USV’s New $900M Fund: Fred Wilson, Rebecca Kaden & Mike Mignano

USV raised a record $900M fund, betting bigger checks and an "obliterate, don't automate" AI thesis can still deliver venture-scale returns without trillion-dollar outcomes.

• $900M flagship fund: USV's largest fund cycle ever, up significantly from prior funds, reflecting bigger rounds and bigger outcomes in AI markets.
• 'Obliterate, don't automate' thesis: Fred Wilson's 2014 thesis now core strategy — AI should replace gatekept professions entirely (AI lawyer, AI doctor, AI accountant), not just make incumbents efficient.

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