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Spencer Ferrar (1:01)
Fit Foreign.
Jen (1:10)
We are talking all about the markets with Theory Ventures partner Spencer Ferrar. Spencer, welcome to the show.
Spencer Ferrar (1:18)
Hey Jen, thanks so much for having me.
Jen (1:20)
Of course, thanks for being here. Now, we were talking about AI and crypto from a policy angle just now, but we can't ignore the markets. They have really been volatile for a number of different reasons. But let's just focus in on AI right now when it comes to AI related cryptocurrencies or AI equities. What are you watching?
Spencer Ferrar (1:43)
Yeah, look, I mean, it's been a while past couple of days. Obviously we focus on private markets primarily and so really we're meeting with entrepreneurs who are innovating kind of at the intersection of AI. Our firm focuses a lot on both traditional AI and AI within crypto, things that are exciting to us. Look, I mean, I think every business over the next 10 to 15 years becomes a business powered by AI. And so specifically within crypto and AI, we're seeing a lot of innovation more recently coming out of some of the foundation labs on some research. DLOCO is a paper that came out of Google recently. And so we're starting to see people who are training models in a decentralized manner. And so there's been some great innovation there. I think historically what we've seen over the last year or two has been mostly kind of chat bots, trading bots. So a lot of tooling infrastructure on that side. But we're Starting to see people with great pedigrees come into the market. And we actually just backed a company with someone who has a master's in nlp. They come from a high frequency trading background. And so I think in terms of the talent that's starting to come into the crypto space, we're seeing a pretty significant increase there on the equity side. I mean, when we look at the equities market, I think there's been a lot of concentration into a handful of names. And a lot of that is in part because companies are staying private longer. And when companies stay private longer, there's not a lot of access for AI exposure within public markets. And so you saw very lofty valuations within a handful of names. But for us, again, kind of we're really just focused on entrepreneurs who are at the formation stage of their business. And so we're a bit disconnected from the public markets. And I think it can be a sigh of relief, especially in times of volatility like we're seeing over the last few days.