1) Today, I'm excited to announce @EqualVentures' 4th Annual Emerging Manager Circle Summit! Last year, we hosted >350 emerging managers and LPs for one of my favorite events of the year and this year is going to be bigger and better than ever before🧵 https://t.co/fcVAM4Hf2C

Have had more seed managers tell me they are headed to Riyadh for fundraising in the last 2 weeks than in the last 5 years

6) If you are building an Upper Bounder in one of our sectors (energy, insurance, retail or supply chain), please reach out

5) Upper bounders will need to be driven by network effects, not just technical advantage Those that can reinforce proprietary adoption and acceptance into their own internal networks seem to have the greatest chance of unlocking these upper bounds

4) As always, we are adamantly focused on the long-defensibility of anything we invest in With that, it seems the upper bounders are likely to have greater room for differentiation and defensibility than the lower bounders (who might asymptotically approach zero costs)

3) Conversely, we see a tremendous amount of cost replacement This is highly effective in customer service, data management and design These companies are taking off faster because the ROI is much clearer today, but it increasingly fears that we will reach commodization

2) Pie expanding tasks generally require technical resources and immense data processing Were seeing this in financial services, energy and arguably coding EX. Its hard to imagine a world where AI is NOT superior at dispatching energy resources over the manual methods of today

1) There are 2 primary outputs of AI startups: - work is done cheaper/faster - work is done better We see a LOT of #1, but I expect #2 creates the more valuable companies Rather than a race to bottom on cost, these companies expand the pie That’s where big winners tend to be

We just got $250k of allocation in an uncapped note for a pre-revenue AI company

It’s not 1999, it’s 2007 I’ve been spending some time recently on whether we are in an AI bubble and what the ramifications could be The three things that concern me the most are 1) the amount of leverage the large tech players have, 2) improper accounting treatments of CAPEX

My twitter feed is now: 1) AI fundraising announcemnts 2) Charts showing that today's AI hyperscaler market is basically as crooked as CDOs What could go wrong? 🤷‍♂️

It's never fair to be upset at a downstream investor for passing What is fair is to be upset about a bad process...this is the single fastest way to kill future deal flow Hard to unsee some of the things Ive seen...

Believe that means we've officially hit a top folks

The duration of venture perceived holding horizon has dramatically changed over the last few years We’ve gone from long, lonely and quiet 10 year journeys (with hopefully the jubilant outcome of an IPO) to mindset of taking a position in something that you believe the market

As a seed stage founder, if given the opportunity, partner with an emerging manager To a big firm, you are about optionality To an emerging manager, you are about survival 10 times out of 10, the emerging manager will work 10x harder to help you navigate the path to PMF

Speaking at the @agc_partners conference in BOSTON later today Apparently there is a baseball game tonight…should I wear this on stage?

Leverage and accounting gimmicks are historically some of the final signs of irrational exuberance before bubbles pop

“Excess liquidity is the leading source of all bubbles.” — Naved Abdali

Kicking off the 3rd annual @EqualVentures Climate Capital Summit right with two of the legends of this business @JigarShahDC and Jonathan Silver #ClimateWeekNYC

Had 3k people apply for this year's @EqualVentures Climate Capital Summit and will be hosting over 500 climate leaders tomorrow It's so amazing to see how this event has grown into its own community and it's truly an honor to be part of it 🙏 https://t.co/dIKU73pGYC