Program and Guest
Threadneedle founder and managing partner Ann Berry joined Bloomberg’s Masters in Business for a 73-minute conversation with Barry Ritholtz about funding tech companies, the AI bubble, and where capital is flowing. Original English title: Providing Capital to Tech Companies: Masters In Business with Ann Berry. The transcript covers 0:00–73:04; this article covers the full interview.
Key Takeaways
- - Concerns about an AI bubble and circular financing are both reasonable—earnings reports contain almost no rigorous analysis of returns on capital expenditures. 48:48
- - A $2 trillion market capitalization is a huge figure, tied to returns that cannot yet be measured. The question is not whether the technology is transformative, but how transformative it will be and when. 50:19
- - Early-stage investing is actually disciplined, unlike the crazy valuations of NFTs and Web3 in 2021–2022. 51:07
- - The three IPOs of OpenAI, Anthropic, and SpaceX together will exceed all tech IPOs since 1982 (adjusted for inflation). 51:31
- - Open-source models are rapidly spreading beyond the United States for free or at low prices, threatening the profitability of major players. 51:46
- - Capital is flowing toward scale: AMD is acquiring Fei-Fei Li’s world-model company, while tech giants use their war chests to acquire every potential competitor. 55:31
Background and Notes
This Bloomberg Podcasts episode features an interview with Threadneedle founder Ann Berry about funding tech companies, the AI bubble, and where capital is flowing. The transcript covers 0:00–73:04; this article covers the full interview. The views and timestamps in the article are based on the original transcript, and each timestamp marks the start of the corresponding excerpt.