VC10X - Investing, Venture Capital, Asset Management, Private Equity, Family Office

Sam Altman recently defended AI's massive energy consumption by saying humans are energy-intensive too — consuming energy for 20 years before becoming useful. We think it deserves a harder look.

In this episode, we break down why that comparison is more than a clever deflection. We examine what AI's learning actually runs on and why that changes the argument entirely, why reducing humans to an efficiency metric is a framing worth resisting, and why this particular narrative is one that venture capitalists find very easy to fund — which tells you something important in itself.

We also look at what this means practically for investors: how to stress-test civilisational storytelling, which regulatory risks are being underpriced, and why energy intensity is a structural cost question as much as an environmental one.

No drama. Just clear analysis of a soundbite that slipped past most people — and probably shouldn't have.

LINKS

Prashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠

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Ankur Sethi spent years at two of India's most iconic startups — Swiggy and Paytm — before leaving his operating role to found Winner Capital, a consumer-first, AI-native syndicate investing out of North America.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

In this episode, we get into:

→ Why consumer AI is massively underfunded while enterprise SaaS gets all the attention
→ What "durable retention" actually looks like — and the ambassador signal every founder should watch for
→ The 0→1, 1→10, 10→100 framework and how your mindset must shift at each stage
→ Why unit economics are non-negotiable even at pre-seed
→ The one operating principle from Swiggy & Paytm that most founders underestimate until it's too late
→ Why launching a fund during a market correction is actually an advantage
→ His honest take on India as a market — and when Winner Capital plans to enter

If you're a founder building in consumer tech or AI, or an operator thinking about making the leap into venture, this one is for you.

🔔 Subscribe for weekly conversations with the investors shaping the next generation of startups.
📩 Reach Ankur at [email protected] or find him on LinkedIn - https://www.linkedin.com/in/1ankursethi/

Timestamps:

(00:00) - Two narratives of AI: Just getting started vs. over-hyped.

(00:49) - Introduction to Ankur Sethi and Winner Capital.

(02:21) - The market gap that led to starting a consumer-focused AI fund.

(03:40) - Why Ankur believes we are just at the start of the AI revolution.

(06:23) - Winner Capital's focus on the AI application layer for consumers.

(07:32) - Managing fund dynamics for deep tech vs. software AI investments.

(10:07) - A founder conversation that changed Ankur's conviction about a market.

(15:26) - Clearest indicators of durable retention in consumer AI.

(18:21) - The opportunity of launching a fund during a market correction.

(20:27) - The operational shift from the 0-to-1 to the 10-to-100 million journey.

(26:01) - The one operating principle from Paytm/Swiggy that founders underestimate.

(30:01) - Balancing growth vs. unit economics at the seed stage.

(36:08) - Ankur's perspective on India as a market and talent base.

(38:57) - Start of the rapid-fire round.

Podcast Links:

Prashant Choubey - https://www.linkedin.com/in/choubeysahab

Subscribe to VC10X newsletter - https://vc10x.beehiiv.com

Subscribe on YouTube - https://youtube.com/@VC10X

Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986

Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ

VC10X website - https://vc10x.com

For sponsorship queries, reach out to [email protected]

#consumerai #venturecapital

Anthropic was founded by former OpenAI leaders who left over safety concerns.

Now, Anthropic’s own safety lead is leaving over safety concerns.

In the same week:
• Claude Cowork wiped $285 billion off SaaS market caps
• Anthropic is reportedly closing a $20 billion round at a $350 billion valuation
• And an internal letter warns that the organization “constantly faces pressures to set aside what matters most”

This episode breaks down the structural tension at the heart of the AI race:

– Can frontier labs remain safety-first at $350B valuations?
– How capital markets distort governance incentives
– Why “catastrophic scenario avoided” is invisible to investors
– The prisoner’s dilemma forming between OpenAI, Anthropic, and Big Tech
– What this means for SaaS, labor displacement, and regulatory risk

This is not a philosophical debate.

It is capital allocation risk at system scale.

For fund managers, venture investors, and operators, the question is simple:

Can safety survive trillion-dollar incentives?

LINKS

Prashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠

Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠

Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠

Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠

Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠

VC10X website - ⁠https://vc10x.com⁠

For sponsorship queries reach out to [email protected]

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What should VCs actually look for in a fund administration partner?

In this episode of VC10X, we sit down with Shalin Madan, Co-Founder of Formidium - a global fund administration platform supporting venture capital, private equity, hedge funds, and alternative asset managers with over $33B+ in assets under administration.

We go beyond the surface-level checklist and unpack what truly matters when selecting a fund administrator - especially for emerging managers.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

Topics covered:

• The most overlooked due diligence question when choosing a fund admin
• Why business model sustainability matters more than branding
• How technology reflects internal discipline (and why “banning Excel” matters)
• The hidden costs of managing operations in-house
• Why durability is becoming more important than performance
• How LP scrutiny is evolving
• Why many funds and companies may not survive the next few years

Infrastructure is no longer back office — it’s strategy.

If you're building a fund designed to last 10+ years, this episode will change how you think about operations, risk, and long-term durability.

Timestamps:

(00:00) - The Hidden Costs of In-House Operations

(00:33) - Introduction to Fund Administration and Guest Shaleen Madan

(01:49) - Sponsor: Podcast 10X for VCs

(02:47) - Critical Due Diligence for Selecting a Fund Administrator

(04:16) - How a Tech Stack Signals Quality and Reduces Risk

(05:23) - Early Trends in Capital Flows and Investor Behavior

(07:39) - The Institutionalization of Family Offices

(09:09) - How Emerging Managers Can Handle Future Regulatory Changes

(11:12) - In-House vs. Outsourcing: A Former Fund Manager's Perspective

(13:54) - The Unique Operational Challenges of Crypto-Native Funds

(16:35) - How Back-Office Needs Differ Across Asset Classes

(20:09) - How to Properly Vet a Service Provider's Expertise

(21:33) - A Contrarian Take on Capital Flows and Market Dynamics

(26:56) - The Impact of AI on Pricing Power and Outsourcing

(29:18) - Key Questions LPs Should Ask About Operational Infrastructure

(31:36) - Lessons Learned from Rapidly Scaling a Business

(33:26) - Where to Find Shaleen Madan and Formidium

Connect with Shalin:

Website - https://formidium.com/

Linkedin - https://www.linkedin.com/in/shalin-madan-caia-b00239/

Podcast Links:

Prashant Choubey - https://www.linkedin.com/in/choubeysahab

Subscribe to VC10X newsletter - https://vc10x.beehiiv.com

Subscribe on YouTube - https://youtube.com/@VC10X

Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986

Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ

VC10X website - https://vc10x.com

For sponsorship queries, reach out to [email protected]

#VentureCapital #FundAdministration #EmergingManagers #PrivateEquity #VC10X

Over the past several weeks, nearly $1 to $2 trillion in market value has been erased from software and SaaS equities.

At the same time, semiconductor foundries and data center infrastructure companies are demonstrating relative resilience, and in some cases outperforming.

This episode examines whether we are witnessing a temporary correction or a structural repricing of the AI technology stack.

We break down:

• The 20 to 25 percent correction in the S&P 500 Software & Services Index
• Why AI-native tooling, including developments from Anthropic and other model providers, is pressuring traditional SaaS assumptions
• The resilience of advanced-node manufacturers like TSMC
• IonQ’s acquisition of SkyWater Technology and what it signals about vertical integration and domestic manufacturing
• The accelerating build-out of power and cooling infrastructure, with companies like Vertiv benefiting from AI-driven density requirements
• Where durable value may accrue across the AI stack

For allocators, venture investors, and operators, this is less about short-term volatility and more about capital rotation.
The key question is no longer whether AI is real.
It is where long-term value concentrates:
Application layer
Compute layer
Physical infrastructure enabling it

If you allocate capital across technology, public or private, this is a critical moment.
Subscribe to VC10X for in-depth conversations with leading fund managers, founders, and LPs navigating the next phase of the AI cycle.

LINKS

Prashant Choubey - https://www.linkedin.com/in/choubeysahab

Subscribe to VC10X newsletter - https://vc10x.beehiiv.com

Subscribe on YouTube - https://youtube.com/@VC10X

Subscribe on Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986

Subscribe on Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ

VC10X website - https://vc10x.com

For sponsorship queries reach out to [email protected]

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VC10X breaks down the most important stories in finance, tech, and markets every week. Subscribe for actionable insights

Let us know in the comments:

Is software experiencing temporary multiple compression or structural repricing?

#AI #VentureCapital #SaaS #Semiconductors #DataCenters #TechInvesting #CapitalMarkets