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The Story of Cursor: The Fastest AI Company and Massive Comeback · In the Loop AI

0:00
Josh: The story of Cursor is quite possibly the greatest comeback story in the history of AI.
0:04
Josh: Just 90 days ago, some of the smartest people in tech had completely buried this company.
0:08
Josh: They gave up on it. And Cursor was just an AI rapper that had raised too much
0:11
Josh: money and Anthropik was about to crush them.
0:13
Josh: Then seemingly overnight, everything changed. If you look back to January of
0:17
Josh: last year, they were running at about $100 million in ARR.
0:21
Josh: Fast forward to today, that number is 3 billion. This is one of the fastest
0:25
Josh: software ramps in history, way faster than open AI. So why?
0:30
Josh: And on this episode, we're going to discover the moat that just about every
0:33
Josh: single critic on the internet missed.
0:34
Ejaaz: To truly understand how impressive of a run-up Cursor's had,
0:38
Ejaaz: we have to start from the beginning.
0:40
Ejaaz: So Cursor was founded by four MIT graduates in 2022.
0:44
Ejaaz: Their founder, Michael Trull, is only 25 years old right now.
0:48
Ejaaz: He was 23 when it was founded. So it's an incredibly young team.
0:52
Ejaaz: All four of these founders, by the way, are on the Forbes 30 under 30 list.
0:57
Ejaaz: So massively successful young company. But what were they building?
1:00
Ejaaz: Well, they discovered a problem. If all these new AI models like Claude,
1:04
Ejaaz: like ChatGPT could code for people, you would still need some sort of a system,
1:10
Ejaaz: some form of a harness, some form of a coding editor to be modernized around new AI coding models.
1:17
Ejaaz: Traditionally, you would have an IDE, an integrated developer environment,
1:20
Ejaaz: and you would use this to kind of like edit your software, see what the code
1:24
Ejaaz: looks like in reality, like right next to it, side-by-side screen.
1:27
Ejaaz: But there was nothing quite for that when it came to coding AI models.
1:32
Ejaaz: Cursor wanted to be that. And so they forked VS Code, which is a popular open-source
1:37
Ejaaz: software program from Microsoft, and they created what critics ended up calling it a wrapper, a
1:45
Ejaaz: Initially, the criticism was, this is just an AI wrapper and the actual brain,
1:50
Ejaaz: the AI models are the smartest thing and the most valuable thing.
1:53
Ejaaz: And they'll eventually replace the wrapper.
1:54
Ejaaz: That actually didn't end up happening. If you look at this crazy growth curve
1:59
Ejaaz: that we have on the screen right now, they started off in Jan 2025 with $100 million ARR.
2:05
Ejaaz: That then 5X'd a few months later to $500 million.
2:09
Ejaaz: And then by the end of 2025, they were at $1 billion. And then we just got the
2:13
Ejaaz: news this week that they hit $3 billion. Now,
2:18
Ejaaz: What's crazy about this is their projection for the end of this year is $6 billion.
2:23
Ejaaz: I actually think they might kind of blow the roof on this entirely.
2:26
Ejaaz: It sounds similar to Anthropic because Anthropic started with Claude Code and
2:31
Ejaaz: they had this kind of like meteoric exponential rise.
2:33
Ejaaz: The same thing is happening with Cursor, but they have a very different mode.
2:37
Ejaaz: 67% of the Fortune 500 companies all use Cursor and they went from being the
2:41
Ejaaz: hottest commodity to the most criticized commodity to now potentially being
2:44
Ejaaz: acquired by one of the biggest frontier AI labs in the world.
2:47
Josh: Yeah, it's amazing how quick the ties have turned. I remember back in the day,
2:50
Josh: Cursor was actually the hottest piece of software in AI because everyone was using it to write code.
2:55
Josh: Then the AI models that came out like ChatGPT and Anthropics Claude,
3:00
Josh: they kind of crushed it. Everyone forgot about it.
3:02
Josh: The comeback story is huge and it's a testament to where the AI industry is headed now.
3:06
Josh: A big part of this we're gonna talk about all the time is Harness.
3:08
Josh: This Harness, if you think about like a human being and the LLM being the brain,
3:13
Josh: a basic LLM is kind of like a brain that's been concussed a thousand times.
3:16
Josh: It has no memory it has no ability to kind of
3:19
Josh: function outside of itself the harness is the
3:22
Josh: body it's the containing mechanism that provides the
3:24
Josh: system with memory it provides the system with custom tool
3:28
Josh: sets and inputs and outputs and it gives it everything it needs to think
3:30
Josh: critically so that's why you'll notice that on some of these harness companies
3:35
Josh: they're actually just making a living off of building harnesses for ai models
3:39
Josh: in the hopes they could do so better than companies like anthropic better than
3:43
Josh: companies like open ai and funny enough even though they made some progress
3:46
Josh: in creating these harnesses,
3:48
Josh: people were still kind of writing them off as trivial and non-necessary.
3:52
Josh: Because, I mean, if you think about it, Anthropic has the intelligence.
3:56
Josh: OpenAI has the intelligence. Why is just a rapper going to make a difference on that?
4:01
Josh: And I think that was the single point that a lot of people got confused on and tripped up on,
4:05
Josh: And that's not necessarily true.
4:07
Ejaaz: Yeah, I think the best way to analogize around this is if an AI model is the
4:14
Ejaaz: brain, you still need a bunch of appendages. You still need the eyes to take in data.
4:18
Ejaaz: You still need ears to hear things. You still need a body, a medium to kind
4:22
Ejaaz: of like translate that intelligence into the real life, right?
4:25
Ejaaz: That is basically what Cursor is to all these different AI models.
4:28
Ejaaz: And that's what they have proven. So what is this exact product?
4:32
Ejaaz: What is this exact moat that Cursor has? It's known as the agent harness, as you just mentioned.
4:37
Ejaaz: And the way to think about it is it's kind of like a scaffolding that turns
4:40
Ejaaz: like a role model into an autonomous coding agent that can manage its time well,
4:46
Ejaaz: learn when to use a prompt for what particular intent or purpose,
4:49
Ejaaz: and most importantly, do it efficiently.
4:52
Ejaaz: There was news that broke this week that Microsoft is now relinquishing all
4:57
Ejaaz: their employees' access to Claude Code because they're just using way too much
5:01
Ejaaz: money of the budget that Microsoft has for it.
5:04
Ejaaz: Uber, they had an annual budget at the start of this year for all their employees.
5:08
Ejaaz: All their employees burned through it in four months. It's completely gone.
5:12
Ejaaz: So everyone's trying to like reassess how the best way is to use the different
5:15
Ejaaz: coding models. It's kind of like they're using it as kind of like a blunt tool.
5:18
Ejaaz: They're kind of like throwing kind of like stuff at it and like hoping it would
5:21
Ejaaz: like come up with an answer. It's very inefficient.
5:23
Ejaaz: Cursor is the number one product to kind of like formalize all of this and make
5:27
Ejaaz: you kind of like an additional genius on top of like what you're already prompting
5:31
Ejaaz: with these coding models.
5:32
Ejaaz: So the way that the harness works is you kind of build up different aspects
5:36
Ejaaz: of it. You kind of like teach it how to use muscle memory in the correct way
5:40
Ejaaz: when it comes to specific flows or coding programs that you're working on.
5:44
Ejaaz: It teaches you how to manage your work. It spins up different types of agents.
5:48
Ejaaz: It gives the agents specific personalities.
5:50
Ejaaz: It orchestrates these agents across effectively all the workflows.
5:54
Ejaaz: So if you're a company, this is hugely important because you have many different
5:56
Ejaaz: sub teams that are doing this particular thing.
5:58
Ejaaz: And then, of course, this is translated into a distribution for Cursor itself.
6:03
Ejaaz: So I mentioned companies, 67% of Fortune 500 companies use Cursor.
6:08
Ejaaz: And they may say like, hey, we use Claude Code or we use GPT 5.5,
6:12
Ejaaz: but it is through Cursor.
6:13
Ejaaz: So they're the surrounding environment that has been able to build this.
6:18
Josh: Yeah, when we think about moats, there are some pretty unexpected ones that
6:21
Josh: I found out in researching about Cursor.
6:22
Josh: Did you know that three quarters of Cursor's final compute was their own reinforcement learning training?
6:27
Josh: A lot of it was done internally and proprietary.
6:31
Josh: This isn't stuff that you can find on GitHub. This isn't open source data.
6:34
Josh: And they also have a tremendous amount of data on how millions of developers
6:38
Josh: actually accept, reject, and edit their suggestions.
6:41
Josh: And that feedback loop is a really big data set that's also proprietary.
6:45
Josh: So they take all these data sets they loop them together and
6:48
Josh: they build in this really refined reinforcement learning stack
6:51
Josh: on top of the harness that creates a bit of a moat
6:54
Josh: that other companies don't have and that data is
6:57
Josh: incredibly valuable because a lot of other companies they'll create
7:00
Josh: a wrapper it's just an api to another model they don't actually
7:03
Josh: get the full training loop there cursor has figured this
7:06
Josh: out and they've done so and their new model proves this
7:08
Josh: thesis because now cursor isn't just a harness company cursor
7:12
Josh: is actually creating very highly intelligent models most
7:15
Josh: recently with cursor 2.5 which i believe is just as
7:18
Josh: good as claude opus 4.7 and gpt 5.5 high at least on some benchmarks like this
7:25
Josh: is incredibly impressive to go from just a wrapper company to an incredibly
7:29
Josh: powerful harness with a leading edge frontier model i mean we just covered google
7:32
Josh: last week they didn't even get
7:34
Josh: to the frontier and now suddenly cursor is this is a pretty big deal okay.
7:37
Ejaaz: So some some fun facts from their recent model uh that i i really really enjoy so number one.
7:43
Ejaaz: It is trained on a completely open source model, which is significantly smaller
7:48
Ejaaz: than the current frontier models that come out of Anthropic or OpenAI.
7:53
Ejaaz: It's called KimiK 2.5. Now, if you are reading that or listening to that and
7:57
Ejaaz: thinking, hmm, isn't that like a
7:59
Ejaaz: Kimi K 2.6, you'd be right. But they used an older model and still built a harness
8:05
Ejaaz: around it that competes directly with Opus 4.7 Max and GBT 5.5 Extra High.
8:11
Ejaaz: I'm showing you on the screen here.
8:12
Ejaaz: If you look at it, the discrepancy is literally like 0.5 or like a one percentage point.
8:16
Ejaaz: But a few things that I want to suggest here is look at how cheap Composer 2.5,
8:22
Ejaaz: which is Cursor's Frontier model is compared to GPT-505 Extra High and Opus
8:27
Ejaaz: 4.7, despite being as good.
8:29
Ejaaz: It is four times, sorry, it is eight times cheaper than GPT-5.5 and 11 to 12 times cheaper than 4.7.
8:37
Ejaaz: But I also want to point out that another Frontier AI Lab released their model this week.
8:42
Ejaaz: It is Google Gemini 3.5 Flash.
8:45
Ejaaz: And it not only is dumber technically than Composer 2.5, this harness that is
8:50
Ejaaz: wrapped around just a small, careless open source model, but it is also four times more expensive.
8:56
Ejaaz: So the point I'm trying to make here is this proves the thesis that the harness is the moat.
9:00
Ejaaz: And actually, Sam Altman recently commented on this saying, I don't get all
9:03
Ejaaz: the criticism around agent harnesses.
9:06
Ejaaz: It is quite obvious that you have foundational pre-training and post-training
9:09
Ejaaz: of a foundational model, but then you also need to wrap all this orchestration layer around that.
9:15
Ejaaz: And Cursor is the only one or the number one company right now to have built that moat.
9:20
Ejaaz: Sam Altman himself tried to acquire and they rejected.
9:23
Josh: That's funny. Yes, I got to give Sam credit. He saw this coming.
9:26
Josh: He knew what was happening. He tried to acquire them. I believe the number was $3 billion at the time.
9:32
Josh: Now their ARR is double that. So clearly it was a good deal that he would have had.
9:37
Josh: They rejected it for a good reason. But there is a new entrant into this deal space.
9:42
Josh: We've mentioned it before. If you've been listening to the show,
9:44
Josh: it's Elon and SpaceX. they have acquired the option to purchase Cursor.
9:49
Josh: Now, that option was $10 billion guaranteed to Cursor.
9:53
Josh: No matter what happens, Cursor gets $10 billion, SpaceX gets paid out, zero for that.
9:58
Josh: That gives them the right, the option to buy Cursor outright for $60 billion
10:02
Josh: within the first 30 days of their IPO.
10:04
Josh: Now, we have new information on this IPO in that it is likely going to launch June 12th.
10:10
Josh: So SpaceX is now on the clock. They have until the middle
10:13
Josh: of July to decide if they want to spend 60 billion
10:16
Josh: dollars or not to acquire this company it seems as
10:19
Josh: if the decision has already been made it seems that elon
10:22
Josh: is going to indeed buy spacex and now the
10:25
Josh: new number is 20 times what sam altman offered at 60 billion dollars so clearly
10:30
Josh: the value is being realized and now this is being bundled into a pretty impressive
10:35
Josh: frontier ai company i mean spacex has the data centers in space they have all
10:40
Josh: the infrastructure they've been leasing out their Colossus Data Centers to Anthropic.
10:44
Josh: All of those resources are going to be available to the Cursor team.
10:49
Josh: And I have to imagine that combining XAI with Cursor is going to create a pretty
10:54
Josh: meaningful run on the new Frontier.
10:56
Josh: And Anthropic and OpenAI are going to have some serious competition incoming.
11:00
Ejaaz: Yeah, I think it's important to point out why this deal is so symbiotic between
11:05
Ejaaz: both of these companies.
11:06
Ejaaz: So Cursor runs into a problem, right? They have this amazing agent harness,
11:10
Ejaaz: but they're always reliant on waiting for Frontier AI Labs to release a new model.
11:14
Ejaaz: And then build a new harness around them, right? So they're like,
11:17
Ejaaz: okay, well, I wish we could build our own models, but like we don't have enough compute.
11:22
Ejaaz: So I guess we'll take this open source model and wrap our harness around it.
11:24
Ejaaz: Ideally, you get access to the foundational frontier American model first.
11:28
Ejaaz: So Elon saw this and said, hey, not only will I give you the compute,
11:33
Ejaaz: I'll give you access to my frontier model, Grok, which gets to train on a million plus
11:38
Ejaaz: Bleeding edge GPUs that I have in Colossus 1, 2, and in the future, 3.
11:43
Ejaaz: So Michael Truel saw this and was like, hell yeah, we'll take the compute and
11:47
Ejaaz: you give me an optional buyout of $60 billion if this goes well or $10 billion
11:51
Ejaaz: for the compute if this goes like a pear shape. So that's completely fine for me.
11:56
Ejaaz: Now on Elon's side, he wants nothing more than to beat Sam Altman, OpenAI specifically.
12:02
Ejaaz: Currently, Sam Altman is sitting somewhere near the top. So he did two things.
12:06
Ejaaz: He partnered with Dario and Anthropic recently to give them compute and like
12:11
Ejaaz: make more money off of that. But most importantly, he intends to acquire Cursor
12:15
Ejaaz: specifically so that he can get access to this harness and wrap it around Grok.
12:19
Ejaaz: So Grok overnight ends up becoming probably somewhere near the number one coding AI model.
12:26
Ejaaz: And that instantly puts Elon in the mix for the most important AI race in the world, which is coding.
12:32
Josh: Yeah, like if you believe that AI writes most software over the next five years,
12:36
Josh: then Cursor becomes a tollbooth.
12:38
Josh: And this is something that Grok didn't have previously. They've been trying to build a coding model.
12:42
Josh: It hasn't been going super great. They're training some now.
12:44
Josh: But Cursor gives them a shortcut right to the front. And owning that tollbooth
12:48
Josh: is far more valuable than owning the cars that run by it.
12:51
Josh: And that's basically what Grok was prior to the acquisition of Cursor and the harness.
12:55
Josh: So now Elon is assembling this full vertical stack.
12:57
Josh: He has rockets to deploy the satellites, satellites to deliver bandwidth, X to capture attention,
13:01
Josh: colossus to train the models and cursor to write the software as
13:05
Josh: the toll booth then there's grok on top of all this to
13:07
Josh: talk to the users it's this really unbelievably compelling stack and
13:11
Josh: i think spacex has this super unique ability to
13:14
Josh: kind of change the ai industry
13:17
Josh: at their will like currently they're empowering anthropic by giving them
13:20
Josh: the data centers but we both know there's a three-month option on that
13:23
Josh: that they're not beholden to so in the case that cursor does
13:26
Josh: really come up with some breakthrough training in the case that cursor comes
13:28
Josh: up with some breakthrough models it needs all the trading data they can claw
13:31
Josh: that back and it sounds like they're kind of testing that now with these larger
13:35
Josh: models they i mean this post is teasing elon with a half trillion grok model
13:39
Josh: and then a 1.5 trillion parameter model so they're increasing the size fairly quickly.
13:43
Ejaaz: Yeah elon has publicly stated uh recently that he has got a 15 trillion parameter
13:48
Ejaaz: model and in the future very near future 20 trillion parameter model now the
13:52
Ejaaz: 15 trillion parameter model plans to go live in July,
13:55
Ejaaz: if he's using Cursor's agent harness and data mode to feed Grok into becoming
14:02
Ejaaz: a frontier coding AI model,
14:04
Ejaaz: we may get this number one frontier
14:05
Ejaaz: coding model to compete with Anthropic and OpenAI as soon as July,
14:09
Ejaaz: which is insane, given that the IPO is happening very soon, and they're looking
14:14
Ejaaz: for different new revenue incomes, and they need a reason to kind of like propel them even further.
14:19
Ejaaz: And then like, there's the other part of this, which you kind of
14:23
Ejaaz: you obviously needed so much more compute to kind of like feed these different
14:26
Ejaaz: models. And SpaceX is the number one company to scale that massively.
14:30
Ejaaz: They're doing this through space, through AI data centers, which people still
14:33
Ejaaz: think is a fairy tale, but ends up probably becoming the most feasible one given
14:36
Ejaaz: all the power constraints on earth.
14:38
Ejaaz: So Cursor not only gets acquired by a frontier AI lab, by a guy that is obsessed with scaling things.
14:44
Ejaaz: And so like if he can scale the harness, it's a win-win for them.
14:47
Ejaaz: But also the tollway booth to infinite compute that could make Composer 2.5,
14:53
Ejaaz: 3, 4.5, 5, the number one leading model in the entire world. It's pretty cool.
14:58
Josh: It seems cool, but there are a few risks. There's a few things that we need
15:01
Josh: to look out for, a few landmines that still could be stepped on,
15:04
Josh: things to take note of, one of those being that Composer 2.5,
15:07
Josh: it does still run on Kimi K 2.5 weights,
15:11
Josh: which is the model from the Chinese lab, Moonshot AI,
15:15
Josh: and Cursor runs it on Cursor's own infrastructure.
15:18
Josh: So user code routes to Cursor servers, not moonshots.
15:22
Josh: So the data is defensible, but the actual model is not.
15:25
Josh: We'll see if they can continue that with the Grok models.
15:28
Josh: I'm assuming that's what's going to happen is Cursor is going to shift their
15:32
Josh: harness to fully support Grok and we'll see.
15:36
Josh: I mean, XAI has not historically been at the frontier, been able to create the most capable models.
15:40
Josh: I will say they're the most price performant models. And that's really interesting
15:45
Josh: for the case for a Cursor.
15:47
Josh: But it is something to note that the current underlying technology is still
15:50
Josh: that Chinese lab from Moonshot.
15:52
Josh: It's not an actual AI model that they own. So that is one wildcard that I think is noteworthy.
15:57
Ejaaz: I see the other criticism is also the commodity thing, right?
16:01
Ejaaz: They're saying, OK, well, if Curse has been able to build this agent harness,
16:04
Ejaaz: what's stopping a really well-funded competitor from doing the same?
16:07
Ejaaz: The same reason why you would give that to Anthropica, you wouldn't make that
16:11
Ejaaz: argument to Anthropica OpenAir.
16:12
Ejaaz: They have the lead right now. And I would actually argue that they have a more
16:16
Ejaaz: distinct lead because the harness isn't just one thing.
16:20
Ejaaz: It is multiple singular things that you need to kind of orchestrate and combine
16:23
Ejaaz: into one thing. You've got the memory side of things. You've got the agent creation.
16:26
Ejaaz: You've got MD file management. You've got all these tool orchestrations.
16:30
Ejaaz: There's so many different things that Cursor does well, which is exactly why
16:33
Ejaaz: Winsurf and a bunch of other competitors hasn't really
16:36
Ejaaz: been able to translate what cursor has been able to do
16:39
Ejaaz: so i don't think that's a major issue i also think like to
16:42
Ejaaz: be honest like um the chinese open source model whether
16:45
Ejaaz: it is that or not isn't really um a
16:49
Ejaaz: point of contention here because i know when they get access to a western model
16:52
Ejaaz: specifically grok they'll be able to do an even better job the proof in the
16:55
Ejaaz: pudding is they took opus 4.7 and they took gpt 5.5 and they wrapped cursor's
17:01
Ejaaz: harness around it and it ended up giving them a 10 to 20 percentage point increase
17:06
Ejaaz: across all key benchmarks.
17:07
Ejaaz: So the point is, the agent is definitely very valuable. And I think if Elon
17:11
Ejaaz: and Grok and Kursa work closely together right from the foundational model training,
17:15
Ejaaz: you know, they see what the architecture is being used on a Colossus one right
17:20
Ejaaz: from the ground up, they'll be able to create something pretty special, in my opinion.
17:23
Josh: Yeah, I think I am going to remain pretty bullish on SpaceX, bullish on Cursor.
17:29
Josh: I mean, we saw what happened when OpenAI acquired Windsurf.
17:32
Josh: Codex very quickly got very good. And I'm sure they took a lot of that data and rolled it into it.
17:37
Josh: And now Codex is probably the top coding harness, if not very close,
17:41
Josh: right, neck and neck with CloudCode.
17:43
Josh: So these things do make a meaningful difference.
17:45
Josh: It's clear that SpaceX has been trying to get into the world of coding.
17:48
Josh: Cursor is going to be that company. One thing to note is when this company sells for $60 billion.
17:54
Josh: The CEO is 25 years old. We mentioned this on the roundup last week,
17:57
Josh: if you were listening, but he's probably going to become the youngest billionaire in the world.
18:00
Josh: That's pretty exciting. That's got to feel good. And I wonder what the integration
18:03
Josh: between those companies looks like. A lot of these acquisitions that we find are acqui-hires.
18:08
Josh: They are to acquire talent. So we'll see how the talent gets distributed,
18:11
Josh: but a huge exit nonetheless.
18:13
Josh: I mean, I remember, what was it last year? Maybe it feels like an eternity ago,
18:17
Josh: but like Cursor actually was the hottest software on the block.
18:19
Josh: Everyone was using Cursor. Everyone was really excited to write agentic code
18:23
Josh: that was when vibe coding didn't even exist it could
18:26
Josh: just kind of help you complete sentences now the whole world has shifted and
18:30
Josh: cursor has gone through the entire narrative cycle of being the hottest thing
18:33
Josh: in the world to being dead and now being right back at that frontier helping
18:36
Josh: xai um push themselves to the frontier so it's a huge comeback story and just
18:42
Josh: like it it's a good time to be bullish on cursor you.
18:44
Ejaaz: Know i just realized something. There's a really hot new job role that is becoming
18:50
Ejaaz: more pervasive in AI, and it is called the Forward Deployed Engineer.
18:54
Ejaaz: Anthropic and OpenAI are like obsessed with this role. And what it is,
18:57
Ejaaz: is basically an engineer slash consultant, which goes into enterprise companies
19:02
Ejaaz: and teaches them how to use Clawed or GPT in an effective manner.
19:06
Ejaaz: And the number one problem they're trying to solve is how does all this tool
19:10
Ejaaz: use actually make sense?
19:11
Ejaaz: Like we need to create custom tool use, we need to create a custom agent,
19:14
Ejaaz: we need to create custom orchestration management,
19:17
Ejaaz: Sounds pretty much like cursor and i i wonder
19:20
Ejaaz: if there's a world in the future where um you don't need
19:23
Ejaaz: to get a forward deployed uh employee to
19:26
Ejaaz: come in and like kind of build it from the ground up custom systems for your
19:29
Ejaaz: company you just have cursor which has an orchestrated tool which does all of
19:32
Ejaaz: this for you and that becomes the kind of like new sas version of this forward
19:36
Ejaaz: deployed engineer um yeah either either way i i'm impressed with cursors uh
19:42
Ejaaz: kind of like bouncing around but
19:44
Ejaaz: like undeniable assent as of recent.
19:47
Ejaaz: At 25 years old, Forbes 30 under 30, he's not in jail. So he's hopefully breaking the stereotype.
19:52
Ejaaz: We still have time. We have around probably 60 days until the IPO and potential acquisition.
19:57
Ejaaz: But that is the story of Cursor. We thought it was a really important story
20:00
Ejaaz: to tell, mainly because it was birthed off of my, I'll speak for myself,
20:06
Ejaaz: my own kind of like incorrectness around calling Cursor a rapper.
20:09
Ejaaz: Sometime last year, I was like, they're going to get replaced by Anthropic.
20:12
Ejaaz: But we had a learning recently that I was like, that's definitely not the case.
20:15
Ejaaz: And they have a moat that we haven't spoken about on the show so far.
20:18
Ejaaz: So we hope you found this informative.
20:20
Ejaaz: And we're going to keep tracking all of these processes going forwards.
20:24
Ejaaz: Josh, do you have any final words?
20:26
Josh: Well, that's the moat. That's the change of heart. In fact, you wrote about
20:29
Josh: it this week on our newsletter.
20:31
Josh: So if you're not subscribed to the newsletter, you can do and go read that piece
20:34
Josh: on where this change of heart came from and kind of the complimentary version
20:37
Josh: to this podcast episode.
20:39
Josh: If you enjoyed, please don't forget to share it with your friend.
20:41
Josh: Leave us a nice comment letting us know what you think about maybe about cursors
20:45
Josh: basics idea are you investing you think this is bullish or not um share with
20:48
Josh: your friends don't forget to give us five-star rating wherever you get your
20:51
Josh: podcast and like always we will see you guys in the next episode thank you so
20:54
Josh: much for watching see you guys.