Julia Black's TBPN VF Exposé, Defense Tech Salary Caps, Apple Card To JPM, Paramount Rejected Again

Watch on YouTube ↗ | January 09, 2026 at 23:18 | 3:21:06 | TBPN

Speakers

Delian Asparouhov — Partner, Founders Fund / Co-Founder, Varda Space

Julie Bush — Co-Founder and CEO, Valinor Enterprises

Yotam Segev — Co-Founder and CEO, Cyera

Josh Wolfe — Co-Founder and Managing Partner, Lux Capital

John Coogan — Co-Host, TBPN

Jordi Hays — Co-Host, TBPN

Winston Weinberg — Co-Founder and CEO, Harvey

Summary

TBPN hosts John Coogan and Jordi Hays cover tech and finance news including the Apple Card move to JPMorgan, venture capital's K-shaped fundraising crunch, defense-tech salary caps, and upcoming IPOs. Guests include Delian Asparouhov on commercial lunar landers, defense spending, and mega IPOs; Julie Bush on a defense holding company; Yotam Segev on AI security; and Josh Wolfe on biotech, aerospace/defense, embodied intelligence, and Anduril's IPO demand.

Apple Card program shifts from Goldman Sachs to JPMorgan at a discount.
US VC fundraising fell 35% in 2025, with capital concentrating in top funds.
Trump proposed a $1.5T defense budget and a $5M executive pay cap for defense contractors.
Delian Asparouhov sees 2026 as a breakout year for commercial lunar landers.
Julie Bush pitches Valinor's holding-company model for overlooked defense problems.
Yotam Segev warns that bundled AI security is insufficient, creating third-party demand.
Josh Wolfe is bullish on biotech, aerospace/defense, embodied intelligence, and Anduril IPO demand.
Hosts flag Google Gemini's rising market share as a competitive shift in AI.

Ideas

John Coogan Co-Host, TBPN 67:25

Google Gemini share gains accelerate.

Google is crushing it with Gemini 3; Gemini market share rose to 21.5% from 12.9% three months ago and 5.7% a year ago, the code red is real, and Google is taking distribution seriously, driving more traffic and good momentum.

Delian Asparouhov Partner, Founders Fund / Co-Founder, Varda Space 104:29

Mega private IPOs to watch.

Perfect market conditions, stable economy, and huge pent-up liquidity are poised to make this the largest IPO year ever; mega private companies like SpaceX, OpenAI, Anthropic, and xAI staying private longer will eventually provide massive liquidity to Silicon Valley.

Delian Asparouhov Partner, Founders Fund / Co-Founder, Varda Space 113:24

Commercial lunar landers breakout year.

2026 is a breakout year for commercial lunar landers: four net-new landers from Intuitive Machines, Astrobotic, Blue Origin, and Firefly are expected to land, NASA is focusing on commercial private-sector space, Blue Origin's Mark One is the largest object yet and New Glenn progress suggests it has turned a corner, while attention remains underpriced.

Delian Asparouhov Partner, Founders Fund / Co-Founder, Varda Space 119:36

Defense tech benefits from budget surge.

Trump's proposed $1.5T defense budget and pressure on primes to deliver create a huge opportunity for defense technology; neoprimes still represent <1% of defense spend, and primes that lean in like BAE Systems by partnering with startups will benefit alongside neoprimes.

Julie Bush Co-Founder and CEO, Valinor Enterprises 151:21

Overlooked defense long-tail opportunity.

Valinor targets the overlooked 80% of the defense market by using an operational holding-company model to build and buy single-use product companies with hundreds of millions in TAM, solving long-tail national security problems that VCs ignore and making them sustainable and profitable.

Yotam Segev Co-Founder and CEO, Cyera 178:55

AI security exposure needs third-party tools.

Rapid enterprise AI adoption creates meaningful security exposure because the security bundled by AI providers is insufficient; companies need dedicated data and AI security platforms that identify the 1% of critical data and protect complex ecosystems.

Josh Wolfe Co-Founder and Managing Partner, Lux Capital 188:26

Aerospace defense spending supercycle.

About a third of Lux Capital is aerospace and defense globally; Trump's $1.5T defense budget and incentive alignment forcing primes to deliver real systems create a huge opportunity in next-generation aerospace and defense across the US and allies.

Josh Wolfe Co-Founder and Managing Partner, Lux Capital 189:06

Bullish IMAC corridor defense links.

Bullish on the IMAC corridor connecting India, the Middle East, Saudi Arabia, UAE, Israel, Jordan, the Mediterranean, and Europe; expects big aerospace and defense opportunities in India and the broader US-allies defense segment.

Josh Wolfe Co-Founder and Managing Partner, Lux Capital 189:45

Biotech resurgence led by AI.

Biotech has been in the doldrums for two years, but XBI is up 50% in six months; an enormous resurgence is coming in cutting-edge biotech, especially at the intersection with AI, and a wave of interesting biotech IPOs is likely over the next six months.

Josh Wolfe Co-Founder and Managing Partner, Lux Capital 190:06

Embodied AI is next wave.

Next wave of AI is embodied and 3D: physical intelligence, robotics, industrial automation, edge inference, and biologically inspired low-power AI will drive huge deals beyond two-dimensional AI and GPU clusters.

Josh Wolfe Co-Founder and Managing Partner, Lux Capital 193:34

Anduril IPO demand will be high.

Huge pent-up demand for next-generation defense tech means an eventual Anduril IPO would see very high demand; private secondary bids for companies like Anduril are already at premiums to last round prices.

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This TBPN video, published January 09, 2026, features John Coogan, Delian Asparouhov, Julie Bush, Yotam Segev, Josh Wolfe discussing GOOG, SPCX, OPENAI, ANTHROPIC, XAI, LUNR, Astrobotic, Blue Origin, FLY, Defense technology, BAESY, CIBR, ITA, India defense, IMAC corridor, XBI, BOTZ, ROBO, ANDURIL. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: John Coogan, Delian Asparouhov, Julie Bush, Yotam Segev, Josh Wolfe · Tickers: GOOG, SPCX, OPENAI, ANTHROPIC, XAI, LUNR, Astrobotic, Blue Origin, FLY, Defense technology, BAESY, CIBR, ITA, India defense, IMAC corridor, XBI, BOTZ, ROBO, ANDURIL