Andreessen Horowitz

Humans are the minority user of AI. Agents burn nearly 5x the tokens people do, up 14x since February:

Tech is everywhere and in everything. Tech has steadily compounded earnings growth, albeit off a lower base, much more so relative to the field. Since 2023, however, it’s fair to say that tech is the earnings growth story, contributing ~76% of the SP500’s total earnings growth in 2026 (as of late August).

EliseAI is on a roll. Just yesterday, EliseAI raised $350M at a $4B valuation - which is nearly double their valuation from 13 months ago - to scale to the masses. With this new round of financing, EliseAI is ready to accelerate product development, automate more of its customers’ operations, and grow its engineering, deployment, and sales teams. The team is especially excited to hire in San Francisco and make this city their second engineering hub, complementing their NYC headquarters. Read more + open roles:

We are pleased to release the second edition of a16z’s State of Markets: The canonical chartapalooza of 2026 from the perspective of equity markets and tech (for the first two quarters, at least). A small preview of what’s inside: • Tech is everywhere and in everything. Tech is the everything cycle, now. • Within tech, the theme of the year (and beyond), has been the rotation from bits to atoms. • The point is that GPUs are already running hot, even while the data indicates that it’s still so early when it comes to mature AI adoption and utilization. • There’s been no apocalypse for software, but there has definitely been a “prove it.” We expect that AI will expand the surface area of demand. That means advancing towards more mature adoption across enterprise and consumer, but also pushing out into entirely new frontiers in robotics, biotech, health and AD. See more in our State of the Markets II, linked in the comments.

World Labs' CEO Fei-Fei Li on how kids should think about AI: “Don't do stupid things, don't be lazy.”

As a general rule, marketplaces want to own the customer relationship and payments, but whoever has the customers may get other ideas. Amazon, DoorDash and Instacart earned their consumer relationships by doing difficult things reliably: providing comprehensive selection and a delightful user experience, delivering the order, handling substitutions, fixing whatever goes wrong. Muse, ChatGPT, Grok Bot and Instinct cannot recreate the networks tomorrow. They can compare existing providers and route orders among those that meet the customer’s needs. The incumbents may maintain their fulfillment advantage, but that does not guarantee preserving their profit pool. The early split is telling: Instacart is integrating with Muse, while Amazon is attempting to block it. Both choices can make economic sense. Amazon’s breadth and established shopping habits give it a stronger negotiating position: an assistant that cannot buy from Amazon is less useful to customers who already want to shop there. Instacart, on the other hand, has more room to gain orders which do not already begin their grocery shopping on its marketplace. Shopify, Toast and Square have a different incentive. They give agents access to merchants’ inventory, checkout, and operating workflows, opening another sales channel while continuing to earn software and payments revenue. Shopify’s Muse integration makes that incentive concrete. There is no comparable marketplace advertising business to protect. A company can welcome another sales channel while negotiating hard to preserve its economics. The result will depend on how much business each side needs from the other. Full piece by Alex Immerman and Santiago Rodriguez Lebrija linked in the comments.

Excited to announce our $110M raise to scale our stablecoin-native banking platform for global enterprises across 35 countries (10 new countries!) 🔥🦁 Our stablecoin business crossed $1.5B annualized volume in just 8 months, driven by enterprise demand. Since signing the Series C-1 term sheet, revenue has grown more than 50% in a few months. Our pace is accelerating. As we go deeper into the stablecoin ecosystem, I'm pumped to have CoinFund lead the round, joined by AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, Financial Technology Partners / FT Partners, ParaFi Capital, SquareOne Capital, Vista, Wintermute Ventures, Y Combinator and others. Also grateful to have the best founders building in the space joining the round: Zach Abrams (Bridge, OUSD), Sean Neville (Circle, Catena), 🏕️ Henri Stern (Privy), Prabhakar Reddy & Karan Shah (OpenFX), Sam Broner (Better Money Co.) and Ricardo Marino (Global Chairman at Itaú), among others. Over the last year, AI & stablecoins have powered us to an inflection point. Today, we have fewer employees than we did two years ago, while revenue and volume have grown more than 10x crossing $5B in annualized TPV. AI is embedded across Jeeves and has fundamentally changed how we build and operate. Alongside the round, we're launching: 💸 Jeeves stablecoin wallets: Our custom built wallets supporting USDC and USDT, with payouts to 190 countries, all in one platform. 💳 Cards in 10 more countries: Argentina, Peru, Paraguay, Uruguay, Panama, Guatemala and others. The same award winning expense management platform used by BMW, Burger King and H&M is now available in these markets. 🧾 Accounts Receivable (AR): Alongside our core Cards and AP modules, we're launching our AR module, starting with Brazil 🇧🇷 This was one of the biggest customer requests! 📊 Jeeves Global AI Spend Tracker: We all know AI spend is growing but if you operate in six countries, with Claude spend in pesos & OpenAI spend in pounds, how do you actually know what you spent across models, countries, currencies & what drives ROI? Well now you do with our Global AI spend tracker across the globe 🌎 🇪🇸 Lastly, we opened our doors in Madrid to accelerate our expansion across EMEA, with a focus on stablecoin payment corridors between Europe & the world. The next decade of global banking will be agentic and seamless between stablecoin and fiat. To build this companies need to own the primitives directly. This chapter is being written right now, and small teams with big ambition, powered by AI and stablecoins, will write it. We intend to be the company that defines it 🌎 Thank you to our customers, teammates and investors for the trust you put in us every day 🙏 If you want to shape the future of global money at the cutting edge of stablecoins and AI, come build with us. It won't be easy but it will be fun 👉 https://lnkd.in/e_eytQUt Day one of this next chapter starts now. It's time to build.

Ben Horowitz on earning your understanding: