el producto #447 🚀

OpenAI and Anthropic funding, Q2 earnings, Figma IPO analysis, Microsoft's agentic browser, How Github boosted paid users, Picking the right AI coding tool & more

Hi friends 👋

Happy weekend, and welcome to a new edition of el producto

🎰 The week in figures

$8.3B: OpenAI raised $8.3B. Valuation is now over $300B, and quickly scaling revenues may have reached a $13B annual run rate

$5B: Anthropic is working on raising a round at $170B (more than the $150B that was previously reported), and has seen revenues quickly grow from $4B (run rate) to $5B

$1.2B: Figma soared in its NYSE debut, closing up 250% after pricing shares at $33 — a blockbuster return that values the design software company at nearly $68B. The IPO raised $1.2B, primarily for existing shareholders, and signals renewed enthusiasm in tech listings after years of stagnation. The surge follows the collapse of Adobe’s $20B acquisition bid in 2023 due to antitrust concerns. With over 13M monthly users and $250M in Q2 revenue, Figma is riding strong momentum. But this IPO is not as great as it looks, according to CJ Gustafson’s great analysis:

• Only one-third of IPO proceeds went to Figma

• Two-thirds went to selling insiders at the low $33 price

• The price exploded

• The valuation eclipsed more than 50x forward revenue

• Employees are locked up, mentally anchored at $115

• Retail investors got scraps

• The pop looked aspirational, but it warped reality more than it helped

$500M: Ramp raised $500M at a $22.5B valuation to scale its AI‑driven corporate finance automation platform offering corporate cards, expense management, bookkeeping and procurement workflow

$100M: n8n, the German software start-up specializing in workflow automation is set to raise over $100M at a valuation exceeding $1.5B. With $40M ARR, expanding rapidly in a competitive landscape

32%: Anthropic now holds the highest share of the enterprise AI market at 32% compared to Google and OpenAI (who both have 20%) and Meta who has 9%

💰Q2 earnings

Apple

• Q2 2025 revenue: $95.4B, up 5% YoY; iPhone +13% (iPhone 16 demand)

• Services +13%, Mac +15%, iPad & wearables down

• CEO Cook notes major AI investments, open to acquisitions

Amazon

• Beat Q2 earnings/revenue; AWS +18% (trails MSFT, Google)

• Ads +23%, online sales strong

• Shares down 7% on light profit forecast; concerns over competition, tariffs, slow AI returns

Meta

• Q2 2025 revenue: $47.5B, up 22% YoY; Net income: $18.34B, up 36%

• DAU 2.3B (+48M)

• Capex up to boost AI/data centers

• Focus on Threads and genAI despite rising infra costs

Microsoft

• Revenue +12% to $69.6B, net income +10% to $24.1B

• Cloud +21%, Azure +31%, AI biz $13B ARR

• MS 365 & Dynamics 365 double-digit growth

• AI momentum strong; cloud growth slightly below forecast; lighter Q3 outlook

Reddit

• 1st profitable quarter post-IPO

• Ad rev +84% YoY; MAU +21% to 96M after platform upgrades and intl expansion

Spotify

• Q2 2025 revenue: €4.2B, up 10% YoY

• MAU: 696M, up 11% YoY

• Premium subs: 276M, up 12% YoY

• Cautious guidance as podcast/audiobook investments continue

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📰 What’s going on

Microsoft has launched an experimental, opt-in feature—Copilot Mode—which turns its web browser Edge into an agentic/AI-powered one, so it understands what the user is researching and predicts what they want next. Copilot Mode enables Edge users to use voice commands for web browsing, has an AI chatbot that answers questions about webpages, and will suggest other webpages based on a user's browsing history. It can also perform a variety of tasks such as booking appointments, drafting content, and creating shopping lists, on behalf of the user

Google launched Opal, a 'vibe-coding' app creating mini web apps via text prompts, converting spoken ideas to visual workflows

Google further expands AI search. After launching its new search feature, “AI Mode” to US users last month (and UK users this week)—which allows users to ask complex questions and dig deeper into topics—Google has announced new AI capabilities:

• “Canvas” will automatically add and store information, over multiple sessions, into individual boards within a side panel, designed to help with things like study plans or travel itineraries

• “Search Live” is connected to Google Lens (Google's visual search tool) and will allow users to have real-time, two-way conversations about complex topics, which Google believes is like having “an expert on speed dial”

NotebookLM is getting a UI refresh and a new Video Overviews mode. The UI refresh adds new iconography to differentiate between different audio types and the Video Overviews will transform source materials into video presentations that include source images and imagery created with genAI. A Google’s Senior PM has hinted that integrations with video model Veo are on the way soon

Reddit is investing heavily into becoming a “go-to search engine,” the company said during its earnings call

Amazon explores adding advertisements to Alexa+ voice interactions. Amazon says it has rolled out Alexa+ to millions of customers, part of an effort to make its legacy digital assistant capable of agentic behaviors and more natural to talk to

ChatGPT is getting a new study mode. It’s designed for students but could equally be useful for professionals who want to learn more about specific topics. Rather than offering up answers to questions immediately, study mode breaks topics down into easily digestible chunks with interactive prompts and knowledge checks through quizzes

Claude Artifacts now lets you upload PDFs, images, and code files to apps that process and work with your data

Writer launches enterprise ‘super agent’ that outperforms OpenAI on key benchmarks. Writer’s new Action Agent can autonomously handle complex, multi-step business tasks across 600+ tools, going way beyond typical AI chatbots. It’s built for enterprise needs, with robust security, audit trails, and fine-grained controls

Spotify’s CPO has hinted at a new conversational interface. Gustav Söderström explained that, following the launch of voice features earlier in the quarter, the company was building up a “unique dataset” which he described as “very, very valuable”: “You can already write to Spotify, talk to Spotify. You’re just going to see that expand”

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📚 Good reads

Will LLMs own the journey? Casey Winters explores how LLMs may reshape discovery and purchasing. He asks whether LLMs will evolve into universal concierges - owning the entire user journey - or if vertical service providers, from marketplaces to niche platforms, will retain control over key parts of our experiences

The ultimate guide to picking the right AI coding tool. AI coding tools are everywhere, but knowing which one to use (and when) is key. This guide breaks down eight top options—like Cursor, Claude Code, and Replit—explaining their sweet spots for both devs and non-techies. The takeaway: match your tool to your project’s needs and your own comfort level for the best results

How GitHub boosted paid conversions with one honest signup tweak. GitHub saw a 35% jump in paid signups—and $1M+ in ARR—by simply making their premium features clear and upfront during signup. Inspired by Grammarly, they ditched jargon and “secret menus” for segmented, transparent flows that let devs self-select what fit. The takeaway? Being open about value builds trust, drives conversions, and keeps your product’s soul intact

Too big to disclose: The vanishing metrics act. CJ Gustafson explores how giants like Netflix and Snowflake are quietly cutting back on reporting transparency, dropping key metrics like subscriber and customer counts. The bigger you are, the less you have to disclose—leaving investors and operators guessing about what’s really happening under the hood. Smaller players are starting to follow suit, making it even harder to benchmark and forecast in today’s market

Make time for ideation: templates and AI prompts to boost creativity. Rushing from research to solutions leads to rework, but structured ideation—using clear problem statements, diverse techniques, and good facilitation—can surface better ideas and align teams. This article breaks down how to run effective sessions, solo or with a group, and even shares templates and prompts to get you started

Is superintelligence around the corner? In a letter shared publicly in advance of Meta’s Q2 2025 earnings report, Mark Zuckerberg writes that in “the last few months,” his company has “begun to see glimpses of our AI systems improving themselves.” That means, he argues, that “developing superintelligence is now in sight.” A self-improving AI system would theoretically have no upper bound to its capacity, other than compute, storage, data, and bandwidth. Meta has lots of all of those

How AI is about to transform data analysis and the analyst role. AI-powered tools are set to make data analysis way faster, more accessible, and less reliant on technical skills. Analysts will shift from writing SQL to focusing on judgment and strategy, while anyone in the org could soon “just talk to the data.” Expect faster insights, more decentralized analysis, and a big boost in company learning speed

Gemini’s product leader on why the company is no longer a writing first culture. Google Gemini’s product leader says the company is moving from a writing first culture to a building first culture - thanks to vibe coding

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That’s a wrap for this week! 🌟

I’d love to hear your thoughts—what stood out to you, and how are you thinking about integrating these insights into your Product strategy? Reply to the email or drop a comment on Substack to share your take. And if you found this valuable, forward it to a fellow PM, Product enthusiast, startup founder or entrepreneur who’d enjoy the read

More next week! 👋

Angel