Pod Insights Equity Podcast Mercor has its moment in the AI data race About this episode Leading AI labs like OpenAI and Google DeepMind cut ties with Scale AI after Meta invested $14 billion in the data vendor and hired its CEO. But AI labs still need data — leaving an opening for other startups that can supply it. The key players and factors in the AI data market are changing. Lately, it seems like Mercor — an AI hiring platform that sells data services to AI labs — may be one of the biggest benefactors of this shift.
Today on Equity, Kirsten Korosec, Anthony Ha, Max Zeff dive deeper into how the AI data market is changing, check in on startups that recently went public and share their takes on the divisive orange iPhone.
Listen to the full episode to hear about:
Bending Spoons’ acquisition of Vimeo for $1.38 billion, and what it means for the video industry.
Why SpaceX is making a $17 billion bet on the direct-to-cell market, and what it all has to do with Apple.
The long awaited IPO of Klarna, why it popped, and how other newly public companies like Figma and Coreweave are doing.
Mercor’s new fundraising talks, and what’s going on the AI data space more broadly.
Equity will be back next week. Subscribe wherever you get your podcasts!
Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday. Subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcript 0:00 Speaker 00 This episode of Equity is brought to you by Schneider Electric. Schneider Electric, advancing energy tech.
0:08 Speaker 01 Hello and welcome back to Equity TechCrunch's flagship podcast about the business of startups. Today is Friday, September 12th. I'm Kirsten Korosec, Transportation Editor at TechCrunch, and I'm joined, as always, with Senior AI Reporter Max Seth and Weekend Editor Anthony Ha. Welcome you two. And I have an important question for you. Is orange the new black in the world of iPhones? I saw some squeamishness, okay, by the way, for everyone, like.
0:36 Speaker 02 It's, you're forgiven, Kirsten, because this week, orange was everything. Apple unveiled all its new hardware, but it's big iPhone event of the year. And the biggest takeaway everyone had was that there is an orange phone. And it looks pretty sick. But there's also some really cool stuff around their headphones, which, Anthony, I feel like that caught your eye a little bit.
0:57 Speaker 00 Yeah, so there's this idea of essentially real time translation in some of the AirPods. And like, that just seems like such a science fictional, like, wow. Like, there's not a lot of things that can maybe like, wow, at least jaded tech journalists like us nowadays. But that is like, just in general, that sort of translation stuff that we're starting to see with AI is very impressive. I mean, it's also where the demo on the stage versus what it'll actually be like when you try it on the street is probably going to be very different. So it feels like a very cool idea. We'll see how well executed it actually is. Especially with AI, Apple recently has had a lot of announcements that sounded cool, and then they haven't necessarily panned out.
1:36 Speaker 01 Yeah, true. Max, you brought up the orange phone, which got a lot of play. And then the translation piece, which is super interesting to me. But neither of you mentioned the iPhone Air. And I'm wondering, we had a very great piece from reporter Amanda, and I kind of agree with her. I'm sort of taken by. The air, but I maybe just because it's different and I just want to like see how light it is and then I'll be over it and I'll move on.
2:03 Speaker 02 I think I really want to like hold it in my hand and see how light it is. And then I probably want a phone with like better cameras. That's just like that when it comes down to it, that's kind of where I land. Although I do think it's impressive that it's getting so thin. It does make me think of, if you can make it that thin, why can't you just put it in a pair of glasses or something like that, Apple? I don't know.
2:25 Speaker 01 Maybe they're working on that and you just like spilled the beans accidentally.
2:29 Speaker 02 I don't know.
2:30 Speaker 01 But let's get into the show today because we have a lot to talk about. We have deals of the week from Vimeo and SpaceX. And then we're going to get into the IPO window and why I think it's one of the hottest weeks in four years that's finally creaking open and an AI data training gold rush.
2:52 Speaker 01 Anthony, let's talk about the first deal, which is with Vimeo, which I never pronounce correctly. Oh, my gosh, it's just like terrible.
2:59 Speaker 00 Wait, Vimeo is how you actually pronounce it? This is actually, this is blowing my mind. I've always pronounced it Vimeo.
3:06 Speaker 02 Vimeo.
3:07 Speaker 00 Okay, I'm going to do my best. Well, so Vimeo is an interesting company because I mean, it's basically existed for a decade plus at this point. You know, obviously it wasn't going to be a threat to YouTube, but was sort of then like the number two video platform that wasn't the super consumer friendly one, but, but it was maybe a little bit more corporate, enterprisy. And I think it's, you know, fallen off the radar a bit. It's hard to see exactly where the growth opportunities are. And so maybe that explains a little bit about why it's now being acquired by this European company called Bending Spoons for 1.38 billion. Like a lot of these deals, when they make a deal like this, there's a lot of statements in the press release about how ambitious they are and how, you know, they have big plans for Vimeo. But I mean, we'll see if that actually happens.
3:51 Speaker 00 I think Bending Spoons has a history in the past of generally kind of making big cuts when it makes these kinds of acquisitions.
3:57 Speaker 02 Yeah, I mean, I remember using Vimeo like back when it was like first started and I was like a much younger person. Kid. So you were 12.
4:08 Speaker 01 Yeah.
4:08 Speaker 02 I was 12. Yeah. And I was making videos on YouTube and you also threw it on Vimeo because it was like, why not? I don't know. And I am also now learning that I might have been saying it wrong for the last decade. Anyways, it's really kind of interesting because it was seen as kind of neck and neck with YouTube for a long time. And now YouTube is like the new TV. I mean, it is just bigger than anything right now in terms of a streaming platform. And Vimeo is just like, can it realistically compete with that? I don't really think so.
4:37 Speaker 01 Okay. So you both bring up two important points. One, which is like, where's the growth? I mean, you both were kind of hitting on that. And to me, that is the big question and also the concern because, as Anthony mentioned, Bending Spoons does kind of have a little bit of a history of making big promises and then just like cutting staff and features after acquiring companies. WeTransfer is a good example of that. So I'm kind of wondering what they do and how they grow. And what kind of growth are they expecting? Because I think trying to reach like a YouTube's, it's just not going to happen. So maybe they carve out like a different niche
5:17 Speaker 01 or go after like a different kind of market than what YouTube is doing because it just seems like that's just, it's going to be throwing money away to try and catch YouTube.
5:26 Speaker 02 Yeah. I mean, I definitely could be wrong here. I do think that the other reason I know Bending Spoons is because they acquired Evernote, which was another one of my favorite apps for a long time. And then it got acquired and suddenly it was pretty rough. Like there was like a really rough trajectory where there were layoffs. And then I think they got rid of like a lot of the features of their free tier, or maybe the free tier went away largely. It was kind of a really brutal moment for this app that was, I think, like one of the most popular apps in the early days of the iPhone. So it doesn't seem like a great signal for Vimeo.
6:00 Speaker 00 Yeah, and I think we transfer, which also had, you know, at one time a popular service. And then they had kind of massive cuts after the acquisition. If you look at all of the sort of big statements in the announcement, one thing you don't see is any sort of commitment in terms of keeping the existing team on, which is unfortunate and probably pretty scary if you work there. But the other thing that's interesting to me is the acquisition price that you might say 1.38 billion is not a huge sum of money in the inflated times of the AI bubble. But that is like a significant chunk of change. That's not the kind of money I at least would think you would spend if you're just winding something down. If you're like, well, we can just squeeze a little more money from this and then it's probably going to go away in a few years. But that they actually do see some potential here.
6:42 Speaker 00 I'm not sure I can see exactly where that is because it does feel like for a while Vimeo was trying to be, again, the idea that you could put your more high quality, your more business-y kind of videos that didn't fit on YouTube. But it just seems like YouTube is just swallowing more and more of that space. So I don't know what our producer is going to keep in, but just as an important update, it's just Vimeo. It's how we've been pronouncing it. We've been doing it right.
7:09 Speaker 01 It's just Vimeo, yeah. In our efforts to pronounce it correctly, we were getting crazy complicated with a company that's been around for two decades. So congrats to me and to the rest of the co-hosts.
7:22 Speaker 00 There's some sort of metaphor there. I don't know what it is, but I'll try to learn something from it.
7:27 Speaker 01 Well, I do want to transition to a much bigger deal, which is SpaceX and them making 17 billion dollar, I'm calling it a bet, on the direct to sell market. And specifically what they did was they took over a large block of wireless spectrum from EchoStar. And this matters. And Aria, one of our reporters, has a great explainer piece, which we'll include in our show notes. But I'm wondering if either of you two. Were tapped into this. Was this surprising to you at all? And you get it. Do you get why this is kind of a big deal?
8:01 Speaker 02 Yeah, I mean, I think that the wireless spectrum market is kind of quietly becoming one of the most interesting playing grounds for big tech. I mean, obviously, this has been something that wireless carriers have been fighting over for decades now, but I think it's really interesting to see SpaceX make such a big deal like this. Obviously, we also know that Amazon is interested in this space as well. They have this project, Coiper, which is their effort to launch satellites into space and offer people cell service with that project. I think this is something that is going to be just a much more competitive playing field in the next couple of years. And Kirsten, maybe you could kind of speak to why now is it becoming such a big deal for these big tech companies?
8:43 Speaker 01 Okay, so it's obviously related to Starlink, but in the past, what has happened with spectrum? There's only so much spectrum. It's finite resource. When blocks go up for sale, like the Echo Star One, what makes this deal specifically interesting is that SpaceX is now the license holder. Instead of having to partner with a terrestrial carrier, meaning like earthbound carrier, which is the way it used to be. So SpaceX, for instance, had this partnership with T-Mobile, and it was like a premium add-on to like boost your service. And that was typically how these things went. This is different because now SpaceX is holding the license itself. So the question is, what does SpaceX do with this?
9:27 Speaker 01 Is this SpaceX getting into the phone business? Are they going to go start making phones? I mean, Elon Musk has actually talked about that, but you know, I don't know if that's gonna happen. I think he has his hands full with other things. But to me, it marks very forward thinking, like where are they going to be 10, 20 years from now? So this is a play, like this is a long-term. That.
9:50 Speaker 02 Right. So this is something that we talked about in our piece on TechCrunch's website. But there's actually been some previous reporting on how a lot of this deal might have to do with Apple. Of course, Apple is one of the major phone sellers. There was some reporting from the information that three years ago Elon Musk pitched Apple on basically being the exclusive satellite connectivity platform for the iPhone. As long as Apple paid it $5 billion upfront and then $1 billion every year afterward. So you could see Apple turned it down and I think actually struck a deal with Global Star. But there's this pressure to basically win one of the biggest players in the space over with this deal. And I think part of this deal seems to me like it's trying to edge out Amazon,
10:34 Speaker 02 who seems to be getting into that space and these other players, the terrestrial big players for a long time.
10:39 Speaker 00 So I'm also just trying to wrap my head around what this might potentially mean for me as somebody who, you know, has a cellphone. If I'm understanding correctly, I mean, this isn't like SpaceX anytime soon is going to be competing to become the primary cell provider for anyone. This is more about that satellite backup when you're not near a cell tower or something like that. Is that right?
10:58 Speaker 01 Well, I mean, yes and no. I mean, they're basically owning the spectrum. And in the past, they would partner with a terrestrial carrier because they aren't one. But because they have Starlink, if I understand things correctly, that in the long term, this would be used to boost their Starlink service to their users. And that they wouldn't have to partner with a T-Mobile to do that.
11:24 Speaker 00 Right. So that if I have like a phone that I could just have a Starlink connected phone, I don't have to like worry about anyone else.
11:29 Speaker 01 I mean, I think that that's what it indicates. Please email us if you have a different take on this. I'll give you Anthony's email here. It's anthony@
11:41 Speaker 01 But yes, that's my understanding is that it could then be used for that in the future.
11:45 Speaker 02 Yeah, in the short term, I do think that some of this is around like when you're in an area that doesn't have any cell service, you can use these satellites to send an emergency text or phone call or something like that. But yeah, I do agree that in the long term, SpaceX would probably just like to handle everything. And there is the consideration here of like, if Apple doesn't work with SpaceX, is Elon gonna go build a phone? And I think that when you're negotiating with Elon Musk, that's always a factor, but you have to consider that he's just going to inject tens of billion dollars into a competitor. However, he's done that five times over now, and it does feel like he's getting his hands full and like he's having to pull back in some areas. So I don't know.
12:24 Speaker 00 I mean, I would say that if I were Apple and, you know, I was like, if you don't work with me, I'm gonna build a phone, I would say, good luck. Let me know how that works out for you.
12:33 Speaker 01 Yeah, they could do that. As we wrap up the conversation, I do want to mention also that SpaceX and its rivals have been pushing the FCC to modernize satellite spectrum sharing rules. And so I think that we're gonna see more of this, and we're going to see a little bit of a tug of war between companies like SpaceX on the satellite side of things, and these terrestrial carriers, really legacy companies, and seeing like, who wins here. I don't think it's gonna play out in the next year or anything like that, but over the next decade, absolutely. We have to throw it a break, but when we're back, we're gonna get into IPOs, one of my favorite subjects, and then we're gonna talk about AI training data and a little company called Mercor.
13:22 Speaker 00 What moves our world forward? Energy. History has been shaped by it, revolutions won with it, and progress dependent on it. For 190 years, Schneider Electric has been a leading force in this story, creating the technologies that harness energy and transform the competitive landscape. And today, in the dawning era of energy and industrial intelligence, Schneider is helping customers build more efficient, resilient, and sustainable operations across every sector, from data centers to homes, from buildings to industry. Schneider Electric, your energy technology partner. Discover more at se.com.
14:00 Speaker 00 So longtime listeners of Equinix know that Kirsten is always excited to talk about IPOs. When is the IPO market opening? And I don't know, this seems like it's been a great week for you, Kirsten. Have you just been like celebrating all week long?
14:12 Speaker 01 Yeah, like so many IPO parties, you know, lots of toasts. I want to explain to listeners for a minute there why I like IPOs so much. It's not the ringing of the bell or like some of the pomp and circumstance around it. It's that we finally get to learn more about the financials of these companies. Oftentimes buzzy startups that we've been covering for years. And there's nothing better than like comparing what is in an S1 and like all the future financial data they have to report now moving forward with what they used to tell me. They would say things like, "Our revenue has doubled" and some version of profitability that isn't quite right. So to me, it's like a revelation and that's why I love the IPO market.
14:57 Speaker 01 And then of course, to see how things play out. I'm just fascinated with the behavior of markets because people are involved and how that translates to real business.
15:07 Speaker 02 Yeah, I mean, that's great and all, but I think people close to Kirsten know that she just loves that bell ringing every time someone IPOs.
15:15 Speaker 02 Anyways, Kirsten, so we've had a couple of big IPOs this year. Klarna is the most recent one. Can you tell us a little bit about what happened there and why that may have stuck out to you?
15:26 Speaker 01 I mean, there's a couple of things. Klarna was an anticipated IPO and Julie Board, our venture editor, wrote about it actually. And, and she kind of focused on one of the interesting things. I mean, they did raise $1.4 billion. That's good. Sequoia was the biggest winner shareholder in this at nearly a 23% stake. So that's of course, an interesting venture angle, which makes sense for us and Tech Crunch readers. And it's just one of those IPOs that has been highly anticipated and has ended up doing well in its first day or two. But I think it'll be really interesting to watch what happens because what we've seen so far, at least to me, a trend has been, has been particularly good debuts.
16:11 Speaker 01 Like absolutely banana debuts like the first day or two and even a little bit of volatility. And then since then, seeing the stock settle quite heavily. So Figma is one that I would point to. When they debuted, the stock shot up to like $117. And today, if I'm looking at it, I think it's down about 52%. It's at $54. It still went well above what they had slated as their IPO price, which was around $33. So it's still doing well. But like, to me, that's been an interesting trend, like just bananas debuts and then a settling within a couple of weeks.
16:49 Speaker 02 Yeah, Figma's trajectory as a public company so far has been really interesting. I mean, this was one of the most highly anticipated ones. And yeah, it's down pretty significantly since its IPO. Another one that we've been talking about a lot is CoreWeave, which IPO'd earlier this year, and that one is the complete flip side of the coin. I mean, it is up significantly over 100%, I believe, since it IPO'd. And, you know, I hate to pin it all on this, but I do think that there is somewhat of a recurring theme here among the public companies that have a convincing strategy for the AI era and that have deals with OpenAI, that have deals with Google and Meta, basically to be a part of this thing that investors think are the next generation of technology. And I think this is something we talked about before with Figma.
17:34 Speaker 02 You know, they have some AI features, but like, are they really well positioned in this era where AI is basically coming for a lot of graphic designers? And it's unclear so far. But yeah, it's some really interesting opposite moves in the IPO market so far.
17:49 Speaker 00 It feels like it also ties back to what Kirsten was saying earlier about seeing the dynamics of a market that as quantified and automated as it is, is ultimately sort of driven by like people and the fact that, yes, there are hard numbers that get put out, but sometimes at least as a journalist trying to cover these earnings and things like that, sometimes you're kind of mystified about why the stock is going in one direction. And you realize a lot of times it is essentially vibes. It's like, well, actually, like, the business is doing great, but Wall Street is not feeling optimistic about the next quarter because of XYZ or vice versa. And it's not that the financials don't matter, but they're not enough on their own.
18:24 Speaker 01 Absolutely. And it brings me back to like another lifetime ago when I was covering futures at Bloomberg, we always sought out the fundamentals of why futures went up or down. And I can tell you sometimes, like, I couldn't find a reason. I could not find a reason why the future price of corn went up, or the future price of coffee went down. And so you see that, and you see that with a lot of tech companies, but fundamentally, the stock market is based in certainty, right? And like, what expectations are going to be? And so I think CoreWeave, I do have to say that when we talked about them earlier, I was kind of like, eh, CoreWeave, I don't know about this company. It seems like it's gonna be real hot and then real not. And I was wrong. So I am a cop to CoreWeave.
19:08 Speaker 01 They have had, now we'll see where they are a year from now. I should also mention really quickly that there are a bunch of other IPOs coming up via a company in the transportation sector, which did file a few years ago, didn't do anything with it, then filed confidentially again, and they're set to debut coming up any day now. Then you've got Gemini, which is the cryptocurrency, Vinklevoss Twins, that's anticipated. You've got StubHub. I mean, this is actually pretty hot IPO market. And like, from what I remember, and I'm sure we could have the audience member like, reach out and correct me, but it seems like one of the busier weeks slash months in probably about four years, from my recollection.
19:48 Speaker 02 Yeah. And I mean, just in terms of why, right now, I think there's a lot of reasons you could point to. Reuters did a poll of economists the other day, and they all basically said that the Fed is going to cut interest rates this month. I think there is some interest that now is a pretty good time in the economy generally. I also just think that, like, we're seeing some stocks just do incredibly well. Like, earlier this week, Oracle jumped over 30% after its earnings, when it basically announced that it was going to have $300 billion of extra deal flow in the next 10 years than it expected. And it was later revealed that they had struck a deal with OpenAI. But I think that there is just like, kind of this sense right now, that certain stocks are doing just fabulously well. And for some of these young companies, it seems like a pretty promising period.
20:33 Speaker 01 Agreed. And I think that what we're going to see is companies that might have been on the fence, if you will, about whether to go into an IPO, will probably be considering it, whether this window is wide enough. To get into it or not because there is some like mixed economic data out there like on the IPO side, clearly like there appears to be capital and interest in investors and activity going on there. But then there is like some labor data and then there's some like concerns about tariffs. And the question is, is that going to weigh down enough to prevent startups that are just right on the edge of deciding whether to do an IPO or not. And right now, I would say that they're probably more keen to IPO than not.
21:16 Speaker 01 But is that going to change in a month or two? And we kind of saw that window happening a few years ago when everyone was racing to make these mergers with special purpose acquisition companies. And that was a pretty small window, quite a volatile one, though.
21:31 Speaker 00 Yeah, it feels like this is something where we could look back six months here from now. And honestly, I wouldn't be shocked if, yes, this is the beginning of a whole bunch of IPOs, or it ended up being this false spring. And then there was a bunch of really bad economic data and things kind of freeze up again. Both of those feel very possible right now. We'll see what happens. And in the meantime, maybe we should move on to our other big trend that we wanted to talk about this week, which is about this AI training data startup called Mercor. It's about to raise, I think, a pretty sizable rounded, a pretty impressive valuation. Max, do you want to tell us more about Mercor?
22:05 Speaker 02 Yeah, so this was a scoop our colleague Marina had this week. I contributed a bit of reporting to it, but Mercor is basically in talks with investors to raise a $10 billion valuation. This is a startup that is less than two years old. They are reportedly telling investors that they are bringing in over $450 million in revenue on an annualized basis. So for those not familiar with Mercor, they're kind of a competitor to Scale AI. They help AI labs bring in data to train their AI models. But what's different about Mercor is that Scale AI use a lot of low, very low paid labor, a lot of times in third world countries, whereas Mercor, a lot of their contractors, so to speak, are in the
22:49 Speaker 02 United States, they're all over the world, but they get paid like A hundred dollars an hour or something like that to basically do these coding tasks or do these writing tasks or whatever. Like some of their people on their platform are professors and you know, senior software engineers who just want to make an extra buck. But all of that data and the work they're doing is going straight to these AI labs. And that kind of more impressive data and that higher quality work, it's a big difference for the AI labs. And they've kind of emerged as one of the leaders in this space, basically in the last year.
23:19 Speaker 01 I have just a fundamental question about not just Mercor, but even Scale AI, which is, is there an end to it? Like, is there like just an infinite need for data labeling? Or will we come to a natural end and then these companies are going to have to have some other kind of products?
23:39 Speaker 02 Yeah, that's a really good question. We actually are seeing a pretty big shift in the data market right now for AI startups. Companies like Scale AI that kind of made a real business out of basically labeling data are really changing their business, not only to have these kind of higher skilled contractors, but also to not just train chatbots, but train AI agents, which might sound kind of like agents, like that's like the buzzword of the tech industry. But fundamentally, like the work is a lot different. Whereas for chatbots, you were basically producing text. Whereas for agents, these are systems that need to interact with software. So you basically need to kind of upload almost like these videos of like you using a computer, basically, and like using applications. It's
24:23 Speaker 02 this new space called the environments that's been getting a lot of investment these days. And it's really changing how the data market works. So there is kind of a shift because I think we're seeing that just labeling data for chatbots is not what AI labs really need anymore. They're needing this more complex sort of data.
24:41 Speaker 00 I think one thing that's striking to me about both looking at the success of Scale AI and Mercor is also this feeling that there's something paradoxical about how we think of AI as being the cutting edge. And correct me if I'm wrong, Max, but my sense is that these are companies that are making a tremendous amount of money in the AI business, but their competitive advantage is not some incredible technology that they've built themselves. Basically just systems and networks of people who can label this data.
25:06 Speaker 02 Yeah, I mean, they would certainly tell you that they have cutting edge technology. I would agree with you, Anthony. I do think that a lot of the benefit that they bring is basically connecting AI labs to lots of high skilled workers who are willing to put out this data. I do think that in the sense that there is not enough data in the world for these companies, like I think that's very much true. Like we saw what happened with Anthropic this week. They're getting sued right now by a bunch of book authors who basically say that Anthropic used their copyrighted works for free and didn't pay anything for it. Anthropic basically tried to pay all of these authors off, giving each of them about $3,000 to strike a settlement and end that lawsuit.
25:45 Speaker 02 And the judge stepped in and basically was like, you know, we're actually not going to let this deal go through right now because this seems a little bit sneaky. Which I think, Anthony, we talked about this a bit. This kind of caught our eye.
25:57 Speaker 00 Yeah, I mean, $1.5 billion on the one hand, that does seem like a lot of money. But again, when you sort of then divide it up and you're an author and there's some book you spent years of your life on. And then you get $3,000 from, you know, an AI company that it seems like their valuation is going up by an order of magnitude every week. That probably leaves a little bit of a bad taste in your mouth. Fundamentally, I think if you are an author who feels that Anthropic essentially did wrong by like using your book to train their models without your permission. This feels like a slap on the wrist at most, right? This isn't something that's going to fundamentally change the behavior. It's as, you know, the cliche goes, it's a speeding ticket.
26:35 Speaker 01 It is a bit of a speeding ticket, but I expect more of these to come. So I guess the question is collectively, do these speeding tickets end up amassing to considerable amount of money? Or will there be one of those massive cases that really gets tons of attention? I in no way want to compare it to like the tobacco litigation days. But I will say that this is where you saw a number of entities coming together to go after one company or an industry and get these mega settlements. So I'll be curious to see how that plays out and it's not over by any stretch. We're just about out of time, but Equity will be back next week.
27:16 Speaker 01 Until then, you can find us under at Equity Pod on X and threads.
27:24 Speaker 03 Equity is produced by Teresa Locan Solo with editing by Kel. We'd also like to thank TechCrunch's audience development team. Thank you so much for listening and we'll talk to you next time.
Previous Vibe coding? Meet vibe security Next Why European founders are winning (and it’s not about working less) Page updated October 26, 2026 · transcript and summary are machine-generated
