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Sequoia Capital: The Next Trillion-Dollar Company Doesn't Sell Software, It Sells Outcomes

Sequoia Capital partner Julien Bek argues that the next trillion-dollar company will not sell software tools, but will instead sell outcomes directly. For every dollar spent on software, companies spend six dollars on services. As AI drives the cost of "doing" toward zero, the real opportunity lies not in Copilots (assistive tools) but in Autopilots (fully automated work delivery). The key distinction is between "intelligence" (rule-based tasks like coding or data translation) and "judgement" (tasks requiring experience and intuition). AI is increasingly capable of autonomous intelligence work, leaving judgement to humans. While Copilots sell tools to professionals, Autopilots sell the final result to the end customer. The optimal strategy is to target outsourced, intelligence-intensive tasks first. Outsourcing indicates a company is already comfortable with external party handling the work, has a dedicated budget, and buys results. Replacing an outsourced contract is a vendor change; replacing internal staff is a reorganization. The article maps high-opportunity verticals by their intelligence/judgement mix and outsourcing prevalence. Major opportunities include: - Insurance brokering ($140-200B): Highly standardized,智力-intensive. - Accounting & Auditing ($50-80B outsourced in US): Facing a structural labor shortage. - Medical billing ($50-80B outsourced): Rules-based medical coding. - Claims adjusting ($50-80B): Often outsourced to third-party administrators. - Tax preparation ($30-35B): High智力-work, with regulatory moats. - Legal transactional work ($20-25B): Contract drafting, NDAs. - IT Managed Services ($100B+): Routine, repetitive tasks across many SMEs. - Procurement ($200B+): Automating neglected tail-spend supplier management. - Recruitment ($200B+): Target high-volume, low-judgement role matching. - Management Consulting ($300-400B): Harder to automate due to high judgement component. The conclusion is that while 2025's fastest-growing AI companies were Copilots, 2026 will see a shift toward Autopilots. Pure Autopilot companies have a window to capture vast service budgets by delivering work directly, unlike incumbents who may hesitate to automate their own customers' jobs.

marsbit03/11 04:46

Sequoia Capital: The Next Trillion-Dollar Company Doesn't Sell Software, It Sells Outcomes

marsbit03/11 04:46

Video | Dialogue with Sei Founder Jay: Belief and Survival Rules Through the Crypto Super Cycle

Video | Conversation with Jay Jog, Founder of Sei: Belief and Survival Strategies Through Crypto’s Super Cycle Jay Jog, co-founder of Sei, shares his journey from Robinhood to building the world’s fastest blockchain. The 2021 GameStop short squeeze and Robinhood’s trading halt revealed structural flaws in traditional finance, inspiring the creation of Sei—a high-performance, decentralized alternative to Nasdaq. Sei began development in 2021, launching its Cosmos-based V1 mainnet in August 2023. To attract more developers, the team integrated EVM support, addressing Ethereum’s scalability limitations. With the launch of parallel EVM in July 2024, Sei achieved up to 50x performance improvements, processing over 5 billion transactions and attracting 100 million unique wallets. Major institutions like BlackRock, Brevan Howard, and Ondo have launched products on Sei, drawn by its growing user base and distribution channels rather than underlying tech alone. Jay emphasizes that real adoption comes from killer apps and user growth, not just high TPS. Reflecting on his journey, Jay highlights the challenges of fundraising after Terra’s collapse and the importance of building through bear markets. He remains optimistic about crypto’s future, citing real-world adoption and regulatory progress. Sei’s vision is a “Wall Street on-chain.” Upcoming upgrades like Sei Giga aim for another 50x performance boost, enabling Nasdaq-level order book systems. The team is also focusing on permissionless asset trading and internal app incubation to drive ecosystem growth. Jay advises investors to build strong conviction in crypto’s value rather than following hype. For developers, he recommends focusing on financial applications and emerging opportunities like AI agent payments, which align with internet-native currencies.

marsbit03/11 04:44

Video | Dialogue with Sei Founder Jay: Belief and Survival Rules Through the Crypto Super Cycle

marsbit03/11 04:44

Odaily Exclusive Interview with Gate Founder Dr. Han: From TradFi Integration to Intelligent Web3, Redefining the Boundaries of Exchanges

In a recent interview with Odaily, Dr. Han, founder and CEO of Gate, discussed the exchange's strategic direction, market outlook, and integration of AI and Web3 technologies. He addressed the current perception of slowed innovation in crypto compared to booming sectors like AI, noting that market cycles are normal and AI development ultimately benefits the crypto industry. Gate is actively incorporating AI to enhance internal operations and user experience. Dr. Han envisions a future where a simple AI dialog box could replace traditional product interfaces, handling all user queries and tasks. This vision is part of the broader "Intelligent Web3" concept, which aims to use AI agents to help users navigate the complex and fast-growing crypto information landscape. The exchange's "All in Web3" strategy, formalized in 2025, builds on years of groundwork in decentralized infrastructure, culminating in products like the Gate Wallet. For 2026, Dr. Han highlighted key growth areas: crypto payments, Real World Assets (RWA), and decentralized exchanges (DEXs). Regarding competition from traditional finance, he views the entry of institutions like NYSE and Nasdaq into tokenized stocks as a positive development that brings more users and assets into crypto. Gate's own TradFi business, launched recently, has seen rapid growth, exceeding $95 billion in trading volume, and is designed to create a synergistic "two-way integration" ecosystem with its core crypto services. Dr. Han also discussed challenges, including managing a fully remote workforce and adapting to AI-driven efficiency gains. He defended Gate's high volume of token listings, emphasizing user choice and the provision of protective tools over acting as a gatekeeper. On compliance, Gate has made significant progress, securing licenses across numerous U.S. states, European countries, and other regions since starting its efforts in 2018. Future plans include expanding into new jurisdictions and obtaining additional licenses for payments and derivatives. A long-term goal involves pursuing public listings for its various global entities. The interview concluded with the announcement of GateClaw, an AI agent platform for crypto, representing a first step toward Dr. Han's vision of an AI-driven, interface-free user experience.

Odaily星球日报03/11 04:19

Odaily Exclusive Interview with Gate Founder Dr. Han: From TradFi Integration to Intelligent Web3, Redefining the Boundaries of Exchanges

Odaily星球日报03/11 04:19

Crypto declines by $1.16T while AI raises $140B – Examining this divide

The cryptocurrency market has experienced a significant downturn, with a total market capitalization decline of approximately $1.16 trillion over the past six months, reflecting reduced investor risk appetite. In contrast, the artificial intelligence sector has attracted substantial investment, raising around $140 billion since February 2026, led by companies like OpenAI and Anthropic. This highlights a stark disparity between traditional AI funding and AI-related crypto tokens, which have a combined valuation of only $15 billion. Public interest in AI has consistently outpaced cryptocurrency searches since 2021, marking the widest divergence in nearly five years. However, this increased attention has not translated into sustained gains for AI tokens, which remain closely tied to broader crypto market cycles rather than AI-specific developments. According to Maria Carola, CEO of StealthEX, this disconnect indicates a monetization gap, with most AI investment currently targeting infrastructure development rather than tokenized ecosystems. While AI tokens like Fetch.ai and Virtual Protocol have historically followed crypto market trends, some analysts believe they could benefit later as decentralized AI applications mature. For now, their performance depends heavily on overall crypto market sentiment, and a sustained recovery in digital assets may be necessary for significant AI token growth.

ambcrypto03/11 04:03

Crypto declines by $1.16T while AI raises $140B – Examining this divide

ambcrypto03/11 04:03

Supreme Court's Call for "Judicial Response to Cryptocurrency": Releases 3 Major Signals!

China's Supreme People's Court (SPC) has signaled a significant shift in its judicial approach toward cryptocurrency-related cases, moving from blanket criminalization to nuanced civil and commercial regulation. During a February 2026 press conference, SPC officials highlighted the need to develop judicial responses to new financial cases involving virtual currencies, placing them alongside traditional sectors like securities and private equity. The shift is marked by three key developments: 1. **Recognition as Property**: In December 2025, the SPC revised civil case categories to include "data and online virtual property disputes," giving cryptocurrencies legal status as a form of virtual property. This allows courts to accept such cases without first debating their legality. 2. **Refined Judgment Criteria**: Courts are transitioning from invalidating all crypto transactions to applying proportional liability based on factors like fault and fairness, as seen in a 2025 Shanghai case where partial restitution was ordered despite contract invalidity. 3. **Expanded Legal Remedies**: Beyond criminal enforcement, which often fails to recover losses, civil compensation mechanisms are being strengthened to protect investors and hold violators accountable. While the SPC’s stance does not legalize crypto trading, it acknowledges its prevalence and aims to provide structured judicial resolution for disputes, emphasizing risk awareness and compliance for investors.

marsbit03/11 02:48

Supreme Court's Call for "Judicial Response to Cryptocurrency": Releases 3 Major Signals!

marsbit03/11 02:48

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