karen mccormick

Low-cost models like DeepSeek can serve day-to-day tasks that don't require frontier capabilities, helping keep costs down for portfolio companies, though safety and policy questions remain.

Cheaper, widely available frontier models (Kimi K3, DeepSeek, Moonshot) lower launch costs for growth-stage companies; European portfolio benefits as capital less freely available than US; one SaaS company rebuilt with AI at much lower cost and better reaction.

As frontier models become cheaper/widely available/open-source, portfolio companies benefit from lower launch costs and capital efficiency; European thesis thrives where capital less freely available; SaaS businesses rebuilding with AI seeing dramatically lower dev costs and better reactions.