VC10X - Venture Capital Podcast

AI spending isn't slowing down.But the AI investment story may be changing.Global AI spending is still accelerating, Nvidia is reporting extraordinary growth, and hyperscalers continue committing hundreds of billions of dollars to data centers, GPUs, networking and power.So why are we hearing more about an "AI slowdown"?Because there are several very different things that could be slowing — model development, infrastructure spending, AI revenue growth, or simply investor expectations.And those distinctions matter.In this episode, we break down what is actually happening beneath the AI boom, why massive infrastructure spending is creating a new focus on returns, and what happens when investors start asking whether AI growth is fast enough to justify the capital being deployed.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:— Why AI spending and infrastructure demand remain extraordinarily strong— What Nvidia's latest numbers reveal about AI demand— Why hundreds of billions in AI infrastructure investment changes the investment equation— The growing importance of capital efficiency, margins and infrastructure utilization— Why highly leveraged AI infrastructure companies could face different pressures than hyperscalers— How frontier AI development could slow without AI adoption slowing— Why inference, AI agents and enterprise automation may become increasingly important— The difference between slowing AI growth and slowing AI expectations— Why the next phase of the AI boom could be defined by returns rather than spendingThe bigger question:Can AI generate enough economic value to justify the enormous amount of capital being invested into the technology?AI doesn't have to stop growing for the AI trade to slow down.It simply has to grow more slowly than the expectations already priced into the market.For investors, that distinction could become increasingly important as the AI ecosystem moves from a period of aggressive capital deployment toward a period where revenue, margins, utilization and return on invested capital matter much more.The question is no longer simply:"How big can AI become?"It's:"Show me the returns."LINKSPrashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comSponsorship queries: prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#VC10X #AI #ArtificialIntelligence #Nvidia #AIInvesting #AIInfrastructure #AIBubble #DataCenters #AIAgents #VentureCapital #Investing #TechInvesting

Get new episodes in your inbox - https://vc10x.beehiiv.comMorgan Flager is Managing Partner at Silverton Partners, the longest-running and most active early-stage venture firm in Texas. He joined Silverton in 2006 and has spent two decades backing seed and Series A companies out of Austin, with outcomes including SailPoint, Ping Identity, Vacasa, AlertMedia, Black Locus and TrendKite. Silverton closed Fund VII at $248M, the largest in the firm's history, and is currently in market with Fund VIII. Before Silverton, Morgan invested at FTV Capital and held operating roles at Kintana and Ingrian Networks. He holds a BS from Stanford.Morgan is at least doubling Silverton's allocation to hard tech, and he explains why part of that rotation is real conviction and part of it is the venture industry running from a broken toy.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:- Why Silverton's hard tech allocation is moving to 30-40% of the fund across defense, AI infrastructure, manufacturing and energy- What still makes a software company defensible when features are commoditized and wrappers are worse than features- Why he's writing more seed checks instead of holding deeper reserves as the power law sharpens- The valuation math that makes him walk away: a $300M seed entry needs a $5B outcome, and only ~30 companies have crossed $10B in 20 years- How LP conversations changed between Fund VII and Fund VIII, and why liquidity is now the first questionChapters:(00:00) - Preview (00:52) - Introduction to Morgan Flager & Silverton Partners (02:19) - Silverton's Evolving Deployment Strategy (2022-2026) (03:15) - Increased Allocation to Hard Tech & Emerging Categories (06:01) - Why VCs are Shifting from Software to Hard Tech (08:03) - Distinguishing AI Wrappers from Defensible Enterprise Platforms (12:25) - The Next Era of the Texas Startup Ecosystem (15:07) - Portfolio Construction: More Shots on Goal vs. Deeper Reserves (18:20) - How AI Creates More Capital-Efficient Software Companies (22:26) - Maintaining Valuation Discipline in a Hot Market (25:55) - How AI Will Change the Healthcare Landscape (29:40) - The Changing Architecture of a Successful Marketplace (33:00) - The Risk of Frontier Models (OpenAI, Claude) Competing with Startups (38:00) - Distinguishing Genuine Founder Obsession from Trend Chasing (40:38) - The Most Common Scaling Friction for B2B Founders ($1M to $10M ARR) (43:40) - The Shift in LP Conversations and Priorities for Fund VII (47:01) - How LP Composition has Shifted Over Time (49:36) - Navigating Tough Board Conversations About Fundraising (54:33) - The Core Investing Philosophy Morgan Had to Unlearn (58:34) - Rapid Fire Round Begins (58:46) - Sectors and Regions (59:11) - Stage of Investment (59:20) - Leading Rounds (59:30) - Typical Check Size (59:45) - How Founders Can Get in Touch (01:00:16) - Where to Follow Morgan OnlineConnect with Morgan Flager:LinkedIn - https://www.linkedin.com/in/mflager/Silverton Partners - https://www.silvertonpartners.comConnect with Prashant Choubey:LinkedIn - https://linkedin.com/in/choubeysahabX - https://x.com/ChoubeySahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.com#VentureCapital #DeepTech #StartupInvesting #SeedFunding #AustinTech

AI researchers are resigning — and some are warning that the technology is getting dangerously good.The latest is Jacob Coxon, who recently resigned from Anthropic after previously working at OpenAI and publicly shared his reasoning on X.But this isn't simply a story about one researcher leaving an AI lab.The bigger issue is the race between frontier AI companies. OpenAI, Anthropic, Google, Meta and others are competing to build increasingly capable models, while some researchers are warning that the safety systems needed to control these models may not be keeping pace.Even if one lab slows down, its competitors have an incentive to keep moving.In this episode, we break down why AI researchers are increasingly raising concerns, what the frontier AI race looks like from inside the labs, and why self-improving AI could fundamentally change the risk equation.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:— Why Jacob Coxon resigned from Anthropic — The growing divide between AI capability and AI safety — Why frontier AI has become a race nobody wants to lose — What happens when AI becomes capable of doing AI research — The potential implications of recursive self-improvement — Why even safety-focused AI labs face enormous competitive pressure — What the AI arms race means for investors, companies and policymakersThe bigger question:What happens when every AI lab believes it can't afford to slow down?For investors, this is more than an AI safety debate. The incentives driving frontier AI development could shape how capital flows into the sector, how companies compete, and ultimately who controls the most powerful technology being built today.The challenge isn't simply making AI more capable.It's building an environment where companies can slow down when necessary — without handing the entire advantage to whoever keeps accelerating.LINKSPrashant Choubey - https://www.linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.com Subscribe on YouTube - https://youtube.com/@VC10X Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ VC10X website - https://vc10x.comSponsorship queries: prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#VC10X #AI #ArtificialIntelligence #Anthropic #OpenAI #AISafety #AIInvesting #VentureCapital #Investing #TechInvesting

Get new episodes in your inbox - https://vc10x.beehiiv.comNed Brines is Chief of Investment Strategy at Arnel & Affiliates, a single family office in Southern California, where he runs the portfolios for both the family and its foundation. He spent six years in investment banking and more than two decades as an institutional money manager before moving into the family office world, and he serves as an independent director of a publicly traded apartment REIT.In this episode, Ned breaks down how a multi-billion dollar family office actually builds a portfolio, and why most of what passes for diversification isn't.⭐ This episode is brought to you by Podcast10x - https://podcast10x.comKey topics we cover:• Why thirty equity managers is one bet wearing thirty different labels• What real estate is really there to do in the portfolio, and why he doesn't think it's the inflation hedge everyone claims• How IRR gets manipulated with subscription lines, and what he does to strip it back out• Why he caps venture funds at $150M and PE funds at $750M• Why he holds twelve percent cash, waits for downside volatility, and once waited fourteen years to buy a stockLinks:Connect with Ned Brines:LinkedIn - https://www.linkedin.com/in/ned-brines/Connect with Prashant Choubey:LinkedIn - https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Preview(03:12) - The Biggest Misconception in Portfolio Construction(04:16) - Building a Portfolio Based on Economic Conditions(05:43) - The Role of Real Estate in a Family Office Portfolio(06:25) - Framework for In-sourcing vs. Outsourcing Investments(08:47) - The Dangers of Illiquid Strategies for Retail Investors(11:08) - How Rising Interest Rates Challenge Private Equity(12:11) - Hedging Against Geopolitical and Interest Rate Uncertainty(14:34) - What Specific Role Does Real Estate Play in a Portfolio?(16:11) - How Families Without a Real Estate Background Should Invest(19:30) - Are REITs the Best Way to Invest in Real Estate?(20:37) - Evaluating Established vs. Emerging Fund Managers(22:15) - Focusing on MOIC (Multiple on Invested Capital) Over IRR(24:15) - How to Differentiate Between Two Seemingly Similar Managers(26:08) - Why High-Conviction, Concentrated Bets Are Preferred(29:32) - Determining the Right Amount of Cash to Hold for Opportunities(32:40) - Managing a Single Cash Pool for Family Needs and Investments(33:55) - Uncovering Hidden Risks in Private Markets(37:13) - Operational Improvements with the Biggest Impact(39:10) - Distinguishing Between Genuine Risk and Market Volatility(41:50) - Thoughts on the AI Stock Thesis and Valuations(47:31) - An Investment Belief That Has Changed Over the Last Decade(50:13) - How Serving on a REIT Board Changed His View on Real Estate(55:53) - The Future Advantages and Disadvantages for Family Offices(01:00:43) - Start of Rapid Fire Round(01:00:59) - Sectors and Regions of Investment(01:03:48) - Typical Commitment Size for VC and PE Funds(01:05:10) - Sourcing Deals: Inbound vs. Outbound(01:07:22) - Where Listeners Can Follow Ned#VentureCapital #FamilyOffice #PrivateEquity #Investing #AssetAllocation

Nvidia just announced its acquisition of Hugging Face for $12.93 billion — one of its biggest moves yet.But this isn't simply Nvidia buying another AI company.Hugging Face sits at the developer and model layer of the AI stack, while Nvidia dominates the compute underneath it. The deal could give Nvidia a much deeper position across the AI ecosystem — from chips and infrastructure to models, developers and deployment.In this episode, we break down what Nvidia is really buying, why open AI matters, and what this could mean for the competitive landscape.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:— Why Nvidia is paying nearly $12.92B for Hugging Face— Hugging Face's role in the open AI ecosystem— Nvidia's move from chips toward a full-stack AI platform— The strategic importance of developers, models and inference— How the deal could strengthen Nvidia against custom AI chips— The tension between Nvidia ownership and Hugging Face's compute-agnostic modelThe bigger question:Is Nvidia buying Hugging Face for its current business — or to control a much larger part of the AI stack?For investors, the deal is another signal that the AI value chain is moving beyond GPUs. Nvidia isn't just trying to sell the picks and shovels of AI — it's increasingly positioning itself across the platform where AI gets built.LINKSPrashant Choubey - https://www.linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comSponsorship queries: prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#VC10X #Nvidia #HuggingFace #AI #ArtificialIntelligence #VentureCapital #Investing #OpenAI #AIInvesting #TechInvesting

Get new episodes in your inbox - ⁠https://vc10x.beehiiv.com⁠Ken Goldman spent five years as President of Hillspire, Eric Schmidt's family office, an organization of over five hundred people spanning investments, legal, IT, aviation, personal property, foundations, and an oceanographic research vessel. He was CFO of Siebel Systems and CFO of Yahoo, was employee number seven at VLSI Technology, and has served on dozens of public and private boards. He now invests actively across venture and private equity funds and sits on the PCAOB advisory group.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - ⁠https://podcast10x.com⁠Topics covered:- Why the analysis that said sell Alphabet was the best call Hillspire never made- How you hire and retain people when you have no equity to offer, and who you stop competing for- The split between the institutional book and the "VIP investments" Eric Schmidt made himself- What separates a family office conference worth attending from one where you are the product- Why Ken says we are in a bubble even though every insider he asks says AI is under-hypedConnect with Ken Goldman:LinkedIn: ⁠https://www.linkedin.com/in/ken-goldman-552a47⁠Connect with Prashant Choubey:LinkedIn: ⁠https://www.linkedin.com/in/ken-goldman-552a472⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠Timestamps:(00:00) - Preview(01:19) - Guest intro(03:07) - The operational scale of a 500+ person family office(07:12) - Tips for retaining high-quality talent in the age of AI startups(08:45) - The importance of being in the office to build team culture(12:04) - The trend of institutionalization in family offices(12:45) - A breakdown of Hillspire's diverse in-house operations(15:15) - Why private equity and VC firms are now targeting family offices(17:47) - Identifying the highest quality family office conferences(18:17) - What makes a family office conference valuable (non-solicitation, quality speakers)(23:31) - Common blind spots of emerging family offices(26:41) - Approach to venture capital: direct investing vs. backing funds(30:56) - Framework for executing philanthropy in a family office(34:51) - Building a personal portfolio of alternative investments(39:35) - Essential financial controls for startups before hiring a CFO(43:45) - Is the current AI cycle overhyped or underhyped?(48:00) - Governance warning signs that a startup is drifting off course(49:05) - Key metrics to watch: customer churn and net ARR(52:18) - Dangerous assumptions investors carry from bull to bear markets(55:20) - Why we are likely in an investment bubble, especially in data centers

Nvidia is now a roughly $5 trillion company—and it's still growing at more than 100% year over year.In its latest earnings, Nvidia reported $96.2 billion in quarterly revenue, up 106% year over year, with Data Center revenue reaching $89 billion, up 117%.The company is also guiding for approximately $108 billion of revenue next quarter.But for investors, the bigger question isn't whether Nvidia is growing.It's how a company of this scale can continue growing at rates normally associated with startups—and how much of that growth is already priced into the stock.In this episode, we break down Nvidia's latest earnings and what they tell us about the broader AI infrastructure cycle.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– How Nvidia is still growing revenue at 100%+ at a ~$5T valuation– Why Data Center revenue remains the core driver of the business– What Nvidia's $108B quarterly guidance tells us about AI demand– Why inference could become an even bigger driver of AI compute– Nvidia's expanding role across GPUs, networking, software, and AI systems– The growing threat from AMD, custom silicon, and hyperscaler-designed chips– Margin risks as memory costs and next-generation systems evolve– What Nvidia's results tell us about the broader AI infrastructure thesis– Whether extraordinary growth can continue long enough to justify today's valuationThe bigger question:How long can Nvidia continue compounding at extraordinary rates—and what happens when the law of large numbers eventually catches up?For investors, Nvidia's earnings provide perhaps the clearest evidence yet that AI infrastructure demand remains exceptionally strong. But at a $5 trillion valuation, the debate is no longer simply about whether AI is growing.It's about how much of that future growth Nvidia can capture—and what investors are paying for it today.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Nvidia #NVDA #AI #ArtificialIntelligence #AIInfrastructure #Semiconductors #DataCenters #Investing #TechStocks #VC10X #NvidiaEarnings #AMD #TSMC #Broadcom #AIInvesting #GPUs #Inference #Markets #WallStreet #Finance

Sydney Landau joined SHAKTI as an intern with no background in venture. Two years later, she became a Partner, at 24.Sydney breaks down how she reads founders using the psychology training she picked up as a psych major, why her firm invests in what they call "reimagination of toothbrushes," and what SHAKTI's primary research with 42 next-gen members of wealthy families revealed about where the intergenerational wealth transfer is actually going.Plus: how she sourced an investment off a TikTok her friends were forwarding around, what running an AI native firm on its own portfolio companies actually looks like day-to-day, and the one part of the job AI has not changed at all.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWhat we cover- Reading founder psychology, and why SHAKTI backs the founder and the problem rather than the solution- How next gen allocators break from their parents, and what the 42-person study found- The toothbrush test, and how SHAKTI sizes a market before anything else- Sourcing a deal off a TikTok, and where founders are actually showing up now- Running an AI native venture firm, and the one thing AI has not changedAbout the guestSydney Landau is a Partner at SHAKTI, an inception-stage venture firm investing across AI, robotics, and consumer. She leads the firm's next gen research and its AI native operations.Sydney on LinkedIn - https://www.linkedin.com/in/sydney-landau-740644236Shakti VC on LinkedIn - https://www.linkedin.com/company/shakti-vcSydney on X - https://x.com/Sydney_landauBook she mentioned: The Venture Mindset - https://www.amazon.com/Venture-Mindset-Smarter-Achieve-Extraordinary/dp/0593714237About VC10XVC10X is a podcast on venture capital, fund management, and institutional allocation, hosted by Prashant Choubey. Conversations with the GPs, LPs, and allocators shaping how capital gets deployed.Connect with Prashant Choubey:LinkedIn: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XVC10X website - https://vc10x.comTimestamps:(00:00) - Preview(01:01) - Introduction to the episode and guest, Sydney Landau.(02:18) - Sydney's journey into venture capital without a tech background.(04:34) - Key learnings from intern to partner in two years.(05:07) - The importance of founder psychology in early-stage investing.(07:11) - Operator experience vs. starting a career directly in VC.(08:10) - How Shakti VC's Titan Platform supports founders.(10:07) - Understanding and investing in Gen Z founders.(12:00) - The rise of IRL (in-real-life) events and personal branding in venture.(14:05) - Study on next-gen wealth transfer and capital allocation.(15:40) - Why next-gen investors are active generalist learners.(18:16) - What drives the shift from specialist to generalist investing.(20:40) - Surprising findings from the next-gen wealth study.(23:04) - Motivation behind studying next-gen high-net-worth individuals.(24:42) - How Gen Z evaluates AI opportunities differently.(25:30) - The "toothbrush" investment thesis: investing in frequent and ubiquitous use cases.(28:03) - Combining generational perspectives within a venture firm.(31:45) - The story of sourcing and winning a deal from TikTok.(36:08) - Transforming Shakti into an AI-native venture firm.(40:17) - What the next-generation consumer wants.(42:50) - How AI will lead to a new generation of entrepreneurs.(43:55) - A trend obvious to Gen Z that isn't priced into markets yet: resale and autonomy.(46:25) - Advice for a 22-year-old wanting a career in venture capital.(48:51) - Rapid-fire round: Investment sectors, stage, and check size.

Etched just raised another $700 million at a $21 billion valuation, nearly doubling its valuation from around $10.3 billion in less than a month.But the headline valuation isn't the most interesting part.Etched is building specialized AI chips and inference systems designed to challenge the economics of Nvidia for one of the fastest-growing parts of AI compute: inference.And one of the most notable investors and customers is Jane Street.In this episode, we break down what Etched is actually building, why inference could become an enormous AI compute market, and whether a $21B valuation can be justified.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– What Etched is actually building and why it is focused on AI inference– Why specialized ASICs could compete with general-purpose GPUs– How Etched's approach differs from Nvidia's GPU strategy– Why Jane Street is both an investor and early customer– Why Etched's valuation jumped from ~$10B to $21B in less than a month– The opportunity and risks in the rapidly growing inference market– Why specialized AI hardware could become increasingly important as AI workloads scale– Whether Etched can become a meaningful Nvidia competiton—or carve out a specialized market of its ownThe bigger question:As AI inference becomes a larger share of global compute, will specialized chips challenge Nvidia's dominance?For investors, the story isn't simply Nvidia vs. AMD anymore. The AI hardware ecosystem is becoming increasingly specialized—and the companies that can deliver more intelligence per dollar, per watt, and per second could capture enormous value.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Etched #AI #ArtificialIntelligence #AIChips #Inference #Nvidia #Semiconductors #JaneStreet #AIInfrastructure #ASIC #GPUs #TechStocks #Investing #VC10X #VentureCapital #Datacenters #MachineLearning #SiliconValley #Finance #Markets

Matt Curtolo is an independent advisor to LPs & GPs with over twenty years on the LP side of private markets, across Hamilton Lane, Hirtle Callaghan, MetLife, and Allocate. He now works directly with fund managers on strategy, fundraising, and positioning, giving them the candid LP read most of them never get. This is his third appearance on VC10X.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comTopics covered:- Why 2021 is the wrong baseline, and what the fund one attrition data actually shows- Why "we invest in AI" has stopped being a thesis, and where Matt is looking instead- How LP incentives, economic and non-economic, decide whether you ever get a check- The biggest mistake GPs make when telling their fund story- Why Matt thinks LPs who refuse to back fund ones are misunderstanding riskConnect with Matt Curtolo:LinkedIn: https://www.linkedin.com/in/matt-curtolo-caia/Connect with Prashant Choubey:LinkedIn: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Preview(00:52) - Introduction to the host, guest, and the episode's central theme.(01:23) - Sponsor read for Podcast NX.(02:26) - Comparing the 2021 LP market to today's.(04:52) - Investment trends and opportunities outside of AI.(08:55) - How General Partners (GPs) are positioning themselves for fundraising.(11:18) - Understanding Limited Partner (LP) incentives and their impact on investment decisions.(14:40) - Key factors for securing a second meeting with LPs.(17:15) - The biggest mistake GPs make when telling their fund's story.(19:32) - How LPs evaluate first-time fund managers today.(22:21) - The impact of SPVs and the "deal-first" mentality on portfolio building.(27:23) - Principles of good portfolio construction for long-term LPs.(30:46) - What separates durable franchises from one-fund wonders.(33:08) - A hypothetical fundraising strategy for launching a new fund today.(35:48) - Start of the rapid-fire round.(36:00) - An important LP question every GP should be prepared for.(36:19) - An exciting investment theme outside of AI.(36:31) - Outdated fundraising advice to ignore.(36:53) - A prediction for the GP fundraising market in the next three years.(37:19) - Concluding thoughts.

Nvidia just announced partnerships with some of the world's biggest financial institutions to mobilize more than $500 billion of capital for AI infrastructure.But there's an important distinction:Nvidia isn't investing $500 billion.The initiative is about bringing institutional capital into the financing of AI data centers, compute infrastructure, and related projects.In this episode, we break down what Nvidia's financing strategy really means—and why it could be one of the most important developments yet in the next phase of the AI buildout.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– What Nvidia's $500B financing initiative actually involves– Why Nvidia wants institutional investors to finance AI infrastructure– How compute could increasingly become an investable infrastructure asset– Why this could accelerate AI data center and GPU deployment– The potential beneficiaries across Nvidia, data centers, power, and networking– The risks if AI demand or GPU utilization doesn't meet expectations– Whether this creates a potentially circular financing ecosystem around AI– Why Wall Street is becoming an increasingly important participant in the AI buildoutThe bigger question:Are we simply finding new ways to finance the AI infrastructure boom—or are we watching the emergence of an entirely new institutional asset class?For investors, the answer matters. The next constraint on AI may not be GPUs or power—it may be the enormous amount of capital required to build everything around them.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Nvidia #AI #ArtificialIntelligence #AIInfrastructure #DataCenters #GPUs #Investing #TechStocks #VC10X #BlackRock #Apollo #Blackstone #GoldmanSachs #KKR #AIInvesting #Semiconductors #CloudComputing #CapitalMarkets #Finance #WallStreet

Andrea Hippeau is Head of Portfolio Management at Lerer Hippeau, an early stage venture firm based in New York. She has been at the firm for twelve years and recently moved into this role from Partner, shifting her focus from sourcing new deals to supporting the existing portfolio at scale. Lerer Hippeau invests at pre-seed and seed, leads rounds, and writes checks between one and four million dollars.This is Andrea's second appearance on VC10X, and a lot has changed since the last one.We get into what Series A investors are actually screening for now (hint: it isn't revenue), why AI efficiency is pushing some companies to raise more instead of less, the founder trait Andrea says has quietly overtaken sales, why Lerer Hippeau runs 70 to 75 percent enterprise despite its consumer reputation, and what twelve years of investing taught her about patience.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe talk about:- What Series A investors actually screen for now, and why an exceptional team can raise with no revenue- The efficiency paradox: AI lets you do more with less, so why are companies raising more?- Why Lerer Hippeau runs 70 to 75 percent enterprise despite its consumer reputation- Storytelling replacing sales as the founder trait that predicts everything else- Why a Partner deliberately stopped chasing deals after twelve yearsConnect with Andrea:LinkedIn: https://www.linkedin.com/in/andrea-hippeau-64658227/Lerer Hippeau: https://www.lererhippeau.com/Connect with Prashant Choubey:LinkedIn: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Teaser: The Changing Landscape of Venture Capital(01:58) - The Evolving Bar for a Series A Investment(04:36) - How AI is Redefining Compounding Growth in Startups(06:02) - Lerer Hippeau's Investment Focus: From Consumer to Enterprise(08:05) - Why AI Makes Consumer Brands a More Exciting Investment(10:03) - The Double-Edged Sword of AI on Startup Funding Needs(12:29) - The Impact of AI on Paid Advertising and Customer Acquisition(15:51) - Balancing Portfolio Support and Sourcing New Deals in a New Role(18:05) - Using AI to Manage Portfolio Data at Scale(20:30) - The Shifting Profile of a Modern Founder(21:58) - Sourcing Growth Capital for Consumer Brands Today(25:06) - The Dangers of the Venture Capital Hype Cycle(27:07) - What Founders Need the Most Help With (But Don't Always Ask)(30:36) - Why Storytelling Has Replaced Sales as the Most Important Founder Trait(32:18) - What Makes a Compelling Founder Story?(34:30) - Startups vs. Incumbents: The Battle for the Workflow Layer(36:43) - Regulated Sectors Ripe for Disruption(39:21) - Evolving the Investment Decision Process in the Age of AI(43:13) - Are Big Tech's AI Investments Boosting Startup Productivity?(46:27) - How a Decade in VC Shapes Investment Instincts(49:45) - Strategies for Seed Investing: Go Early, Be Contrarian, or Be Flexible(52:12) - Rapid Fire Round

This week, one tweet from Elon Musk reignited one of the biggest debates in AI investing.After AMD reported strong earnings, Musk posted that SpaceX has committed to using Nvidia GPUs exclusively because they are the best.At the same time, xAI continues to deploy both Nvidia and AMD GPUs—raising an important question for investors.Is Nvidia's lead in AI becoming even stronger, or is the AI infrastructure market simply becoming large enough for multiple winners?In this episode, we break down what AMD's earnings and Musk's comments tell us about the competitive landscape in AI chips.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– What AMD's latest earnings reveal about AI accelerator demand– Why Elon Musk said SpaceX will exclusively use Nvidia GPUs– Why xAI is taking a different approach by deploying both Nvidia and AMD– Nvidia's competitive moat beyond hardware: CUDA, networking, and software– Whether AMD needs to beat Nvidia—or simply capture a growing share of the AI market– What this means for the broader AI infrastructure investment thesisThe bigger question:Is the AI accelerator market a winner-takes-all industry, or will explosive AI demand create room for multiple winners?For investors, understanding where Nvidia's moat remains strongest—and where AMD is making meaningful progress—is key to evaluating the next phase of the AI infrastructure buildout.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Nvidia #AMD #AI #ArtificialIntelligence #GPUs #ElonMusk #SpaceX #xAI #Semiconductors #TechStocks #Investing #VC10X #DataCenters #CUDA #WallStreet #Finance #ChipStocks #AIInfrastructure #Markets #Earnings

David Epstein is General Partner at USF Ventures, the venture fund backing companies connected to the University of San Francisco. He was previously a General Partner at Crosslink Capital and has held management and CEO roles at more than half a dozen startups. He also teaches entrepreneurship and finance, and began his career at Data General as a computer designer, on the project chronicled in Tracy Kidder's Pulitzer Prize winning The Soul of a New Machine.In this episode, Dave argues that the real AI bottleneck isn't chips, power, or capital. It's data. We get into why frontier labs backing open weight models is a defensive move rather than a principled one, where early stage startups can still win, and why he thinks jobs will disappear faster than they get created.⭐This episode is brought to you by Podcast10x. We help founders and investors turn one podcast episode into a full month of content. Strategy, production, and distribution handled end to end. Learn more at https://podcast10x.comWhat we cover:→ Why "AI company" is no longer a category, and the pitch deck claim that has become his pet peeve→ Why AI isn't a tool anymore, and what makes this cycle different from the dot com era→ The real bottleneck: why we've exhausted the internet's data and what comes next→ Money as the constraint nobody prices in, and the circularity in the current data center build out→ How Chinese open weight models pull revenue out of token charges and subscriptions→ Why big lab support for open models is defensive positioning→ Who survives if open weights take share, and why consolidation is coming→ Where early stage startups can still win: drug discovery, financial services, legal→ Why the likely exit is a sale, not an IPO→ Ethical investing as a return rather than a tax, and why it's tough to work with jerks→ Why self-regulation rarely works, and what 2008 tells us about the current AI alliance→ Why layoffs are just the beginning, and the Industrial Revolution parallel everyone forgets→ Where the jobs actually are: management, human facing care, and the trades→ What top tier VCs get right, and why VCs are also lemmings→ Quantum computing as a data center accelerator, and the password problem it creates→ Physics AI vs physical AI, and the validation problem sitting on top of both→ Five year predictions: AGI, commonplace robots, and why consciousness doesn't matterConnect with Dave Epstein:LinkedIn: https://www.linkedin.com/in/thedavee/USF Ventures: https://usfventures.comConnect with Prashant Choubey:LinkedIn: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comVC10X website - https://vc10x.comTimestamps:(00:00) - Preview(00:56) - Introduction to David Epstein and the Episode's Topics(02:48) - How the AI Startup Landscape Has Fundamentally Changed(05:08) - Comparing the Current AI Boom to the Internet Boom(06:25) - Identifying the Next AI Bottleneck: Chips, Power, or Data?(09:30) - Why Money is an Overlooked Bottleneck for AI Development(11:14) - The Cyclical Nature of AI Investments and Financing(12:46) - Analyzing Big Tech's Support for Open Source Models(15:12) - Winners and Losers: Open Source vs. Frontier Models(18:01) - How Early-Stage Startups Can Compete and Win in the AI Space(20:53) - The Role of Ethics in AI Investment Decisions(23:31) - The Challenge of Upholding Ethics in a Competitive Market(26:21) - Implications of the OpenAI Model Escaping(29:46) - The Future of AI-Driven Job Disruption(32:46) - Where to Find Employment Opportunities in the AI World(37:43) - How Top-Tier VCs Evaluate Founders and Make Decisions(40:21) - The Most Exciting Emerging Areas of Innovation(43:18) - Explaining Quantum Computing's Potential and Impact(48:39) - An Ambitious AI Prediction for the Next 5 Years(51:35) - Rapid Fire Round: USF Ventures' Investment Strategy(53:06) - Conclusion

Some of the biggest names in AI—including Nvidia, Microsoft, Meta, IBM, Palantir, OpenAI, and Google—came together this week to support open-weight AI models.In an industry defined by intense competition, that level of alignment is rare.So why are these companies pushing for broader access to AI? And why did Anthropic choose not to sign the letter?In this episode, we break down what this industry-wide initiative means for the future of AI, innovation, regulation, and the companies building the AI ecosystem.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– What the open-weight AI letter is actually calling for– Why so many leading AI companies backed the initiative– The difference between open-source AI and open-weight AI– Why Anthropic took a different position– How open-weight models could accelerate AI adoption– What this means for Nvidia, Microsoft, Meta, Google, OpenAI, and the broader AI infrastructure ecosystemThe bigger question:Will open-weight AI create a larger, more competitive AI ecosystem, or will safety and regulation eventually limit how widely these models can be deployed?For investors, this debate isn't just about AI policy. It's about the future structure of the AI industry—and who stands to benefit as adoption continues to accelerate.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.

Lara Nuchowicz is the Principal at AR Capital, a next-gen allocator at the family office, where she manages the private markets portfolio. She started attending investment meetings with her father at fifteen, sitting across from Chase Coleman at Tiger, Steve Cohen at Point72, and Jim Simons at Renaissance. In 2017 she deployed her first capital, and today she owns sourcing, diligence, and monitoring across a portfolio of more than 80 venture funds, with the family screening around 500 managers a year. She has also launched her own fund-of-funds platform, now on its second vehicle, and hosts an invite-only family office retreat twice a year in Spain and Switzerland. Almost every manager she backs runs a fund under $100M and is under thirty.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe cover:→ Why there was no single moment she knew, and what actually changed in 2017→ The family philosophy: back people, back them early, stay twenty years→ Why venture doesn't scale, and what that forces you to do→ Funds vs directs, and why the two are not a trade-off→ Running 80+ funds with a three-person team→ The invite-only family office retreat, and why there's no membership fee→ Building a fund-of-funds that isn't a blind pool of capital→ How mixing directs into the vehicle answers the double-fee critique→ Why she'd rather back an emerging manager than write a check to Sequoia→ Fund size as the return lever: under $100M, ideally under $50M→ Tracking talent before thesis, and backing managers under thirty→ The consumer fund she passed on that's now at 7x MOIC and 3x DPI→ What emerging managers get wrong when they pitch family offices→ Why a family office is a resource, not a check→ The next gen's real edge, and where most of them go wrongLinks:Connect with Lara: https://www.linkedin.com/in/lara-nuchowicz/Connect with Prashant: https://linkedin.com/in/choubeysahabVC10X newsletter - https://vc10x.beehiiv.comYouTube - https://youtube.com/@VC10XApple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3kVC10X website - https://vc10x.comTimestamps:(00:00) - Why emerging managers are a better fit than brand-name funds like Sequoia.(00:45) - Common mistakes emerging managers make when approaching family offices.(01:02) - Introduction to the episode and guest, Lara Nuchowicz.(02:28) - Lara's gradual journey into the family's investment business.(04:42) - The family's core investment philosophy of backing people early.(06:51) - Balancing fund investments vs. direct investments in companies.(09:33) - Lara's role and autonomy within the family office.(10:45) - The exclusive, invite-only family office retreat Lara hosts.(13:29) - Managing a lean team and internal processes at a family office.(14:55) - Launching a fund of funds platform with a family office mindset.(18:23) - Addressing critiques of the fund of funds model like double fees and liquidity cycles.(21:48) - How family offices handle tax implications in venture investing.(24:10) - The strategic reasons for backing emerging managers over established brand-name funds.(27:14) - Investment Strategy: Prioritizing talent over a specific thesis.(29:49) - The right and wrong ways for emerging managers to approach family offices.(32:43) - The story of a fund she passed on that returned 7X and the lesson learned.(34:41) - The evolving role of the next generation in family office investing.(37:17) - Lara's approach to raising her child in a family of investors.(41:04) - Final advice for emerging managers on building long-term relationships.(42:43) - Start of the Rapid Fire round.(43:02) - Investment focus: Regions and sectors.(43:21) - Typical check size for fund investments.(43:38) - Ideal investment stage for fund managers.(44:06) - How to connect with Lara.

Google's latest earnings weren't just about another strong quarter.They offered one of the clearest signals yet on the health of the AI investment cycle.From resilient Search revenue to continued Cloud growth and massive AI infrastructure spending, the results suggest that AI is becoming deeply embedded across Google's business—not just as a product, but as a platform.In this episode, we break down what Google's earnings mean for the broader AI thesis and why investors across the semiconductor, cloud, and infrastructure ecosystem should be paying attention.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– What Google's earnings reveal about AI adoption– Why Search remains more resilient than many expected– How Gemini and AI are being integrated across Google's products– Why Google Cloud remains a key beneficiary of enterprise AI– What continued AI infrastructure spending means for Nvidia, TSMC, ASML, Micron, and the broader supply chain– The key metrics investors should watch over the coming quartersThe bigger question:Are Google's results evidence that AI is already generating real business value, or is the market still too optimistic about long-term returns?For investors, Google's earnings provide another important data point that the AI infrastructure buildout—and enterprise adoption of AI—remains firmly on track.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Google #Alphabet #AI #ArtificialIntelligence #Gemini #GoogleCloud #Nvidia #ASML #TSMC #Micron #Semiconductors #Investing #TechStocks #VC10X #Finance #CloudComputing #BigTech #Earnings #WallStreet #Markets

ASML may have delivered the most important earnings report of the week for semiconductor investors.The company raised its full-year sales guidance again, reported a sharp increase in memory-related revenue, and announced plans to expand EUV lithography production by around 30% annually in 2027 and 2028.While the headlines focused on ASML, the implications extend far beyond one company.In this episode, we break down why ASML's latest results reinforce the broader AI infrastructure story—and what they mean for companies across the semiconductor supply chain.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– Why ASML is one of the most important companies in the AI ecosystem– What the latest earnings reveal about global semiconductor demand– Why memory-related revenue surged and what it says about HBM demand– How strong EUV orders reinforce the long-term AI infrastructure buildout– The read-through for Nvidia, TSMC, Micron, SK hynix, and other semiconductor leaders– Why investors should watch semiconductor equipment companies as closely as AI chip designersThe bigger question:If the AI infrastructure boom were slowing, would ASML be raising guidance and expanding production capacity?For investors, ASML's earnings provide another important data point that demand for advanced semiconductor manufacturing—and the AI infrastructure powering it—remains robust.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#ASML #Semiconductors #AI #ArtificialIntelligence #Nvidia #TSMC #Micron #SKHynix #HBM #EUV #ChipStocks #Investing #TechStocks #VC10X #Finance #VentureCapital #DataCenters #SemiconductorEquipment #WallStreet #Markets

Has the AI funding boom peaked?Many investors expected higher interest rates, rising infrastructure costs, and questions around AI monetization to slow venture capital activity.Instead, the opposite is happening.New AI unicorns continue to emerge, with billions of dollars flowing into AI infrastructure, enterprise software, robotics, and cybersecurity.In this episode, we break down where venture capital is placing its biggest bets—and what that means for the next phase of the AI economy.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– Why AI funding remains incredibly strong despite macro uncertainty– The startups attracting the largest funding rounds across AI infrastructure, enterprise AI, robotics, and cybersecurity– Why investors are backing companies like Thinking Machines Lab, Glean, Harvey, Figure AI, and Skild AI– How venture capital is shifting from foundation models to the broader AI ecosystem– What today's private market funding says about tomorrow's public market opportunities– Why infrastructure, automation, and enterprise software could become the next major AI winnersThe bigger question:Are we witnessing another venture capital bubble, or are investors funding the next generation of category-defining AI companies?For investors, following where the smartest venture capital is flowing can provide an early signal of where long-term value is being created.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up—not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#AI #ArtificialIntelligence #VentureCapital #Startups #EnterpriseAI #Robotics #Cybersecurity #Infrastructure #Investing #VC10X

David Hornik is the Founding Partner of Lobby Capital, an early-stage venture firm built on concentrated, conviction-driven investing. Before founding Lobby, he spent 20 years as a General Partner at August Capital, where he was the earliest investor in Splunk and backed companies like WePay, Bill.com, and Fastly.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode we cover:→ Why three out of four VC firms couldn't raise a fund last year — and why Lobby Capital did→ 2000 vs. today: the one structural difference that makes this AI cycle harder to navigate→ Dancing among giants — what it takes for startups to survive next to Google, Meta, and Microsoft→ The two deals that got away: LinkedIn, Uber, and the lessons that came out of missing them→ Why Lobby Capital passed on Airbnb's Series A — and has never used a formal voting system since→ Splunk and big data — betting on a problem nobody else was talking about in 2004→ The exit landscape: mega IPOs, a record M&A market, and why liquidity may not reach everyoneLinks:Lobby Capital: https://lobby.vcConnect with David on X: davidhornikConnect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - https://vc10x.beehiiv.comSubscribe on YouTube - https://youtube.com/@VC10XSubscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQVC10X website - https://vc10x.comTimestamps:(00:00) - Preview (00:48) - Guest Introduction: David Hornik, Founding Partner at Lobby Capital (02:32) - Fundraising for Lobby Fund Two in a Tough LP Market (03:57) - Key Learnings from Fundraising: Fund One vs. Fund Two (05:45) - Comparing the Current Market to the 2000 Dot-Com Bubble (09:15) - The Current Sentiment-Driven Correction in AI Markets (10:27) - On Irrational Valuations and the "SaaS-pocalypse" (13:05) - Strategies for Startups: Finding a Proprietary Position (15:17) - Why Lobby Capital Avoids Late-Stage Special Opportunity Funds (16:45) - Learning from Passing on LinkedIn and Uber (21:23) - The Importance of Being Valuation Sensitive (24:15) - Backing Unconventional Founders and the Airbnb Miss (27:41) - The Splunk Investment: Solving a Real, Unseen Problem (30:16) - Lobby Capital's Conviction-Driven Model Without Formal Voting (32:45) - Building Psychological Safety with Founders Remotely (35:30) - The Current Exit Landscape: A Tale of Two Cities (39:03) - The Playbook for Supporting an Overwhelmed Founder (42:02) - Contrarian Take: The Real Opportunity is in Empowering Humans (43:45) - Rapid Fire Round Begins (43:58) - Investment Focus: Great People Solving Problems with Software (44:28) - Typical Investment Stage: First Professional Money In (44:45) - Why Lobby Capital Always Leads Rounds (45:42) - Typical Initial Check Size (46:08) - How Founders Can Get in Touch (46:32) - Where to Follow David and a Tribute to Om Malik

Reports that Meta is selling excess AI compute sparked an important question across the investment community:Is this the first sign that AI demand is slowing?Or is the market reading too much into a normal part of operating hyperscale infrastructure?In this episode, we separate headlines from fundamentals and examine what Meta's move could actually mean for the broader AI investment thesis.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– Why Meta may be selling excess compute capacity– Does this signal weakening AI demand or simply better capital allocation?– How hyperscalers think about infrastructure utilization– What this means for Nvidia, Micron, and the broader AI supply chain– Why compute utilization is becoming just as important as compute capacity– The key indicators investors should monitor to assess the health of the AI buildoutThe bigger question:Is Meta's decision an early warning sign for the AI infrastructure boom, or evidence that the industry is entering a more mature phase where optimizing compute matters as much as building it?For investors, understanding the difference between excess capacity and weakening demand is critical to evaluating the next phase of the AI race.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Meta #AI #ArtificialIntelligence #Datacenter #Nvidia #Micron #Semiconductors #CloudComputing #Investing #Stocks #TechStocks #VC10X #Infrastructure #CapitalMarkets #Finance #VentureCapital #WallStreet #BigTech

What does it take to back a technical founder before there's a product, a customer, or a dollar of revenue? Ashmeet Sidana has been doing exactly that — and he's been oversubscribed on every fund he's ever raised.Ashmeet is the Founder and Managing Partner of Engineering Capital, a seed-stage venture fund he runs as a solo GP in the Bay Area. A Stanford-trained engineer and former product leader at VMware, he brings one of the sharpest technical lenses in early-stage venture.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode we cover:→ Why software still holds 63,000x more opportunity than hardware→ Data as the new asbestos — and the AI slop contamination loop→ Data sovereignty and the rise of isolated global cloud regions→ Big tech's structural blind spots and the Gandhi model for startups→ Backing technical founders at day zero, before product or revenue→ Why running a fund alone is a structural advantage, not a risk→ The VMware lesson every AI infrastructure founder needs to hearLinks:Engineering Capital: engineeringcapital.comConnect with Ashmeet on X: ashmeetsidana Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - Preview(01:22) - Introduction to Guest Ashmeet Sidana & Episode Overview(03:00) - The Interconnect Layer Bottleneck in LLM Training(04:52) - Physical Limitations: From Silicon Availability to Megawatt Capacity(06:01) - Powering Data Centers: Consistent vs. Intermittent Energy Sources(08:21) - The Case for Software: Unlocking 63,000x Performance Gains(11:12) - Data Sovereignty and the Rise of Independent Cloud Regions(13:19) - How Engineering Architectures Must Evolve to Handle "AI Slop"(16:57) - Can AI Be Used to Detect AI-Generated Slop?(18:26) - What Happens When a New AI Architecture Replaces the Transformer?(20:19) - Startup Opportunities Arising from the Legacy CPU Stack(21:48) - How Startups Can Compete with Big Tech's Infinite CapEx(25:34) - Identifying Big Tech's Structural Blind Spots in the AI Cycle(28:22) - Early Signals of Commercial Instinct in Technical Founders(29:47) - How to Pressure Test a Founder's "Technical Insight" at Day Zero(31:45) - The Solo GP Advantage: Turning Key Man Risk into Structural Alignment(34:51) - Transitioning from an Operator to a Venture Capitalist(36:34) - Managing the Workload as a Solo GP(39:30) - Why AI Startups Struggle to Find a Specific Niche like VMware's Server Consolidation(41:17) - Rapid-Fire Round: Investment Thesis(42:40) - Rapid-Fire Round: How Founders Can Get in Touch(43:05) - Rapid-Fire Round: Where to Follow Ashmeet Sidana

Micron just delivered one of the most important earnings reports of the AI era.The company reported record fiscal Q3 results and issued a blowout forecast for the next quarter, sending the stock sharply higher.But the real story wasn't the earnings beat.It was management's commentary that memory shortages could persist beyond 2027 as AI demand continues to outstrip supply.In this episode, we break down what Micron's latest earnings tell us about the broader AI infrastructure buildout — and why the implications extend far beyond a single semiconductor company.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– Why Micron's results are a critical signal for the entire AI ecosystem– How memory has become one of the biggest bottlenecks in AI infrastructure– Why HBM demand is exploding alongside AI training and inference– What persistent memory shortages could mean for the industry– Why the AI investment theme may be broader than just Nvidia– Whether current margins and valuations are sustainable– The biggest risks investors should be watchingThe bigger question:Are Micron's results evidence that AI is entering a multi-year infrastructure supercycle?Or are investors extrapolating today's shortages and demand too far into the future?For investors, Micron's earnings may be one of the clearest indicators yet of how strong underlying AI demand remains — and where the next opportunities in the AI stack may emerge.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Micron #MU #AI #ArtificialIntelligence #Semiconductors #Nvidia #HBM #Datacenter #Investing #Stocks #TechStocks #VC10X #OpenAI #Anthropic #Google #Microsoft #WallStreet #Finance #VentureCapital #Markets

What does managing $600 billion teach you about risk that most investors never learn?Jeffrey Blazek, Co-CIO of Multi-Asset at Neuberger Berman, joins Prashant on VC10X to challenge the assumptions that have quietly shaped — and quietly undermined — institutional portfolios for a generation. From the macro shift that is more permanently broken than rates or geopolitics, to the asset class generating 10 to 15 percent returns with zero correlation to equities, to whether AI is the internet bubble all over again — this is one of the most substantive allocator conversations we have had on the show.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:— Why deglobalization is the one macro assumption that will not reverse— The difference between short-term volatility risk and the purchasing power risk that actually destroys portfolios— Why bonds have failed as a diversifier and what replaces them— Catastrophe bonds: the non-consensus case for an asset class most institutions will not touch— The $1B to $10B institutional sweet spot and why scale is not always an advantage— AI investment: real conviction, real concentration risk, and the winner-take-most bear case— What the private markets miscalibration of the last decade means for LP portfolios today— The off-script manager due diligence technique that separates process from performance— Career risk as the hidden driver of institutional conservatism— Where rates are headed and why the old fixed income playbook is goneJeffrey Blazek is Co-CIO of Multi-Asset at Neuberger Berman, a $600B global asset management firm with over 700 investment professionals across 30+ offices worldwide.Links:Neuberger - https://www.nb.com/Jeffrey on LinkedIn: https://www.linkedin.com/in/jeffrey-blazek-cfa-a0a57212Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - Preview(01:39) - Introduction to Jeffrey Blazek(03:16) - Which Macro Assumptions Are Permanently Broken Today?(05:03) - Key Drivers of Long-Term Returns Most Investors Underestimate(06:24) - Coaching Clients to Embrace Appropriate Equity Exposure(07:55) - What Real Diversification Looks Like in Practice(09:51) - How Portfolio Construction Changes as Institutions Scale(11:55) - Should Investors Change Their Approach to Equity Markets Now?(13:31) - Evaluating a New Asset Class for Permanent Allocation(15:16) - AI: A Genuine Secular Shift or a Narrative-Driven Boom?(17:26) - The Bear Case for AI: Commoditization and Concentration Risk(19:30) - Uncovering a Non-Consensus Asset Class: Catastrophe Bonds(21:09) - Common Mistakes LPs Make in Private Market Allocations(22:58) - The Key to Effective Investment Manager Selection(24:25) - Analyzing Past Portfolio Mistakes: Errors of Analysis vs. Behavior(26:24) - The Gap Between Institutional Goals and Portfolio Realities(27:38) - What Drives Over-Conservatism in Institutional Investing?(29:15) - How Investment Needs Differ Across Institutions (Hospitals vs. Endowments)(31:38) - Advising Family Capital: Avoiding Common Mistakes(33:43) - Career Lessons Learned from Navigating Market Crises(36:01) - The Most Misunderstood Risk of the 2020s(37:22) - Is the AI Boom a Repeat of the Dot-Com Bubble?(38:15) - The Three Most Important Bets for the Next Decade(40:00) - Outlook on the Future Interest Rate Environment(41:19) - Where to Find Jeffrey Blazek and Neuberger Berman

For years, investors have focused on the same AI winners:Nvidia. Microsoft. Amazon. Alphabet. Meta.Now a new question is emerging:Is SpaceX becoming so large that investors are selling other stocks to make room for it?As one of the largest IPOs in history, SpaceX has captured enormous institutional attention. Index funds, active managers, and long-term allocators all want exposure.But capital isn't infinite.If billions of dollars flow into SpaceX, where does that money come from?In this episode, we explore whether the SpaceX IPO is contributing to weakness across technology and AI stocks — and separate market mechanics from market mythology.Key topics:– How large IPOs affect index funds and institutional portfolios– Why investors may be trimming existing winners to fund SpaceX positions– Whether Nvidia, Microsoft, Amazon, and other AI leaders could face temporary selling pressure– The difference between liquidity-driven selling and fundamental weakness– Why inflation, interest rates, and geopolitics still matter more than most investors think– Whether SpaceX represents a short-term dislocation or a longer-term capital rotationThe key question:Is SpaceX actually pulling the market down, or is it simply competing for the same pool of capital that has driven the AI trade for the past two years?For investors, understanding capital flows can be just as important as understanding company fundamentals.Subscribe to VC10X for investor-first analysis on AI, venture capital, technology, and global markets.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#spacex #markets #spacexipo

Duncan Johnson, CEO and co-founder of Northern Gritstone, joins VC10X to break down why the UK produces world-class science but struggles to turn it into globally significant companies. We dig into the £24 million vs. £980 million funding gap between the north of England and the Golden Triangle, why a US investor on your cap table can mean a 2x outperformance potential, and how Northern Gritstone's permanent capital structure lets it match the 15-year reality of deep-tech venture instead of forcing exits on a 10-year fund clock.Duncan also shares what UK institutional investors still get wrong about venture risk and portfolio construction, why concentrating capital in a handful of innovation clusters beats spreading it thin, where he believes the UK has a genuine right to win in applied and agentic AI, and the three qualities — ambition, aptitude, and attitude — that separate university spin-outs that become real businesses from the ones that stay great science projects.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comTimestamps:(00:00) - The Impact of US Investors on UK Startups (00:19) - Why the UK Fails to Create Tech Giants (00:29) - The UK's Commercial Talent Gap (00:50) - Why Talent is More Crucial Than Science (01:13) - Introduction to Duncan Johnson and Northern Gritstone (02:58) - The Problem Northern Gritstone Solves (03:08) - The North-South UK Funding Disparity (04:15) - Where the UK's Innovation Value Chain Breaks (05:59) - The Trend of UK Startups Seeking US Capital (06:14) - Data-Backed Benefits of Entering the US Ecosystem (08:05) - Defining the UK's Talent Shortage (08:27) - The Scarcity of Venture-Scale Experience (09:25) - Investor Perceptions of the UK's Future (09:41) - How Political Instability Affects UK Investment (11:28) - Northern Gritstone's Permanent Capital Model (11:48) - Pros and Cons of a Permanent Capital Structure (14:37) - Managing Shareholder Liquidity in a Permanent Capital Fund (14:58) - Strategies for Providing Investor Liquidity (17:17) - How New vs. Early Investors are Treated (20:00) - The Current Climate for Raising Venture Capital (22:11) - What Institutional Investors Misunderstand About Venture Capital (22:26) - The Key Misconceptions: Duration, Risk, and Portfolio Size (24:00) - The Case for Concentrated Innovation Clusters (26:07) - Spotlight on Northern Gritstone's Portfolio Companies (26:18) - The Story of Auxetic: A Breakthrough Material (28:40) - How Adsilico Uses AI for Medical Device Testing (30:13) - Uncomfortable Lessons from San Francisco (30:27) - What the UK Can Learn from Silicon Valley's Startup Culture (33:15) - Where the UK Has a Right to Win in AI (35:04) - How to Invest £10 Billion in the UK's AI Future (36:26) - From Science Project to Global Company (36:37) - The Three A's of Successful Founders: Ambition, Aptitude, and Attitude (37:42) - The 15-Year Vision for UK Tech (37:55) - Defining Success: A Trillion-Pound UK Tech Company (39:32) - A Common Misconception About UK Innovation (39:45) - Why Innovation is a Long-Term Game, Not a Quick Fix (40:56) - Where to Follow Duncan Johnson and Northern GritstoneLinks:Northern Gritstone: https://northerngritstone.comLinkedIn: https://linkedin.com/company/northern-gritstoneConnect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com#VentureCapital #UKInnovation #DeepTech #UniversitySpinouts #PermanentCapital

Markets sold off this week, but not because of a single headline.Instead, investors were forced to digest multiple developments at the same time:• A potentially historic SpaceX IPO• Stronger-than-expected employment data• Persistent inflation concerns• Rising geopolitical tensions in the Middle EastIn this episode, we break down what's actually driving market sentiment — and whether this pullback is a warning sign or simply a repricing of expectations.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– Why strong jobs data can be bad news for stocks– How inflation is influencing interest rate expectations– The potential impact of a massive SpaceX IPO on market liquidity– Why geopolitical tensions matter for energy prices and inflation– Whether AI and technology stocks have gotten ahead of fundamentals– What investors should be watching over the next few monthsThe bigger question:Is this the start of a broader correction, or just the market adjusting to a more realistic macro environment?For investors, understanding the interaction between rates, inflation, liquidity, geopolitics, and AI valuations has never been more important.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Markets #Investing #SpaceX #AI #Inflation #FederalReserve #Stocks #TechStocks #VC10X #MacroEconomics #Nvidia #Tesla #Micron #OpenAI #Anthropic #Finance #VentureCapital #Geopolitics #InterestRates #WallStreet

Dave White is the founder of Wayfinder, a boutique advisory firm serving families and institutions across portfolio construction, manager selection, and governance. Before Wayfinder, he spent nearly twelve years at Cambridge Associates, conducting 400+ manager meetings annually across every major asset class.In this episode, Dave breaks down what he actually looks for after thousands of manager meetings, why the corners of the market matter more than what's in demand today, and what most families get dangerously wrong about risk, governance, and generational wealth transfer.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWhat we cover:- Why the hit rate on truly great managers is 1-2% even after 400 meetings a year- The difference between time-weighted and dollar-weighted returns — and which one actually tells the truth- How to get a manager off script and why that's the only meeting that matters- What "stronger dollars, not faster dollars" means for GPs building a durable LP base- Why 70% of third-generation wealth disappears — and the governance fix most families skip- The crypto disconnect: institutions are building on it, but LP dollars have dried up- Why concentration, not diversification, is how the largest wealth in the world has always been created- What the first conversation with a newly liquid founder should actually be about- How AI is changing the pace and depth of manager due diligence right nowLinks:Wayfinder website - https://wayfinder.ioConnect with Dave White - https://www.linkedin.com/in/dave-s-white/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - The Disconnect in Digital Asset Adoption (00:22) - Differentiating Exceptional Managers from Great Storytellers (00:33) - Biggest Misconceptions VCs Have About LPs (00:45) - A Contrarian Belief: The Power of Concentration (01:03) - Introduction to Dave White and Wayfinder (02:34) - What's Broken in Traditional Wealth Management (04:54) - How to Find Underserved Corners of the Market (07:58) - Working with Families on Non-Investment Fronts (09:05) - Timeless Principles for Investing Across Asset Classes (10:51) - Signals of a Truly Exceptional Manager (13:36) - What Limited Partners *Actually* Care About (15:07) - Why Some Families Thrive Across Generations (and Others Don't) (18:15) - The Critical Role of Involving the Next Generation (20:40) - The First Portfolio Conversation for a Newly Wealthy Founder (23:12) - "New Wealth" vs. "Old Wealth": Different Approaches to Investing (25:05) - The Consequences of Underinvesting in Governance (30:04) - Differentiating Factors for Successful Generational Wealth Transfer (32:18) - The Evolving Role of Family Capital in the Next Decade (34:02) - Manager Evaluation in the Age of AI (37:24) - The Single Biggest Factor for Long-Term Investment Outcomes (38:57) - The Future of Family Offices: What Top Investors Will Do Differently (40:32) - A Contrarian Belief: The Case for Concentrated Portfolios (43:15) - Where to Find Dave White OnlineNew episodes live every Tuesday & Thursday.

This is the 300th episode of VC10X — and instead of bringing on a guest, host Prashant Choubey turns the mic on himself. AI generated the questions. Prashant answered them. The result is one of the most honest conversations about venture capital, building in public, wealth, and what 300 interviews actually teach you.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:- Why Prashant started VC10X at 22 — and why a coffee chat wasn't enough- What changed from the first 50 episodes to the last 50 (the bar, the macro, the mindset)- Three lessons for founders distilled from 300 conversations- Why you should diligence your VCs as hard as they diligence you- The biggest misconception founders have about fundraising- What separates exceptional investors from merely successful ones- How AI has changed the diligence conversation — and why product is no longer a moat- What 300 interviews taught Prashant about wealth- Why venture capital is not for everyone — including possibly you- Why every VC should have a podcast (and most are still leaving it on the table)- Episodes and guests that changed how Prashant thinks: Wendy Craft, Ronald Diamond, John Messervey, Justin Pollack, Paul Flood, Greg Ho, Anurag Chandra, and moreLINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#VC10X #VentureCapital #FundManagement #StartupPodcast #PrivateEquity #FamilyOffice #Investing #Founders #VC #PodcastMilestone

The old playbook is broken. Free capital, dormant inflation, and stable geopolitics defined the last decade of investing. That era is over — and the investors who haven't updated their framework are running the wrong race.In this episode, Prashant sits down with Paul Flood, Head of Multi-Asset at BNY Investments Newton, overseeing more than $106 billion in AUM. Paul breaks down how to build portfolios resilient to multiple macro outcomes simultaneously — from AI-driven earnings booms to geopolitical shocks and structurally higher rates.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWhat we cover:- Why capital, inflation, and geopolitics have permanently changed the investing landscape- How to position when two competing macro theses are both plausible- The AI supply chain trade — where the real money is flowing beyond Nvidia- Why index concentration is a bigger structural risk than most investors acknowledge- Real assets, sequencing risk, and protecting capital for investors near retirement- The contrarian oil thesis most investors aren't pricing in- Why time in the market beats timing the market — every time---Links:BNY Investments Newton - https://www.newtonim.com/Connect with Paul Flood - https://www.linkedin.com/in/paul-flood-a9623221/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com---Paul Flood is Head of Multi-Asset at Newton Investment Management, the specialist investment arm of BNY Investments, with over $106 billion in AUM.

Micron just briefly crossed the $1 trillion market cap mark after UBS raised its price target to $1,625.That's a stunning rerating for a company that, for years, was viewed as a highly cyclical commodity memory business.So what changed?In this episode, we break down why the market is suddenly treating Micron Technology as a critical AI infrastructure company — and whether that thesis is justified or overblown.Key topics we explore:– Why HBM and advanced memory are becoming essential for AI– How AI workloads are changing memory demand dynamics– Why hyperscaler spending is reshaping the semiconductor industry– The significance of long-term supply agreements– Whether memory is still cyclical… or structurally transformed– Why UBS became so aggressive on Micron's valuationThe core investor debate:Is AI permanently changing memory economics?Or is the market extrapolating peak scarcity and peak optimism too far?Because at a trillion-dollar valuation, investors are no longer pricing Micron like a traditional semiconductor cycle.They are pricing it like strategic AI infrastructure.Subscribe to VC10X for investor-first analysis on AI, semiconductors, venture capital, and global markets.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.Disclaimer:This content is for informational purposes only and does not constitute investment advice.

TX Zhuo is General Partner at Fika Ventures, an early-stage venture firm with over $500 million in AUM backing B2B companies across vertical AI, fintech, commerce enablement, and healthcare in North America. Before becoming a VC, TX bootstrapped a company to a successful exit without raising venture capital — an experience that permanently shaped how he evaluates founders and business models today.In this episode, TX breaks down why he believes infrastructure will win this fintech cycle over consumer apps, what separates a venture-scale AI company from an AI feature, and why the best vertical AI companies are ones where ripping out the platform would feel like open heart surgery. He also shares the three mistakes from the last fintech boom that investors and founders still haven't fully absorbed, and what the financial system looks like in ten years when AI agents, real-time settlement, and hyper-personalized products converge.If you're a founder building in fintech or vertical AI, or an investor trying to separate durable businesses from the noise, this one is worth your full attention.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe talk about -Why infrastructure will win the current fintech cycle over consumer-facing appsWhat separates a venture-scale AI company from an AI featureThe three biggest mistakes from the last fintech boom that investors and founders still haven't fully internalizedHow Fika identifies boring industries ready for a massive software companyWhat the financial system looks like in ten years as AI agents, real-time settlement, and hyper-personalized products convergeLinks:Fika Ventures - https://www.fika.vc/Connect with TX Zhuo - https://www.linkedin.com/in/tianxiangzhuo/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - Preview(00:30) - Introduction to the Guest and Episode Topics(02:13) - Tx's Journey: From a Bootstrapped Founder to a VC(03:51) - The Value of Having a VC on Your Side(05:10) - The Importance of "Earned Insights" in Founders(06:17) - Investing in "Boring" Industries with Low Software Penetration(07:22) - What Makes an AI Product a Venture-Scale Business(08:52) - When Embedded FinTech Becomes a Real Business Model(10:01) - The Upsides and Risks of AI in FinTech(12:35) - Why Infrastructure Will Win This FinTech Cycle(14:00) - Key Mistakes from the Last FinTech Boom(16:09) - Which FinTech Categories Will Command Premium Valuations(18:42) - Building Defensibility in Vertical AI Companies(20:30) - Signs That a "Boring" Industry Is Ready for Disruption(22:16) - Sources of Differentiation When AI Commoditizes Intelligence(24:36) - The Future of Finance: AI, Blockchain, and Payments Converge(27:46) - The Secret to Fika Ventures' Success and Fundraising(30:01) - Choosing Between a Great Founder and a Great Market(30:21) - What Tx Would Do Differently if Starting Fika Today(31:53) - Rapid Fire Round Begins(33:33) - Conclusion#VC10X #VentureCapital #Fintech #VerticalAI #FikaVentures #EarlyStageVC #B2BStartups #AIStartups #StartupPodcast #FounderAdvice

Google I/O may have changed the way investors should look at the AI race.For the last two years, Google has often been framed as the incumbent under threat — especially as ChatGPT, OpenAI, and Anthropic captured attention in consumer and enterprise AI.But Google's advantage is different.It is not just competing through a standalone chatbot.It has distribution across:SearchAndroidYouTubeGmailChromeWorkspaceGoogle CloudTPUsGeminiIn this episode, we break down why Google may be the “underdog” in market narrative — but one of the most strategically positioned companies in AI.Key questions we explore:– What did Google I/O reveal about Google's AI strategy?– Why is distribution such a powerful moat in AI?– Can Google defend Search while transforming it into an AI-native interface?– How do Android, YouTube, Gmail, Workspace, and Chrome strengthen Gemini's reach?– Why could TPUs become an important infrastructure advantage?– What should investors watch: model quality, monetization, capex, or platform control?The core investor question:Can Google convert its massive distribution into durable AI monetization?If it can, Google may not be behind in the AI race.It may be one of the most important companies to watch.Subscribe to VC10X for fact-based, investor-first analysis on AI, venture capital, and global markets.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.Disclaimer:This content is for informational purposes only and does not constitute investment advice.

Jean-Baptiste Wautier spent nearly thirty years in private equity, including over two decades as Partner and CIO at BC Partners, one of Europe's leading buyout firms, where he helped manage approximately forty billion euros in institutional capital. Today he runs a consumer-focused family office and sits on the boards of Pershing Square Holdings and Howard Hughes Holdings.In this episode, JB breaks down what the best deals have in common before anyone knows they are great, why he believes diversification is insurance for investors who don't understand what they own, and how moving from institutional capital to family capital fundamentally changes your relationship to time, risk, and opportunity.We also get into the Iran war, volatile markets, and the S&P rallying twenty percent in a single month. JB makes a convincing bear case and an equally convincing bull case — and then tells you exactly what he is doing with his own capital right now.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics discussed:- From institutional PE to family capital: how removing mandate constraints and preset timelines changes the way you invest- The three ingredients every great deal has in common: moat, management, and optionality- Why diversification is insurance for investors who don't understand what they own, and why concentration is how alpha gets generated- The Iran war, volatile markets, and why you can never time the market — including JB's case for and against deploying right now- Buy well, own well, and the ancient Greek concept of Kairos as the art of knowing when to exitLinks:Wautier Family Office - https://wautier.co.uk/Connect with Jean-Baptiste Wautier - https://www.linkedin.com/in/jean-baptiste-wautier/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - Preview(03:06) - Introduction to the guest, Jean-Baptiste Wautier (JB), and episode overview.(04:53) - The biggest change in private equity over the last 20 years.(06:56) - The three common traits of the best investment deals.(09:38) - Where private equity genuinely adds operational value.(12:42) - How investing family capital changes your relationship to time and risk.(16:50) - Are constraints helpful or harmful to an investor's performance?(20:48) - The biggest mistake investors make with consumer companies.(22:45) - Lessons for PE investors from Bill Ackman's public market style.(26:44) - The governance approach for a high-conviction, concentrated fund.(28:13) - Why the Berkshire Hathaway holding company model is so difficult to replicate.(31:04) - What an effective board does that shareholders never see.(32:49) - Early warning signs that a board is becoming ceremonial.(34:13) - A deep dive into the current investing environment and geopolitical risks.(37:30) - The detailed case against deploying capital now.(39:20) - The detailed case for deploying capital now.(42:19) - Is investment success from buying well, owning well, or behaving well?#PrivateEquity #FamilyOffice #VentureCapital #VC10X #Investing

Stock markets are pushing higher, but bond yields are telling a very different story.In this episode of VC10X, we break down the growing tension between rising bond yields and resilient equity markets — and why investors are now asking one key question: who bends first?The bond market is pricing sticky inflation, higher-for-longer interest rates, fiscal deficits, and geopolitical risk. Meanwhile, the stock market is still being powered by AI optimism, strong mega-cap earnings, and confidence that growth can outrun higher discount rates.But both sides cannot be right forever.We discuss:- Why rising Treasury yields matter for stock valuations- What the bond market is really warning about- Why equities, especially tech and AI stocks, are still holding up- The 3 possible outcomes: bonds bend, stocks bend, or both bend- Which sectors could benefit if yields stay high- How investors should think about risk, valuation, and portfolio positioningThe key question: Are stocks right to ignore rising yields — or is the bond market warning us before equities catch down?This episode is for investors trying to understand the biggest macro tension shaping markets right now.Subscribe to VC10X for sharp conversations on venture capital, public markets, technology, and investing.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.Disclaimer:This content is for informational purposes only and does not constitute investment advice.

Most VCs talk about ownership. Few actually build it. Neil Sequeira, Co-Founder and General Partner at Defy, breaks down the unconventional strategies his firm uses to average 17 percent ownership across their seven highest marked portfolio companies — and why that number puts them up against any early stage manager in the country.Neil spent 12 years at General Catalyst before co-founding Defy a decade ago. In this conversation, he gets into why 75 percent of their deal flow never goes to market, how they made their biggest capital call on April 1st 2020 when venture investment was down 80 percent industry-wide, and why the most contentious deal at the partner meeting is usually the one that ends up doing the best.This is a masterclass in early stage conviction, portfolio construction, and what it actually means to partner with a founder for the long term.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe talk about -- Why Defy keeps their partnership small on purpose, and how that directly drives better early stage returns- The April 1st 2020 capital call: how they deployed 20% of Fund 2 in the quarter venture fell 80% industry-wide- The three-bucket framework for evaluating investments, and why the founder bucket outweighs market knowledge and hard work combined- How Defy averages 17% ownership across their seven highest marked companies using strategies most VCs never think to use- The one early signal that has predicted every failed investment in their portfolio, and why they no longer rationalize past it---Timestamps:(00:00) - Preview(00:28) - Introduction to Neil Sequeira and Defy(02:05) - How Decision-Making Quality Changes as VC Firms Scale(05:54) - The Speed of Conviction in Large vs. Small Firms(07:20) - The Power of Proprietary Deals(08:52) - Neil's Most Formative Investment Decisions(13:25) - Why the "Person" is the Most Critical Investment Factor(16:39) - Case Study: When an Investment Thesis Evolves Significantly(20:40) - Evolving Portfolio Construction Across Different Funds(22:30) - The Impact of AI on Investment Strategy and Check Size(24:10) - Building Company-Creation Platforms (US Defense, Crypto)(25:25) - How LPs React to Evolving Fund Strategies(28:20) - A Contrarian Approach: Investing When the Market Goes Dark(32:39) - Initial Bets vs. Doubling Down on Winners(34:35) - How Defy Owns 17% of Their Best Companies(37:34) - Patterns in Failed Investments: Lessons from Hindsight(38:25) - The Red Flag of Founder Integrity Issues(40:15) - The Danger of Market Noise and Not Controlling Your Destiny(44:03) - Start of Rapid Fire Round(44:19) - Sectors and Regions of Investment(44:53) - Typical Stage of Investment(45:47) - Leading Investment Rounds(46:28) - Typical Check Size and Ownership Goals(47:38) - How to Connect with Neil and Defy(48:45) - ConclusionLinks:Defy - https://defy.vc/Connect with Neil Sequeira - https://www.linkedin.com/in/neil-sequeira-76739a40/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com#VentureCapital #EarlyStageInvesting #StartupFunding #VC10X #NeilSequeira #Defy #PortfolioConstruction #FounderAdvice #VCPodcast #StartupInvesting

Anthropic has signed a major compute agreement with SpaceX — giving it access to massive AI infrastructure capacity from SpaceX's Colossus 1 data center in Memphis.On the surface, this looks like a simple compute deal.But for investors, the signal is much bigger:The AI race is no longer just about models. It is becoming a race for compute, power, chips, data centers, and infrastructure control.In this episode, we break down what the SpaceX–Anthropic deal means for the future of frontier AI competition.Key questions we explore:– Why does Anthropic need additional compute capacity?– What does this reveal about AI infrastructure bottlenecks?– Is SpaceX becoming an AI infrastructure player?– How does this affect Amazon, Google, Microsoft, and other hyperscalers?– Why is compute becoming one of the most important moats in AI?– What should investors watch as AI labs become more capital-intensive?The key takeaway:AI demand is scaling fast — but the constraint is increasingly physical infrastructure.Chips. Power. Data centers. Cooling. Capital.For investors, the question is shifting from:Who has the best model?to:Who controls the infrastructure required to keep improving the model?LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.---Disclaimer:This content is for informational purposes only and does not constitute investment advice.

Most GPs walk into LP meetings ready to prove they have access to the best deals. Iren Reznikov, Partner at Vintage Investment Partners, barely cares. In this episode, Iren breaks down what sophisticated LPs actually underwrite, how Vintage's three-strategy flywheel creates an information edge across fund of funds, direct, and secondaries, and what the Anthropic cybersecurity move really means for investors in that sector.Vintage manages $4.5B across 23 years of venture investing across the US, Europe, and Israel. This is a masterclass in how the best capital allocators think.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe talk about -- Why access is table stakes — sophisticated LPs underwrite picking discipline, not just deal flow- The three-strategy flywheel — how fund of funds, direct, and secondaries compound into one information edge- AI-native teams, not just products — founders who don't rebuild their orgs for AI won't compete- Anthropic and the cybersecurity supercycle — cyber wins in up markets and down markets- Size is the enemy of returns — why a $4.5B platform still refuses to raise large vehiclesTimestamps:(00:00) - Preview(00:45) - Introduction to Iren Reznikov and Vintage Investment Partners(02:18) - What makes a fund stand out in the first 10 minutes?(03:01) - The importance of a consistent, durable strategy and a manager's "right to win"(05:38) - Biggest misconceptions GPs have about what LPs actually care about(06:21) - Why disciplined decision-making matters more than just access(08:26) - Access is table stakes; picking and winning capabilities are the real differentiators(09:48) - The evolution of VC value creation and its strategic importance(12:23) - How Vintage's three-strategy flywheel (Fund of Funds, Directs, Secondaries) creates an information edge(14:50) - The power of data and "business karma" in long-term investing(16:48) - How the investment committee handles disagreements and makes decisions(17:42) - The role of partner conviction and fundamentally proof-testing assumptions(19:30) - Balancing allocations between existing and new fund managers(22:26) - Differentiating a "double-down" manager from a solid performer(23:18) - Key indicators for doubling down: consistency, grit, and genuine founder relationships(26:30) - Where is the biggest edge today: fund investing or direct deals?(27:45) - The edge in direct investing: AI-native teams and founders willing to completely rebuild(30:45) - Leveraging an information edge in the burgeoning secondary market(31:41) - How founders and VCs should approach liquidity and secondaries today(34:45) - The impact of Anthropic's move into cybersecurity on the market(36:45) - Why cybersecurity budgets remain robust in all market conditions(38:38) - The convergence of the CIO and CISO roles driven by AI(40:35) - The market bifurcation between large multi-stage platforms and smaller specialized funds(42:05) - A founder's perspective: The importance of people over brand on a cap table(44:58) - How a Fund of Funds allocates capital when established funds raise mega-funds(46:20) - Vintage's disciplined approach to fund size and manager re-ups(49:25) - Managing the extended lifecycle and DPI in a Fund of Funds model(50:45) - Strategies for accelerating DPI: smaller fund vehicles and backing top-performing managers(54:00) - The ideal fund size for VCs that Vintage backs(55:14) - Start of the Rapid Fire Round(55:53) - Where to follow Vintage and Iren ReznikovLinks:Vintage Investment Partners - https://vintage-ip.com/Connect with Iren Reznikov - https://www.linkedin.com/in/iren-reznikov/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠VC10X website - ⁠https://vc10x.com#VentureCapital #FundOfFunds

Big Tech just reported — and for the first time, AI is clearly visible in the numbers.Cloud growth is reaccelerating. Ad performance is improving. Enterprise demand is holding up.But there's a second story investors need to focus on:The cost of competing in AI is rising fast.In this episode, we break down the latest earnings fromMicrosoft, Alphabet, Amazon, Meta, and Nvidia — and what they signal for investors.Key themes:– AI demand is real and showing up across cloud, ads, and enterprise– Hyperscaler capex is accelerating across the board– Cloud growth is being driven by AI workloads, not traditional demand– The market is shifting from “AI narrative” to “AI ROI”– Nvidia remains the clearest beneficiary of AI infrastructure spendWe also explore the key investor question:Who can convert AI capex into durable free cash flow?Because in this phase of the cycle, spending alone is not enough.The winners will be those with: – Distribution advantages– Monetization pathways– And the ability to generate returns on massive infrastructure investmentsSubscribe to VC10X for clear, investor-first analysis on AI, venture capital, and global markets.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.---Disclaimer:This content is for informational purposes only and does not constitute investment advice.

Marlon Nichols is Co-Founder and Managing General Partner at Mac Venture Capital — a seed-stage firm that closed its first fund at $110M with institutional backing from day one and has grown to over $600M in AUM across three funds.In this episode, Marlon breaks down the fundraising arc that built Mac VC, the four-part founder framework he never compromises on, and the inside story of two portfolio companies — Pipe, which went from a $13M valuation to $2B in 18 months, and Gimlet Media, his early bet on the HBO of podcasting.Whether you're an emerging manager trying to crack institutional LP relationships, a founder wondering what top seed investors actually look for, or an LP benchmarking how the best funds are built — this conversation is essential listening.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe talk about -- Raising fund one with institutional LPs — no proof of concept fund required.- The four founder qualities Marlon never compromises on- Seed discipline at scale — how Mac VC stays true to stage at $600M+ AUM- What actually wins competitive deals at seed- Pipe: $13M valuation to $2B in 18 months — conviction, pivot, and recovery- Gimlet Media: betting on the HBO of podcasting before the category existed---Links:Mac Venture Capital - https://macventurecapital.com/Connect with Marlon Nichols - https://www.linkedin.com/in/marloncnicholsConnect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - Preview(01:24) - Introduction to Marlon Nichols and MaC Venture Capital.(02:58) - MaC VC's journey from Fund 1 to Fund 3.(04:53) - How MaC VC attracted institutional LPs from its first fund.(06:48) - The fundraising experience for their recent $150M fund.(07:40) - Comparing the fundraising timelines for Fund 1, 2, and 3.(10:34) - The strategy behind fund sizing and when to stop raising.(12:59) - How LP expectations change from Fund 2 (TVPI) to Fund 3 (DPI).(14:46) - A deep dive into MaC VC's portfolio construction model.(17:17) - How Marlon's investment mindset has evolved with experience.(19:01) - The four essential qualities Marlon looks for in a founding team.(21:33) - How portfolio construction strategy changed from 50 companies to 36-40.(22:47) - Defining "winning" at a fund level: Why DPI is the ultimate goal.(24:31) - What wins allocations in competitive deals.(27:13) - PIPE's journey: From initial investment to a major pivot.(31:07) - The Gimlet Media story: The bet, the growth, and the Spotify acquisition.(33:48) - Rapid Fire: Sectors and regions MaC VC invests in.

If the cost of design and iteration approaches zero, what happens to software economics?This week, updates from Anthropic highlighted a meaningful shift: AI models are getting better at generating UI components, iterating across variations, and accelerating early-stage product design.At the same time, parts of the SaaS market saw sharp corrections.In this episode, we step back from the noise and analyze what's actually changing — and what isn't.Key questions we explore:– How does lower-cost design impact product velocity and iteration cycles?– Do “design slots” expand, or do constraints simply move elsewhere?– Which SaaS categories are more exposed to this shift?– Where does durable value accrue if UI becomes easier to build?– How should investors think about differentiation going forward?This is not about AI replacing designers.It's about how reducing the cost of exploration changes: – How quickly products evolve– How defensible features remain– And how capital should be allocated across the software stackFor investors, founders, and operators, the takeaway is clear:As design becomes cheaper, advantages shift toward distribution, data, and integrated workflows.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.---Disclaimer:This content is for informational purposes only and does not constitute investment advice.

Vishal Verma's family office has been operating out of Silicon Valley for over thirty years. His father arrived from India in 1977 with eight dollars in his pocket, worked as a rocket scientist, and eventually became an entrepreneur and venture capitalist. The family formalized their office in the late nineties with early LP positions in Sequoia Fund IX and Kleiner Perkins. Today Vishal manages a portfolio split across twenty-one venture capital firms and twenty-eight direct co-investments in generational companies including Anthropic, Wiz, Stripe, and xAI.In this episode, Prashant and Vishal go deep on how a thirty-year family office actually thinks about venture capital — the vintage strategy, the concentration framework, the Anthropic bet, and why most of what you hear about the first mover advantage is wrong.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe talk about -– The family origin story: $8 at the border to Silicon Valley– Portfolio construction: 70/30 public to private– The vintage strategy: why you have to be at every party– Three concentrations reshaping the VC ecosystem– The Anthropic investment at $18B valuation– AI vs crypto: behavioral change is everything– Bigger funds not returning DPI is hogwash– Emerging managers: what actually earns a check– DPI reality and the IPO bottleneck– Why family offices exist and what banks can't doTimestamps:(00:00) -Preview(01:40) - Introduction to Vishal Verma and His Family's VC Legacy(03:39) - The Family Office Origin Story: From India to Silicon Valley(06:57) - Challenges and Triumphs of Early Indian-American Entrepreneurs(08:56) - Why the Indian-American Community Thrives: Hard Work, Education, and Family(10:22) - Portfolio Construction and the First Investment in Sequoia(14:15) - The Rationale Behind a 30% Allocation to Venture Capital(17:22) - How Shorter Fundraising Cycles Have Changed LP Strategy(22:25) - The Differentiator for Top-Tier VC Funds(24:34) - Understanding the "Concentration" of Returns, Capital, and Founders in VC(28:08) - Do Bigger Funds Actually Lead to Shrinking Returns?(30:17) - The "Mafias" of Silicon Valley and Their Role in Deal Flow(32:32) - The Investment Thesis for Anthropic at an $18B Valuation(36:55) - AI vs. Crypto: The Critical Difference of Behavioral Change(39:15) - First-Mover vs. Best-to-Market: Lessons from Tech History(40:32) - The Reality of Stretched DPI and Liquidity Challenges(41:35) - The Rise of "Megacorns" and the Upcoming IPO Wave(44:34) - AI Investing: When Does Conviction Become Overexposure?(48:38) - Public Market Strategy: A Tech-Heavy Portfolio(52:50) - ConclusionLinks:Edgewood Ventures - https://www.edgewoodvp.com/Connect with Vishal Verma - https://www.linkedin.com/in/vishal-verma-551327Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com

In this episode of VC10X, we break down one of the most counterintuitive market moves in recent weeks.Despite the failure of the first round of Iran–US talks and rising geopolitical tensions — including increased military positioning around key oil transit routes — global equity markets have erased their losses and added several trillion dollars in market capitalization.So what are markets actually pricing in?We analyze:- Why equities are rallying despite geopolitical risk- The role of oil supply stability and the Strait of Hormuz- How institutional investors think about “contained escalation”- Why liquidity conditions continue to outweigh headline risk- What could break the current market narrativeThis is not a headline-driven view — but a framework to understand how capital is positioning itself in uncertain environments.If you're a fund manager, allocator, or serious market participant, this episode will help you separate signal from noise.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.---Disclaimer:This content is for informational purposes only and does not constitute investment advice.#Investing #PortfolioStrategy #MiddleEastCrisis #MarketOutlook #InstitutionalInvesting #Geopolitics #OilMarkets #MacroStrategy

Most families worth $2.4 billion still struggle to govern themselves. That's not an opinion — it's what the data says.In this episode, Prashant sits down with Mark Tepsich, Executive Director of Family Office Advisory at UBS — the world's largest private wealth manager with over $4.3 trillion in AUM, serving roughly half of the world's billionaires. Mark recently led a research study of 100+ family offices and found that even the most sophisticated, multigenerational families rated their own governance weaker than expected. The reason isn't money. It's culture.We get into what actually separates families that preserve wealth across generations from those that don't — and what to do about it.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:- Why governance fails even the wealthiest families- How to start a family constitution without getting overwhelmed- The next gen mistake that wealth creators keep making- Family vs. institutional investment committees — a critical difference- When to build a family office and what your first hires should be- Family banks and why 60% say they drive next gen entrepreneurship- The one governance rule every family should followTimestamps:(00:00) - Preview(00:46) - Introduction to the guest Mark Tepsich and the episode's topics.(02:51) - Deeper dive into the surprising findings from the Family Enterprise Governance Report.(04:22) - Key governance challenges for mature, multi-generational families.(06:59) - How to advise families to fix governance issues.(09:02) - Where to start when building family governance.(11:09) - The key components of an effective family constitution.(13:26) - Who should lead governance conversations: family members or a neutral third party?(15:16) - Why some families hesitate to formalize their governance.(17:26) - Power dynamics within the family when building governance structures.(19:39) - At what stage should families start building a family office and governance?(22:01) - Common misunderstandings about preparing the next generation for wealth transfer.(25:32) - What separates families that successfully transition wealth from those that struggle.(28:36) - The importance of letting the next generation make low-risk financial mistakes.(31:26) - Why regular, non-financial family meetings lead to stronger governance.(33:31) - The role of investment committees and formal investment policies (IPS).(35:46) - How family office investment committees differ from institutional ones.(38:31) - Emotional dynamics that influence family investment decisions.(39:42) - Who has the final say when investment decisions get messy.(41:15) - Why don't mature families just split their capital and operate independently?(45:41) - The role and benefits of involving external professionals in governance.(47:24) - How to balance outsourcing expertise versus building in-house teams.(50:27) - The most critical first hires for a family office with a limited budget.(52:11) - How "family banks" work to fund next-generation entrepreneurship.(54:24) - What destroys family wealth: Poor investments or weak governance?(56:13) - The single most important governance rule for preserving wealth across generations.(57:31) - Where to learn more about Mark Tepsich's work at UBS.Links:UBS - https://www.ubs.com/global/enConnect with Mark Tepsich - https://www.linkedin.com/in/mark-tepsich-88826b33/Connect with Prashant: https://linkedin.com/in/choubeysahabVC10X newsletter - ⁠https://vc10x.beehiiv.com⁠YouTube - ⁠https://youtube.com/@VC10X ⁠Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠Website - ⁠https://vc10x.com#FamilyOffice #WealthManagement #MultigenerationalWealth #UBS #FamilyGovernance

In this episode, we break down why investors should be cautious about chasing market rallies driven by fragile ceasefire headlines in the Middle East.While headlines suggest de-escalation, continued strikes in Lebanon and unresolved geopolitical tensions are keeping oil markets, inflation expectations, and global risk sentiment on edge. For institutional investors, this is not a simple risk-on or risk-off moment—it is a regime of uncertainty that demands smarter portfolio construction.We examine:- Why headline-driven rallies can be misleading- The case for barbell portfolio positioning in volatile markets- How to balance quality compounders with energy and commodity hedges- Why long-duration growth assets remain vulnerable- The strategic role of cash in uncertain geopolitical regimes- What scenario-based portfolio allocation looks like in today's marketIf you manage capital, advise clients, or track macro risk, this episode offers a practical framework for navigating one of the most complex investing environments of the year.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.---Disclaimer:This content is for informational purposes only and does not constitute investment advice.#Investing #PortfolioStrategy #MiddleEastCrisis #MarketOutlook #InstitutionalInvesting #Geopolitics #OilMarkets #MacroStrategy

Yoni Tuchman returns to VC10x for his third appearance — and this one might be the most practical yet. If you're an emerging manager raising a fund, structuring a GP commitment, or trying to figure out what you can and can't say publicly about your fund, this episode is required listening.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comLinks to previous VC10X episodes with Yoni:1. Fund Formation 101 - https://www.youtube.com/watch?v=6eLPeQDPjCo2. The Legal Landmines Hiding Inside Your Fund Docs - https://vc10x.beehiiv.com/p/the-legal-landmines-hiding-in-your-fund-docs-yoni-tuchman-partner-dla-piperAll these episodes can be listened to independently, but if you are a GP, I recommend you listen to all 3 (in any order).We cover:— 506(b) vs. 506(c): the legal line between building in public and breaking your fund exemption— Why Yoni tells almost every client not to warehouse deals — and what to do instead— The cashless GP commitment: how cash-poor managers can fund their commitment without writing a check— Side letters: what to push back on and how to find the version that works for both sides— Removing a non-performing GP partner without blowing up the fund— Venture partner compensation: carry yes, management company equity never— Rapid fire: the most overrated legal document, the biggest Fund I money-waster, and the one clause every GP should deleteLINKS:DLA Piper - https://www.dlapiper.com/enConnect with Yoni - https://www.linkedin.com/in/yoni-tuchman-58153b5/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠Timestamps:(00:00) - Preview(01:02) - Introduction to the episode and guest, Yoni Tuchman.(03:00) - Deep Dive: Differentiating between 506(b) and 506(c) fundraising rules.(04:47) - Defining what constitutes a "preexisting relationship" for fundraising purposes.(07:11) - How to navigate fundraising conversations at conferences without violating 506(b).(11:03) - The mechanics of pivoting from a 506(b) to a 506(c) offering (and why you can't go the other way).(13:17) - The historical downsides of 506(c) and how recent SEC guidance has changed the calculation.(17:42) - The new, lower-friction rules for verifying accredited investors under a 506(c) offering.(21:38) - Best practices for what to say (and not say) when publicly fundraising under 506(c).(24:55) - How to legally structure warehousing deals to transfer them to the fund later.(32:00) - A streamlined alternative: Using the fund itself as the warehouse for early deals.(35:53) - Using a cashless contribution (waiving future management fees) to fund the GP commitment.(40:10) - The complexities and potential clawback scenarios of using a fee waiver.(44:01) - An LP's perspective on a cash-poor manager using a cashless contribution.(49:15) - Why LPs should be supportive of GPs using tax-efficient cashless contributions.(51:18) - The most burdensome side letter requests and how to negotiate them.(54:56) - The legal mechanism for removing a non-performing partner without disrupting the firm.(58:33) - Structuring compensation for venture partners and advisors: Fund-level carry vs. deal-specific carry.(01:00:44) - Start of the rapid-fire round.(01:01:01) - The most overrated legal document in fund formation.(01:01:12) - The biggest waste of money for a first-time fund.(01:01:44) - The one standard clause every GP should push to delete.#VentureCapital #FundFormation #EmergingManagers #VC10X #PrivateEquity #FundManager #506c

Oracle's recent layoffs are not just another tech headline—they're a signal of a deeper shift in how large technology companies are allocating capital in the AI cycle.In this video, we break down what actually happened at Oracle Corporation:The exact timing and structure of the layoffsWhat the internal communication saidThe scale of job cuts (and why estimates vary widely)More importantly, we analyze what this means from an investor's perspective.These layoffs are happening alongside a significant increase in AI-related capital expenditure. That combination—rising investment and declining headcount—points to a broader reallocation of resources across the tech sector.We explore how:AI is increasing capital intensityCompanies are shifting from opex (labor) to capex (infrastructure)Higher interest rates are influencing these decisionsWorkforce restructuring fits into long-term operating modelsThis is not a discussion about layoffs in isolation.It's about understanding how the AI buildout is reshaping cost structures, margins, and capital allocation across large-cap technology.If you're an investor tracking AI, tech, or global capital flows, this is a development worth paying close attention to.---Topics covered: AI investing, tech layoffs, Oracle layoffs 2026, capital allocation, data centers, cost of capital, tech margins, AI infrastructure, macro + tech intersection---LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.---Disclaimer:This content is for informational purposes only and does not constitute investment advice.

Most fund managers ask for two and twenty and assume the job is done. It isn't.Yoni Tuchman, Fund Formation Partner at DLA Piper, is back on VC10x for his second appearance, and this time he goes clause by clause through the legal landmines hiding inside your fund documents.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:- Why a poorly drafted management fee clause can cost a GP millions over the life of a fund- The three sections of your LPA you actually need to read — and why the waterfall is "the heart of the heart of the heart" of the document- What happens when an LP defaults on a capital call — and why their commitment is essentially an option until they've funded- The real story of a wire that cleared on time and turned out to be stolen money- How to draft a key person clause that actually reflects your team- The ERA exemption most VCs don't know they're already violatingIf you're an emerging manager, a GP, or building your first fund — this one is not optional.TIMESTAMPS:(00:00) - Preview(01:01) - Introduction to the episode and guest, Yoni Tuchman(01:34) - Sponsor Message: Podcast 10x(02:48) - The 2 and 20 model and management fee traps(03:22) - How management fees work in VC funds(04:42) - Investment vs. Post-Investment Periods and fee step-downs(06:08) - The risks of PE-style management fees(07:05) - Defining "invested capital" for fee calculation(08:24) - The impact of transaction fee offsets on management fees(10:25) - Are fees for services to portfolio companies considered transaction fees?(11:45) - How venture partner compensation can affect management fees(14:14) - Top 3 overlooked clauses in a Limited Partnership Agreement (LPA)(14:45) - Should GPs read the entire 80-page LPA?(16:01) - #1 Overlooked Clause: The Distribution Waterfall(17:17) - #2 Overlooked Clause: The Management Fee(17:45) - #3 Overlooked Clause: Time, Attention, and Conflicts of Interest(19:21) - What happens when a Limited Partner (LP) defaults on a capital call?(19:50) - Standard remedies for a defaulting LP(20:55) - Why remedies are only as strong as the capital already contributed(22:25) - The critical importance of verifying the source of an LP's capital(25:13) - The negotiation dynamic between GPs and LPs on default clauses(28:06) - How to negotiate the key person clause(30:20) - Key questions for drafting a key person clause(34:30) - Accounting for temporary absences (illness, vacation) in the key person clause(35:58) - Triggers for registering as a Registered Investment Advisor (RIA)(36:17) - The Venture Fund and Private Fund Adviser exemptions from registration(37:35) - How a secondary strategy can accidentally disqualify you from the venture exemption(39:55) - The downsides of registering as an RIA(41:22) - The silver lining: Investor confidence in registered advisors(42:19) - Outro and conclusionLINKS:Previous episode with Yoni - https://www.youtube.com/watch?v=6eLPeQDPjCoDLA Piper - https://www.dlapiper.com/enConnect with Yoni - https://www.linkedin.com/in/yoni-tuchman-58153b5/Connect with Prashant:LinkedIn: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries, reach out to prashantchoubey3@gmail.comSubscribe for more conversations at the intersection of family office investing, private markets, and emerging trends in wealth management.

On March 23rd, 2026, a single Truth Social post moved S&P 500 futures up 4% and crashed Brent crude from $109 to $92 — in under ten minutes. $1.7 trillion in equity value shifted before most investors had finished their morning coffee.What happened before that post is the real story.In the minute preceding the announcement, $580 million in oil contracts — positioned to profit from falling crude prices — were executed at 4 to 6 times normal volume. Estimated profit if held through the move: over $100 million.No charges. No confirmed coordination. But a regulatory framework that was never designed for this.In this episode, we break down the anatomy of a TACO trade (Trump Announcement Calms Oil), the trading anomalies that preceded it, the legal gap that makes accountability nearly impossible — and what it means for how you price tail risk in a market increasingly driven by executive announcements.---What we cover:- The morning of March 23rd: what moved and how fast- The TACO pattern: three occurrences, one structure- $580M in oil shorts, one minute before the post- The legal framework — and why it doesn't reach here- What this means for your portfolio---LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.**Subscribe** for weekly data-driven breakdowns of the forces reshaping capital markets.Sources: WSJ, CNBC, Fortune, CNN Politics, NYT, The Atlantic, Oxford Business Law Blog. All claims verified and cited in episode.#VentureCapital #MarketManipulation #InsiderTrading #Iran #CrudeOil #SP500 #MacroInvesting #VC10X #FinancePodcast #AssetManagement

Sinead Colton Grant manages investment strategy for $350 billion+ in private client assets at BNY Wealth. In this episode, she shares her full macro outlook — including a non-consensus call on the dollar, why markets are underpricing Middle East risk, and what the wealthiest family offices are doing differently right now.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWe cover:— Why holding cash right now may be more dangerous than staying invested— The dollar thesis almost nobody agrees with coming into this year— Why gold is not the safe haven most investors think it is— The one risk markets are pricing as a tail event — but shouldn't be— Why AI memory chips are already sold out through 2027–2028— How family offices are using sports investing as an inflation hedge— Why private markets are no longer optional for long-term wealth creation— The truth about the BlackRock private credit gating storyIf you manage wealth, allocate capital, or just want to understand how the smartest money in the world is thinking right now — this is the episode.Timestamps:(00:00) - Preview(01:41) - Introduction & Sponsor Message(02:51) - BNY Wealth's Current Market Positioning & Non-Consensus Views(06:10) - Liquidity Cycles vs. Market Fundamentals(08:02) - Impact of Geopolitical Crises on Asset Allocation(09:46) - The "Dash for Cash" Strategy Among Allocators(13:00) - How Ultra-Wealthy Clients Are Investing Differently(16:55) - A Deeper Dive into Digital Asset & Crypto Investing(20:32) - Is the AI Investment Space Over-Deployed?(23:12) - Are Private Markets Becoming Too Crowded?(27:17) - Is Risk Being Underpriced in Private Credit?(29:42) - Redefining Safe Haven Assets Beyond Gold(33:03) - Alternative Hedges and Diversifiers in a Portfolio(34:33) - Passive vs. Active Investing: Which Strategy Wins?(36:40) - The Underpriced Risk of Extended Middle East Conflict(39:17) - How Global Custody Flows Influence Investment Decisions(40:30) - Practical Applications of AI in Wealth Management(42:24) - Structural Shifts in Family Office Diversification(45:36) - The Asset Class Poised to Surprise Investors(47:50) - A Framework for Investing During Uncertainty(50:47) - Where BNY is Not Investing Despite Strong Narratives(52:26) - A Tactical View on Investing in Silver(53:40) - How to Connect with Sinead Colton-GrantLINKSWebsite: bnywealth.comConnect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries, reach out to prashantchoubey3@gmail.comSubscribe for more conversations at the intersection of family office investing, private markets, and emerging trends in wealth management.

Global money market funds just hit a record $8.24 trillion in assets — 65% above the COVID-era peak of $5 trillion. This month's Bank of America Global Fund Manager Survey recorded the single largest jump in cash allocations since March 2020. So what's driving it?In this episode, we break down the three forces behind the fastest institutional rotation to cash since the pandemic: the U.S.-Israel war on Iran and its impact on oil markets, a stagflation repricing that shifted consensus in 60 days, and private credit systemic risk that 63% of fund managers now consider the most likely source of the next credit event.KEY DATA REFERENCED→ BofA Global Fund Manager Survey, March 2026 — 210 managers, $589B AUM→ ICI / Crane Data — MMF assets $8.24T (Feb 2026)→ Brent crude: $70 → $102 in under three weeks→ Berkshire Hathaway cash: $381.7B — an all-time record→ Shiller CAPE ratio: 39.42x — only exceeded during the dot-com peak→ Private credit flagged as top systemic risk for 8 consecutive monthsSOURCESBank of America Global Research | ICI | Crane Data | IEA | Bloomberg | CNBC | Al Jazeera | Oxford Economics | World Economic Forum | IATA | AAA | FREDLINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comSUBSCRIBE FOR MOREVC10X breaks down the most important stories in finance, tech, and markets every week. Subscribe for actionable insights.#VentureCapital #Investing #CashAllocation #PrivateCredit #Stagflation #OilPrice #MacroInvesting #FundManagerSurvey #RiskOff #AssetManagement