capital
NEA’s Tiffany Luck on AI IPOs, personal agents, and the ROI reckoning
June 18, 2026
Silicon Valley’s early-year “tokenmaxxing” AI push has given way to budget blowups, with Uber reportedly exhausting its annual AI budget in a few months, some companies cutting Claude licenses, and Meta shutting down its internal leaderboard. NEA’s Tiffany Luck says this ROI reckoning matters because AI spend is now being judged more like infrastructure than experimentation, even as investors still see room for AI IPOs and personal agents.
Tokenmaxxing was the hottest trend in Silicon Valley earlier this year, with CEOs encouraging employees to push AI usage as far as it would go. Then the bill came due. Uber reportedly blew through its annual AI budget in a few months, some companies cut Claude licenses for parts of their org, and Meta killed its internal leaderboard.  This tension between […]
Source: techcrunch.com