A VC's Playbook For Investing in the AI Bubble with Jeff Richards
About this episode
Dan Nathan interviews Jeff Richards about the impact of public-market trends on private-market valuations and the accelerating adoption of AI technologies.
Dan Nathan welcomes Notable Capital partner Jeff Richards to discuss how public-market concentration and multiple expansion in mega-cap tech are influencing private-market valuations. Richards explains Notable’s evolution from GGV Capital and its investments across AI and software, then argues that AI adoption is accelerating rapidly, citing publicly reported Anthropic run-rate growth and broad “token path” benefits for infrastructure and select software. He highlights cybersecurity as a key beneficiary as agents increase enterprise risk and could drive continued growth for leaders like CrowdStrike and Palo Alto, while noting stretched valuations and advising patience for pullbacks. The conversation covers Google’s equity raise and Berkshire’s participation, Microsoft’s questions beyond Azure, and why Richards recently bought Meta. They address enterprise “sticker shock” for AI usage, the shift to measuring output, SaaS durability vs. internal builds at startups, talent-driven M&A, rising VC interest in robotics, and potential IPO demand for SpaceX, Anthropic, and OpenAI amid signs of frothy market behavior. —FOLLOW USYouTube: @RiskReversalMediaInstagram…
People in this episode
Host: Dan Nathan
Guest: Jeff Richards
Topics covered
- AI investment
- private-market valuations
- public-market concentration
- cybersecurity
- venture capital
- IPO demand
- tech market trends
Mentioned in this episode
Organizations: Notable Capital, GGV Capital, CrowdStrike, Palo Alto, Google, Berkshire, Microsoft, Meta, SpaceX, Anthropic
More episodes of RiskReversal Pod
- America's Trillion-Dollar Race to Catch Chinese Miners with Brian Paes-Braga, Founder/CEO of The Metals Royalty Company
- Dan Niles: We're 100% in an AI Bubble... Don't Go Broke Trying to Call the Pop
- Lawrence McDonald: How To Listen When Markets Speak
- The Tokenmaxxing Party Is Over and No One Wants to Admit It
Explore listener stats, chart rankings, contacts and more on the RiskReversal Pod podcast page.