Comment "Watch" for the full episode 👇️⁠ ⁠ If AI startups pay Nvidia, hyperscalers, and model providers at every step, why not invest in those companies directly?⁠ ⁠ Venky Ganesan, Partner at Menlo Ventures, argues that venture funds need to beat that public-market alternative by 1,000 basis points of IRR to justify the risk.