TechCrunch's Equity crew is bringing 2025 to a close and getting ahead on the year to come with our annual predictions episode! Hosts Kirsten Korosec, Anthony Ha, and Rebecca Bellan were joined by Build Mode host Isabelle Johansson to dissect the year's biggest tech developments, from mega AI funding rounds that defied expectations to the rise of "physical AI," and make their calls for 2026.

The group tackles everything from why AI agents didn't live up to the hype in 2025 (but probably will in 2026), to how Hollywood will push back against AI-generated content, to why VCs are facing a serious liquidity crisis.

Listen to the full episode to hear:

Why world models are the next big thing in AI and how they're different from large language models

The death of "stealth mode" for AI startups and the rise of alternative funding sources

Predictions on regulatory chaos around AI policy and what Trump's recent executive order means for startups

Hot takes on IPOs: Will OpenAI and Anthropic actually go public in 2026?

Rapid-fire predictions including Johnny Ive and Sam Altman's inevitable public breakup, the return of dumb phones, and why everyone will be calling themselves "AI native"

What's coming in Build Mode season 2: A deep dive into team building, hiring, and finding co-founders

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.

Chapters:

00:00 - Introduction

01:43 - Rating our 2025 predictions

04:19 - Funding in the bubble era

06:35 - World models and the future of AI

09:05 - The year of AI agents (for real this time)

11:58 - Physical AI everywhere

15:19 - AI meets Hollywood

16:25 - Regulatory chaos and federal preemption

18:34 - The liquidity crisis and LP direct investing

22:19 - IPO predictions for 2026

23:57 - Startup trends for 2026

27:06 - Buzzwords we're sick of hearing

28:15 - Rapid fire predictions

32:50 - What's next for Build Mode

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