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The Twenty Minute VC · August 31, 2026 · 01:03:37

20VC: The AI Bubble Is Wrong | AI Margins Need to Improve | Revenue Concentration Should be a Concern | Why People Over-Estimate Open Models But Enterprises Still Fear Frontier Models with Aaron Katz, ClickHouse

Aaron Katz
Show Notes

Aaron Katz, CEO of ClickHouse, joins 20VC to explain why he believes the AI sector is not in a bubble, pointing to real revenue and transformative adoption. He explores how AI agents becoming software buyers will reshape enterprise sales, and why open models will dominate token volume despite enterprise caution. The conversation also covers talent competition, the future of remote work, the value of college, and the impact of AI on jobs, drawing on Katz's experience scaling Elastic and ClickHouse.

This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.

Canon

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AI Expands the Demand Frontier for Work00:48:51
Katz invokes the concept that AI expands the demand frontier, creating new categories of work even as it automates existing tasks.
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Highlights

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AI Isn't a Bubble00:04:05
Katz argues that the AI sector is not in a bubble, because massive capital inflows are backed by genuine adoption and real enterprise revenue.
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AI Agents as Software Buyers00:13:40
Katz describes how AI agents will become the primary purchasers of software, evaluating products autonomously based on performance data rather than human relationships.
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Open Models Will Capture Most Token Volume00:22:28
Katz predicts that the majority of AI token usage will flow through open models, but enterprises will remain cautious due to security, compliance, and support concerns.
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Startups Can Still Compete for Top AI Talent00:38:31
Katz believes startups can still attract elite AI engineers from companies like OpenAI by offering equity upside, ownership, and faster decision-making.
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Misc

✧Katz reveals that ClickHouse's sponsorship of Fulham FC aligns data analytics with elite sports, and that sports teams could become $20B assets.
✧The biggest remote work mistake, he says, is allowing culture to erode through lack of in-person interaction.
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