Vlad Tenev

speaker

375 appearances 1 recordings 1 series first heard Jul 2026 last heard 6 Jul

Vlad Tenev’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 — 1 in all, peaking in Jul 2026 with 1.

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What's the rule of 40 looking like?

I mean, still sophisticated analysis, but it's not this sort of like,

you know, Russia, Ukraine is happening.

So I'm just going to dump equities and reallocate towards fixed income like you see the institutions.

Yeah, I think the IPO window basically shut for several years.

And we have additional visibility into this because we have our IPO access product.

The IPO window shut.

And there was a crack a couple of years later, actually, with the ARM and Instacart IPOs.

So two got in, I want to say, 2023.

And then there was another, you know, that was maybe a precursor to what was to come later.

And really last year, it kind of reopened in full force.

I guess there's this talk about whether we're in an AI bubble.

I think the difference that complicates the analysis is you have a lot of companies that are spending a lot of money on AI.

And there's a business model in the AI industry around these model companies where companies and individual customers are paying for tokens.

OpenAI has a subscription product that's got quite a bit of scale as well.

So unlike previous bubbles where the business model was less clear, you have a business model, you have revenue increasing.

So then the question is,

Okay, what are the dynamics?

Is it possible that the companies that are paying for all of this AI start, you know, going from a mode where

they're just willing to learn and aren't looking at costs very closely to now looking at ROI.

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