There’s about to be a lot of AI capital incineration

I do believe there will be winners in the AI space. There will absolutely be platforms plays here that succeed. OpenAI has amassed billions of dollars in capital and some genuinely impressive technology. I remain bullish on Nvidia. Abridge seems cool. Some of these venture-backed companies in health care will return capital to investors in the next five to ten years.

But things have become borderline unhinged in VC land. I have been talking to a bunch of founders recently who have been telling me that investors will not meet with them if there’s no AI involved. Not even...

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