Venture capital bets on returns. It's not about some objective and eternal value. A successful investment is just something that another person will buy from you for more.

So yep, a lot of time, they bet on trends. Cryptocurrencies, NFTs, several waves of AI. The question is just the acquisition or IPO price.

I don't doubt that some VCs genuinely bought into the AGI argument, but let's be frank, it wasn't hard to make that leap in 2023. It was (and is) some mind-blowing, magical tech, seemingly capable of far more than common sense would dictate. When intuition fails, we revert to beliefs, and the AGI church was handing out brochures...