A political strategist texted me some very interesting data points on political engagement. One that caught my interest is the decline of Bluesky. In an election yr one might estimate a ramp of engagement. The decline is surprising.

$BNTC - IMHO the FDA mtg minutes are very +++ (Interpretations of the 8k 👇) - FDA needs 1y nat history control grp - P3 Single arm study - P3 6mo interim endpt This will likely enroll V fast and readout in 2H27 @.6mo.

The other late-night musings (Phoebe is up and does not feel well). GRAVITY does not exist. Time is slower near masses, creating a gradient that gives the illusion of gravity. The pressure u feel on your feet right now is the gradient of time.

$SMMT $AZ partnering for what might be among the new stds of care in Lung (and many more) cancers. $2bn preferred convert. Meaningful data to come in squamous lung cancer in 4Q.

$AQRT has a P2 go/nogo study in Vitiligo, a pigmenting autoimmune disorder, in 4Q26. This is a $1bn mkt (doubles TAM) and IMHO zero is priced in IMHO this >2x the TAM for ZORYVE topical.

$NVDA vs $CSCO (circa 2000) are not parallels. $CSCO had an order book +70% growth into 2001 and by the end was -30%. $NVDA has an orderbook +100%... but has financed much of it, and those chips ARE the collateral, if demand falls, the value of collateral falls.

. @talbroda, former VP Compute for @Openai could have joined any fund but picked us. Honored and a real boon to entrepreneurs who take our money. Thrilled have him join @khoslaventures and help back and build the next generation of world-changing companies. As he says "Someone asked me yesterday what success looks like 5 years from now. I think it’ll probably be too early to judge my investment record. But I hope founders will say I was one of the most helpful people around the table, and had a real positive impact on their company. If you’re building in AI, especially AI infra, I’d love to talk! "🚀