What Tomasz Tunguz thinks about market efficiency

@tomasz-tunguz · 17 positions · On ppll ↗

Venture capitalist and founder of Theory Ventures, previously a partner at Redpoint. Writes a near-daily blog on startups, SaaS metrics, data and AI.

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1 dated position, 2026, in their own words. Our reading of what Tomasz Tunguz has said — not written or endorsed by them.

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17 Sept 2026

Our readingAs AI inference costs fall, rising customer expectations will keep service margins from converging toward 100%.

Their wordsMargins will not climb to 100%. As inference gets cheaper, buyers will ask more of their agents, shifting the equilibrium over time in response to competition.

↗The Harness Margin Opportunitytomtunguz.com 2nd of 2 in this piece