<
https://pivot-to-ai.com/2025/05/03/in-2025-venture-capital-cant-pretend-everything-is-fine-any-more/>
"Venture capital is screwed. A bubble in AI is their last hope, and they’re
betting everything on Sam Altman. It’s heartwarming.
Today, we have the
Pitchbook-NVCA Venture Monitor for Q1 2025. This is the
National Venture Capital Association telling its members how things are going.
It’s the view of VC from the inside. The front cover picture is the light at
the end of the tunnel — and it’s an oncoming streetcar.
We covered the Q3 2024 report last year. That one tried very hard to present
bad news as okay news. The new report can’t even do that.
Here is the state of venture capital in early 2025:
* Venture capital is moribund except AI.
* AI is moribund except OpenAI.
* OpenAI is a weird scam that wants to burn money so fast it summons AI God.
* Nobody can cash out.
The report mostly blames venture’s woes on President Trump and his tariffs —
but venture capital’s problems are systemic and you could see them coming since
the zero-interest-rate era.
And they have no idea how to fix this. None at all. The report’s
only plan
for the future is to cross their fingers and hope."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
