While active at Benchmark, @bgurley would give an annual “state of the markets” presentation to his investors. This conversation renews that format, with Bill exploring what he sees as both worrying and exciting about the investing landscape, with a special focus on private assets. Timestamps 0:00 Intro 0:23 State of the Union: VC Edition 2:58 The Rise of Mega VC Funds 4:38 Zombie Unicorns 12:29 The IPO and M&A Market Stalemate 19:08 The AI Wave and Its Impact 21:03 Private Markets and LP Liquidity Issues 24:57 The Future of Capital Markets 32:49 Advice for Founders in a Changing Landscape 34:27 The High-Stakes Game of Capital Battles 37:57 Challenges & Opportunities in AI Revenue Models 39:37 The Role of Founders in the AI Revolution 41:44 The Impact of Time and Liquidity on Venture Capital 45:35 Navigating the Future of Venture Capital 53:45 International Dynamics in the AI Race 1:08:58 Advice for Founders in the AI Era