In this special episode of Generative Now, Lightspeed Partner Michael Mignano talks with Semil Shah, founder and partner of Haystack VC and partner at Lightspeed. Together, they have a wide-ranging, unfiltered conversation on the state of AI, venture capital, and the future of media. They get into everything from Meta’s high-stakes AI talent spree and Apple’s uncertain strategy, to the Figma IPO, to the evolution of the seed stage, and the brewing battle between AI agents and the open web. Semil also shares hard-earned insights on founder strategy, brand building, and why design still wins.

Episode Chapters:

00:00 Introduction

00:30 Reflecting on Long Island

01:47 M&A Frenzy and Talent Wars

02:10 Meta's Strategic Moves

06:30 Apple's AI Strategy

11:12 Figma's IPO Success

21:33 The State of Seed Investing

25:30 The Model's Mathematical Basis

26:00 Case Study: Firebase Acquisition

27:19 Seed Fund Strategies and Challenges

30:30 Founders' Incentives and Signal Risk

36:40 AI Agents vs. CDNs: A Legal Playground

42:57 The Evolution of Podcasts and Media

51:31 The Future of AI Branding

56:03 Conclusion and Final Thoughts

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