NEA partner Aaron Jacobson put $250 million behind autonomous pen testing company Horizon3.ai on the bet that cybersecurity has entered an AI-versus-AI era — and he argues the “vulnpocalypse” defenders were warned about has already arrived, with AI-discovered vulnerabilities now the primary way attackers get into enterprises. He explains why overprovisioned AI agents are the new phishing target, since an agent with a user’s credentials and no common sense can be prompt-injected into exfiltrating data a human would never touch. Jacobson also separates the open weights debate from the open source one, makes the case that cheap open competition ultimately favors defenders, and closes with the thing he got most wrong 18 months ago. In our reporter segment, Greg talks with Matt Kapko about the cybersecurity implications of the GTA VI leaks.