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

AI researchers are resigning — and some are warning that the technology is getting dangerously good.

The latest is Jacob Coxon, who recently resigned from Anthropic after previously working at OpenAI and publicly shared his reasoning on X.

But this isn't simply a story about one researcher leaving an AI lab.

The bigger issue is the race between frontier AI companies. OpenAI, Anthropic, Google, Meta and others are competing to build increasingly capable models, while some researchers are warning that the safety systems needed to control these models may not be keeping pace.

Even if one lab slows down, its competitors have an incentive to keep moving.

In this episode, we break down why AI researchers are increasingly raising concerns, what the frontier AI race looks like from inside the labs, and why self-improving AI could fundamentally change the risk equation.

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

Key topics we explore:

— Why Jacob Coxon resigned from Anthropic
— The growing divide between AI capability and AI safety
— Why frontier AI has become a race nobody wants to lose
— What happens when AI becomes capable of doing AI research
— The potential implications of recursive self-improvement
— Why even safety-focused AI labs face enormous competitive pressure
— What the AI arms race means for investors, companies and policymakers

The bigger question:

What happens when every AI lab believes it can't afford to slow down?

For investors, this is more than an AI safety debate. The incentives driving frontier AI development could shape how capital flows into the sector, how companies compete, and ultimately who controls the most powerful technology being built today.

The challenge isn't simply making AI more capable.

It's building an environment where companies can slow down when necessary — without handing the entire advantage to whoever keeps accelerating.

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

Sponsorship queries: prashantchoubey3@gmail.com

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.

#VC10X #AI #ArtificialIntelligence #Anthropic #OpenAI #AISafety #AIInvesting #VentureCapital #Investing #TechInvesting

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Ned Brines is Chief of Investment Strategy at Arnel & Affiliates, a single family office in Southern California, where he runs the portfolios for both the family and its foundation. He spent six years in investment banking and more than two decades as an institutional money manager before moving into the family office world, and he serves as an independent director of a publicly traded apartment REIT.

In this episode, Ned breaks down how a multi-billion dollar family office actually builds a portfolio, and why most of what passes for diversification isn't.

⭐ This episode is brought to you by Podcast10x - https://podcast10x.com

Key topics we cover:

• Why thirty equity managers is one bet wearing thirty different labels
• What real estate is really there to do in the portfolio, and why he doesn't think it's the inflation hedge everyone claims
• How IRR gets manipulated with subscription lines, and what he does to strip it back out
• Why he caps venture funds at $150M and PE funds at $750M
• Why he holds twelve percent cash, waits for downside volatility, and once waited fourteen years to buy a stock

Links:

Connect with Ned Brines:
LinkedIn - https://www.linkedin.com/in/ned-brines/

Connect with Prashant Choubey:
LinkedIn - 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

(03:12) - The Biggest Misconception in Portfolio Construction

(04:16) - Building a Portfolio Based on Economic Conditions

(05:43) - The Role of Real Estate in a Family Office Portfolio

(06:25) - Framework for In-sourcing vs. Outsourcing Investments

(08:47) - The Dangers of Illiquid Strategies for Retail Investors

(11:08) - How Rising Interest Rates Challenge Private Equity

(12:11) - Hedging Against Geopolitical and Interest Rate Uncertainty

(14:34) - What Specific Role Does Real Estate Play in a Portfolio?

(16:11) - How Families Without a Real Estate Background Should Invest

(19:30) - Are REITs the Best Way to Invest in Real Estate?

(20:37) - Evaluating Established vs. Emerging Fund Managers

(22:15) - Focusing on MOIC (Multiple on Invested Capital) Over IRR

(24:15) - How to Differentiate Between Two Seemingly Similar Managers

(26:08) - Why High-Conviction, Concentrated Bets Are Preferred

(29:32) - Determining the Right Amount of Cash to Hold for Opportunities

(32:40) - Managing a Single Cash Pool for Family Needs and Investments

(33:55) - Uncovering Hidden Risks in Private Markets

(37:13) - Operational Improvements with the Biggest Impact

(39:10) - Distinguishing Between Genuine Risk and Market Volatility

(41:50) - Thoughts on the AI Stock Thesis and Valuations

(47:31) - An Investment Belief That Has Changed Over the Last Decade

(50:13) - How Serving on a REIT Board Changed His View on Real Estate

(55:53) - The Future Advantages and Disadvantages for Family Offices

(01:00:43) - Start of Rapid Fire Round

(01:00:59) - Sectors and Regions of Investment

(01:03:48) - Typical Commitment Size for VC and PE Funds

(01:05:10) - Sourcing Deals: Inbound vs. Outbound

(01:07:22) - Where Listeners Can Follow Ned

#VentureCapital #FamilyOffice #PrivateEquity #Investing #AssetAllocation

Nvidia just announced its acquisition of Hugging Face for $12.93 billion — one of its biggest moves yet.

But this isn't simply Nvidia buying another AI company.

Hugging Face sits at the developer and model layer of the AI stack, while Nvidia dominates the compute underneath it. The deal could give Nvidia a much deeper position across the AI ecosystem — from chips and infrastructure to models, developers and deployment.

In this episode, we break down what Nvidia is really buying, why open AI matters, and what this could mean for the competitive landscape.

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

Key topics we explore:

— Why Nvidia is paying nearly $12.92B for Hugging Face
— Hugging Face's role in the open AI ecosystem
— Nvidia's move from chips toward a full-stack AI platform
— The strategic importance of developers, models and inference
— How the deal could strengthen Nvidia against custom AI chips
— The tension between Nvidia ownership and Hugging Face's compute-agnostic model

The bigger question:
Is Nvidia buying Hugging Face for its current business — or to control a much larger part of the AI stack?

For investors, the deal is another signal that the AI value chain is moving beyond GPUs. Nvidia isn't just trying to sell the picks and shovels of AI — it's increasingly positioning itself across the platform where AI gets built.

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

Sponsorship queries: prashantchoubey3@gmail.com

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.

#VC10X #Nvidia #HuggingFace #AI #ArtificialIntelligence #VentureCapital #Investing #OpenAI #AIInvesting #TechInvesting

Get new episodes in your inbox - ⁠https://vc10x.beehiiv.com⁠

Ken Goldman spent five years as President of Hillspire, Eric Schmidt's family office, an organization of over five hundred people spanning investments, legal, IT, aviation, personal property, foundations, and an oceanographic research vessel. He was CFO of Siebel Systems and CFO of Yahoo, was employee number seven at VLSI Technology, and has served on dozens of public and private boards. He now invests actively across venture and private equity funds and sits on the PCAOB advisory group.

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

Topics covered:

- Why the analysis that said sell Alphabet was the best call Hillspire never made
- How you hire and retain people when you have no equity to offer, and who you stop competing for
- The split between the institutional book and the "VIP investments" Eric Schmidt made himself
- What separates a family office conference worth attending from one where you are the product
- Why Ken says we are in a bubble even though every insider he asks says AI is under-hyped

Connect with Ken Goldman:
LinkedIn: ⁠https://www.linkedin.com/in/ken-goldman-552a47⁠

Connect with Prashant Choubey:
LinkedIn: ⁠https://www.linkedin.com/in/ken-goldman-552a472⁠

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

(01:19) - Guest intro

(03:07) - The operational scale of a 500+ person family office

(07:12) - Tips for retaining high-quality talent in the age of AI startups

(08:45) - The importance of being in the office to build team culture

(12:04) - The trend of institutionalization in family offices

(12:45) - A breakdown of Hillspire's diverse in-house operations

(15:15) - Why private equity and VC firms are now targeting family offices

(17:47) - Identifying the highest quality family office conferences

(18:17) - What makes a family office conference valuable (non-solicitation, quality speakers)

(23:31) - Common blind spots of emerging family offices

(26:41) - Approach to venture capital: direct investing vs. backing funds

(30:56) - Framework for executing philanthropy in a family office

(34:51) - Building a personal portfolio of alternative investments

(39:35) - Essential financial controls for startups before hiring a CFO

(43:45) - Is the current AI cycle overhyped or underhyped?

(48:00) - Governance warning signs that a startup is drifting off course

(49:05) - Key metrics to watch: customer churn and net ARR

(52:18) - Dangerous assumptions investors carry from bull to bear markets

(55:20) - Why we are likely in an investment bubble, especially in data centers

Nvidia is now a roughly $5 trillion company—and it's still growing at more than 100% year over year.

In its latest earnings, Nvidia reported $96.2 billion in quarterly revenue, up 106% year over year, with Data Center revenue reaching $89 billion, up 117%.

The company is also guiding for approximately $108 billion of revenue next quarter.

But for investors, the bigger question isn't whether Nvidia is growing.

It's how a company of this scale can continue growing at rates normally associated with startups—and how much of that growth is already priced into the stock.

In this episode, we break down Nvidia's latest earnings and what they tell us about the broader AI infrastructure cycle.

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

Key topics we explore:

– How Nvidia is still growing revenue at 100%+ at a ~$5T valuation
– Why Data Center revenue remains the core driver of the business
– What Nvidia's $108B quarterly guidance tells us about AI demand
– Why inference could become an even bigger driver of AI compute
– Nvidia's expanding role across GPUs, networking, software, and AI systems
– The growing threat from AMD, custom silicon, and hyperscaler-designed chips
– Margin risks as memory costs and next-generation systems evolve
– What Nvidia's results tell us about the broader AI infrastructure thesis
– Whether extraordinary growth can continue long enough to justify today's valuation

The bigger question:

How long can Nvidia continue compounding at extraordinary rates—and what happens when the law of large numbers eventually catches up?

For investors, Nvidia's earnings provide perhaps the clearest evidence yet that AI infrastructure demand remains exceptionally strong. But at a $5 trillion valuation, the debate is no longer simply about whether AI is growing.

It's about how much of that future growth Nvidia can capture—and what investors are paying for it today.

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 prashantchoubey3@gmail.com

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.

#Nvidia #NVDA #AI #ArtificialIntelligence #AIInfrastructure #Semiconductors #DataCenters #Investing #TechStocks #VC10X #NvidiaEarnings #AMD #TSMC #Broadcom #AIInvesting #GPUs #Inference #Markets #WallStreet #Finance