03
Sat · Oct 2026
Services
Services
Ema’s $77M shows the services giants are rewiring themselves.
PwC and Wipro are on the customer list of an “AI employees” company. That is the incumbent response — rent the agents.
Read the note →One venture story a day — a round, a fund, a policy — and what Virtual Equity Brands thinks it means for AI-native services.
Crunchbase’s ten biggest rounds of the week were almost all AI. Only one of the top three sells the finished job.
Read today’s noteInstinct is the cleanest consumer example of selling the outcome. Nobody learns a tool; the bill gets paid. A 4× step-up in roughly two months tells you where conviction is right now.
PwC and Wipro are on the customer list of an “AI employees” company. That is the incumbent response — rent the agents.
Read the note →General Catalyst’s $1.5B playbook buys services firms and adds agents. The margin maths is right; the order of operations is the debate.
Read the note →VND 500 billion is small. A city, its conglomerates and its VCs agreeing that AI comes first is not.
Read the note →Sequoia’s essay is the clearest statement of the market we invest in. Here is our addendum.
Read the note →