Matt Miller

It’s time to return to the place where I know I can have the most impact. I am beyond excited to be rejoining @sequoia as a Partner. Here is what I shared with @gradypb @alfred_lin on how I am approaching my next chapter.

BREAKING: The Future According to Sequoia $10 Trillion Companies Are Coming.. Alfred Lin, Partner & new Co-Steward of Sequoia (#1 investor on the Midas List) “When I joined Sequoia the largest market cap company was probably $300B or $400B dollars. Today we have companies that are worth $4-5T.” “If you give it another 5-10 years… those companies continue to compound, it’ll be worth $10 trillion or more.” For more than 5 decades, @sequoia has backed many of the most consequential companies in technology, from Apple, Nvidia, Airbnb, DoorDash, Stripe, & more. But as @Alfred_Lin explains in this conversation, Sequoia does not think about the 54-year-old firm the way many others do. Rather than optimizing around AUM, Sequoia focuses on DPI & being a net liquidity provider to LPs. Since 2020, the firm has distributed more than $43 billion back to investors (as of Oct 27, 2025). In this conversation, Alfred breaks down: - Why AI is accelerating startup growth and product velocity - Why “AI kills SaaS” is the wrong framework - How moats change during paradigm shifts - What Alfred is hearing in boardrooms right now - Which companies are most vulnerable in the AI era - Founder-market fit & the importance of “spikes” - Why the next generation of companies could be much bigger than today’s giants - How Sequoia identifies outlier founders across companies like Airbnb, DoorDash, Kalshi, Zipline, Clay, Commure, Nominal, Physical Intelligence, Crosby, OpenAI, and Citadel Securities. Recorded live Feb 26th at the @upfrontvc Summit 2026 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Alfred Lin, Partner & Co-Steward at Sequoia Capital (01:00) The metric Sequoia actually cares about (02:54) $43B distributed since 2020 (05:41) The biggest wave Alfred has seen in his career (08:19) Amazon did not k*ll Walmart (10:09) Paradigm shifts and changing moats (14:38) Boardroom conversations about the future (17:11) Companies that fail to adapt fall behind (19:31) From waterfall development to agile teams (23:06) Sequoia’s AI investment strategy (24:48) Managing context switching between portfolio companies (26:00) Becoming Co-Steward of Sequoia Capital (29:31) How to navigate the AI wave

Today, @tryprofound is excited to announce our $96M Series C at a $1B valuation, led by @lightspeedvp with participation from @sequoia, @kleinerperkins, @mattevantic, @saga_ventures and @southpkcommons. When we started Profound 18 months ago, we had two fundamental beliefs about where marketing is heading: 1. Every company will care deeply about how AI talks about their brand. 2. Every marketer will use AI Agents to do their best work, faster. Those beliefs are becoming reality faster than we imagined. Now, we serve more than 10% of the Fortune 500 and are the number 1 leader on the G2 grid for AEO. To double down on that momentum, we’re taking two big swings: 𝗣𝗿𝗼𝗳𝗼𝘂𝗻𝗱 𝗔𝗴𝗲𝗻𝘁𝘀: AI workers that take marketing teams from concept to execution. 𝗣𝗿𝗼𝗳𝗼𝘂𝗻𝗱 𝗨𝗻𝗶𝘃𝗲𝗿𝘀𝗶𝘁𝘆: certifications and cohort-based learning for marketers who want stay at the forefront of AI marketing. Reply with 𝗔𝗚𝗘𝗡𝗧 for free access to one of our most popular agents. No account required and no strings attached.

Today, @elevenlabs is announcing a $500M Series D at an $11B valuation, led by Sequoia, with a16z quadrupling down and ICONIQ tripling down. It reflects the trust of customers and partners building at the frontier alongside us - and gives us momentum to ship even faster.

Today marks the next chapter for @synthesiaIO as we announce our $200M Series E at $4B led by GV. It’s been quite a ride since 2017 when we set out to transform how people make video. Now, 8 years later, so much of that vision has come to fruition as evident everywhere around us. It’s truly incredible how good AI video has become in the last two years. Up until now it’s been mostly about making video as we know it with AI. This is often referred to as the ‘bridge-period’ where new technology copies old formats, like when the first films were just recorded theater or early GPS was just a digital map with no navigation. Now, it’s time to figure out what AI-native video truly looks like - when we let go of the priors and rethink video in the context of language models, real-time video generation, smartphones and so much more. With this new round, it’s all about helping people work better – both with AI video and a bunch of new real-time products, like Skills. We’ll be sharing much more in the coming months! Grateful to all of our amazing customers, Synthesian’s and investors!

@OpenAI and @Cerebras have signed a multi-year agreement to deploy 750 megawatts of Cerebras wafer-scale systems to serve OpenAI customers. This has been a decade in the making. Deployment begins in early 2026, and when fully rolled out, it will be the largest high-speed AI inference deployment in the world. OpenAI and Cerebras were both founded in 2015 with radically ambitious goals. OpenAI set out to build the software that would push AI toward general intelligence. Cerebras set out to rethink computing hardware from first principles. Our teams met as far back as 2017. We shared ideas, early work, and a common belief: there would come a point when model scale and hardware architecture would have to converge. That point has arrived. ChatGPT set the direction for the entire industry. It showed the world what AI could be. Now we’re in the next phase - not proving capability, but delivering it at global scale. The history of technology is clear on one thing: speed drives adoption. The PC industry didn’t operate at kilohertz. The internet didn’t change the world on dial-up. AI is no different. As models grow more capable, speed becomes the bottleneck. Slow systems limit what users can do, how often they engage, and whether AI becomes infrastructure or remains a novelty. Cerebras was built for this moment. By keeping computation and memory on a single wafer-scale processor, we eliminate the data-movement penalties that dominate GPU systems. The result is up to 15× faster inference, without sacrificing model size or accuracy. That speed changes product design, user behavior, and ultimately productivity. For consumers, it means AI that feels instantaneous. For the economy, it means agents that can finally drive serious productivity growth. For Cerebras, 2026 will be a defining year. With this collaboration with OpenAI, Cerebras’ wafer-scale technology will reach hundreds of millions - and eventually billions - of users. We’re proud to work alongside OpenAI to bring fast, frontier AI to people around the world. This is what a decade of long-term thinking looks like.

Customer intelligence is a vital enterprise weapon. Nobody is better positioned to help you have the best insights leveraging the power of AI than the team at @ListenLabs. We are thrilled to be investors and partners to @itsalfredw @florian_jue and the whole team. Congratulations on a successful Series B!

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"write code, talk to users" -- that's how the best companies are built. As AI takes over coding, the question becomes what to build. That's why @ListenLabs exists. Today we're announcing our Series B bringing us to $100M raised.