20VC: OpenAI Cuts Valuation to $1.25TRN | Public Market Meltdown: GOOG Loses $500BN in 12 Hours | DoorDash Buys Instacart for $17BN | Kalshi Raises $1BN and Cognition Eyes $80BN Valuation

The venture capital landscape is undergoing a significant correction as the AI market shifts from unchecked euphoria to rigorous price discovery. Valuation adjustments at major firms like OpenAI and the volatility of AI-linked stocks signal a broader reassessment of growth projections and capital efficiency. AI agents are emerging as a disruptive force, threatening to disintermediate established platforms like DoorDash by enabling consumers to bypass service fees and optimize for cost. Investors are increasingly skeptical of vertical AI applications that fail to expand total addressable markets, favoring instead companies that demonstrate clear revenue velocity or the potential to replace legacy enterprise software. As the industry grapples with the high costs of compute and the sustainability of current subsidy-driven business models, the focus is narrowing toward companies that can prove long-term economic viability amidst intense competition and rapid technological evolution.