AI’s Capital Flywheel: Models, Money, and the Future of Power
a16z's Martin Casado and Sarah Wang join Latent Space hosts Alessio Fanelli and Swyx to discuss what makes this AI investment cycle unlike anything in the history of venture capital. They cover why the lines between venture and growth, apps and infrastructure are blurring, how frontier model companies can raise more than the aggregate of everyone built on top of them, and why the industry-wide gap between perception and reality has never been wider.
February 24, 2026
57 min
86
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Episode 86 · February 24, 2026
AI’s Capital Flywheel: Models, Money, and the Future of Power
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AI’s Capital Flywheel: Models, Money, and the Future of Power
Summary
a16z's Martin Casado and Sarah Wang join Latent Space hosts Alessio Fanelli and Swyx to discuss what makes this AI investment cycle unlike anything in the history of venture capital. They cover why the lines between venture and growth, apps and infrastructure are blurring, how frontier model companies can raise more than the aggregate of everyone built on top of them, and why the industry-wide gap between perception and reality has never been wider.
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