Union Square Ventures is a venture capital firm based in New York City.

1/ Commoditization is Coming: The concern about commoditization of foundational AI models was voiced by multiple participants. One side argued that these models, driven by high burn rates, are becoming indistinguishable, leading to a race to the bottom. Another perspective emphasized the need for differentiation, particularly through proprietary data, to escape this trend. The open question is whether they will eventually move up the application stack to differentiate.