Sequoia’s @JulienBek says many of their founders are now wondering if they’re “just an iteration away” from AI labs destroying their business. He says the most defensible companies - and potentially the next trillion-dollar company - will be “a software business that masquerades as a services firm.” “If you sell tools today, you’re really in the line of sight for the models and you’re effectively competing with the next generation that they’re going to launch.” “Whereas if you sell the work,…