Top portfolios in high single digits over full cycles

1,000 articles, 200K subscribers over a decade of output

Power law suggests 4x net may be the new benchmark

36% in infra/dev tools; 24+ more investments planned in 2026

Powerful AI 1-2 years away; 10-20% annual GDP growth possible

Total VC firms peaked at 10,640; now in sharp decline

AI funds now 31% of US VC raised; $200B deployed in 2025

Growth Fund at $6.75B; AI and defense dollars consolidated

From software fund to $15B institutional power broker

Alpine VC: hidden-gem founders missed by scale-focused VCs

Median carry at 15%; fees and carry show 0.08 correlation

Sapphire Ventures data reveals LP incentive misalignment risk

Dan Gray cites Sapphire simulation data on reserve tradeoffs

Only 37 have $300M+ revenue and meet Rule of 40

Pre-seed, seed, Series A benchmarks skewed by AI and SF