Ryan Miller

speaker

4,581 appearances 12 recordings 2 series first heard Mar 2026 last heard 10 Aug

Ryan Miller’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 12 in all, peaking in Jul 2026 with 4.

Appearances

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Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors · AI Is a Bubble — How the Smart Money Is Quietly Getting Rich Underneath It · 13 Jul 2026 podcast

Venture capitalists can conjure a billion dollar valuation out of a pitch deck, but nobody can print a permitted gigawatt of power connected to the grid and deliverable in the next eighteen months.

That scarcity is real.

It is physical and it is the most durable moat in this entire theme.

Now that brings us to rung four infrastructure equity.

This is owning the facilities outright, owning the data center, owning the power asset, owning the physical thing.

It's equity.

So it carries equity risk, but it's equity backed by hard cash flowing real world assets.

And if you watch how the big infrastructure funds, the pensions, the sovereign wealth funds, are actually playing AI, an enormous amount of money lives right here.

So pay attention to that.

The most sophisticated, longest horizon capital on the planet is not buying the chatbot.

It's buying the building that the chatbot runs in.

And then there's rung five at the very bottom.

The most speculative.

Application and model equity.

This is the headline layer.

The AI startups, the model companies, the names everybody's fighting over and arguing about online every single day.

Now look, I want to be fair.

Some of those companies will be generational winners.

A few.

But this is venture risk.

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