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

Prashant Choubey
  • 5.0 (3)
  • Investing
  • Updated Weekly

VC10X brings you inside the minds of top venture capitalists, investors, fund managers, and family offices shaping the future of global investing. Each episode dives deep into proven investment strategies, portfolio construction, due diligence, valuations, risk management, exits, and wealth creation frameworks used by leading experts. Whether you’re an investor, founder, or finance enthusiast, you’ll gain rare insights into how capital is deployed, returns are generated, and long-term value is built. Hosted by Prashant Choubey

  1. 54m ago

    VC10X Pulse - Etched Just Doubled Its Valuation to $21B in 1 Month — Here's What They're Building

    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

  2. 2d ago

    VC10X - 900 Fund Ones Raised in 2021/22. Only 200 Made It to Fund Two - Matt Curtolo, Advisor to LPs & GPs

    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.

  3. Aug 13

    VC10X Pulse - Nvidia's $500B AI Financing Plan: What Does It Really Mean?

    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

  4. Aug 11

    VC10X - 12 Years at a Seed Fund - Andrea Hippeau, Head of Portfolio Management, Lerer Hippeau

    Andrea Hippeau is Head of Portfolio Management at Lerer Hippeau, an early stage venture firm based in New York. She has been at the firm for twelve years and recently moved into this role from Partner, shifting her focus from sourcing new deals to supporting the existing portfolio at scale. Lerer Hippeau invests at pre-seed and seed, leads rounds, and writes checks between one and four million dollars. This is Andrea's second appearance on VC10X, and a lot has changed since the last one. We get into what Series A investors are actually screening for now (hint: it isn't revenue), why AI efficiency is pushing some companies to raise more instead of less, the founder trait Andrea says has quietly overtaken sales, why Lerer Hippeau runs 70 to 75 percent enterprise despite its consumer reputation, and what twelve years of investing taught her about patience. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com We talk about: - What Series A investors actually screen for now, and why an exceptional team can raise with no revenue - The efficiency paradox: AI lets you do more with less, so why are companies raising more? - Why Lerer Hippeau runs 70 to 75 percent enterprise despite its consumer reputation - Storytelling replacing sales as the founder trait that predicts everything else - Why a Partner deliberately stopped chasing deals after twelve years Connect with Andrea: LinkedIn: https://www.linkedin.com/in/andrea-hippeau-64658227/ Lerer Hippeau: https://www.lererhippeau.com/ 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) - Teaser: The Changing Landscape of Venture Capital (01:58) - The Evolving Bar for a Series A Investment (04:36) - How AI is Redefining Compounding Growth in Startups (06:02) - Lerer Hippeau's Investment Focus: From Consumer to Enterprise (08:05) - Why AI Makes Consumer Brands a More Exciting Investment (10:03) - The Double-Edged Sword of AI on Startup Funding Needs (12:29) - The Impact of AI on Paid Advertising and Customer Acquisition (15:51) - Balancing Portfolio Support and Sourcing New Deals in a New Role (18:05) - Using AI to Manage Portfolio Data at Scale (20:30) - The Shifting Profile of a Modern Founder (21:58) - Sourcing Growth Capital for Consumer Brands Today (25:06) - The Dangers of the Venture Capital Hype Cycle (27:07) - What Founders Need the Most Help With (But Don't Always Ask) (30:36) - Why Storytelling Has Replaced Sales as the Most Important Founder Trait (32:18) - What Makes a Compelling Founder Story? (34:30) - Startups vs. Incumbents: The Battle for the Workflow Layer (36:43) - Regulated Sectors Ripe for Disruption (39:21) - Evolving the Investment Decision Process in the Age of AI (43:13) - Are Big Tech's AI Investments Boosting Startup Productivity? (46:27) - How a Decade in VC Shapes Investment Instincts (49:45) - Strategies for Seed Investing: Go Early, Be Contrarian, or Be Flexible (52:12) - Rapid Fire Round

  5. Aug 6

    VC10X Pulse - Nvidia v/s AMD: Who is winning the semiconductor race?

    This week, one tweet from Elon Musk reignited one of the biggest debates in AI investing. After AMD reported strong earnings, Musk posted that SpaceX has committed to using Nvidia GPUs exclusively because they are the best. At the same time, xAI continues to deploy both Nvidia and AMD GPUs—raising an important question for investors. Is Nvidia's lead in AI becoming even stronger, or is the AI infrastructure market simply becoming large enough for multiple winners? In this episode, we break down what AMD's earnings and Musk's comments tell us about the competitive landscape in AI chips. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Key topics we explore: – What AMD's latest earnings reveal about AI accelerator demand – Why Elon Musk said SpaceX will exclusively use Nvidia GPUs – Why xAI is taking a different approach by deploying both Nvidia and AMD – Nvidia's competitive moat beyond hardware: CUDA, networking, and software – Whether AMD needs to beat Nvidia—or simply capture a growing share of the AI market – What this means for the broader AI infrastructure investment thesis The bigger question: Is the AI accelerator market a winner-takes-all industry, or will explosive AI demand create room for multiple winners? For investors, understanding where Nvidia's moat remains strongest—and where AMD is making meaningful progress—is key to evaluating the next phase of the AI infrastructure buildout. 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 #AMD #AI #ArtificialIntelligence #GPUs #ElonMusk #SpaceX #xAI #Semiconductors #TechStocks #Investing #VC10X #DataCenters #CUDA #WallStreet #Finance #ChipStocks #AIInfrastructure #Markets #Earnings

  6. Aug 4

    VC10X - Why the Labs Suddenly Love Open Weights - David Epstein, GP, USF Ventures

    David Epstein is General Partner at USF Ventures, the venture fund backing companies connected to the University of San Francisco. He was previously a General Partner at Crosslink Capital and has held management and CEO roles at more than half a dozen startups. He also teaches entrepreneurship and finance, and began his career at Data General as a computer designer, on the project chronicled in Tracy Kidder's Pulitzer Prize winning The Soul of a New Machine. In this episode, Dave argues that the real AI bottleneck isn't chips, power, or capital. It's data. We get into why frontier labs backing open weight models is a defensive move rather than a principled one, where early stage startups can still win, and why he thinks jobs will disappear faster than they get created. ⭐This episode is brought to you by Podcast10x. We help founders and investors turn one podcast episode into a full month of content. Strategy, production, and distribution handled end to end. Learn more at https://podcast10x.com What we cover: → Why "AI company" is no longer a category, and the pitch deck claim that has become his pet peeve → Why AI isn't a tool anymore, and what makes this cycle different from the dot com era → The real bottleneck: why we've exhausted the internet's data and what comes next → Money as the constraint nobody prices in, and the circularity in the current data center build out → How Chinese open weight models pull revenue out of token charges and subscriptions → Why big lab support for open models is defensive positioning → Who survives if open weights take share, and why consolidation is coming → Where early stage startups can still win: drug discovery, financial services, legal → Why the likely exit is a sale, not an IPO → Ethical investing as a return rather than a tax, and why it's tough to work with jerks → Why self-regulation rarely works, and what 2008 tells us about the current AI alliance → Why layoffs are just the beginning, and the Industrial Revolution parallel everyone forgets → Where the jobs actually are: management, human facing care, and the trades → What top tier VCs get right, and why VCs are also lemmings → Quantum computing as a data center accelerator, and the password problem it creates → Physics AI vs physical AI, and the validation problem sitting on top of both → Five year predictions: AGI, commonplace robots, and why consciousness doesn't matter Connect with Dave Epstein: LinkedIn: https://www.linkedin.com/in/thedavee/ USF Ventures: https://usfventures.com Connect with Prashant Choubey: LinkedIn: https://linkedin.com/in/choubeysahab Subscribe to VC10X newsletter - https://vc10x.beehiiv.comVC10X website - https://vc10x.com Timestamps: (00:00) - Preview (00:56) - Introduction to David Epstein and the Episode's Topics (02:48) - How the AI Startup Landscape Has Fundamentally Changed (05:08) - Comparing the Current AI Boom to the Internet Boom (06:25) - Identifying the Next AI Bottleneck: Chips, Power, or Data? (09:30) - Why Money is an Overlooked Bottleneck for AI Development (11:14) - The Cyclical Nature of AI Investments and Financing (12:46) - Analyzing Big Tech's Support for Open Source Models (15:12) - Winners and Losers: Open Source vs. Frontier Models (18:01) - How Early-Stage Startups Can Compete and Win in the AI Space (20:53) - The Role of Ethics in AI Investment Decisions (23:31) - The Challenge of Upholding Ethics in a Competitive Market (26:21) - Implications of the OpenAI Model Escaping (29:46) - The Future of AI-Driven Job Disruption (32:46) - Where to Find Employment Opportunities in the AI World (37:43) - How Top-Tier VCs Evaluate Founders and Make Decisions (40:21) - The Most Exciting Emerging Areas of Innovation (43:18) - Explaining Quantum Computing's Potential and Impact (48:39) - An Ambitious AI Prediction for the Next 5 Years (51:35) - Rapid Fire Round: USF Ventures' Investment Strategy (53:06) - Conclusion

  7. Jul 30

    VC10X Pulse - Why Big Tech Is Suddenly United Behind Open AI

    Some of the biggest names in AI—including Nvidia, Microsoft, Meta, IBM, Palantir, OpenAI, and Google—came together this week to support open-weight AI models. In an industry defined by intense competition, that level of alignment is rare. So why are these companies pushing for broader access to AI? And why did Anthropic choose not to sign the letter? In this episode, we break down what this industry-wide initiative means for the future of AI, innovation, regulation, and the companies building the AI ecosystem. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Key topics we explore: – What the open-weight AI letter is actually calling for – Why so many leading AI companies backed the initiative – The difference between open-source AI and open-weight AI – Why Anthropic took a different position – How open-weight models could accelerate AI adoption – What this means for Nvidia, Microsoft, Meta, Google, OpenAI, and the broader AI infrastructure ecosystem The bigger question: Will open-weight AI create a larger, more competitive AI ecosystem, or will safety and regulation eventually limit how widely these models can be deployed? For investors, this debate isn't just about AI policy. It's about the future structure of the AI industry—and who stands to benefit as adoption continues to accelerate. 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.

  8. Jul 28

    FamilyOffice10x - Talent Over Thesis - Lara Nuchowicz, Principal, AR Capital

    Lara Nuchowicz is the Principal at AR Capital, a next-gen allocator at the family office, where she manages the private markets portfolio. She started attending investment meetings with her father at fifteen, sitting across from Chase Coleman at Tiger, Steve Cohen at Point72, and Jim Simons at Renaissance. In 2017 she deployed her first capital, and today she owns sourcing, diligence, and monitoring across a portfolio of more than 80 venture funds, with the family screening around 500 managers a year. She has also launched her own fund-of-funds platform, now on its second vehicle, and hosts an invite-only family office retreat twice a year in Spain and Switzerland. Almost every manager she backs runs a fund under $100M and is under thirty. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com We cover: → Why there was no single moment she knew, and what actually changed in 2017 → The family philosophy: back people, back them early, stay twenty years → Why venture doesn't scale, and what that forces you to do → Funds vs directs, and why the two are not a trade-off → Running 80+ funds with a three-person team → The invite-only family office retreat, and why there's no membership fee → Building a fund-of-funds that isn't a blind pool of capital → How mixing directs into the vehicle answers the double-fee critique → Why she'd rather back an emerging manager than write a check to Sequoia → Fund size as the return lever: under $100M, ideally under $50M → Tracking talent before thesis, and backing managers under thirty → The consumer fund she passed on that's now at 7x MOIC and 3x DPI → What emerging managers get wrong when they pitch family offices → Why a family office is a resource, not a check → The next gen's real edge, and where most of them go wrong Links: Connect with Lara: https://www.linkedin.com/in/lara-nuchowicz/ Connect with Prashant: https://linkedin.com/in/choubeysahab VC10X newsletter - https://vc10x.beehiiv.com YouTube - https://youtube.com/@VC10X Apple Podcasts - https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986 Spotify - https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k VC10X website - https://vc10x.com Timestamps: (00:00) - Why emerging managers are a better fit than brand-name funds like Sequoia. (00:45) - Common mistakes emerging managers make when approaching family offices. (01:02) - Introduction to the episode and guest, Lara Nuchowicz. (02:28) - Lara's gradual journey into the family's investment business. (04:42) - The family's core investment philosophy of backing people early. (06:51) - Balancing fund investments vs. direct investments in companies. (09:33) - Lara's role and autonomy within the family office. (10:45) - The exclusive, invite-only family office retreat Lara hosts. (13:29) - Managing a lean team and internal processes at a family office. (14:55) - Launching a fund of funds platform with a family office mindset. (18:23) - Addressing critiques of the fund of funds model like double fees and liquidity cycles. (21:48) - How family offices handle tax implications in venture investing. (24:10) - The strategic reasons for backing emerging managers over established brand-name funds. (27:14) - Investment Strategy: Prioritizing talent over a specific thesis. (29:49) - The right and wrong ways for emerging managers to approach family offices. (32:43) - The story of a fund she passed on that returned 7X and the lesson learned. (34:41) - The evolving role of the next generation in family office investing. (37:17) - Lara's approach to raising her child in a family of investors. (41:04) - Final advice for emerging managers on building long-term relationships. (42:43) - Start of the Rapid Fire round. (43:02) - Investment focus: Regions and sectors. (43:21) - Typical check size for fund investments. (43:38) - Ideal investment stage for fund managers. (44:06) - How to connect with Lara.

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VC10X brings you inside the minds of top venture capitalists, investors, fund managers, and family offices shaping the future of global investing. Each episode dives deep into proven investment strategies, portfolio construction, due diligence, valuations, risk management, exits, and wealth creation frameworks used by leading experts. Whether you’re an investor, founder, or finance enthusiast, you’ll gain rare insights into how capital is deployed, returns are generated, and long-term value is built. Hosted by Prashant Choubey

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