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

For years, investors have focused on the same AI winners:

Nvidia. Microsoft. Amazon. Alphabet. Meta.

Now a new question is emerging:

Is SpaceX becoming so large that investors are selling other stocks to make room for it?

As one of the largest IPOs in history, SpaceX has captured enormous institutional attention. Index funds, active managers, and long-term allocators all want exposure.

But capital isn't infinite.

If billions of dollars flow into SpaceX, where does that money come from?

In this episode, we explore whether the SpaceX IPO is contributing to weakness across technology and AI stocks — and separate market mechanics from market mythology.

Key topics:

– How large IPOs affect index funds and institutional portfolios
– Why investors may be trimming existing winners to fund SpaceX positions
– Whether Nvidia, Microsoft, Amazon, and other AI leaders could face temporary selling pressure
– The difference between liquidity-driven selling and fundamental weakness
– Why inflation, interest rates, and geopolitics still matter more than most investors think
– Whether SpaceX represents a short-term dislocation or a longer-term capital rotation

The key question:

Is SpaceX actually pulling the market down, or is it simply competing for the same pool of capital that has driven the AI trade for the past two years?

For investors, understanding capital flows can be just as important as understanding company fundamentals.

Subscribe to VC10X for investor-first analysis on AI, venture capital, technology, 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 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.

#spacex #markets #spacexipo

Duncan Johnson, CEO and co-founder of Northern Gritstone, joins VC10X to break down why the UK produces world-class science but struggles to turn it into globally significant companies. We dig into the £24 million vs. £980 million funding gap between the north of England and the Golden Triangle, why a US investor on your cap table can mean a 2x outperformance potential, and how Northern Gritstone's permanent capital structure lets it match the 15-year reality of deep-tech venture instead of forcing exits on a 10-year fund clock.

Duncan also shares what UK institutional investors still get wrong about venture risk and portfolio construction, why concentrating capital in a handful of innovation clusters beats spreading it thin, where he believes the UK has a genuine right to win in applied and agentic AI, and the three qualities — ambition, aptitude, and attitude — that separate university spin-outs that become real businesses from the ones that stay great science projects.

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

Timestamps:

(00:00) - The Impact of US Investors on UK Startups

(00:19) - Why the UK Fails to Create Tech Giants

(00:29) - The UK's Commercial Talent Gap

(00:50) - Why Talent is More Crucial Than Science

(01:13) - Introduction to Duncan Johnson and Northern Gritstone

(02:58) - The Problem Northern Gritstone Solves

(03:08) - The North-South UK Funding Disparity

(04:15) - Where the UK's Innovation Value Chain Breaks

(05:59) - The Trend of UK Startups Seeking US Capital

(06:14) - Data-Backed Benefits of Entering the US Ecosystem

(08:05) - Defining the UK's Talent Shortage

(08:27) - The Scarcity of Venture-Scale Experience

(09:25) - Investor Perceptions of the UK's Future

(09:41) - How Political Instability Affects UK Investment

(11:28) - Northern Gritstone's Permanent Capital Model

(11:48) - Pros and Cons of a Permanent Capital Structure

(14:37) - Managing Shareholder Liquidity in a Permanent Capital Fund

(14:58) - Strategies for Providing Investor Liquidity

(17:17) - How New vs. Early Investors are Treated

(20:00) - The Current Climate for Raising Venture Capital

(22:11) - What Institutional Investors Misunderstand About Venture Capital

(22:26) - The Key Misconceptions: Duration, Risk, and Portfolio Size

(24:00) - The Case for Concentrated Innovation Clusters

(26:07) - Spotlight on Northern Gritstone's Portfolio Companies

(26:18) - The Story of Auxetic: A Breakthrough Material

(28:40) - How Adsilico Uses AI for Medical Device Testing

(30:13) - Uncomfortable Lessons from San Francisco

(30:27) - What the UK Can Learn from Silicon Valley's Startup Culture

(33:15) - Where the UK Has a Right to Win in AI

(35:04) - How to Invest £10 Billion in the UK's AI Future

(36:26) - From Science Project to Global Company

(36:37) - The Three A's of Successful Founders: Ambition, Aptitude, and Attitude

(37:42) - The 15-Year Vision for UK Tech

(37:55) - Defining Success: A Trillion-Pound UK Tech Company

(39:32) - A Common Misconception About UK Innovation

(39:45) - Why Innovation is a Long-Term Game, Not a Quick Fix

(40:56) - Where to Follow Duncan Johnson and Northern Gritstone

Links:

Northern Gritstone: https://northerngritstone.com
LinkedIn: https://linkedin.com/company/northern-gritstone
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#VentureCapital #UKInnovation #DeepTech #UniversitySpinouts #PermanentCapital

Markets sold off this week, but not because of a single headline.

Instead, investors were forced to digest multiple developments at the same time:

• A potentially historic SpaceX IPO
• Stronger-than-expected employment data
• Persistent inflation concerns
• Rising geopolitical tensions in the Middle East

In this episode, we break down what's actually driving market sentiment — and whether this pullback is a warning sign or simply a repricing of expectations.

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

Key topics we explore:

– Why strong jobs data can be bad news for stocks
– How inflation is influencing interest rate expectations
– The potential impact of a massive SpaceX IPO on market liquidity
– Why geopolitical tensions matter for energy prices and inflation
– Whether AI and technology stocks have gotten ahead of fundamentals
– What investors should be watching over the next few months

The bigger question:

Is this the start of a broader correction, or just the market adjusting to a more realistic macro environment?

For investors, understanding the interaction between rates, inflation, liquidity, geopolitics, and AI valuations has never been more important.

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.

#Markets #Investing #SpaceX #AI #Inflation #FederalReserve #Stocks #TechStocks #VC10X #MacroEconomics #Nvidia #Tesla #Micron #OpenAI #Anthropic #Finance #VentureCapital #Geopolitics #InterestRates #WallStreet

Dave White is the founder of Wayfinder, a boutique advisory firm serving families and institutions across portfolio construction, manager selection, and governance. Before Wayfinder, he spent nearly twelve years at Cambridge Associates, conducting 400+ manager meetings annually across every major asset class.

In this episode, Dave breaks down what he actually looks for after thousands of manager meetings, why the corners of the market matter more than what's in demand today, and what most families get dangerously wrong about risk, governance, and generational wealth transfer.

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

What we cover:

- Why the hit rate on truly great managers is 1-2% even after 400 meetings a year
- The difference between time-weighted and dollar-weighted returns — and which one actually tells the truth
- How to get a manager off script and why that's the only meeting that matters
- What "stronger dollars, not faster dollars" means for GPs building a durable LP base
- Why 70% of third-generation wealth disappears — and the governance fix most families skip
- The crypto disconnect: institutions are building on it, but LP dollars have dried up
- Why concentration, not diversification, is how the largest wealth in the world has always been created
- What the first conversation with a newly liquid founder should actually be about
- How AI is changing the pace and depth of manager due diligence right now

Links:

Wayfinder website - https://wayfinder.io

Connect with Dave White - https://www.linkedin.com/in/dave-s-white/

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) - The Disconnect in Digital Asset Adoption

(00:22) - Differentiating Exceptional Managers from Great Storytellers

(00:33) - Biggest Misconceptions VCs Have About LPs

(00:45) - A Contrarian Belief: The Power of Concentration

(01:03) - Introduction to Dave White and Wayfinder

(02:34) - What's Broken in Traditional Wealth Management

(04:54) - How to Find Underserved Corners of the Market

(07:58) - Working with Families on Non-Investment Fronts

(09:05) - Timeless Principles for Investing Across Asset Classes

(10:51) - Signals of a Truly Exceptional Manager

(13:36) - What Limited Partners *Actually* Care About

(15:07) - Why Some Families Thrive Across Generations (and Others Don't)

(18:15) - The Critical Role of Involving the Next Generation

(20:40) - The First Portfolio Conversation for a Newly Wealthy Founder

(23:12) - "New Wealth" vs. "Old Wealth": Different Approaches to Investing

(25:05) - The Consequences of Underinvesting in Governance

(30:04) - Differentiating Factors for Successful Generational Wealth Transfer

(32:18) - The Evolving Role of Family Capital in the Next Decade

(34:02) - Manager Evaluation in the Age of AI

(37:24) - The Single Biggest Factor for Long-Term Investment Outcomes

(38:57) - The Future of Family Offices: What Top Investors Will Do Differently

(40:32) - A Contrarian Belief: The Case for Concentrated Portfolios

(43:15) - Where to Find Dave White Online

New episodes live every Tuesday & Thursday.

This is the 300th episode of VC10X — and instead of bringing on a guest, host Prashant Choubey turns the mic on himself. AI generated the questions. Prashant answered them. The result is one of the most honest conversations about venture capital, building in public, wealth, and what 300 interviews actually teach you.

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

In this episode:

- Why Prashant started VC10X at 22 — and why a coffee chat wasn't enough
- What changed from the first 50 episodes to the last 50 (the bar, the macro, the mindset)
- Three lessons for founders distilled from 300 conversations
- Why you should diligence your VCs as hard as they diligence you
- The biggest misconception founders have about fundraising
- What separates exceptional investors from merely successful ones
- How AI has changed the diligence conversation — and why product is no longer a moat
- What 300 interviews taught Prashant about wealth
- Why venture capital is not for everyone — including possibly you
- Why every VC should have a podcast (and most are still leaving it on the table)
- Episodes and guests that changed how Prashant thinks: Wendy Craft, Ronald Diamond, John Messervey, Justin Pollack, Paul Flood, Greg Ho, Anurag Chandra, and more

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.

#VC10X #VentureCapital #FundManagement #StartupPodcast #PrivateEquity #FamilyOffice #Investing #Founders #VC #PodcastMilestone