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Crux

Crux is a newsletter about venture investing and entrepreneurship.

Newsletter · By Tammer Kamel · Official site

Indexed issues, last 90 days
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Jul 25, 2026
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  1. Issue · Jul 25, 2026

    There is no such thing as the "AI Application Layer" (opens the original)

    Excerpt · Critical tone

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    I became a VC 18 months ago intending to leverage three decades of software engineering experience to succeed as a SaaS investor in the age of AI. I was going to invest in disruptive companies operating on the “application layer”. Little did I know at the time: there is no such thing as “the application layer”.In 2025, I thought software was going to get way better because of AI. Every incumbent software company was at risk of being displaced by an AI-first startup I could invest in. Endless opp

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