Job news: I’m joining @nytimes to cover AI & Anthropic, based again in SF. I have a feeling the job won’t be slow. It's a big responsibility. I'm grateful for a decade @theinformation, which has given me the rare opportunity to do original journalism surrounded by good people.

Prediction for 2027: a few funds give capital "back" and shrink the size of their already raised funds. Not out of conscience. Indigestion. Partners start leaving as the cycle cools, exits don’t come, LPs with no distributions finally have leverage. CRV did it in 2002, cutting $1.2B to $450M. Did it again in 2024. Founders Fund halved its fund in 2023. But it’s hard, and anyone who tells you otherwise hasn’t run the math on their own firm: the fee stream is juicy. Easier for me to say this with a small fund (:

Scoop: Ramp is in talks for a ~$60 billion valuation, sources tell us. The fintech startup just hit a $44 billion valuation in June. Still early days, but Ramp is considering roughly ~$1 billion in primary funding this time, I'm told. w/ @nmasc_👇