Oren Zeev on why to stay small and solo, and the nature of AI investing today.

Large VC funds are structurally forced to chase AI mega-deals, while gross margins—not growth rate alone—best signal which AI application companies are durable.

• Stays solo at scale: Oren Zeev runs Zeev Ventures alone, managing nearly $3B, with his newest fund under $200M versus the ~$1B he raised in 2021.
• Large funds forced into FOMO: A $10B fund needs $5-10B outcomes (not $1B exits) to move the needle, structurally pushing platforms to chase the same few mega-deals like OpenAI, Anthropic, SpaceX.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.