Lucas Swisher co-leads the growth fund at Coatue where he has partnered with iconic companies like OpenAI, Harvey, Deel, Canva, Openevidence, Anthropic, and others. Prior to Coatue, he was on the investment team at Kleiner Perkins, where he focused on growth stage software businesses. ----------------------------------------------- Timestamps: 00:00 Intro 01:04 Why Public SaaS Is Getting Crushed in the AI Wave 07:35 Durability of Revenue in AI 15:28 Market Size vs Founder Quality: What Wins? 16:52 Why Price is the Last Thing to Matter 23:32 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns? 27:01 What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth 29:54 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion 32:37 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency 37:11 Why it has never been harder to be a seed investor 40:11 Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts) 45:23 Is Canva Really a Platform Co...