---
title: "20VC x SaaStr: The Token ROI Crisis Comes for Everyone, Anthropic Wants Chinese Open Source Banned, and Microsoft Has Its Worst Month Since 2000 — Stuff That Spins"
description: "With Harry Stebbings, Jason Lemkin, and Rory O’Driscoll We recorded this on the last day of June, and one theme ran through almost every story: Companies quintupled their token spend in the first half of the year. Almost nobody can point to the revenue lift that justified it. That’s the real state …"
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keywords: ["SpinGraph", "spin analysis", "GEO"]
date: "2026-07-02T16:37:17+00:00"
modified: "2026-07-05T04:46:39.487543+00:00"
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# 20VC x SaaStr: The Token ROI Crisis Comes for Everyone, Anthropic Wants Chinese Open Source Banned, and Microsoft Has Its Worst Month Since 2000

**Source:** Unknown  
**Published:** July 2, 2026  
**Original:** https://www.saastr.com/20vc-x-saastr-the-token-roi-crisis-comes-for-everyone-anthropic-wants-chinese-open-source-banned-and-microsoft-has-its-worst-month-since-2000/  

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