The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Apple Sues OpenAI | Zuckerberg Back on X and Challenging Codex and Claude Code | SK Hynix's $26BN IPO | Is Seed Investing Dead: Jason Calacanis Departs Seed for Growth | Greylock Raises New $1.5BN Fund
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Jul 16, 2026 
Jason Lemkin, SaaS founder-turned-investor, and Rory O'Driscoll, deep-stage VC and industry analyst, dissect tech's biggest headlines. They debate Apple suing OpenAI and whether hardware plans are at risk. They unpack Meta's Spark comeback, exploding AI spend and token economics. They also analyze SK Hynix's huge IPO, the shift from seed to growth, and Greylock’s new $1.5B fund.
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Agentic Workflows Are Exploding Token Spend
- AI consumption is exploding inside companies as designers and developers run agentic workflows that use massive tokens.
- Jason Lemkin describes token-maxing behavior: designers rebuilding pages and developers running agents 24/7, rapidly increasing token budgets.
AI Spend Could Approach A Significant Slice Of Dev Budgets
- Current AI API revenues are already a notable slice of total software engineering wages, hinting at early saturation risk.
- Rory cites BLS dev wage math showing potential AI spend approaching ~20% of US software engineering budgets in some scenarios.
Three Buckets Define LLM Revenue Opportunities
- There are three revenue buckets for LLMs: coding, a 10% 'agentic software tax' across software, and potential knowledge-worker replacement.
- Jason and Rory estimate a 10% software tax could equate to ~$100–140B TAM for model providers.