VC10X - Investing, Venture Capital, Asset Management, Family Office, Wealth Management

Micron just briefly crossed the $1 trillion market cap mark after UBS raised its price target to $1,625.

That’s a stunning rerating for a company that, for years, was viewed as a highly cyclical commodity memory business.

So what changed?

In this episode, we break down why the market is suddenly treating Micron Technology as a critical AI infrastructure company — and whether that thesis is justified or overblown.

Key topics we explore:

– Why HBM and advanced memory are becoming essential for AI
– How AI workloads are changing memory demand dynamics
– Why hyperscaler spending is reshaping the semiconductor industry
– The significance of long-term supply agreements
– Whether memory is still cyclical… or structurally transformed
– Why UBS became so aggressive on Micron’s valuation

The core investor debate:

Is AI permanently changing memory economics?

Or is the market extrapolating peak scarcity and peak optimism too far?

Because at a trillion-dollar valuation, investors are no longer pricing Micron like a traditional semiconductor cycle.

They are pricing it like strategic AI infrastructure.

Subscribe to VC10X for investor-first analysis on AI, semiconductors, venture capital, and global markets.

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]

This channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.

Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.

Disclaimer:This content is for informational purposes only and does not constitute investment advice.

TX Zhuo is General Partner at Fika Ventures, an early-stage venture firm with over $500 million in AUM backing B2B companies across vertical AI, fintech, commerce enablement, and healthcare in North America.

Before becoming a VC, TX bootstrapped a company to a successful exit without raising venture capital — an experience that permanently shaped how he evaluates founders and business models today.

In this episode, TX breaks down why he believes infrastructure will win this fintech cycle over consumer apps, what separates a venture-scale AI company from an AI feature, and why the best vertical AI companies are ones where ripping out the platform would feel like open heart surgery.

He also shares the three mistakes from the last fintech boom that investors and founders still haven't fully absorbed, and what the financial system looks like in ten years when AI agents, real-time settlement, and hyper-personalized products converge.

If you're a founder building in fintech or vertical AI, or an investor trying to separate durable businesses from the noise, this one is worth your full attention.

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

We talk about -

Why infrastructure will win the current fintech cycle over consumer-facing apps
What separates a venture-scale AI company from an AI feature
The three biggest mistakes from the last fintech boom that investors and founders still haven't fully internalized
How Fika identifies boring industries ready for a massive software company
What the financial system looks like in ten years as AI agents, real-time settlement, and hyper-personalized products converge

Links:

Fika Ventures - https://www.fika.vc/

Connect with TX Zhuo - https://www.linkedin.com/in/tianxiangzhuo/

Connect with Prashant: https://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

Timestamps:

(00:00) - Preview

(00:30) - Introduction to the Guest and Episode Topics

(02:13) - Tx's Journey: From a Bootstrapped Founder to a VC

(03:51) - The Value of Having a VC on Your Side

(05:10) - The Importance of "Earned Insights" in Founders

(06:17) - Investing in "Boring" Industries with Low Software Penetration

(07:22) - What Makes an AI Product a Venture-Scale Business

(08:52) - When Embedded FinTech Becomes a Real Business Model

(10:01) - The Upsides and Risks of AI in FinTech

(12:35) - Why Infrastructure Will Win This FinTech Cycle

(14:00) - Key Mistakes from the Last FinTech Boom

(16:09) - Which FinTech Categories Will Command Premium Valuations

(18:42) - Building Defensibility in Vertical AI Companies

(20:30) - Signs That a "Boring" Industry Is Ready for Disruption

(22:16) - Sources of Differentiation When AI Commoditizes Intelligence

(24:36) - The Future of Finance: AI, Blockchain, and Payments Converge

(27:46) - The Secret to Fika Ventures' Success and Fundraising

(30:01) - Choosing Between a Great Founder and a Great Market

(30:21) - What Tx Would Do Differently if Starting Fika Today

(31:53) - Rapid Fire Round Begins

(33:33) - Conclusion

#VC10X #VentureCapital #Fintech #VerticalAI #FikaVentures #EarlyStageVC #B2BStartups #AIStartups #StartupPodcast #FounderAdvice

Google I/O may have changed the way investors should look at the AI race.

For the last two years, Google has often been framed as the incumbent under threat — especially as ChatGPT, OpenAI, and Anthropic captured attention in consumer and enterprise AI.

But Google’s advantage is different.

It is not just competing through a standalone chatbot.

It has distribution across:

Search
Android
YouTube
Gmail
Chrome
Workspace
Google Cloud
TPUs
Gemini

In this episode, we break down why Google may be the “underdog” in market narrative — but one of the most strategically positioned companies in AI.

Key questions we explore:

– What did Google I/O reveal about Google’s AI strategy?
– Why is distribution such a powerful moat in AI?
– Can Google defend Search while transforming it into an AI-native interface?
– How do Android, YouTube, Gmail, Workspace, and Chrome strengthen Gemini’s reach?
– Why could TPUs become an important infrastructure advantage?
– What should investors watch: model quality, monetization, capex, or platform control?

The core investor question:

Can Google convert its massive distribution into durable AI monetization?

If it can, Google may not be behind in the AI race.

It may be one of the most important companies to watch.

Subscribe to VC10X for fact-based, investor-first analysis on AI, venture capital, and global markets.

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]

This channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.

Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.

Disclaimer:This content is for informational purposes only and does not constitute investment advice.

Jean-Baptiste Wautier spent nearly thirty years in private equity, including over two decades as Partner and CIO at BC Partners, one of Europe's leading buyout firms, where he helped manage approximately forty billion euros in institutional capital.

Today he runs a consumer-focused family office and sits on the boards of Pershing Square Holdings and Howard Hughes Holdings.

In this episode, JB breaks down what the best deals have in common before anyone knows they are great, why he believes diversification is insurance for investors who don't understand what they own, and how moving from institutional capital to family capital fundamentally changes your relationship to time, risk, and opportunity.

We also get into the Iran war, volatile markets, and the S&P rallying twenty percent in a single month. JB makes a convincing bear case and an equally convincing bull case — and then tells you exactly what he is doing with his own capital right now.

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

Key topics discussed:

- From institutional PE to family capital: how removing mandate constraints and preset timelines changes the way you invest
- The three ingredients every great deal has in common: moat, management, and optionality
- Why diversification is insurance for investors who don't understand what they own, and why concentration is how alpha gets generated
- The Iran war, volatile markets, and why you can never time the market — including JB's case for and against deploying right now
- Buy well, own well, and the ancient Greek concept of Kairos as the art of knowing when to exit

Links:

Wautier Family Office - https://wautier.co.uk/

Connect with Jean-Baptiste Wautier - https://www.linkedin.com/in/jean-baptiste-wautier/

Connect with Prashant: https://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

Timestamps:

(00:00) - Preview

(03:06) - Introduction to the guest, Jean-Baptiste Wautier (JB), and episode overview.

(04:53) - The biggest change in private equity over the last 20 years.

(06:56) - The three common traits of the best investment deals.

(09:38) - Where private equity genuinely adds operational value.

(12:42) - How investing family capital changes your relationship to time and risk.

(16:50) - Are constraints helpful or harmful to an investor's performance?

(20:48) - The biggest mistake investors make with consumer companies.

(22:45) - Lessons for PE investors from Bill Ackman's public market style.

(26:44) - The governance approach for a high-conviction, concentrated fund.

(28:13) - Why the Berkshire Hathaway holding company model is so difficult to replicate.

(31:04) - What an effective board does that shareholders never see.

(32:49) - Early warning signs that a board is becoming ceremonial.

(34:13) - A deep dive into the current investing environment and geopolitical risks.

(37:30) - The detailed case against deploying capital now.

(39:20) - The detailed case for deploying capital now.

(42:19) - Is investment success from buying well, owning well, or behaving well?

#PrivateEquity #FamilyOffice #VentureCapital #VC10X #Investing

Stock markets are pushing higher, but bond yields are telling a very different story.

In this episode of VC10X, we break down the growing tension between rising bond yields and resilient equity markets — and why investors are now asking one key question: who bends first?

The bond market is pricing sticky inflation, higher-for-longer interest rates, fiscal deficits, and geopolitical risk. Meanwhile, the stock market is still being powered by AI optimism, strong mega-cap earnings, and confidence that growth can outrun higher discount rates.

But both sides cannot be right forever.

We discuss:

- Why rising Treasury yields matter for stock valuations
- What the bond market is really warning about
- Why equities, especially tech and AI stocks, are still holding up
- The 3 possible outcomes: bonds bend, stocks bend, or both bend
- Which sectors could benefit if yields stay high
- How investors should think about risk, valuation, and portfolio positioning

The key question: Are stocks right to ignore rising yields — or is the bond market warning us before equities catch down?

This episode is for investors trying to understand the biggest macro tension shaping markets right now.

Subscribe to VC10X for sharp conversations on venture capital, public markets, technology, and investing.

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]

This channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.

Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.

Disclaimer:This content is for informational purposes only and does not constitute investment advice.