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The AI trade just keeps broadening. Compute demand is running above the most extreme internal forecasts at frontier labs. Public companies are finally putting the productivity gains into headcount decisions. And venture capital is no longer waiting for enterprises to deploy this stuff — it's buying the companies outright.
This week, a three-year-old venture-backed company called Long Lake agreed to take American Express Global Business Travel private for $6.3 billion at a 65% premium. It's the second AI roll-up to cross into public markets in five months.
Live from Morgan Stanley's inaugural Founders Summit in Napa, we sit down with three sets of guests at the center of the AI transformation economy:
• Alex Taubman, CEO of Long Lake, and Madhu Namburi, Managing Director at General Catalyst, on the AI roll-up strategy and the GBT deal
• Mandell Crawley, Chief Client Officer at Morgan Stanley, on the bank's new founder research and what's next for the IPO pipeline
• Boris Cherny and Cat Wu, co-leads of Claude Code at Anthropic, on the SpaceX compute deal and what AI transformation actually looks like at the tool layer
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