The Thesis by Leonis
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Inside the Claude Code Leak
The Model Is the Engine. We Still Need to Build the Car
Apr 7
•
Jenny Xiao
,
Jay Zhao
, and
LJW
14
1
Latest
Top
Discussions
From Stopwatches to Systems of Action
The New Factories of the AI Age
Apr 2
•
Jay Zhao
,
Jenny Xiao
, and
LJW
12
3
2
OpenClaw (aka Clawdbot) and the AI Threshold Effect
Magical Demos, Boring Winners, and Where Real Money Goes After the Hype
Feb 3
•
Jenny Xiao
,
Jay Zhao
, and
LJW
32
5
3
Early Team Hire: Build the Machine Behind the Investing
Want to build a venture firm, not just work at one?
Jan 20
•
Jay Zhao
and
Jenny Xiao
2
Our Predictions for 2026
What 2025 Got Wrong and the Bets We’re Making for This Year
Jan 14
•
Jenny Xiao
,
Jay Zhao
, and
LJW
22
4
1
Leonis Capital AI100 Report 2025
Insights and learnings from the top 100 AI Startups
Nov 5, 2025
•
Jenny Xiao
,
LJW
, and
Jay Zhao
11
1
1
[Profile] OpenAI: Building the "Everything Platform" in AI
Introducing the Leonis company profile series.
Aug 21, 2025
•
Jenny Xiao
,
LJW
, and
Jay Zhao
13
1
MCPs: Value Creation, Capture, and Destruction—Lessons from the API Era
Why Most MCP Startups Will Die (and Who Won’t)
Jun 24, 2025
•
Jenny Xiao
,
LJW
, and
Jay Zhao
281
20
46
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The Thesis by Leonis
Leonis Capital is a research-driven VC fund based in Silicon Valley. We distill our data-backed findings and contrarian theses into actionable insights for founders and fellow VCs.
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