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

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.

Most VCs talk about ownership. Few actually build it. Neil Sequeira, Co-Founder and General Partner at Defy, breaks down the unconventional strategies his firm uses to average 17 percent ownership across their seven highest marked portfolio companies — and why that number puts them up against any early stage manager in the country.

Neil spent 12 years at General Catalyst before co-founding Defy a decade ago. In this conversation, he gets into why 75 percent of their deal flow never goes to market, how they made their biggest capital call on April 1st 2020 when venture investment was down 80 percent industry-wide, and why the most contentious deal at the partner meeting is usually the one that ends up doing the best.

This is a masterclass in early stage conviction, portfolio construction, and what it actually means to partner with a founder for the long term.

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

We talk about -

- Why Defy keeps their partnership small on purpose, and how that directly drives better early stage returns

- The April 1st 2020 capital call: how they deployed 20% of Fund 2 in the quarter venture fell 80% industry-wide

- The three-bucket framework for evaluating investments, and why the founder bucket outweighs market knowledge and hard work combined

- How Defy averages 17% ownership across their seven highest marked companies using strategies most VCs never think to use

- The one early signal that has predicted every failed investment in their portfolio, and why they no longer rationalize past it

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Timestamps:

(00:00) - Preview

(00:28) - Introduction to Neil Sequeira and Defy

(02:05) - How Decision-Making Quality Changes as VC Firms Scale

(05:54) - The Speed of Conviction in Large vs. Small Firms

(07:20) - The Power of Proprietary Deals

(08:52) - Neil's Most Formative Investment Decisions

(13:25) - Why the "Person" is the Most Critical Investment Factor

(16:39) - Case Study: When an Investment Thesis Evolves Significantly

(20:40) - Evolving Portfolio Construction Across Different Funds

(22:30) - The Impact of AI on Investment Strategy and Check Size

(24:10) - Building Company-Creation Platforms (US Defense, Crypto)

(25:25) - How LPs React to Evolving Fund Strategies

(28:20) - A Contrarian Approach: Investing When the Market Goes Dark

(32:39) - Initial Bets vs. Doubling Down on Winners

(34:35) - How Defy Owns 17% of Their Best Companies

(37:34) - Patterns in Failed Investments: Lessons from Hindsight

(38:25) - The Red Flag of Founder Integrity Issues

(40:15) - The Danger of Market Noise and Not Controlling Your Destiny

(44:03) - Start of Rapid Fire Round

(44:19) - Sectors and Regions of Investment

(44:53) - Typical Stage of Investment

(45:47) - Leading Investment Rounds

(46:28) - Typical Check Size and Ownership Goals

(47:38) - How to Connect with Neil and Defy

(48:45) - Conclusion

Links:

Defy - https://defy.vc/

Connect with Neil Sequeira - https://www.linkedin.com/in/neil-sequeira-76739a40/

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 #EarlyStageInvesting #StartupFunding #VC10X #NeilSequeira #Defy #PortfolioConstruction #FounderAdvice #VCPodcast #StartupInvesting

Anthropic has signed a major compute agreement with SpaceX — giving it access to massive AI infrastructure capacity from SpaceX’s Colossus 1 data center in Memphis.

On the surface, this looks like a simple compute deal.

But for investors, the signal is much bigger:

The AI race is no longer just about models. It is becoming a race for compute, power, chips, data centers, and infrastructure control.

In this episode, we break down what the SpaceX–Anthropic deal means for the future of frontier AI competition.

Key questions we explore:

– Why does Anthropic need additional compute capacity?
– What does this reveal about AI infrastructure bottlenecks?
– Is SpaceX becoming an AI infrastructure player?
– How does this affect Amazon, Google, Microsoft, and other hyperscalers?
– Why is compute becoming one of the most important moats in AI?
– What should investors watch as AI labs become more capital-intensive?

The key takeaway:

AI demand is scaling fast — but the constraint is increasingly physical infrastructure.

Chips. Power. Data centers. Cooling. Capital.

For investors, the question is shifting from:

Who has the best model?

to:

Who controls the infrastructure required to keep improving the model?

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.

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