Don, Aaron and Jack unpack a big week in venture, AI and building companies.

• Venture Downunder with Innovation Bay: pirate parties, poker, the Kill All The Puppies triage session (bridge, dilute, sell or fold), and why founder pitches at events should be three minutes, not ten.
• Canva blames frontier AI costs for a rare revenue downgrade: growth guidance cut from 30% to 20%, Canva AI 2.0 halted, in-house models to replace OpenAI and Veo 3, and why Tribe cancelled its Canva seats for Claude Design.
• Sovereign AI: Prof Anton Van Den Hengel's case for Australian capability. The only capability that survives is research, your advantage is momentum not checkpoints, and Anthropic engineers reckon they have nine to twelve months of coding left.
• HotDoc founder Ben Hurst steps away after 14 years: the maturity to recognise when your company needs a CEO and not a founder, and why the two energies are different jobs.
• Incumbents milking it: Don's Ansarada rant (pricing that scales with your data room, a 2007 interface, switching costs locked in by your deal risk framework), and Airtable reportedly selling for about $1 billion, 88% below peak, with founders wiped out by the preference stack.
• How 26-year-old Grace Brown built Andromeda into a $100 million robotics company, and the story of Abby the robot getting a couple dancing to their wedding song again after 20 years.
• Anti-portfolio goals: Vu Tran on why making a top VC's anti-portfolio is a benchmark, not a rejection.
• Ken Griffin on Citadel buying Sowood's $30 billion portfolio overnight: things come to those who wait, but only what's left by those who hustle.
• Sharts: data centre investment overtaking hotels and retail, Peter V'landys and NRL scoring, Federal Circuit Court general protections claims up 100% in three years, and EVs plus hybrids about to cross petrol and diesel in Australian vehicle sales.

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