Dry Powder

Silicon Valley's favorite metric is measuring the wrong business

Under standard accounting rules, much of what AI startups book as "recurring revenue" is closer to gross merchandise value — and ought to be reported that way

Dry Powder

Venture capital's middle is vanishing

Exploring the rise of Solo GPs and hyperscale VC funds

Dry Powder

Does "Kingmaking" actually work?

Venture's biggest firms are flooding AI categories with capital before product-market fit exists — and the historical precedents aren't encouraging

Dry Powder

The great AI roll-up has begun

Thrive Holdings is raising $2 billion to buy the businesses nobody else wants

Dry Powder

Harvey's $11 billion borrowed moat

At 58 times revenue, the legal AI startup is pricing in a future where software replaces lawyers — not just their tools

Dry Powder

Brett Adcock bets $100M that personal AI needs its own body

The man who built a $39 billion robot company now wants to build the brain — and the hardware it lives in

Dry Powder

Venture capital's fund structures were not built for the trillion-dollar era

Ten-year fund lives and the pressure to distribute are costing VCs the most lucrative decade of compounding

Dry Powder

JPMorgan wants to be your startup's bank

Three years after SVB's collapse, Jamie Dimon's bank is building a startup empire from the wreckage