David George

The one thing that could shift that would be... Over the last decade, venture capital adapted to companies becoming larger and staying private longer.

But AI may be accelerating that trend dramatically.

The frontier labs are already adding revenue at a pace comparable to the largest software companies in the world, despite being early in real enterprise adoption.

At the same time, the infrastructure supporting this shift — compute, power, data centers, and talent — is increasingly constrained.

That combination is forcing investors to rethink some of their core assumptions around scale, defensibility, value capture, and even how venture capital itself works.

A16Z is David George and Vencap CIO David Clark discuss AI, venture capital, and the next generation of massive technology companies.

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So, obviously, the big topic that we're tackling and trying to figure out in the near future is the impact of AI.

We've backed a ton of really exciting companies at every layer of the stack, and we can talk about that, and that's been part of our strategy from the model layer, infrastructure and tools, applications.

I would break it apart into what do consumers do and what do enterprises do in the AI world, and then...

I have a bunch of views on how the world's going to be different as it relates to American dynamism, hardware plus software, robotics, autonomy, stuff like that.

On the AI side for consumers, I think we need to be really humble about where we are right now.