Disruptive 募资 100 亿美元，Alex Davis 谈 Groq 与 AI 泡沫

Alex Davis on the past and future of growth investing, running Groq, and the pitfalls of the AI boom

Alex Davis recently raised $10 billion and plans to invest it in about 10 companies, with checks of up to $1 billion each. He’s doing it from Dallas, with a team of about 30 people and a firm, Disruptive, that has stayed out of the spotlight until now.

The new $10 billion fund puts Disruptive alongside the giants of tech investing, including Thrive Capital’s $10 billion-plus raise this year, split between early and growth investments, and Andreessen Horowitz’s $15 billion-plus haul across multiple funds at the start of this year.

Return data I’ve seen for Disruptive shows more than $6 billion returned on about $2 billion invested, alongside a reported historical net IRR of 94.1 percent. Davis’s public investments include Reflection AI, ElevenLabs, Shield AI, Databricks, and Helsing, with earlier bets on Palantir, Airbnb, and Spotify.

We discuss why he doubled down on Palantir before it went public, what he’s building at Groq after its $20 billion licensing deal with Nvidia, and the opportunities he sees in open AI models, compute, and defense technology.

I also ask where the AI boom goes wrong, from speculative data centers to investment vehicles promising access to private companies.

Timestamps: 00:00 Tech investing opportunities 01:22 AI valuations and market risks 06:23 The true cost of AI compute 09:33 Building Disruptive and its $10 billion fund 16:41 SPVs and the risks of private markets 25:50 How Disruptive helps its portfolio companies 33:36 The Palantir investment 39:43 Groq's NVIDIA deal and its future 45:45 The risks facing neoclouds 49:13 Alex Davis's family and founder story 53:15 The next big investment opportunities 57:32 What's wrong with venture capital 01:03:14 Why valuation isn't everything

Other links to the show: Spotify: https://t.co/EZ3HDa6klU YouTube: https://t.co/aggi76ruFe Substack: https://t.co/s0iCXnIqKG Apple: https://t.co/s0iCXnIqKG

Thanks to the show’s premiere sponsors: @Atlassian, @meetgranola, and @mercury.