20VC: The Pro-Rata Battle: Valar Atomics Sues Day One Ventures | Meta Returns to the AI Frontier With Muse Wonder | NVIDIA Eyes $30B Reflection Deal & Jev Raises $870M at a $7.5B Valuation

Venture hosts argue 2026's 42 new decacorns and aggressive big-tech AI acquisitions signal bubble-like excess even as sub-scale SaaS companies keep struggling.

• Pro-rata lawsuit: Day One Ventures (owns ~5% of Valar Atomics after $1M seed/$15M A) disputes a spring-back clause after Sequoia's $6B Series B asked investors to waive pro-rata; Valar sought declaratory judgment, not the other way around.
• Meta's Muse Wonder: New internal-only model rated just shy of Opus 5.5 on an independent index; hosts call the eval "performative" since there's no public API, but see it strengthening Meta's AI apps.

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