00:26:20 · Jordi Hays, John Coogan, S2
[00:26:20] S1: I'm always ready, John. Okay. [00:26:23] S0: Katie Roof has a scoop. [00:26:25] S2: The scoop athlete of the century, Katie Roof. [00:26:28] S0: Has a scoop on the biggest venture returns ever. Founders Fund and Valor are set to make more than 60,000,000,000 in gains on the SpaceX IPO. Sequoia, more than 20,000,000,000. [00:26:41] S1: Was this was this somewhat of a reaction to D1 getting a lot of credit earlier in the week. Right? They they're they're set to to generate roughly $20,000,000,000 in returns. And maybe some of these other funds thought to put their hand up and say I [00:27:00] S0: don't think. I think that at this scale, like there are so many LPs in these funds that are getting updates and they've been they've known the numbers for a long time. They've known the ownership, the holdings and you do some back of the envelope and you get some pretty huge numbers. Will be very interesting. Huge for Sean Maguire, huge for Luke Nosek and a lot of other folks over at Founders Fund and Antonio Gracias at Valor and all the other Founders Fund folks. [00:27:28] S1: Yeah. Sequoia Founders Fund. [00:27:31] S0: They needed to win. [00:27:31] S1: They needed [00:27:32] S0: win. I mean, you go back like, you know, these investments were made like 02/2010. Like it was not obvious. Certainly, was no Starlink narrative when these were made. There was no space data center narrative. This was a rocket company that was blowing up rockets left and right and not quite getting to you know, massive business. So you really had to believe be a believer and they were.
00:27:32 · John Coogan, Jordi Hays, Immad Akhund, Dylan Field, Tae Kim
[00:27:32] S0: win. I mean, you go back like, you know, these investments were made like 02/2010. Like it was not obvious. Certainly, was no Starlink narrative when these were made. There was no space data center narrative. This was a rocket company that was blowing up rockets left and right and not quite getting to you know, massive business. So you really had to believe be a believer and they were. [00:27:54] S1: It's gonna be benefit. Packy was having some fun on the timeline. He [00:27:58] S5: said Megaphones are too big to generate returns. They're basically just be collectors. [00:28:05] S1: And of course, they're printing. Yes. [00:28:08] S0: They are printing. Well, we have a very special guest joining us today, the CEO, the founder of Figma, Dylan Field, in the waiting room. Let's bring him into the TV and up here. Dylan, great [00:28:21] S1: to see you. [00:28:21] S5: Hey. [00:28:22] S6: Great to see you. [00:28:23] S3: Thanks for Too having me [00:28:24] S1: long. Great to see you. [00:28:26] S0: First question. Are you alive or are you dead? [00:28:30] S6: Very alive. Think you are too. Yes. [00:28:35] S0: It is such a white pill. Why well, I I mean, how have you processed all this? I guess I I we can go into the business and the product and the financials, but I'm more interested in just like the mindset, the emotional journey, like how do you stay sane? Is it an advantage to have been building this business for so long that you can draw on other experiences? Like, what what has the process of going through all of this been like for you?
00:28:35 · John Coogan, Dylan Field, Tae Kim, Jordi Hays
[00:28:35] S0: It is such a white pill. Why well, I I mean, how have you processed all this? I guess I I we can go into the business and the product and the financials, but I'm more interested in just like the mindset, the emotional journey, like how do you stay sane? Is it an advantage to have been building this business for so long that you can draw on other experiences? Like, what what has the process of going through all of this been like for you? [00:29:00] S6: I mean, what's the quote? When in the age of AI, those who say sane win. [00:29:06] S0: Oh, I like that. [00:29:07] S6: Who's quoted pretty accurate. And [00:29:11] S3: You should you should you should own that. [00:29:13] S0: Gonna attribute that to you. [00:29:14] S1: Yeah. We're gonna attribute that [00:29:15] S6: to Not mine. But but but really, I think it's super important. You have to have a even mind about it and, you know, I I know that you guys know this but social media not reality. [00:29:28] S0: It is. It is not reality. We see this all the time. Yep. All the time. [00:29:33] S1: But Yeah. And the the thing that I've been thinking about this week is how AI generated design is seemingly becoming as easy to clock as the as AI text. [00:29:47] S0: It's not this, it's that. [00:29:48] S1: This and that. [00:29:49] S0: Yeah. Right?
00:29:50 · Jordi Hays
[00:29:50] S1: I feel like people kind of like right now, the I mean, the entire market is just going through like rolling stages of AI psychosis and everyone's having it in different ways. Right? So like if you do like equity research, you're obviously gonna go through period of AI psychosis because you can just like type in a few words and get like what what looks like, you know, days, weeks of of, you know, really really great work. And sometimes it is great work. And if you're a designer, web designer and you can do type in a few words and get what looks like a great website instantly, you're also gonna go through that period and and you can just see these sort of like pockets of of AI psychosis all around the industry industry broadly. Broadly. Mhmm. But it does sort of like fade at some point and then if you're able to stay sane, you know, through those periods and not let yourself succumb to it, you can get excited about the potential and benefit from it but not lose your mind in the process. And I think like we were seeing that with, you know, early on with ChatGPT and like writing. Right? Before Mhmm. It was super obvious to clock. And then we were seeing that with design specifically where yeah. When you can just go and just generate stuff design that looks like good design. I'm not saying it is good design. And and I think we're kind of coming out of that now where you can just instantly clock when something was was generated and sometimes for a specific type of asset or use case, it's totally the right move to just generate something quickly. But I think we're already in a period right now where I if I go to a startup's website and it's clear that it was just like a one shot, you know, prompt, like that says something about the company. Could be good, could be bad. We don't know.
00:31:46 · Dylan Field
[00:31:46] S6: Jordy, I think you're absolutely right. But seriously, I I mean, this is the the balance oh, thank you. I I use the balance we had to strike with the Figma's design assistant design agent launch today. Yeah. And what we tried to do was make it so that we can really help you bring the context from your file into the agent's context window. And with that, two things that maybe are what will be most helpful for the designer in the moment, spawn agents to do explorations variations, do the the sort of rote tasks that are more boring. So things like design system maintenance, for example, how do we make it so that you're able to do that way faster with Figma's design agent than you would if you're just manually clicking on all these variable names or or manually change a bunch of components or text translation or any number of things. And so, you know, it's been really fun to kind of explore how does the design agent work and where can we make it better because there's so much more we can do to handle more of these tasks that, you know, designers are able to elevate themselves and work at a greater level to actually push aesthetic past AI slob, to actually push past, you know, the cliches and get to real innovation, solve real UX problems for users rather than making it so that you just have to go do this boring these boring tasks to just get through and unblock people or unblock your team. And I think that the design agent will really help there and bring more of it into the canvas where then you can share and collaborate with your team or with other agents. So I'm excited for where it goes, and I think today's really big and kudos to the team because they've been working really hard making so that we're able to take all all the advances with models and LMs and apply them to design. Getting these models to speak design well has been nontrivial and very cool.
00:33:56 · John Coogan
[00:33:56] S0: That's awesome. I I feel like a lot of a lot of software engineers who are interacting with coding agents are experiencing like incredible amounts of like bloat in the code and there's questions about like are you introducing are are are you like laying really shoddy foundation that will come back to bite you later and a lot of people say the answer to slop is just more slop. But in the design context, are you feeling pain from Slop. Figma where design systems or are you at least designing the agentic design tool in a way that is aware of that potential pitfall in advance because there is a world where, you know, oh the drudgery is taking my website and you know, doing design iterations for every single possible viewport or device. And if that gets out of sync that can be very complex. At the same time if you wind up you know, instantiating all that and then it doesn't tie together, you could wind up with some sort of, you know, misalignment and, like, it it could be very difficult to manage in the long term and you could wind up with, like, bloat.