20VC: Foundation Models are the Fastest Depreciating Asset in History, Lina Kahn is a Threat to American Capitalism, PE is Not Coming to Save the M&A Market & How China Could Overtake the US in the AI Race with Michael Eisenberg

Michael Eisenberg is a Co-Founder and General Partner @ Aleph, one of Israel's leading venture firms with a portfolio including the likes of Wix, Lemonade, Empathy, Honeybook and more. Before leading Aleph, Michael was a General Partner @ Benchmark. In Today's Show with Michael Eisenberg We Discuss: 1. The State of AI Investing: • Why does Michael believe that "foundation models are the fastest depreciating asset in history"? • Are we in an AI bubble today? As an investor, what is the right way to approach this market? • Who will be the biggest losers in this AI investing phase? • Where will the biggest value accrual be? What lessons does Michael have from the dot com for this? 2. Where Is the Liquidity Coming From? • Why does Michael believe that it is BS that private equity will come in and buy a load of software companies and be the primary exit destination? • Why does Michael believe that IPO windows are always open? Should founders go out now? What is good enough revenue numbers to go out into the public markets? • Why does Michael believe that Lina Kahn is a threat to capitalism? How does Michael predict the next 12-24 months for the M&A market? 3. AI as a Weapon: Who Wins: China or the US: • Does Michael agree with the notion that China is 2 years behind the US in AI development? • Does Michael agree that AI could be a more dangerous weapon in wars than nuclear weapons? • Why does Michael suggest that for all founders in Europe, they should leave? • US, China, Israel, Europe, how do they rank for innovating around data regulation for AI? 4. Venture 101: Reserves, Selling Positions and Fund Dying: • Why does Michael only want to do reserves into his middle-performing companies? • What framework does Michael use to determine whether he should sell a position? • Which funds will be the first to die in this next wave of venture? • Why does Michael not do sourcing anymore? Where is he weakest in venture? • Why does Michael believe that no board meeting needs to be over 45 mins?