Forbes January 2, 2026
The venture capital community enters 2026 with a curious mix of enthusiasm and anxiety about artificial intelligence. While few dispute that AI represents a genuine technological revolution, seasoned investors are increasingly vocal about the speculative excess surrounding the sector and the shrinking opportunities for newcomers.
The Dancing Pair: Innovation and Speculation
Legendary venture capitalist Bill Gurley, speaking on The Tim Ferriss Show podcast in December 2025, articulated what many in Silicon Valley are thinking but few are saying publicly. Drawing on economic historian Carlota Perez’s framework from Technological Revolutions and Financial Capital, Gurley argues that debating whether AI is real or a bubble misses the point entirely. According to his thesis, legitimate technology waves and speculative frenzies are not opposing...
Today's Sponsors
Today's Sponsor