The mayor Muslim My bagel Jewish My Capital Thrive Knicks in five

Life when you sell picks and shovels during the greatest gold rush in history

You can just build things.

Something I heard over and over while in LA for Milken was praise for Anhropic and pessimism toward OpenAI. At lunch, I made a comment referencing GPT. Guy next to me: "You still use GPT? Do you also still have a Hotmail account?"

Today we announce Thrive Eternal, a permanent capital holding company that will be concentrated in a small number of assets that we can own and steward over many decades. Across Thrive Capital and Thrive Holdings, we are building and investing through a moment of exponential change; backing emerging technologies, the infrastructure that powers them, and the businesses they can transform. Increasingly, we see a fourth category. These are assets with qualities that cannot be replicated by technology. Iconic franchises and cultural institutions rooted in tradition, identity, and shared experience. In a world shaped by abundant intelligence where creation scales and distribution fragments, we believe they will matter even more. Thrive Eternal is built on the belief that the most enduring of these assets share common characteristics: they benefit from long-term stewardship, they compound through cultural resonance, and they are enhanced by technology rather than displaced by it. Our work at Thrive has always been informed and inspired by a deep appreciation for product, brand, and the ways in which consumers form lasting relationships with the things they love. We have been building towards this for a long time. Our first partnership is expected to be with the San Francisco Giants - an institution built on more than a century of shared identity and community, and among the most iconic sports franchises in America. We have reached an agreement, subject to league approval, to acquire an ownership stake. We feel privileged by the opportunity to be long-term partners to the Giants.

This is so confusing. Did Anthropic really just drop Claude Code from their $20/month plan? Why would they do that through a pricing page update without making a proper announcement? Plus, $20/month still gets you Cowork, which is just Claude Code wearing a non-threatening hat!

I wrote this early this morning and I wasn't sure if I would actually publish it, but here it is: blog.samaltman.com/2279512

OpenAI completed the largest funding round in Silicon Valley history, raising $122 billion ahead of a blockbuster IPO expected by the end of the year. on.wsj.com/4c3ALXP

Anthropic and Alignment Anthropic is in a standoff with the Department of War; while the company's concerns are legitimate, it position is intolerable and misaligned with reality. stratechery.com/2026/anthrop…

This is my second conversation with @JoshuaKushner. Josh started Thrive in 2011 and the firm now manages ~$50 billion. We cover the iconic investments that defined it: Instagram, Stripe, GitHub, and spend a lot of time on OpenAI. He explains how Thrive thinks about investing today and the three categories they're currently focused on. Josh also talks about how he built the firm – why they keep the team so small, why concentration is core to what they do, and what he's learned from A24 about enabling artists to create their best work. Throughout the conversation, Josh shares the personal stories that shaped him, from his grandmother surviving the Holocaust to lessons from Stan Druckenmiller and Jon Winkelried at formative moments in Thrive's history. Enjoy! open.spotify.com/episode/7nR…

We are pleased to announce the close of Thrive X. Exceeding $10 billion, Thrive X comprises $1 billion designated for early-stage investments and $9 billion designated for growth-stage investments. We do not view this as a milestone, but as a commitment to the long work ahead. We view Thrive as a company. Our product is partnership - the willingness to commit deeply to a small number of founders, and to stand with them through momentum and adversity. This is the discipline we bring to our work, and the responsibility we accept when founders partner with Thrive. We do not hedge. Concentration demands loyalty to the founders and missions we back. In this moment, exposure alone is not a strategy. Judgment without commitment is not enough. Advantage will accrue to those who choose deliberately, commit deeply, and endure through difficult moments. Thrive was founded to be an enabling technology for the world we want to see. We are deeply aware that we are not the main character. The founders that we are fortunate enough to partner with are the artists. Our role is to help create the conditions where great work can come to life. We take a long view grounded in the belief that category-defining companies tend to create structural compounding advantages over long arcs. This fund reflects the continuity of our approach and the ways our work has deepened alongside the founders we support. We are grateful for the trust our Limited Partners place in us, and for the opportunity to work alongside those who are building with purpose, integrity, and courage. thrivecap.com/thrive-x