The Startup Bubble Nobody Wants to Admit Is Happening

Jason Calacanis is joined by veteran investors Jeff Clavier, Dave McClure, and Jenny Fielding to examine whether seed-stage valuations have disconnected from reality. The panel discusses billion-dollar bets on unproven AI startups, VCs crowding into fashionable sectors, and how smaller funds can compete without overpaying. Plus, they break down cheaper models from OpenAI and Anthropic, Nscale’s $35B IPO, growing opposition to data centers, continuity SPVs, and the leadership transition at Uncork Capital.