Token Budgeting Panic Hits Corporate America | Cognition Raises $1BN at $26BN Valuation
20VC host Harry Stebbings is joined by Jason Calacanis and Rory O'Driscoll to discuss Anthropic's IPO filing and Cognition's $26B valuation, debating whether trillion-dollar outcomes are warping VC psychology while warning that AI compute costs are forcing enterprises to choose between token budgets and human headcount.