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.

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recordings per month · last 12 months

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

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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

Write that down and tape it to your monitor.

Now, let me give you the second hidden risk because if power is the risk nobody prices in, obsolescence is the risk everybody underestimates.

The hardware at the heart of AI, the GPUs, the advanced chips, they are on a brutally fast refresh cycle.

A new generation comes out and the previous generation loses a meaningful chunk of its value fast.

So if you're financing or owning an asset whose value is tightly tied to one specific chip generation, you have to model that refresh cycle against the useful life of the asset and against your own hold period.

And here's a sophisticated move that the pros make and the tourists miss.

The building, the data center shell, the power infrastructure, the cooling systems, that can have a long, durable, multi-decade life.

The silicone inside it might be largely obsolete in just a handful of years.

So a real underwriter separates those two cleanly.

They get long duration, durable value out of the parts that last, and they refuse to overpay for the parts that go obsolete in a few years.

The tourist treats the whole thing as one undifferentiated asset, pays a premium for all of it, and then gets crushed when the chip cycle inevitably turns.

Okay.

So you understand the steck, you understand the power, and you understand the obsolescence.

Now let's get to the part that you can actually act on how a fund manager positions around all of this.

And these are the moves that I would be making, and these are the moves the smartest allocators I know are making right now, today, while everyone else argues over a bubble.

So move number one, anchor on contracted cash flow.

The closer you can get to a long-term take or pay or a long dated offtake contract with an investment grade counterparty on the other side.

The more your position behaves like an infrastructure and less like a bet.

A signed long term contract with a creditworthy buyer of that compute or that power, that's your foundation.

But spot exposure and speculative future demand is the opposite of a foundation.

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