20VC: The AI Bubble Is Wrong | AI Margins Need to Improve | Revenue Concentration Should be a Concern | Why People Over-Estimate Open Models But Enterprises Still Fear Frontier Models with Aaron Katz, ClickHouse

ClickHouse is scaling rapidly, surpassing $350 million in annual recurring revenue as AI-native companies increasingly rely on its high-performance, resource-efficient database architecture. The rise of agentic applications—which operate with high-volume, unpredictable, and exploratory query patterns—demands infrastructure that prioritizes low latency and massive throughput. While enterprise software development has accelerated, the primary challenge lies in balancing token consumption costs with sustained revenue growth. Building a durable, generational company requires a global, distributed workforce and a strategic approach to branding, evidenced by high-touch hospitality at major sports venues to engage C-level decision-makers. Despite the rapid evolution of frontier models, the long-term infrastructure stack remains a critical, human-led architectural decision, with ClickHouse positioning itself as the default repository for the next generation of autonomous, data-intensive software applications.