Andreessen Horowitz

Nearly 1 in 5 firms are using agents of some kind, but that also means that only 1 in 5 firms are using agents of some kind. Manufacturing is a surprise outlier for agent-deployment. While manufacturing firms comprise less than 10% of the firms using agents (and relatively few “prompts per user”), they account for ~18% of the agents, higher than any other sector. The future isn’t even here yet, it’s definitely not evenly distributed, and we expect a lot more to come.

Marc Andreessen on the kinds of risks you should take and when:

Output/employee inflected upwards in 2025, but especially amongst the “High AI Industries.” And within those industries, it’s tech-related industries doing most of the work.

Marc Andreessen on looking at your career as a portfolio:

Palmer Luckey sold Oculus VR to Facebook for $2 billion in 2014, just two years after launching the company from his garage. After leaving Facebook, Luckey shifted from consumer tech to the defense world, founding Anduril Industries to build AI-powered surveillance towers, autonomous drones, and software platforms for the U.S. and allied militaries. In parallel, he launched ModRetro, a niche hardware venture focused on reimagining classic game consoles with modern engineering rather than nostalgia alone. Today, Luckey straddles three unusual legacies at once: A VR company that helped redefine immersive computing, a defense contractor reshaping how Western militaries buy and deploy technology, and a retro-hardware lab rooted in the same enthusiast culture that first drew him into building machines.

For decades, owning the database was the winning play in go-to-market software. A system of record is the authoritative source of truth for a given domain of business data. A CRM is the system of record for revenue. Every call note, every contact, every pricing precedent accumulated there, and the cost of leaving became enormous. AI agents don't need a dashboard to operate. From an agent's perspective, the CRM is just a database. The orchestration layer sitting above it, the one that pulls context across systems and takes action on a team's behalf, is where a new generation of companies is being built. It’s where the majority of the next decade’s enterprise value of GTM software will end up. Read the full piece by Giovanni Ahern, Steph Zhang, & Alex Immerman linked in the comments.

Public debt has risen across nearly every major economy over the past two decades

The books behind the builders — reading lists from the founders of Coinbase, Figma, Robinhood, Roblox, and SpaceX.

We are thrilled to lead Stitch's Series A, and honored to make this our first investment in Saudi Arabia. Stitch is building an operating system for modern financial institutions, starting in the Middle East. Its API-first platform enables banks, fintechs, and non-financial institutions to launch, scale, and operate financial products across a modular stack. In the last six months alone, more than $5 billion has been transacted on the Stitch platform. Customer numbers grew 10x in 2025, revenue grew 20x, and Stitch has seen pull beyond the GCC into Africa and Southeast Asia. Mohamed Oueida, Stitch’s founder, has the rare combination of relationships, sales instinct, and grit to win in a market where trust and distribution matter as much as product. After years building conviction around the global fintech infrastructure opportunity, we believe Stitch represents the clearest expression we’ve found of what the next generation of this infrastructure looks like.