20VC: The AI Bubble Is Wrong | AI Margins Need to Improve | Revenue Concentration Should be a Concern | Why People Over-Estimate Open Models But Enterprises Still Fear Frontier Models with Aaron Katz, ClickHouse

2026-08-31 · 64 min · 14 entities

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Asserted relationships

→ appeared on The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch podcast

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20VC: The AI Bubble Is Wrong | AI Margins Need to Improve | Revenue Concentration Should be a Concern | Why People Over-Estimate Open Models But Enterprises Still Fear Frontier Models with Aaron Katz, ClickHouse
→ hosted by Harry Stebbings person

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Feed author/publisher: Harry Stebbings
→ works at ClickHouse company

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CEO of ClickHouse
→ works at ClickHouse company

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CEO of ClickHouse
→ discusses Business concept

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Feed category: Business
→ discusses Investing concept

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Feed category: Investing
→ discusses News concept

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Feed category: News
→ discusses Tech News concept

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Feed category: Tech News

Entities found in this episode

concepts 7

mentioned Business concept

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Feed category: Business
mentioned Investing concept

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Feed category: Investing
mentioned Tech News concept

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Feed category: Tech News
discusses Business concept

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evidence rules-v4
Feed category: Business
discusses Investing concept

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evidence rules-v4
Feed category: Investing
discusses News concept

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evidence rules-v4
Feed category: News
discusses Tech News concept

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Feed category: Tech News

persons 3

mentioned Aaron Katz person

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evidence rules-v4
20VC: The AI Bubble Is Wrong | AI Margins Need to Improve | Revenue Concentration Should be a Concern | Why People Over-Estimate Open Models But Enterprises Still Fear Frontier Models with Aaron Katz, ClickHouse
mentioned Harry Stebbings person

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evidence rules-v4
Feed author/publisher: Harry Stebbings
hosted by Harry Stebbings person

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evidence rules-v4
Feed author/publisher: Harry Stebbings

companys 3

mentioned ClickHouse company

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CEO of ClickHouse
works at ClickHouse company

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CEO of ClickHouse
works at ClickHouse company

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CEO of ClickHouse

podcasts 1

appeared on The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch podcast

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20VC: The AI Bubble Is Wrong | AI Margins Need to Improve | Revenue Concentration Should be a Concern | Why People Over-Estimate Open Models But Enterprises Still Fear Frontier Models with Aaron Katz, ClickHouse

Episode description as stored

Aaron Katz is the Co-Founder and CEO of ClickHouse, the real-time analytics database powering companies including OpenAI, Anthropic, Tesla and Microsoft. ClickHouse just surpassed $350M in ARR and raised over $1B from investors including Dragoneer, Khosla Ventures, Coatue, 20VC and Benchmark. Previously, Aaron was CRO at Elastic, where he helped scale revenue from approximately $5M to $500M and led the company through its IPO. Before Elastic, he spent 12 years at Salesforce, working alongside Marc Benioff and helping transform it from a 200-person startup into a global software giant. AGENDA: 4:05 Are we in an AI bubble? 13:40 How does software change when agents—not humans—make buying decisions? 22:28 Will 90% of tokens flow through open models; can enterprises trust them? 31:09 Why did ClickHouse sponsor Fulham; and could sports teams become $20B assets? 35:49 When will ClickHouse hit $1B ARR? 38:31 Can startups still win elite talent from OpenAI? Biggest remote work mistake? 44:54 Is zero-to-$100M ARR now table stakes; or is durable growth what matters? 48:51 Is college still worth it; which jobs will survive AI? 57:58 When will ClickHouse go public; and why not next year?