The fastest growing market in the world isn’t AI; it’s in crypto.
Anthropic & OpenAI both re‑rated their run rates in 2026 by segmenting: a mandatory enterprise repricing against an 80% price cut on the cheapest tier.
Berkeley published a study this week showing harnesses, the systems that control AI agents, set the price of an answer. The right harness cuts the cost of the same result by 71% without a loss of accuracy.
Vercel took its inbound sales development team from 10 people to 1.25, increased quotas 30%, all for a few thousand dollars of inference.
Over the next five years, US data center capacity will grow from 25 gigawatts to 70 gigawatts, part of a global buildout costing roughly $5t.
The AI buildout represents a 34% expansion of the US corporate bond market.
Reaching $1.35t from roughly $150b today requires a 55% compound annual growth rate (CAGR) over the next five years.
These observations shape my view of AI’s rapid scaling, pricing wars, and the massive financing required to power the next wave of infrastructure.
I am a venture capitalist based in San Francisco, currently serving as a General Partner at Theory Ventures. I previously spent over a decade at Redpoint Ventures as Managing Director, and before that I held product and engineering roles at Google and Appian. I also author a blog and co‑authored Winning with Data, and hold several US patents related to ad targeting and content identification.
My current role is General Partner at Theory Ventures (Sep 2022 to Present).
My prior VC role was Managing Director at Redpoint Ventures (May 2008 to Sep 2022).
One of the portfolio exits I helped drive was Looker’s acquisition for $2.6 b.
Another notable exit was Chorus’s sale for $575 m to ZI.
I hold the patent Network Node Ad Targeting, US 8438062, issued May 2013.