David Tisch

[upbeat music] You and I have talked many times about this basic question that I'll start with over the last couple of years.

You are effectively trying to build investing super intelligence tools to help investors do their job much faster, better, cheaper, easier, higher quality.

But it's starting to feel like, wow, we're really eating a lot of the core functions that even a very smart analyst or even portfolio manager was doing a couple of years ago.

How do you think about that trajectory as you've seen it and lived it so far, and where it's going over the next two years?

I think two years is actually easier to reason about than ten years or twenty years, 'cause in two years, the best investors are going to be figuring out how to reinvent their own firms and reinvent themselves.

And if you look at what happened to market making and quant trading, Jane Street took fifteen years to build the dominant franchise, and the world's best investors today are going to spend the next two to five years figuring out how to integrate AI into what they do.

And Dario has the great line about everyone's going to have a data center full of geniuses or a country full of geniuses in the data center.

What would Goldman do? What would Millennium do? What would Citadel do if they had a country full of geniuses show up? It would probably take them a while to figure out how to change the way they work, how to take advantage of that, how to integrate it into their system.

Cursor's agent capabilities, originally designed to accelerate developer workflows, lowered the barrier for attackers who lacked deep coding expertise.

Box Group, the venture firm led by David Tisch, booked a $1 billion exit from its early investment in AnySphere, the company behind Cursor.

The return marks one of the largest single-line item gains for the firm to date.

Cursor's rapid adoption among developers drove the valuation step-up.