too cheap (34:44) Inside the new funding playbook (40:31) Venture Capital became a product, not a firm (42:35) The Biggest IPO wave Wall Street's ever seen (49:08) The secret behind Benchmark's wildly diverse bets (52:54) The mentors who shaped him