Ep 127: Zero switching costs. Cheap Disruption & AI Valuation Destruction. Funds SA Supports Eastend. Sharts.

Don, Aaron and Jack unpack a big week in venture, AI and building companies.

• Funds SA invests $5M in East End Ventures: Josh and JD land what looks like the first superannuation mandate backing for a debut Australian VC fund, after seven months of due diligence and DD question number 437.
• Zero switching costs: John Henderson's post about an Airtree partner porting his whole Claude setup into Codex in minutes, why laziness keeps people on frontier models, and what commodity AI products mean for valuations when the music stops.
• China's AI playbook: free good enough models, cheap electricity and exported compute could flood the world with cheap intelligence, and sovereign risk becomes the real conversation.
• Clay Christensen's 1995 chalkboard sketch: how cheap disruption climbs to the good enough line and strips the margin from the frontier players who built it.
• Has the SaaS apocalypse actually begun? Bronwyn Clune's Capital Brief piece on AI attacking pricing, seats and distribution, and why the income statement is the last place disruption shows up.
• Culture Amp cuts 70 jobs in its third round of layoffs in three years, and why turnarounds often don't turn.
• Weekly themes: Aaron's Mercedes factory tour and why hardware is hard (but worth it), plus a leadership lesson on letting the team have some fun.
• Charts: AI-written Fair Work claims send lodgements soaring, the capital gains discount's inflection on house prices, Bitcoin tests its 200-day moving average, and US national debt by presidency.

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