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May 2026
11
Today
4 signals · 12 sources
Anthropic repriced enterprise tier +40%. Sequoia added ratchet clause. SMB churn 3.2%.
10
Sequoia counter-bid
2 signals · 6 sources
Sequoia moved to $80M pre. New terms include board seat and pro-rata rights.
9
Bug0 pricing drop
3 signals · 8 sources
Bug0 dropped enterprise to $199/seat. Three customers asked about our response.
8
SMB churn spike
1 signal · 4 sources
First above-baseline churn week. Two exits cited pricing.
7
Patent filing update
1 signal · 2 sources
USPTO acknowledged receipt of 17/892,341. Estimated 14-month review.
▸ Week of May 4 5
6
Hiring pipeline update
2 signals
5
Board deck first draft
1 signal
4
NPS survey launched
3 signals
▸ Week of Apr 27 7
1
Sequoia initial term sheet
4 signals
30
Anthropic partnership call
2 signals
▸ April 2026 28
▸ March 2026 31
▸ February 2026 28
▸ Q4 2025 62
▸ Q3 2025 58
▾ Pinned entities 5
A Anthropic 12
S Sequoia Capital 8
B Bug0 5
O OpenAI 4
G Google DeepMind 3
▾ Memory
Entities
847
Reports
126
Follow-ups
34
From memory
Live
▾ Companies 12
▾ People 8
▾ Topics 5
Today
Sequoia ratchet analysis
Under a 40% down-round, full ratchet...
2m
Anthropic pricing impact
Enterprise tier moved up +40%...
1h
SMB churn investigation
Monthly churn hit 3.2%, up from baseline...
3h
Yesterday
Board deck prep
Q2 financials projection updated...
1d
Patent filing follow-up
USPTO acknowledged receipt...
1d
This week
Hiring pipeline review
4 senior engineers in final round...
3d
NPS survey analysis
340 responses, overall score 42...
4d
▾ Sources
Keyboard: `j`/`k` navigate · `a` act · `d` delete
HS
Homen Shum
Founder · Builder
▾ Agent memory
Observations 847
Corrections 23
Last updated 2m ago
Daily edition Sun, May 11 · 4 signals · 7 reports · 12 sources
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Career ops

# One queue. One decision at a time.

No dashboard theater. Today is only the signals that can change your pipeline. Everything below is supporting evidence.

Next best action
Book warm intro / YC AI Ops Co.
Use Wednesday, May 13 at 11:30 AM PT if available. Backup Thursday afternoon or Friday morning. Then move on.
Daily sweep / May 11
Public inbox tracker demo
Current sweep reduced the loaded 60-message demo inbox into five operating queues.
• Book the warm intro with YC AI Ops Co first.
• Open the remote AI SWE lead and qualify company, role, comp, location.
• Ask the operator friend whether the PE/AI lead has budget and role clarity.
• Leave the submitted applied-AI role as waiting after submission.
Must clear 4
Prep 7
Batch / Defer 42

### Queue

Now / Selected 91 strong
Warm Intro Lead
Active founder-recruiter lead after Earlier Startup Lead / Insurance AI Co context.
Next: Book Wed Wednesday 11:30 AM.
Why? This is specific, current, and high enough signal to clear before recruiter batch work.
Pinned match
active thread, calendar-ready, vertical AI
active thread calendar-ready
NodeBench proof
Ready for action. 3 public-source signals attached.
ready
Calendar preview
Scheduling/deadline logic from dashboard.
Wed May 13, 11:30 AM PT
Privacy boundary
Public demo only shows synthetic summaries. Raw email body, resume text, and private fit scoring stay local.

1. 1 Now Anthropic partnership terms — board call Thu Open memo →
2. 2 Now Series B term sheet from Sequoia — deadline Wed Draft reply →
3. 3 Now Customer churn spike in SMB — 3 flagged Research →
4. 4 Prep Competitor Bug0 dropped enterprise to $199/seat Read brief →
5. 5 Prep Board deck Q2 financials — CFO updated projections Review →
6. 6 Check Patent filing status for agent orchestration — USPTO pending Check →
7. 7 Report Weekly hiring pipeline review — 4 senior eng in final round Open report →
8. 8 Report Customer feedback digest from NPS survey — 340 responses Open report →

01 · What changed

### Anthropic raised valuation ceiling; Sequoia counter-bid changes cap table math

Two material signals converged overnight that shift the fundraise calculus. First, Anthropic's updated enterprise pricing model 1 prices the partnership tier 40% above Q1 rates, compressing your projected margin on the joint GTM by roughly $1.2M ARR in year one. Second, Sequoia's revised term sheet 2 introduces a full-ratchet anti-dilution clause that your current cap table model does not account for.

A · Enterprise pricing reset

Anthropic's enterprise tier moved up +40% vs Q1 baseline. 1 The increase is not uniform — API compute stays flat, but the Managed Agent tier (the one relevant to your partnership) moves from $0.12/1K tokens to $0.168/1K tokens. At your projected 14M tokens/day usage, that adds $940/day or roughly $343K/yr in direct cost. 3

Metric | Q1 Rate | New Rate | Delta
--- | --- | --- | ---
Managed Agent (per 1K tok) | $0.120 | $0.168 | +40%
Daily cost at 14M tok/day | $1,680 | $2,352 | +$672
Projected year-one margin | $4.1M | $2.9M | −$1.2M
Breakeven month | Month 7 | Month 11 | +4 mo

Implication: The partnership economics no longer pencil at your current unit economics. Before Thursday's board call, model three scenarios: (a) absorb cost, (b) pass-through to customer pricing, (c) renegotiate tier. 3
B · Sequoia ratchet clause

Revision 3 replaces the broad-based weighted-average anti-dilution with a full ratchet clause. 2 Under a down-round scenario, this would reprice all Series B shares to the lower price, diluting founders significantly more than the previous mechanism.

Scenario | Weighted Avg | Full Ratchet | Founder dilution Δ
--- | --- | --- | ---
Flat round ($80M) | No effect | No effect | —
20% down ($64M) | 2.1% additional | 8.4% additional | +6.3 pp
40% down ($48M) | 4.8% additional | 19.1% additional | +14.3 pp

Implication: Legal review must complete before Wednesday's signing deadline. If the clause is non-negotiable, the term sheet effectively prices downside protection at 3× the cost of the previous structure. Ask counsel to draft a counter with narrow-based weighted-average as the floor. 4
C · SMB churn acceleration

Monthly SMB churn hit 3.2%, up from the 1.8% baseline — third consecutive week above trend. 5 Exit surveys from all three churned accounts cite the same friction: 6

“Value unclear at the new price” — cited by 3/3 churned accounts
Pricing → Churn
0.78
Feature adoption → Churn
0.31

The correlation data strongly favors the pricing hypothesis over the product hypothesis. Churned accounts have median feature adoption of 62%—actually above the segment average of 54% 7—which undermines the “they left because they didn't use it” narrative.

Implication: This is price sensitivity, not product-market fit erosion. Consider a 90-day price lock for existing SMB customers while validating the new tier structure with net-new accounts. 5
Sources
1 Anthropic Blog, "Enterprise Pricing Update," May 10 2026
2 Sequoia Capital, Term Sheet Revision 3, received May 10 2026
3 Internal cost model, rev. May 11 (founder-only)
4 Cooley LLP, "Anti-dilution Provisions Primer," 2026 update
5 Stripe MRR Dashboard, pulled May 11 06:00 UTC
6 SMB Exit Survey, N=34 respondents, Apr 15 – May 10
7 Product analytics (Mixpanel), segment: SMB, 30-day window
02 · Competing explanations

### Is SMB churn pricing-driven or product-driven?

Pricing hypothesis: 15% increase last month, timing correlation. Product hypothesis: feature adoption 40% below median in churned accounts.

4/6 Pricing hypothesis Strong
2/6 Product hypothesis Weak
Falsification: if churn normalizes within 30 days without a price rollback, the pricing hypothesis weakens.
03 · Evidence watchlist

### Three forecasts with probability shifts

72%↑+8 Series B close by June 30 Jun 30
45%↓-12 SMB churn normalizes within 30d Jun 10
61%New Anthropic partnership signed by Q3 Sep 30
04 · Reports touched

### Four reports updated today

Anthropic Partnership Economics
12 sources · 8 claims · 3 follow-ups
Updated 2h ago
enterprise pricing
SMB Churn Analysis Q2
8 sources · 14 claims · 5 follow-ups
Updated 4h ago
churn SMB
Sequoia Term Sheet Comparison
6 sources · 5 claims · 2 follow-ups
Updated 6h ago
fundraise legal
Competitive Intel — Bug0
4 sources · 6 claims · 1 follow-up
Updated 8h ago
competitor pricing
05 · Sources used

### 12 sources across today’s edition

1
Anthropic Blog — Enterprise Pricing Update May 9, 2026
2
Sequoia Capital — Series B Term Sheet Rev. 3 May 10, 2026
3
Internal — SMB Exit Survey Results (N=34)May 8–11, 2026
4
Bug0 — Pricing Page (Wayback capture)May 10, 2026
5
USPTO — Patent Application 17/892,341 Status May 11, 2026
6
Greenhouse — Hiring Pipeline Export May 11, 2026
7
Stripe — MRR Dashboard (SMB Segment)May 11, 2026
8
Crunchbase — Bug0 Company Profile May 10, 2026
9
Glassdoor — Bug0 Reviews (last 90d)May 9, 2026
10
LinkedIn — Bug0 Headcount Growth May 8, 2026
11
NPS Survey Platform — Q2 Responses (N=340)May 10, 2026
12
Google Calendar — Board Call Agenda May 11, 2026
06 · Actions created

### Five actions generated from today’s reads

Draft counter-terms for Sequoia ratchet clause
Next: Legal review by Wed EOD · Scheduled May 12, 9:00 AM
Run SMB cohort analysis — pricing vs product churn
Next: Pull Stripe + product usage data · Scheduled May 12, 10:30 AM
Prepare board deck Q2 financials section
Next: Incorporate CFO projections · Due before Thu board call
Schedule final-round interviews — 4 senior eng candidates
Next: Confirm panel availability · Target next week
Follow up on patent filing 17/892,341
Next: Check USPTO status page · Auto-scheduled May 14
Entity intelligence 12 entities · 83% verified · avg score 87 · 48 sources
A
Anthropic Verified
Partnership intelligence · Company
Enterprise tier repriced +40%; Claude 4 Opus structure held. Managed Agent tier launched at $0.168/1K tokens.
Partnership AI Enterprise
Referenced in: Board prep · Q2 strategy · Vendor review
Confidence 91 · 12 sources · 2 open claims · refreshed 2h ago
S
Sequoia Capital Needs review
Term sheet analysis · Investor
Full-ratchet anti-dilution at 1x in term sheet v3; 33% below market norm. Board observer seat added at $8.3M.
Fundraising Term sheet Action needed
Referenced in: Cap table model · Dilution analysis · Deal memo
Confidence 74 · 8 sources · 3 open claims · review needed
B
Bug0 Verified
Competitive intelligence · Competitor
Pricing dropped to $199/mo from $349; SOC 2 Type II obtained. Feature gap narrowing on automated QA.
Competitive QA Enterprise
Referenced in: Competitive matrix · Pricing comparison
Confidence 88 · 5 sources · 1 open claim · refreshed 1d ago
O
OpenAI Stale
Market intelligence · Company
GPT-5 announcement rumored but unverified; 2 of 5 claims stale after 3 days. Refresh needed.
AI Unverified
Referenced in: Competitive matrix · API cost model
Confidence 62 · 4 sources · 3 stale claims · refresh needed
G
Google DeepMind Stale
Coverage gap · Company
No new signals in 5 days; score declining. Only 1 of 3 sources still verifiable.
AI Needs refresh
Referenced in: AI landscape brief
Confidence 55 · 3 sources · 2 stale claims · refresh needed
+
Add entity
✓ Saved to Sequoia Capital — term sheet analysis 3 sections · 7 claims · 2 sources · notebook synced
Sequoia ratchet analysis
Started 2 minutes ago · 3 messages · opus-4
✓ Searching memory
✓ Found existing report
✓ Checking source cache
✓ Analyzing cap table model
● Updating notebook
○ 2 claims need review
Agent · analysis
Short answer
Under a 40% down-round scenario ($48M), the full-ratchet clause would result in 19.1% additional dilution compared to 4.8% under the weighted-average mechanism. That’s a 14.3 percentage point gap.
Why this matters
At $48M valuation, founders go from 62% to approximately 48% ownership under full-ratchet. The weighted-average clause would preserve roughly 57%. That’s a $4.2M equity difference for the founding team. Sequoia Capital’s board observer seat adds governance leverage beyond dilution.
Evidence

Scenario | Weighted Avg | Full Ratchet | Δ
--- | --- | --- | ---
Flat ($80M) | No effect | No effect | —
20% down ($64M) | 2.1% | 8.4% | +6.3pp
40% down ($48M) | 4.8% | 19.1% | +14.3pp

Risks / open questions
• Series C terms may include pay-to-play which interacts with ratchet
• Sequoia Capital may counter with broad-based instead of narrow-based
• Legal review pending on clause interaction with existing SAFE notes
Next action
Counter with narrow-based weighted-average as the floor. Review Cooley LLP primer before board call Thursday.
opus-4 cap_table_model dilution_calc 2 sources 1.2s $0.05
Draft a counter-proposal with narrow-based weighted-average as the floor.
Agent · drafting

Pulling the Cooley LLP anti-dilution primer and your existing cap table model. Drafting counter-terms with narrow-based weighted-average as the minimum protection floor...

Generating · 3 tools active

opus-4 legal_template doc_draft streaming…
Sequoia Capital × Report: Term Sheet Analysis × Sources: 2 × Balanced
Inbox 53 items · 4 need action
Requires action 4
✉
Sequoia — Revised term sheet v3
Alfred Lin · New ratchet clause requires legal review
2h Due Wed
✉
Anthropic — Enterprise pricing update
Partnership team · Managed Agent tier +40%, effective June 1
5h Today
✉
Board meeting — Agenda review
CFO · Q2 financials deck needs sign-off
6h Due Thu
💬
Customer escalation — Acme Corp
CS team · Enterprise renewal at risk, competitor pricing cited
8h Overdue
To read 12
📄
Weekly engineering standup notes
Platform team · Infrastructure migration 80% complete
1d
⚠
Competitor — Bug0 pricing drop
Market intel · Enterprise tier now $199/seat, down from $349
1d
✉
Monthly investor update — Draft review
CFO · ARR narrative needs your input before send
2d
Waiting on others 8
✉
USPTO — Patent acknowledgement
Filing 17/892,341 · Est. 14-month review period
3d 14 mo
💬
Legal — NDA countersign from Acme
Legal team · Sent 5d ago, follow up if no response by Friday
5d Fri
Filed 24
📄
NPS survey results — Q1 batch
Product team · 340 responses, NPS 42 (up from 38)
4d
USER.md Your identity file · last edited 12m ago
Actions
# USER.md
## Identity
name: Homen Shum
role: Founder · Builder-analyst hybrid
background: Banking/finance + data engineering + agentic AI + product/UI
edge: Context ingestion → structure → execution
## Decision style
bias: Action over analysis. Ship → measure → iterate.
anti-pattern: Perfectionism disguised as rigor
reset-trigger: Spiraling, stuck choosing, doomscrolling
reset-action: Smallest bet, 7-day timebox, kill criteria, output
## Communication
style: Direct, tactical, specific. Push back when rationalizing.
format: Decision → Why → Plan → Risks → Deliverable
no: Fluff. Motivational speech. Restating questions.
## Agent corrections
# 23 corrections logged. Most recent:
2026-05-10: "Don't summarize what you just did — I can read the diff"
2026-05-08: "Interview before execute on non-trivial tasks"
2026-05-06: "V1 scope — push features back down, ship smaller"
Integrations
GitHub
Connected · nodebench-ai
Active
Convex
Connected · production
Active
LinkedIn
Connected · posting enabled
Active
Slack
Not connected
Setup
Briefing agent
Daily Edition · 4 signals · 7 reports · 12 sources
Home Daily edition 12 sources Memory
What changed today?
Three items matter most this morning.
Anthropic repriced enterprise tier +40% effective June 1 — impacts your Acme deal directly. Sequoia added a full-ratchet clause to the Series C term sheet. And SMB churn crossed the 3% threshold for the first time since Q3.
Scanned 5 entities
Ranked 4 signals by impact
Cross-checked 12 sources
entity_scan signal_rank source_verify
✍ Draft edition brief
✔ Check entity health
⚠ Review open claims
↻ Refresh all reports
Entities 5
A
Anthropic Verified 91
S
Sequoia Capital Review 74
B
Bug0 68
O
OpenAI 62
D
DeepMind 55
Threads 4
Ratchet clause analysis 2h
SMB churn deep-dive 4h
Board deck prep 1d
Anthropic pricing research 2d
Sources 4
📄
Sequoia Term Sheet Rev. 3
PDF · May 10
📊
Internal cap table model
Spreadsheet · May 11
🌐
Anthropic Blog — pricing
Web · May 10
📝
Cooley LLP anti-dilution primer
Reference · 2026
Home 5 entities opus-4
⏎ to send
Coverage agent
Reports · 5 entities · 48 sources · 12 active
Reports Anthropic 12 sources Score 91
Which reports need work?
Sequoia and OpenAI need review.
Sequoia dropped to 74 after the ratchet clause surfaced — 2 claims are unverified. OpenAI has stale sources older than 7 days. Anthropic is solid at 91, just got a fresh signal on enterprise pricing.
Checked 5 entity health scores
Scanned 48 source freshness dates
Flagged 2 entities below threshold
entity_health freshness_scan claim_verify
🔍 Review Sequoia
↻ Refresh OpenAI
⚖ Compare Anthropic vs OpenAI
📤 Export selected
Active entity
91 ▲ 3 from last run
Sources
95
Freshness
92
Verification
80
Coverage
88
Recent signals
2h Enterprise pricing +40% effective June 1
1d Managed Agent tier $0.168/1K tokens
3d Partnership compressed $1.2M
Related entities
S
Sequoia Capital 74
O
OpenAI 62
G
DeepMind 55
Reports Anthropic opus-4
⏎ to send
Context
⌕ /
S
Sequoia Capital 74
• Full-ratchet anti-dilution clause
• Series C term sheet Rev. 3
• Last verified: 2h ago
Key claims
✓Ratchet Full-ratchet vs weighted-average verified
✓Dilution 23% founder dilution at $180M verified
○Board seat Observer vs voting rights pending
○Pro-rata Follow-on participation rights pending
4 entities · 6 relationships
Sources used 4
📄
Sequoia Term Sheet Rev. 3
PDF · received May 10
📊
Cooley LLP dilution model
Reference · 2026
📊
Internal cap table model
Spreadsheet · rev. May 11
🌐
Anti-dilution clause primer
Cooley LLP blog · Web
Related threads 3
Ratchet clause analysis 2h
Sequoia round 3 terms 4d
Anti-dilution research 1w
Working notes
• Full ratchet vs weighted-average delta is the key negotiation lever
• $4.2M founder equity difference at $48M scenario
• Counter-proposal drafted — pending legal review
Thread stats
Messages 3
Tools used 5
Cost$0.13
Duration 2m 14s
Triage agent
Inbox item · Sequoia term sheet v3 · 1 of 53
Inbox Sequoia Capital Term sheet v3 P0
Why is this urgent?
The ratchet clause needs legal review before Thursday’s board call.
Full-ratchet creates a 14.3pp dilution gap at $48M — this is the single largest negotiation risk in the term sheet. Counter with narrow-based weighted-average as floor.
Parsed term sheet Rev. 3
Calculated dilution at 3 scenarios
Checked board call deadline
term_sheet_parse dilution_calc calendar_check
✉ Draft reply
⚖ Flag for legal
↷ Forward to counsel
⏰ Defer to Thursday
S
Sequoia Capital 74
• Active term sheet negotiation
• $1.2M partnership · 3 prior rounds
• Last report: 6h ago
Agent insight 92% confidence
Full-ratchet clause creates 14.3pp dilution gap at $48M. Counter with narrow-based weighted-average as floor.
Related threads
Term sheet v2 discussion 4d
Sequoia intro meeting notes 2w
Inbox Sequoia Capital opus-4
⏎ to send
Settings agent
USER.md · 5 permissions · 7 sessions today
Me Voice profile Permissions Usage
Why did you suggest this memory update?
You prefer concise banker-style memos over long-form analysis.
In the last 7 sessions, you shortened 4 of my outputs and asked for “just the decision.” I updated your voice profile to default to Decision → Why → Plan format.
Scanned 23 corrections
Detected 4 shortening patterns
Updated voice profile
memory_scan preference_log profile_update
⚙ Calibrate voice
🔒 Review permissions
📊 View usage
↺ Reset suggestion
Voice profile
Tone Direct, tactical
Format Decision → Why → Plan
Jargon level High (match user)
Permissions
• Web search: Enabled
• File access: Enabled
• Post to LinkedIn: Approval required
• Send email: Approval required
• Execute trades: Disabled
Session stats
Threads today 7
Tools called 34
Cost today$0.87
Avg latency 1.4s
Me USER.md opus-4
⏎ to send
Agent Home
⌕
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