ClickHouse

Horizontal vs Vertical Agents: Who Wins? | Model Routing: Commodity or Increasing in Value?

Oct 17, 2026 · 1:03:06

Harry Stebbings hosts Harrison Chase, CEO of LangChain, who argues agents are hard to build because models are non-deterministic, and value accrues to whoever controls context, harness and evals. Chase explains why model routing belongs in the harness for vertical agents but in gateways for horizontal tasks, why agent memory is unsolved after LangChain killed its memory product, and why vertical agents should start at the harness before post-training. He says inference and coding agent demand is far bigger than expected, that LangChain spends ~30% of engineering salary on coding tools — a figure he ties to Anthropic's valuation — and that open models mostly serve simple tasks, not core loops. He closes with his bull case for a $9BN Jev round and how Benchmark and Sequoia help founders.

ClickHouse CEO: AI Margins Need to Improve | Revenue Concentration Should be a Concern

Aug 31, 2026 · 1:05:57

Aaron Katz, co-founder and CEO of ClickHouse, tells Harry Stebbings the AI cycle is 'just getting started' — revenue growth is unprecedented, but the biggest risk is revenue durability because agentic apps have low switching costs. He accepts lower gross margins if expansion is possible, measures AI token spend by ROI, and predicts agents will have identities, budgets, and pick their own infrastructure. He argues open-weight models won't win the enterprise over trust concerns, and sees enterprises moving back on-prem. ClickHouse revenue went 0, 12, 50, 200, finishing north of 500 this year, with >200% NDR; Katz would take the under on $1B ARR by December 2027. He calls the $2B Series B with no product the priciest round; revenue concentration matters — AI customers are under 12% of revenue.