Veteran venture capitalist Jay Hoag criticized the overwhelming excitement surrounding AI investments, comparing investors to children chasing a ball in soccer. He warned that this ai-focus distracts from other viable sectors, particularly consumer internet, which he believes still holds significant potential. Hoag expressed concern over the massive funding poured into startups during the tech boom of 2020-2021, suggesting that much of the funding might not yield fruitful outcomes. He advocates for a more balanced investment approach instead of the current overly enthusiastic trend towards AI.
"Money sort of chases momentum or follows perceived momentum... at the risk of insult, possibly like 7-year-olds playing soccer - the ball goes over there, everybody goes over there."
"AI is super shiny and super interesting; I just have a hard time believing there are not going to be any new consumer internet businesses founded... over the next 10 or 20 years."
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