RiskReversal Pod Private For Longer & What That Means For Wall Street with Jeff Richards of Notable Capital
Jul 3, 2025
Dan Nathan is joined by Jeff Richards, managing partner at Notable Capital, who specializes in tech and AI investments. They dive into Wall Street's skepticism versus Silicon Valley's optimism regarding AI. Jeff reveals how giants like Microsoft and Amazon are boldly investing in AI amid doubts. The conversation highlights the significant gap between private and public market valuations, the rise of companies like Anthropic, and the future potential of agentic AI. Trust and security challenges in AI integration are also discussed, along with the evolving landscape of IPOs and venture capital.
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Wall Street Skepticism vs AI Growth
- Wall Street is skeptical about AI due to lack of access to fast-growing private AI companies.
- Companies like Anthropic rapidly scale revenues unseen in public markets, causing valuation disconnects.
Scarcity Drives Public Valuations
- Limited supply of public AI investment opportunities causes inflated valuations.
- High demand for few public companies drives up prices despite questionable fundamentals.
New AI Era Boosts Returns
- Post-GPT AI companies are more efficient, grow faster, and need less capital.
- These companies are driving higher returns than earlier pre-GPT era startups.
