20VC: Do Margins Matter in AI? | Is Defensibility Gone For Good? | Is Vertical SaaS Dead in a World of AI | What SaaS Rules Are BS and No Longer Apply in a World of AI | The Future of Venture: Why Chanel vs Walmart is BS with Byron Deeter

Harry Stebbings interviews Byron Deeter, a SaaS and cloud investor, about the current AI landscape, its differences from the SaaS revolution, and investment strategies. They discuss the pace of innovation, margin importance, capital expenditure, and dilution in AI businesses. Byron expresses optimism about AI's potential, while Harry raises concerns about defensibility and commoditization. The conversation covers vertical SaaS, the impact of AI on the labor budget, and the concentration of value in mega-deals. They also touch on the importance of product-led growth, breaking pricing disciplines, and the potential for secondary liquidity and IPOs. The discussion concludes with quickfire questions about investing styles, fund choices, and the future of venture capital.