20VC x SaaStr: The Token ROI Crisis Comes for Everyone, Anthropic Wants Chinese Open Source Banned, and Microsoft Has Its Worst Month Since 2000

According to SaaStr's 20VC episode, the AI boom just hit a reckoning. Companies have quintupled their token spending in the past six months—that's five times their previous burn rate. The problem: almost none can show matching revenue gains. This token ROI crisis is affecting everyone. The episode also covers Anthropic's push to restrict Chinese open-source AI, raising geopolitical stakes in the global AI race. And Microsoft just had its worst month since the year two thousand, a significant hit for a company central to the AI investment wave.

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