Name: Where This Venture Capitalist Sees Opportunity in the 'Wild West' of AI
Uploaded: 2025-09-08T16:11:00Z
Duration: 4 min 29 s
Description: "The scale in dollars are huge and the stakes are huge," Josh Wolfe, co-founder and partner of Lux Capital, tells Barron’s Andy Serwer.

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"The scale in dollars are huge and the stakes are huge," Josh Wolfe, co-founder and partner of Lux Capital, tells Barron’s Andy Serwer.

https://m.wsj.net/video/20250908/55842143-5877-4e6f-8522-66867235eda6/1/hls/manifest-hd-wifi.m3u8

Where This Venture Capitalist Sees Opportunity in the 'Wild West' of AI

And so what about this global AI competition, though? That's something you're also keen on?

Huge. I mean, it is the biggest race today. You know, if there was a space race in the sort of post-Cold War, you know, 60s/70s. This is a defining era, probably not only in the technological capability and the decisions that people are being made, and it's very complex and very fast moving, but also how countries decide they're gonna use AI. And is it gonna be open sourced or closed? Are they gonna try to ban their kids from using it or encourage them to be competitively advantaged? So a lot of complex, layered questions. Within AI, if you start with the hardware stack where things really all started, I had a front row seat in 2015. We had invested in a company at Stanford that was doing self-driving cars, and we put about 25 million into this. They were sort of in a secretive area of the Stanford Linear Accelerator on campus. And it was based out of a firehouse. There were six people. One had won the DARPA Grand Challenge doing self-driving cars, and we thought they were geniuses and we gave them money. And this was before, you know, the autonomous vehicle thing was a thing. And there's two people over in the corner that looked like they're playing video games. And I got upset and I said, you know, "We just put 25 million in. Why are these guys not working?" And the CEO said, "No, you don't understand. Outside, you see our secretive cars going around." The company was called Zoox, Z-O-O-X, zoo for robotics. We sold it to Amazon for a little over a billion dollars. "These cars are going around, and they have sensors and they have optics, and they have vibrational sensors and thermal sensors and radar and LiDAR. And they're processing all that information at the rate of one second per second." What you and I, Andy, would call reality. "But those guys are not playing video games. They're actually training the machines on thousands of simulations a second. And it looks like they're playing 'Call of Duty' or 'Grand Theft Auto,' but it's using realtime physics engines to be able to generate simulations to train the machines. And they don't know the difference between reality and simulation. And I said, "Well, what kind of chips are those? Are those Intel chips?" And they said, "No, no, those are Nvidia chips." And I said, "From the gaming company?" And they said, "Yeah." And so Nvidia at the time was a $15 billion market cap company. And I remember I pitched it that fall at a charity event in Chicago and basically said, "I think this is the par trade of a century." You know, sort of long Nvidia, short Intel. And a lot of my LPs and people that were in the audience to this day, you know, are very grateful that they made a small fortune or a large fortune because of that. That was the seed kernel where something that was used for PlayStations and Xboxs got repurposed by cutting-edge researchers in AI to be able to do massive processing that begot what we use today in our large language models and training and inference where we're doing our prompts, whether you're using ChatGPT or Claude Anthropic or Perplexity or Grok or whatever your tool is, as well as the ones that are generating through diffusion techniques, the images and the videos that, you know, amaze, and frankly give people a new instrument to express their genius and creativity, which I think is, you know, a great democratization. So that was the chip layer. Then you have all the model layers, many of which I just named. And that's been a global race too. We funded a Japan company called Sakana AI, which is their leading sovereign. We're not investors in, but there is a similar company in France called Mistral. The US of course has OpenAI and Anthropic. And so there's a global race between these leaders. And then of course you have these giant models that are being developed more cheaply, whether they're borrowed or stolen or copied or developed in China. And China is facing a restriction on export of chips, and there's ways that they're getting around that. And now they're getting different H20 Nvidia video chips. So there's the hardware piece, there's the model layer, there's the debate between open source and closed source. There's the applications using this in finance, using this in medicine, using this to discover drugs, using it in aerospace and defense. So it really is, on one hand the Wild West, there'll be a lot of failure, a lot of capital destroyed like in every boom. You know, I remember reading your "StreetLife" when we were starting our career, and it detailed all this during the internet, you know, boom and bust. And it was a big inspiration for me. But, you know, we're living through a new version of that and the scale of the dollars are huge and the stakes are huge.

Where This Venture Capitalist Sees Opportunity in the 'Wild West' of AI

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