At TechCrunch Disrupt 2025, Sequoia managing partner Roelof Botha argued that the venture industry isn’t an asset class, and that throwing more money into Silicon Valley doesn’t lead to better companies.
“Investing in venture is a return-free risk,” Botha said during an interview on TechCrunch’s Disrupt’s main stage on Monday. “Anybody who’s studied the capital asset pricing model understands the joke of that. The reason I came up with this is, if you look at the history of venture capital, it’s an asset that’s uncorrelated with other asset classes.”
“And so the thinking for many allocators was you should allocate a certain percentage of your portfolio to this and more money should flow to venture capital, but the truth is that there are only so many companies that matter,” Botha continued.
“In my opinion, throwing more money into Silicon Valley doesn’t yield more great companies. It actually dilutes that, it actually makes it harder for us to get that small number of special companies to flourish,” added Botha.
Botha noted that there are currently 3,000 venture firms in the United States, while there were just 1,000 when he joined Sequoia 20 years ago.
“When I joined Sequoia 2003 there were no mobile devices,” said Botha “Cloud computing didn’t exist. There were maybe 300 million people on the planet that had access to the internet. So the scale of the opportunity today is completely different. If you look technically at the numbers, I think for the last 20 years, there’s roughly been $380 billion+ outcomes in the industry,” Botha said.
“That’s a significant number, but I don’t think it will continue to scale just with more money going into the industry.”
Source link
#Venture #capital #asset #class #Sequoias #Roelof #Botha #TechCrunch
![John Grisham’s New Legal Drama Is a Real Life Fight Against AI Audiobooks on YouTube
There’s an argument to be made that audiobooks are the finest form of content. You take a book—already off to a good start—and you get to have someone read it right into your ears. And when I say “someone” I mean the GOATs in the voice game. I could cite examples of celebrities you never knew narrated audiobooks, but here’s a sample of Werner Herzog narrating his memoir Every Man for Himself and God Against All that I think speaks for itself: [embed]https://www.youtube.com/watch?v=P4IQSvi3pXU[/embed] What could be better than this? Not only are audiobooks heaven, you can probably get all the audiobooks you want for free (and legally) by getting yourself a library card and using your local library’s preferred app (Libby, perhaps). I say all that, because given all the easy and free access to high quality audiobooks, why in the world would anyone listen to a John Grisham audiobook presented like this?
Don’t click that link. Instead of the actual audiobook, which is read wonderfully by Michael Beck, it will take you to a YouTube video consisting of an AI narrator reading Grisham’s recent hit novel the Widow, and the narration plays under 13 hours of AI slop video—simulated stock footage of fake vacations, basically. It looks like the video they display under the lyrics on Hell’s karaoke machine. I don’t have any science to back this up, but it will definitely give you brain cancer.
As the New York Times points out, 80,000 lost souls listened to the Widow this way. And Grisham is pissed about it. “The thieves and pirates who steal my work and try to profit from it, in any format, should be punished civilly and criminally […] And in this particular example, YouTube is complicit because it’s clear they know what is happening and refuse to stop it,” Grisham told the Times in an email. He should really write about this. YouTube, for its part, says the video is still up because there hasn’t been a takedown request, and that it doesn’t proactively police for copyright violations. “For more than two decades, we’ve built systems that help rights holders manage and control their copyrighted content — investing continuously to make sure those systems evolve as new threats emerge,” Jack Malon, a YouTube spokesperson, wrote to the Times.
If you’ve ever had a YouTube video flagged for a copyright violation, it may have been because of a feature called Content ID that music publishers absolutely love. It allows copyright holders to crawl YouTube and automatically detect copyrighted content. At times, Content ID has been a valuable moneymaking scheme for copyright holders, who were able to zero in on incidental—or even accidental—uses of copyrighted material, especially music, and by making a claim, monetize other people’s videos. It can’t do this anymore, but this is the sort of thing YouTube’s copyright system has been designed to support. As the Times points out, Content ID isn’t great at finding AI-narrated audiobooks. The audio waveform of the content is not the same as the audio the publisher owns, which makes it tricky to know what to even scan for. The author holds a copyright on the text, which can be slightly changed by the creator of the YouTube video while still leaving the book largely intact—good enough for casual listeners anyway. This leaves publishers and authors to navigate the takedown process manually, which seems, judging from the fact that the Widow is still up, to just not be happening.
That’s a pity. And I don’t mean because it’s robbing John Grisham of audiobook sales, which is bad, but not the gravest injustice in the universe. It’s bad because people are listening to such horrible garbage just because it’s available. And they really, truly, don’t have to. #John #Grishams #Legal #Drama #Real #Life #Fight #Audiobooks #YouTubeArtificial intelligence,Audiobooks,Books,intellectual proper](https://i2.wp.com/gizmodo.com/app/uploads/2026/05/john-grisham-1280x853.jpg?ssl=1 "John Grisham’s New Legal Drama Is a Real Life Fight Against AI Audiobooks on YouTube
There’s an argument to be made that audiobooks are the finest form of content. You take a book—already off to a good start—and you get to have someone read it right into your ears. And when I say “someone” I mean the GOATs in the voice game. I could cite examples of celebrities you never knew narrated audiobooks, but here’s a sample of Werner Herzog narrating his memoir Every Man for Himself and God Against All that I think speaks for itself: [embed]https://www.youtube.com/watch?v=P4IQSvi3pXU[/embed] What could be better than this? Not only are audiobooks heaven, you can probably get all the audiobooks you want for free (and legally) by getting yourself a library card and using your local library’s preferred app (Libby, perhaps). I say all that, because given all the easy and free access to high quality audiobooks, why in the world would anyone listen to a John Grisham audiobook presented like this?
Don’t click that link. Instead of the actual audiobook, which is read wonderfully by Michael Beck, it will take you to a YouTube video consisting of an AI narrator reading Grisham’s recent hit novel the Widow, and the narration plays under 13 hours of AI slop video—simulated stock footage of fake vacations, basically. It looks like the video they display under the lyrics on Hell’s karaoke machine. I don’t have any science to back this up, but it will definitely give you brain cancer.
As the New York Times points out, 80,000 lost souls listened to the Widow this way. And Grisham is pissed about it. “The thieves and pirates who steal my work and try to profit from it, in any format, should be punished civilly and criminally […] And in this particular example, YouTube is complicit because it’s clear they know what is happening and refuse to stop it,” Grisham told the Times in an email. He should really write about this. YouTube, for its part, says the video is still up because there hasn’t been a takedown request, and that it doesn’t proactively police for copyright violations. “For more than two decades, we’ve built systems that help rights holders manage and control their copyrighted content — investing continuously to make sure those systems evolve as new threats emerge,” Jack Malon, a YouTube spokesperson, wrote to the Times.
If you’ve ever had a YouTube video flagged for a copyright violation, it may have been because of a feature called Content ID that music publishers absolutely love. It allows copyright holders to crawl YouTube and automatically detect copyrighted content. At times, Content ID has been a valuable moneymaking scheme for copyright holders, who were able to zero in on incidental—or even accidental—uses of copyrighted material, especially music, and by making a claim, monetize other people’s videos. It can’t do this anymore, but this is the sort of thing YouTube’s copyright system has been designed to support. As the Times points out, Content ID isn’t great at finding AI-narrated audiobooks. The audio waveform of the content is not the same as the audio the publisher owns, which makes it tricky to know what to even scan for. The author holds a copyright on the text, which can be slightly changed by the creator of the YouTube video while still leaving the book largely intact—good enough for casual listeners anyway. This leaves publishers and authors to navigate the takedown process manually, which seems, judging from the fact that the Widow is still up, to just not be happening.
That’s a pity. And I don’t mean because it’s robbing John Grisham of audiobook sales, which is bad, but not the gravest injustice in the universe. It’s bad because people are listening to such horrible garbage just because it’s available. And they really, truly, don’t have to. #John #Grishams #Legal #Drama #Real #Life #Fight #Audiobooks #YouTubeArtificial intelligence,Audiobooks,Books,intellectual proper")
![John Grisham’s New Legal Drama Is a Real Life Fight Against AI Audiobooks on YouTube
There’s an argument to be made that audiobooks are the finest form of content. You take a book—already off to a good start—and you get to have someone read it right into your ears. And when I say “someone” I mean the GOATs in the voice game. I could cite examples of celebrities you never knew narrated audiobooks, but here’s a sample of Werner Herzog narrating his memoir Every Man for Himself and God Against All that I think speaks for itself: [embed]https://www.youtube.com/watch?v=P4IQSvi3pXU[/embed] What could be better than this? Not only are audiobooks heaven, you can probably get all the audiobooks you want for free (and legally) by getting yourself a library card and using your local library’s preferred app (Libby, perhaps). I say all that, because given all the easy and free access to high quality audiobooks, why in the world would anyone listen to a John Grisham audiobook presented like this?
Don’t click that link. Instead of the actual audiobook, which is read wonderfully by Michael Beck, it will take you to a YouTube video consisting of an AI narrator reading Grisham’s recent hit novel the Widow, and the narration plays under 13 hours of AI slop video—simulated stock footage of fake vacations, basically. It looks like the video they display under the lyrics on Hell’s karaoke machine. I don’t have any science to back this up, but it will definitely give you brain cancer.
As the New York Times points out, 80,000 lost souls listened to the Widow this way. And Grisham is pissed about it. “The thieves and pirates who steal my work and try to profit from it, in any format, should be punished civilly and criminally […] And in this particular example, YouTube is complicit because it’s clear they know what is happening and refuse to stop it,” Grisham told the Times in an email. He should really write about this. YouTube, for its part, says the video is still up because there hasn’t been a takedown request, and that it doesn’t proactively police for copyright violations. “For more than two decades, we’ve built systems that help rights holders manage and control their copyrighted content — investing continuously to make sure those systems evolve as new threats emerge,” Jack Malon, a YouTube spokesperson, wrote to the Times.
If you’ve ever had a YouTube video flagged for a copyright violation, it may have been because of a feature called Content ID that music publishers absolutely love. It allows copyright holders to crawl YouTube and automatically detect copyrighted content. At times, Content ID has been a valuable moneymaking scheme for copyright holders, who were able to zero in on incidental—or even accidental—uses of copyrighted material, especially music, and by making a claim, monetize other people’s videos. It can’t do this anymore, but this is the sort of thing YouTube’s copyright system has been designed to support. As the Times points out, Content ID isn’t great at finding AI-narrated audiobooks. The audio waveform of the content is not the same as the audio the publisher owns, which makes it tricky to know what to even scan for. The author holds a copyright on the text, which can be slightly changed by the creator of the YouTube video while still leaving the book largely intact—good enough for casual listeners anyway. This leaves publishers and authors to navigate the takedown process manually, which seems, judging from the fact that the Widow is still up, to just not be happening.
That’s a pity. And I don’t mean because it’s robbing John Grisham of audiobook sales, which is bad, but not the gravest injustice in the universe. It’s bad because people are listening to such horrible garbage just because it’s available. And they really, truly, don’t have to. #John #Grishams #Legal #Drama #Real #Life #Fight #Audiobooks #YouTubeArtificial intelligence,Audiobooks,Books,intellectual proper](https://gizmodo.com/app/uploads/2026/05/john-grisham-1280x853.jpg "John Grisham’s New Legal Drama Is a Real Life Fight Against AI Audiobooks on YouTube
There’s an argument to be made that audiobooks are the finest form of content. You take a book—already off to a good start—and you get to have someone read it right into your ears. And when I say “someone” I mean the GOATs in the voice game. I could cite examples of celebrities you never knew narrated audiobooks, but here’s a sample of Werner Herzog narrating his memoir Every Man for Himself and God Against All that I think speaks for itself: [embed]https://www.youtube.com/watch?v=P4IQSvi3pXU[/embed] What could be better than this? Not only are audiobooks heaven, you can probably get all the audiobooks you want for free (and legally) by getting yourself a library card and using your local library’s preferred app (Libby, perhaps). I say all that, because given all the easy and free access to high quality audiobooks, why in the world would anyone listen to a John Grisham audiobook presented like this?
Don’t click that link. Instead of the actual audiobook, which is read wonderfully by Michael Beck, it will take you to a YouTube video consisting of an AI narrator reading Grisham’s recent hit novel the Widow, and the narration plays under 13 hours of AI slop video—simulated stock footage of fake vacations, basically. It looks like the video they display under the lyrics on Hell’s karaoke machine. I don’t have any science to back this up, but it will definitely give you brain cancer.
As the New York Times points out, 80,000 lost souls listened to the Widow this way. And Grisham is pissed about it. “The thieves and pirates who steal my work and try to profit from it, in any format, should be punished civilly and criminally […] And in this particular example, YouTube is complicit because it’s clear they know what is happening and refuse to stop it,” Grisham told the Times in an email. He should really write about this. YouTube, for its part, says the video is still up because there hasn’t been a takedown request, and that it doesn’t proactively police for copyright violations. “For more than two decades, we’ve built systems that help rights holders manage and control their copyrighted content — investing continuously to make sure those systems evolve as new threats emerge,” Jack Malon, a YouTube spokesperson, wrote to the Times.
If you’ve ever had a YouTube video flagged for a copyright violation, it may have been because of a feature called Content ID that music publishers absolutely love. It allows copyright holders to crawl YouTube and automatically detect copyrighted content. At times, Content ID has been a valuable moneymaking scheme for copyright holders, who were able to zero in on incidental—or even accidental—uses of copyrighted material, especially music, and by making a claim, monetize other people’s videos. It can’t do this anymore, but this is the sort of thing YouTube’s copyright system has been designed to support. As the Times points out, Content ID isn’t great at finding AI-narrated audiobooks. The audio waveform of the content is not the same as the audio the publisher owns, which makes it tricky to know what to even scan for. The author holds a copyright on the text, which can be slightly changed by the creator of the YouTube video while still leaving the book largely intact—good enough for casual listeners anyway. This leaves publishers and authors to navigate the takedown process manually, which seems, judging from the fact that the Widow is still up, to just not be happening.
That’s a pity. And I don’t mean because it’s robbing John Grisham of audiobook sales, which is bad, but not the gravest injustice in the universe. It’s bad because people are listening to such horrible garbage just because it’s available. And they really, truly, don’t have to. #John #Grishams #Legal #Drama #Real #Life #Fight #Audiobooks #YouTubeArtificial intelligence,Audiobooks,Books,intellectual proper")
Post Comment