Dan Nathan sits down with FirstMark Capital co-founder Rick Heitzmann and Jesse Chasse from RBC Capital Markets to unpack why 2026 is the first year VCs feel truly bullish again, as resilient growth, easing rates, and maturing AI set the stage for a new tech cycle. They dig into how AI-powered startups are disintermediating legacy SaaS names, why 80-90% of venture returns still come in the public markets, and what it takes to build the next Pinterest, Shopify, DraftKings, or Airbnb. The conversation covers AI’s impact on white-collar jobs, the shift from infrastructure to application-layer winners, and what the coming wave of marquee IPOs means for valuations, scarcity, and whether we’re in a bubble or a genuine AI-driven supercycle.
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