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View this email online in your browser By Anthony Ha Sunday, June 22, 2025 Image Credits: Haje Kamps / TechCrunch As venture returns have dried up, the LPs who fund early-stage VC firms are demanding a new approach. That's according to Charles Hudson of Precursor Ventures, who told TechCrunch that while LPs still believe in venture investments, they're hesitant to make 10- or 15-year commitments before they see a return. And that's putting pressure on VCs to sell their winners earlier. "Seven or eight years feels like a really long time now," he said. Keep reading to see what else TechCrunch is covering this weekend. Weekend news and opinion Image Credits: KIRILL KUDRYAVTSEV/AFP / Getty Images Snap acquires Saturn: Snap says it will continue to operate Saturn (a social calendar for high school and college students) as a stand-alone app, while also bringing the startup's calendar expertise to Snapchat. And almost all of the startup's employees are coming along. X code hints at a physical card for X Money: Looks like they're really trying to turn the social network formerly known as Twitter into the "everything app." Recent updates to the X app apparently contain references to a physical debit card that will be part of the company's payment features. Could OpenAI fill Microsoft's shoes? On the latest episode of Equity, Max Zeff and I discussed the $200 million deal between OpenAI and the Department of Defense — we were particularly curious about whether this might place more strain on the already fraught OpenAI-Microsoft relationship.   A Message from TechCrunch Events Ends tonight: $210 off your TC All Stage pass Founders and VCs, don't miss TechCrunch All Stage on July 15 in Boston. Whether you're scaling your startup or scouting your next investment, join experts like Charles Hudson (Precursor Ventures), Jahanvi Sardana (Index Ventures), and more for tactical tips and to forge real connections. Register by tonight at 11:59 p.m. PT before prices rise! Register Now   What else we're reading 📗 The National Observer examines a new feature in the popular hiking app AllTrails that allows users to "shorten my route" or "make this more scenic" with AI-generated recommendations. But search-and-rescue teams say that this only exacerbates a growing problem of hikers becoming overconfident when trusting apps to guide them.  Meanwhile, The New York Times reports that hybrid cars are making a comeback.   A Message from TechCrunch Events Make a brand impact by exhibiting at TC All Stage Want to be where the deals start? Exhibit at TechCrunch All Stage in Boston on July 15. Put your brand at the center of the startup scaling scene and connect with founders and VCs ready to move. Tables available through June 29 or until sellout — lock yours in now. Book Now   Before you go 🎬 Wes Anderson should make a new commercial for Montblanc pens every year. Featured jobs from CrunchBoard Software Engineer, Revive Health (Boston, MA) IT Finance Assistant, Pennsylvania Turnpike Commission (Middletown, PA) Technical Business Systems Analyst, Air Line Pilots Association (Tysons, VA) Partnerships Manager, Clearscope (Remote) Sr. IT Security Engineer - Computing Services, Carnegie Mellon University (Pittsburgh, PA) See more jobs on CrunchBoard Post your tech jobs and reach millions of TechCrunch readers for only $349 per month.   Check out some of our other newsletters: Startups Weekly TechCrunch Events TechCrunch Mobility Got a tip? Get in touch securely. Want to advertise on TechCrunch? advertise@techcrunch.com Has this been forwarded to you? Click here to subscribe to this newsletter. Update your preferences here at any time Copyright © 2025 TechCrunch. All rights reserved. TechCrunch Media LLC. 9720 Wilshire Boulevard, 6th floor, Beverly Hills, CA Privacy Policy