20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B

Venture capital is undergoing a structural shift toward "billion-dollar positions," where mega-funds prioritize massive, high-upside AI bets while neglecting smaller, profitable software businesses. This concentration of capital creates a challenging environment for startups that fail to fit the specific, trillion-dollar market cap profile required by top-tier firms. Within the AI ecosystem, infrastructure providers like CoreWeave and Modal face extreme sensitivity to demand fluctuations, leading to debates over the sustainability of their capital-intensive models. Meanwhile, the focus of software innovation is pivoting from code generation to "build-to-prod" and code review, as the industry grapples with the complexity of moving AI-generated code into production. These shifts reflect a broader trend where only the most scalable, foundation-adjacent assets attract significant funding, leaving traditional software companies to navigate an increasingly restrictive capital landscape.