The Acceleration Of AI Growth And Adoption With Ben Miller, CEO of Fundrise

On the latest episode of the Financial Samurai podcast, I sat down with Ben Miller, cofounder and CEO of Fundrise, for a deep dive into AI, venture capital, and what it really takes to get into the best deals.

Key Takeaways from the Podcast

1. AI Growth and Market Dynamics

Revenue growth is accelerating in big AI companies like Anthropic.
There’s an AI benchmarking race where many products seem similar, but differentiation still matters—Ben Miller doesn’t believe AI is a commodity at all.
The biggest AI players continue to extend their lead, creating a “winner-take-most” dynamic.

2. Venture Capital Strategy and Concentration

How much concentration is acceptable in a venture fund: up to 50% of the portfolio can be concentrated in just two companies.
Importance of building a pipeline (“bench”) of potential giants like OpenAI, Anthropic, and Databricks.
Leveraging scouts in key hubs like San Francisco to source the next wave of private growth companies.

3. Valuation and Economic Concepts

Growth-Adjusted Revenue Multiple as a more nuanced valuation approach for high-growth companies.
Baumol Effect – rising costs in labor-intensive sectors despite limited productivity gains, and how this might influence AI adoption and consumer behavior.

4. Access and Allocation Challenges

Figma IPO: Allocation was difficult even for well-connected investors; demand for strong growth companies far outstrips supply.
Innovation Fund’s approach: invested in 6 of the top 50 companies on the CNBC Disruptor list.
The battle of connections and wealth—strong networks often determine who gets into the best deals.

5. Strategic Advantages for Investors

Directing a 2M+ user base to both invest in and use portfolio company products (examples: Ramp, Flywheel) as a growth driver.
Using product adoption to create a feedback loop of higher valuations and more capital access.

6. Macro Perspectives on AI

China’s optimistic, aggressive push into AI contrasts with America’s more cautio

Published on 1 month, 1 week ago

Podcast Episode Details

The Acceleration Of AI Growth And Adoption With Ben Miller, CEO of Fundrise