Where VC experts see opportunities in AI investing | Bloomberg Deals

Three venture capitalists discuss AI investment themes, highlighting the shift from digital infrastructure to physical-world applications like robotics, life sciences, and industrial tech, while assessing late-stage valuation risks and the need for contrarian early-stage bets. - Emily Zhao sees opportunity in AI-powered robotics after a focus on AI infrastructure. - Julia Moore emphasizes proprietary data in life sciences and industrial tech as the next wave. - Daniel Docter notes large capital flows into inference compute and reinforcement learning. - All three discuss valuation dynamics, with later-stage momentum risking overpriced deals and early-stage requiring prepared conviction. - Risks include many AI startups not reaching the finish line due to power law. - Salesforce Ventures leverages its customer base to pressure-test later-stage startups. - Dell Technologies Capital uses expert networks to build conviction quickly.