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Hi, I'm Ed Zetron, and welcome to Better Offline.

That's right, folks. We're back for the third part of our four-part series about the terminal stage of the

inshittification process, the inshittification of the financial markets.

So far, we've talked about the inshittification of the stock market, the complicity of the analysts and the media, and how venture capital will be the canary in the coal mine for any eventual collapse. Venture capital is both the perpetrator and the victim of the air bubble, and it's worth exploring how it came to this point. Now, hang on, I need to channel voice. Folks, we haven't seen values this big in a long time. It's the biggest numbers we've ever seen.

They're simply tremendous.

Open eyes, maybe with $830 billion. Can you believe that? They lose so much money, but folks, we don't mind. Clammie Sam, open. They call him Clamio. Says everybody's going to give them $1 billion in more. We love him. that descendants are going to have the biggest deals we've ever seen even if we have to work with dario

sorry to those of you deals we've ever seen. Even if we have to work with Dario.

Sorry to those of you who don't like that voice.

It was only about 30 seconds.

You see, right now, AI startups are big, exciting news

for the limited partners funding large language model companies.

Things feel exciting because the value of the assets under management,

AUM, are going up, which is

nothing dodgy per se, but it's just how VCs value things. And if they're valuing AI stocks,

well, that's how their fees are getting paid because the thingies they've invested in are

worth more money and now limited partners are paying them a percentage so that you can sit in an

apartment that costs too much, not see friends,

because they just sit online posting for 11 hours a day. Yeah, and then they can lose on the

money in the future, I guess. Investing early in Open AI allows a venture capitalists or even an asset

...