Find XO: Menlo Bets the Company on One Stock, Returns with a $3 Billion Fund, Seat of Bifrontier Founder (techcrunch.com)

- Menlo Ventures raised a record $3 billion fund in its 50-year history. - A bet of over $500 million in 2024 on Anthropic returned about $14 billion in equity. - As capital concentrates more on foundation models and adjacent infrastructure, external founders risk losing follow-up funding regardless of business results. - Companies with their own data, distribution, and low capital use maintain choice rather than forcing themselves into model competition.