AI's Hidden Power: Why Interfaces Are Dying!

Hi, I'm Amy Shapiro, journalist at CEK. Hi, I'm Amy Shapiro, journalist at CEK. And as part of our annual VC survey, And as part of our annual VC survey, And as part of our annual VC survey, we're here with Ya Peterberg, the we're here with Ya Peterberg, the we're here with Ya Peterberg, the founder and managing partner of S founder and managing partner of S founder and managing partner of S Capital. A thank you so much for being Capital. A thank you so much for being Capital. A thank you so much for being here today. here today. here today. >> Thank you so much for having me. I My >> Thank you so much for having me. I My >> Thank you so much for having me. I My first question for you is with 2026 first question for you is with 2026 first question for you is with 2026 around the corner, if there's one around the corner, if there's one around the corner, if there's one financial metric that uh you would be financial metric that uh you would be financial metric that uh you would be looking at to value a company next year, looking at to value a company next year, looking at to value a company next year, what would it be and why?

what would it be and why? what would it be and why? >> So, there's no one metric that you can >> So, there's no one metric that you can >> So, there's no one metric that you can count on. Obviously, ARR and revenue has count on. Obviously, ARR and revenue has count on. Obviously, ARR and revenue has always have always been the metric that always have always been the metric that always have always been the metric that you look on an company when it's growing you look on an company when it's growing you look on an company when it's growing and as an indicator, but investors and as an indicator, but investors and as an indicator, but investors cannot only rely on that anymore. And we cannot only rely on that anymore. And we cannot only rely on that anymore. And we also obviously look at the burn rate and also obviously look at the burn rate and also obviously look at the burn rate and the efficiency uh that comes out of the efficiency uh that comes out of the efficiency uh that comes out of calculating everything together to calculating everything together to calculating everything together to indicate the scale. And uh looking at

indicate the scale. And uh looking at indicate the scale. And uh looking at again at Nexi, do you think startups are again at Nexi, do you think startups are again at Nexi, do you think startups are now starting to build uh more sovereign now starting to build uh more sovereign now starting to build uh more sovereign tech so that they're less reliant on uh tech so that they're less reliant on uh tech so that they're less reliant on uh international platforms?

international platforms? international platforms? So I think we can't our the fundamental So I think we can't our the fundamental So I think we can't our the fundamental technologies that we use like think of technologies that we use like think of technologies that we use like think of open AI as foundational model AWS and open AI as foundational model AWS and open AI as foundational model AWS and Azure as your cloud infrastructure. Azure as your cloud infrastructure. Azure as your cloud infrastructure. We use Microsoft. We cannot depend we We use Microsoft. We cannot depend we We use Microsoft. We cannot depend we cannot be independent and not depend on cannot be independent and not depend on cannot be independent and not depend on uh obviously the underlying technology uh obviously the underlying technology uh obviously the underlying technology that we use to develop our startups and that we use to develop our startups and that we use to develop our startups and companies. Um and we also depend on the companies. Um and we also depend on the companies. Um and we also depend on the acquisitions by the way. So we also acquisitions by the way. So we also acquisitions by the way. So we also depend our companies will rely on the depend our companies will rely on the depend our companies will rely on the acquirers being global companies.

acquirers being global companies. acquirers being global companies. >> So I finally looking into 2026. What is >> So I finally looking into 2026. What is >> So I finally looking into 2026. What is one trend that everyone else is ignoring one trend that everyone else is ignoring one trend that everyone else is ignoring but you're betting on for 20 uh for next but you're betting on for 20 uh for next but you're betting on for 20 uh for next year? year? year? Um so first I won't tell you. Um so first I won't tell you. Um so first I won't tell you. No but seriously even as a as a VC we No but seriously even as a as a VC we No but seriously even as a as a VC we don't have a crystal ball. So there's no don't have a crystal ball. So there's no don't have a crystal ball. So there's no really one trend that we can anticipate really one trend that we can anticipate really one trend that we can anticipate today that will become you know the the today that will become you know the the today that will become you know the the next thing of tomorrow. Obviously there

next thing of tomorrow. Obviously there next thing of tomorrow. Obviously there are a lot of changes around AI and AI are a lot of changes around AI and AI are a lot of changes around AI and AI infrastructure and AI verticals and infrastructure and AI verticals and infrastructure and AI verticals and different spaces where you can invest different spaces where you can invest different spaces where you can invest and see things are growing and trending. and see things are growing and trending. and see things are growing and trending. Um and I think that three years ago some Um and I think that three years ago some Um and I think that three years ago some of some of you know the industry have of some of you know the industry have of some of you know the industry have ignored some of the AI uh things that ignored some of the AI uh things that ignored some of the AI uh things that have come along and no one knew how much have come along and no one knew how much have come along and no one knew how much LLM will actually be uh you know the the LLM will actually be uh you know the the LLM will actually be uh you know the the thing that will burst and change the way thing that will burst and change the way thing that will burst and change the way that we look at AI. So we invested in AI that we look at AI. So we invested in AI that we look at AI. So we invested in AI but it was deep learning and machine but it was deep learning and machine but it was deep learning and machine learning. It wasn't LLM and AI agents learning. It wasn't LLM and AI agents learning. It wasn't LLM and AI agents right? It's it's a new trend that no one right? It's it's a new trend that no one right? It's it's a new trend that no one could have anticipated. So unfortunately could have anticipated. So unfortunately could have anticipated. So unfortunately I don't have a crystal ball. Well, good

I don't have a crystal ball. Well, good I don't have a crystal ball. Well, good luck in any case for 2026 and I thank luck in any case for 2026 and I thank luck in any case for 2026 and I thank you so much for your time and enjoy the you so much for your time and enjoy the you so much for your time and enjoy the rest of your day here at the conference. rest of your day here at the conference. rest of your day here at the conference. >> Thank you so much.