There's Now a Version of AI You Can't Buy
Three of the four labs shipped two versions of the same model recently. One you can buy. One you have to be approved for.
Nikola Lazarov
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The Firms That Cannot Lose From AI
Why does AI transform one services business and stall in another? Look at how each one gets paid. Letting agencies take a percentage of rent collected. Insurers are priced on premium. Neither sells time, so every hour the software removes is pure profit...
Are AI-native service companies VC-backable?
An AI-native service company delivers a traditional service, still through human professionals, but rebuilt so that AI does most of the work and the humans do the part that actually needs judgement.
The AI-Native Services Playbook: An Operator's Guide
Sequoia says the next trillion-dollar company will be "a software company masquerading as a services firm." Emergence wrote a playbook on it. YC built a startup school module around it. a16z and Bessemer are committing billions to the thesis.
The Death of Traditional Investment Banks
In five years, every traditional boutique investment bank will be dead. Or at least unrecognisable from what it is today.
Who Is Actually AI-Native?
Ask McKinsey's chief executive how many people the firm employs and he gives an odd answer. Bob Sternfels told Harvard Business Review that the firm's workforce is 40,000 humans and 20,000 agents.
Who Is Buying Into the $1.1TN Legal Market?
Legal is a $1.1 trillion market and you cannot simply buy your way into it. In most of the United States, non-lawyers are not allowed to own a law firm, and that includes the venture funds behind every company in this story.
Google Just Joined OpenAI and Anthropic in Legal. Harvey Is Building Its Own Model.
Google Cloud launched Gemini Enterprise for Legal, with Cleary Gottlieb, Freshfields, Weil and Williams & Connolly as its first firms. Google shipped a financial services version the same afternoon and says healthcare is next, so treat this as a template rather than a legal story.
The Rise of the AI Roll-Up
An AI roll-up buys existing service firms... accounting practices, letting agencies, IT providers, call centres and rebuilds their production around AI built in-house.
Who Wins the $1TN Insurance Market?
Corgi, an AI insurance company founded in 2024, had raised again at a $4 billion valuation. Its fourth round of the year. In January it was worth an estimated $630 million.
How OpenAI and Anthropic Take Over the $7TN Professional Services Market
OpenAI owns part of the company buying up America's accounting firms. It was the first investor in Harvey, legal's biggest AI company. Its engineers already work inside law firms, banks and hospitals.
Who Wins the $650BN Accounting Market?
The $650 billion accounting market is up for grabs... quite literally. KKR and OpenAI are buying their way in, and SoftBank is reportedly writing a cheque to join them.