The Information's TITV Snap's AR Bet, OpenAI's Google Dependence & VC Predictions | Aug 22, 2025
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Aug 22, 2025 
Josh Wolfe, managing partner at Lux Capital, dives into the future of venture capital and the ongoing hunt for AI talent. Jackson Ader, managing director at KeyBank, sheds light on software earnings and innovative metrics influencing investment decisions. The discussion touches on Snap's high-stakes AR gamble against rivals and OpenAI's intriguing reliance on Google’s search data, highlighting the shifting dynamics in tech investment and the challenges facing companies in maintaining relevance and growth.
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Snap’s AR Bet Needs Big Capital
- Snap is considering outside funding or a Spectacles spinoff because AR glasses are extremely capital intensive.
- The company sees competition as validation but faces deep-pocketed rivals like Meta.
Founder Control Undermines Public Appeal
- Martin Peers argues public investors have effectively no control because Snap's founders hold all voting power.
- He calls Snap a vanity project run for founder benefit and warns public investors shouldn't buy it.
Spiegel Frames Competition As Vindication
- Evan Spiegel told reporters he believes AR glasses will replace phones and acknowledged the bet is expensive.
- He framed competition as confirmation that Snap was right to start early on AR.