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

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

Sydney Landau joined SHAKTI as an intern with no background in venture. Two years later, she became a Partner, at 24.

Sydney breaks down how she reads founders using the psychology training she picked up as a psych major, why her firm invests in what they call "reimagination of toothbrushes," and what SHAKTI's primary research with 42 next-gen members of wealthy families revealed about where the intergenerational wealth transfer is actually going.

Plus: how she sourced an investment off a TikTok her friends were forwarding around, what running an AI native firm on its own portfolio companies actually looks like day-to-day, and the one part of the job AI has not changed at all.

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

What we cover

- Reading founder psychology, and why SHAKTI backs the founder and the problem rather than the solution

- How next gen allocators break from their parents, and what the 42-person study found

- The toothbrush test, and how SHAKTI sizes a market before anything else

- Sourcing a deal off a TikTok, and where founders are actually showing up now

- Running an AI native venture firm, and the one thing AI has not changed

About the guest

Sydney Landau is a Partner at SHAKTI, an inception-stage venture firm investing across AI, robotics, and consumer. She leads the firm's next gen research and its AI native operations.

Sydney on LinkedIn - https://www.linkedin.com/in/sydney-landau-740644236

Shakti VC on LinkedIn - https://www.linkedin.com/company/shakti-vc

Sydney on X - https://x.com/Sydney_landau

Book she mentioned: The Venture Mindset - https://www.amazon.com/Venture-Mindset-Smarter-Achieve-Extraordinary/dp/0593714237

About VC10X

VC10X is a podcast on venture capital, fund management, and institutional allocation, hosted by Prashant Choubey. Conversations with the GPs, LPs, and allocators shaping how capital gets deployed.

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

VC10X website - https://vc10x.com

Timestamps:

(00:00) - Preview

(01:01) - Introduction to the episode and guest, Sydney Landau.

(02:18) - Sydney’s journey into venture capital without a tech background.

(04:34) - Key learnings from intern to partner in two years.

(05:07) - The importance of founder psychology in early-stage investing.

(07:11) - Operator experience vs. starting a career directly in VC.

(08:10) - How Shakti VC's Titan Platform supports founders.

(10:07) - Understanding and investing in Gen Z founders.

(12:00) - The rise of IRL (in-real-life) events and personal branding in venture.

(14:05) - Study on next-gen wealth transfer and capital allocation.

(15:40) - Why next-gen investors are active generalist learners.

(18:16) - What drives the shift from specialist to generalist investing.

(20:40) - Surprising findings from the next-gen wealth study.

(23:04) - Motivation behind studying next-gen high-net-worth individuals.

(24:42) - How Gen Z evaluates AI opportunities differently.

(25:30) - The "toothbrush" investment thesis: investing in frequent and ubiquitous use cases.

(28:03) - Combining generational perspectives within a venture firm.

(31:45) - The story of sourcing and winning a deal from TikTok.

(36:08) - Transforming Shakti into an AI-native venture firm.

(40:17) - What the next-generation consumer wants.

(42:50) - How AI will lead to a new generation of entrepreneurs.

(43:55) - A trend obvious to Gen Z that isn't priced into markets yet: resale and autonomy.

(46:25) - Advice for a 22-year-old wanting a career in venture capital.

(48:51) - Rapid-fire round: Investment sectors, stage, and check size.

Etched just raised another $700 million at a $21 billion valuation, nearly doubling its valuation from around $10.3 billion in less than a month.

But the headline valuation isn't the most interesting part.

Etched is building specialized AI chips and inference systems designed to challenge the economics of Nvidia for one of the fastest-growing parts of AI compute: inference.

And one of the most notable investors and customers is Jane Street.

In this episode, we break down what Etched is actually building, why inference could become an enormous AI compute market, and whether a $21B valuation can be justified.

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

Key topics we explore:

– What Etched is actually building and why it is focused on AI inference
– Why specialized ASICs could compete with general-purpose GPUs
– How Etched's approach differs from Nvidia's GPU strategy
– Why Jane Street is both an investor and early customer
– Why Etched's valuation jumped from ~$10B to $21B in less than a month
– The opportunity and risks in the rapidly growing inference market
– Why specialized AI hardware could become increasingly important as AI workloads scale
– Whether Etched can become a meaningful Nvidia competiton—or carve out a specialized market of its own

The bigger question:

As AI inference becomes a larger share of global compute, will specialized chips challenge Nvidia's dominance?

For investors, the story isn't simply Nvidia vs. AMD anymore. The AI hardware ecosystem is becoming increasingly specialized—and the companies that can deliver more intelligence per dollar, per watt, and per second could capture enormous value.

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.

#Etched #AI #ArtificialIntelligence #AIChips #Inference #Nvidia #Semiconductors #JaneStreet #AIInfrastructure #ASIC #GPUs #TechStocks #Investing #VC10X #VentureCapital #Datacenters #MachineLearning #SiliconValley #Finance #Markets

Matt Curtolo is an independent advisor to LPs & GPs with over twenty years on the LP side of private markets, across Hamilton Lane, Hirtle Callaghan, MetLife, and Allocate. He now works directly with fund managers on strategy, fundraising, and positioning, giving them the candid LP read most of them never get. This is his third appearance on VC10X.

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

Topics covered:

- Why 2021 is the wrong baseline, and what the fund one attrition data actually shows
- Why "we invest in AI" has stopped being a thesis, and where Matt is looking instead
- How LP incentives, economic and non-economic, decide whether you ever get a check
- The biggest mistake GPs make when telling their fund story
- Why Matt thinks LPs who refuse to back fund ones are misunderstanding risk

Connect with Matt Curtolo:
LinkedIn: https://www.linkedin.com/in/matt-curtolo-caia/

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

(00:52) - Introduction to the host, guest, and the episode's central theme.

(01:23) - Sponsor read for Podcast NX.

(02:26) - Comparing the 2021 LP market to today's.

(04:52) - Investment trends and opportunities outside of AI.

(08:55) - How General Partners (GPs) are positioning themselves for fundraising.

(11:18) - Understanding Limited Partner (LP) incentives and their impact on investment decisions.

(14:40) - Key factors for securing a second meeting with LPs.

(17:15) - The biggest mistake GPs make when telling their fund's story.

(19:32) - How LPs evaluate first-time fund managers today.

(22:21) - The impact of SPVs and the "deal-first" mentality on portfolio building.

(27:23) - Principles of good portfolio construction for long-term LPs.

(30:46) - What separates durable franchises from one-fund wonders.

(33:08) - A hypothetical fundraising strategy for launching a new fund today.

(35:48) - Start of the rapid-fire round.

(36:00) - An important LP question every GP should be prepared for.

(36:19) - An exciting investment theme outside of AI.

(36:31) - Outdated fundraising advice to ignore.

(36:53) - A prediction for the GP fundraising market in the next three years.

(37:19) - Concluding thoughts.

Nvidia just announced partnerships with some of the world's biggest financial institutions to mobilize more than $500 billion of capital for AI infrastructure.

But there's an important distinction:

Nvidia isn't investing $500 billion.

The initiative is about bringing institutional capital into the financing of AI data centers, compute infrastructure, and related projects.

In this episode, we break down what Nvidia's financing strategy really means—and why it could be one of the most important developments yet in the next phase of the AI buildout.

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

Key topics we explore:

– What Nvidia's $500B financing initiative actually involves
– Why Nvidia wants institutional investors to finance AI infrastructure
– How compute could increasingly become an investable infrastructure asset
– Why this could accelerate AI data center and GPU deployment
– The potential beneficiaries across Nvidia, data centers, power, and networking
– The risks if AI demand or GPU utilization doesn't meet expectations
– Whether this creates a potentially circular financing ecosystem around AI
– Why Wall Street is becoming an increasingly important participant in the AI buildout

The bigger question:

Are we simply finding new ways to finance the AI infrastructure boom—or are we watching the emergence of an entirely new institutional asset class?

For investors, the answer matters. The next constraint on AI may not be GPUs or power—it may be the enormous amount of capital required to build everything around them.

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 #AI #ArtificialIntelligence #AIInfrastructure #DataCenters #GPUs #Investing #TechStocks #VC10X #BlackRock #Apollo #Blackstone #GoldmanSachs #KKR #AIInvesting #Semiconductors #CloudComputing #CapitalMarkets #Finance #WallStreet