In this episode Jack Altman, CEO of Lattice and host of Uncapped, interviews Marc Andreessen on how venture capital is evolving — from small seed funds to billion-dollar barbell strategies — and why today’s most important tech companies don’t just build tools, they replace entire industries. They cover:
- The end of “picks and shovels” investing
- Why missing a great company matters more than backing a bad one
- The power law math behind fund size and asymmetric returns
- AI as the next computing platform — and a test for Western civilization
- Preference falsification, media power, and what founders can’t say out loud
This is a conversation about ambition at scale, the structure of modern venture, and the deep forces reshaping startups, innovation, and power.
Resources:
Listen to more from Uncapped: https://linktr.ee/uncappedpod
Find Jack on Xhttps://x.com/jaltma
Find Marc on X: https://x.com/pmarca
Find Uncapped on X: https://x.com/uncapped_pod
Timecodes:
00:00 What You Can’t Say
01:20 Founders, Funders, and the Future
02:00 Fund Size and Power Law Math
06:45 From Tools to Full Stack Startups
10:00 Market Sizing and Asymmetric Bets
13:00 Public Markets Mirror Venture Dynamics
17:00 The Barbell Strategy in Venture
20:00 The Conflict Dilemma in Venture
25:00 Staying in Early-Stage Venture
29:30 The Death of the Middle
32:00 Why It’s So Rare to Build a New Top VC Firm
35:00 The Case for Power in Venture
37:45 Limiting Factors for Big Companies
41:00 AI as the Next Computing Platform
45:30 Betting on Startups, Not Incumbents
48:00 How a16z Thinks About Risk
51:00 Building a Top-Tier GP Team
55:00 Taste, Timing, and Getting Into the Scene
57:00 Raising Capital Is the Easy Part
1:00:30 AI’s Existential Stakes
1:05:00 Autonomous Weapons, Ethics, and War
1:11:00 Tech, Government, and Power
1:13:00 Media, Mistrust, and Narrative Collapse
1:24:00 Preference Falsification and Cultural Cascades
1:32:00 The Thought Experiment
1:33:00 Career Advice for Young Builders
1:35:00 Marc vs. the Huberman Protocol
1:39:30 What Would Prove You Right?
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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.
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Follow our host: https://twitter.com/eriktorenberg
Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.
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