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Every episode.
Four insights.

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1
Seed-stage deals are closing at lower valuations as LPs pull back from managers with no DPI.
2
Founders with prior exit experience are commanding 2–3x the valuation of first-timers at the same stage.
3
AI infrastructure spend is plateauing — the next cycle will reward application-layer companies, not model builders.
4
The best defense-tech investments now include dual-use commercial applications to de-risk government dependency.
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