Portfolio highlights: Cursor, Wiz, OpenAI

Thrive Capital Partner Philip Clark joins Sourcery to break down how one of the most concentrated and influential firms in tech evaluates founders, builds conviction, and partners with companies that reshape the world.

“Josh always had a line to me when I joined Thrive, which is that the people who win deals are the ones who want to win them most.”

In this episode, we go deep on Thrive’s investments in OpenAI, Cursor, Wiz, Nudge, Physical Intelligence, and why Philip believes we’re entering a golden era for hardware — powered by cheaper sensors, software intelligence, and a new generation of engineers trained at SpaceX, Anduril, and Neuralink.

Philip tells the inside story of:

Seeing an early demo of OpenAI’s GPT-4 before launch

Why Thrive flew into an active war zone to close the Wiz deal

Cursor’s explosive growth from a small pivot to a multi-hundred-million ARR product

How Nudge is engineering the human brain using ultrasound

Why hardware’s barriers are falling and why the biggest companies of the next decade may be physical

If you want to understand the future of AI, hardware, and the next generation of “counterfactual companies,” this is the episode.

Philip Clark: https://www.linkedin.com/in/philip-clark-883a41126/

Molly O’Shea: ⁠https://x.com/MollySOShea⁠

Sourcery: ⁠https://x.com/sourceryvc

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊

YouTube: https://youtu.be/niosgDC-QHU

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Who is Philip Clark? How he joined Thrive Capital

(02:45) From physics to investing: becoming a technologist–optimist

(04:00) How semiconductors led him to Thrive

(06:00) Deep dive: Mesh Optical & the data center interconnect opportunity

(07:45) Inside Cursor’s explosive growth and why AI is “speed chess”

(09:15) How Philip first met Cursor’s founders during a pivot

(11:30) Path to partner & Thrive’s “full-stack investor” model

(13:45) The Wiz story: flying into an active war zone

(17:15) Why Wiz closed six-figure deals in weeks — the rare “fast + big” enterprise combo

(19:30) Why hardware is back: sensors, software, and SpaceX-trained talent

(21:45) The rise of Nudge and engineering the human brain

(26:30) Neuralink & Nudge: read to stimulate

(31:15) Why Thrive concentrates instead of “spray and pray”

(36:00) Inside OpenAI: seeing GPT-4 before launch

(40:45) What comes after SaaS — and the companies unlocked by AI