EPISODE · Mar 18, 2026 · 1H 12M
Nvidia $4.4T vs Cerebras $23B Val | Why Private Prices Are Wrong with Nick Fusco of PM Insights | Episode 27
from trading places · host Practical Venture Capital
Episode 27 of Trading Places asks a simple question:Are we pricing AI companies completely wrong?This week, Dave McClure and Aman Verjee are joined by Nick Fusco, founder of PM Insights, a private markets intelligence platform focused on tracking valuations, secondaries, and what assets are actually trading for beneath the surface.From Cerebras at $23B to Nvidia at $4.4T, the spread in valuations is massive — but the underlying dynamics are even more confusing.Meanwhile, Anthropic is adding $5B in ARR in a single month, robotics startups are raising at extreme multiples, and secondary markets are quietly revealing what assets are actually worth.So what’s real… and what’s mispriced?If you’re investing, building, or just trying to understand AI right now — this episode breaks down where the market might be getting it wrong.Timestamps:00:00 — cold open00:50 — [ tech & vc news ]00:50 — Private Mag 7 + 3 Impostors 🧐04:34 — Anthropic vs OpenAI 🥊05:23 — Figure Robotics $39B val 🤪08:00 — Iran: Straits of Hormuz vs. Price of Oil 🔮15:00 — Oracle & Meta Layoffs 🚶♂️➡️19:43 — VC MAG 7 🏆28:11 — Atoms: Travis is BACK 🤖30:20 — Mind Robotics raises $500M 💰31:17 — Replit $9B val 💸33:16 — [ intvw: Nick Fusco, PM Insights ]From public to private markets 🙇♂️41:05 — Their competitive advantage 💪42:40 — Databricks example 📝49:58 — Down rounds and repricing 📉1:02:43 — SpaceX IPO & Robinhood private stock 🤔[ val corner: Cerebras @ $23B ] 1:04:17 — Cerebras vs NVIDIA 🤺1:06:37 — 5x revenue in one year 📈1:07:01 — S1 weakness 💣1:12:05 — second takes[ links: ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ nick fusco = https://www.linkedin.com/in/nickfusco/ | ][ PM insights = https://www.pminsights.com/ | https://x.com/P_M_Insights | https://www.linkedin.com/company/pm-insights/ ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#VentureCapital #PrivateMarkets #SecondaryMarkets #TradingPlacesPodcast
What this episode covers
Episode 27 of Trading Places asks a simple question:Are we pricing AI companies completely wrong?This week, Dave McClure and Aman Verjee are joined by Nick Fusco, founder of PM Insights, a private markets intelligence platform focused on tracking valuations, secondaries, and what assets are actually trading for beneath the surface.From Cerebras at $23B to Nvidia at $4.4T, the spread in valuations is massive — but the underlying dynamics are even more confusing.Meanwhile, Anthropic is adding $5B in ARR in a single month, robotics startups are raising at extreme multiples, and secondary markets are quietly revealing what assets are actually worth.So what’s real… and what’s mispriced?If you’re investing, building, or just trying to understand AI right now — this episode breaks down where the market might be getting it wrong.Timestamps:00:00 — cold open00:50 — [ tech & vc news ]00:50 — Private Mag 7 + 3 Impostors 🧐04:34 — Anthropic vs OpenAI 🥊05:23 — Figure Robotics $39B val 🤪08:00 — Iran: Straits of Hormuz vs. Price of Oil 🔮15:00 — Oracle & Meta Layoffs 🚶♂️➡️19:43 — VC MAG 7 🏆28:11 — Atoms: Travis is BACK 🤖30:20 — Mind Robotics raises $500M 💰31:17 — Replit $9B val 💸33:16 — [ intvw: Nick Fusco, PM Insights ]From public to private markets 🙇♂️41:05 — Their competitive advantage 💪42:40 — Databricks example 📝49:58 — Down rounds and repricing 📉1:02:43 — SpaceX IPO & Robinhood private stock 🤔[ val corner: Cerebras @ $23B ] 1:04:17 — Cerebras vs NVIDIA 🤺1:06:37 — 5x revenue in one year 📈1:07:01 — S1 weakness 💣1:12:05 — second takes[ links: ][ invest = https://practicalvc.com ][ trading places socials = www.linktr.ee/tradingplacespod ][ nick fusco = https://www.linkedin.com/in/nickfusco/ | ][ PM insights = https://www.pminsights.com/ | https://x.com/P_M_Insights | https://www.linkedin.com/company/pm-insights/ ][ aman verjee = https://www.linkedin.com/in/aman-verjee | https://x.com/amanverjee ][ dave mcclure = https://www.linkedin.com/in/davemcclure | https://x.com/davemcclure ]#VentureCapital #PrivateMarkets #SecondaryMarkets #TradingPlacesPodcast
NOW PLAYING
Nvidia $4.4T vs Cerebras $23B Val | Why Private Prices Are Wrong with Nick Fusco of PM Insights | Episode 27
No transcript for this episode yet
Similar Episodes
No similar episodes found.
Similar Podcasts
No similar podcasts found.