VC LPs' top fear: an efficiency step-change that stops the AI music

JosephJacks_ · x · 2026-09-28

Investor Meghan Reynolds relays what VC LPs are asking this week: which big IPO comes after the labs, which late-stage AI assets matter most, and what risk could "stop the music."

Joseph Jacks replies that the music stops when a fundamentally more efficient step change in AI compute first occurs outside the labs, then gets absorbed by them in a messy transition — after which markets recover and go stratospheric again.

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