This AI wave is not the traditional dot-com bubble — it's a bubble that will destroy VCs, funds, and PE firms, not the general public.

0:23100% with companies that had no revenue, no traffic, no nothing. and you'd go get a cab back then and people would be talking about them. Yeah. And you don't you don't see that at all today. So, it's not a bubble that's going to impact most people in the room, right? Or most people um across the US, but it could just destroy a lot of VCs and a lot of

0:42funds and a lot of PE, right? Because they're going all in. >> I'm going all in. [music] App 111 started with an $8 domain and no VC funding and became one of the largest ad platforms in the world. Now that same engine powers AppL ads for e-commerce. Your ads run inside mobile games reaching over a billion people with full screen distraction-free attention. The platform finds buyers and optimizes for

1:08profit. You set the target, it does the rest. One cookware brand went from 4 million to $16 million, turned profitable, and is on pace for 80 million this year. Visit apploven.com/allin to launch your first campaign today. [music] >> It used to be that product managers for brokerages had to outperform the numbers, right, for, you know, the S&P or whatever. But now you got to outperform to keep the money coming in.

1:36You got to outperform the the fund next door. And they're all in anthropic and getting their outcomes and SpaceX and celebrating, but if hits the fan >> Yeah. It really is like I've only done venture for just over 10 years and it is wild to watch so many people who deployed at the wrong time just out of business. They just invested at the peak and entry price matters and you and I have been in

2:02a bunch of deals together and we used to get to investing companies at 5 million 10 million as angel investors and then all of a sudden the request was 40 50 60 and the product's not launched and you're like how does this work? >> Yeah. And you know, and what's happening now is the market leaders, Google, etc., Meta, they're borrowing hundreds of million, billions of dollars. >> Yeah, that's interesting.

2:23>> And there's already a private credit problem right now, right? So, you you you just layer on private credit like um Al Capital getting all the um refunds and then you you know, you have these huge companies that have cash flow, but there's, you know, they're they're spending all their cap cap um cash flow on capex and then they're borrowing on top of that. bonds, right? That's