To me, there are four firms that have crushed this wave of AI investing like no one else: 1. Menlo (Anthropic, Lovable, Legora) 2. Spark (Anthropic, Sierra, SSI) 3. Thrive (OpenAI, Cursor, Databricks) 4. Khosla (OpenAI, Factory, Physical Intelligence) So I sat down with @mmurph GP @MenloVentures to discuss the questions that every other interviewer is too shy to ask: - Does open-source cannibalise Anthropic’s business? - Leading Lovable at $13BN? What is the upside case from here? -…