The Next Trillion
Jay ZhaoUnfiltered essays on tech, category-defining companies, venture investing, and random observations. Delivered to your inbox, delightfully infrequent :)
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 47 | Founded | 6 years ago | Last Issue | 3 months ago |
| Active | |||||
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nexttrillion.substack.comLatest Issues
The Two Games of AI Fundraising
A founder I respect emailed me last month. He’d just turned down a term sheet — not because the terms were bad, but because he didn’t like the investor. The offer was at a $50M valuation. He was 12 weeks post-launch.
Six months earlier, he...
Software was eating the world.. now AI is eating software, bit by bit
Earlier this month, I had a fun segment with CNBC anchor Chery Kang about Openclaw and Claude’s “SaaSapocalypse” impact on the tech market -
The headlines are understandably loud.
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The Only Two People Worth Listening To
At the end of 2025, someone told me something that landed quietly, but hasn’t left me since:
You should live for just two people—your 8-year-old self, and your 80-year-old self.
It’s simple, almost obvious once you hear it, but it cuts...
The Time Surplus Problem
OpenAI just released a big “State of Enterprise AI 2025” report about how companies are using AI at work. The details aren’t surprising: usage is up, people say they’re saving time, and there’s a lot of optimism about productivity. It’s the...
The Age of Venture Consensus
As a tech VC, the question I get most often is: Are we in a bubble?
I wish it were that simple.
$162.8 billion went into AI startups in the first half of 2025. By any historical metric, that’s euphoric. But bubbles aren’t defined by price...
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