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Who is Nnamdi

Nnamdi Iregbulem

Musings on the economics of technology, entrepreneurship, and venture capital

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PricingOnly free issuesPublishesMonthly
Issues57Founded4 years agoLast Issue3 months ago
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Latest Issues

Tokens Aren't Fungible

Open source LLMs are 90% cheaper than closed source models at the same benchmarked intelligence level. Yet they capture less than 30% of token share.

If intelligence were all that users cared about, price competition should have closed thi...

3 months ago
18
8

Seed Valuations Aren’t Valuations

Seed valuations don't behave like valuations:

  • They are too stable over time for such a speculative asset

  • They are impervious to shifting interest rates

  • They don’t follow public tech valuations

In short, seed valuations ar...

2 years ago
84
10

AI Benchmarking Is Broken

To celebrate Patronus AI’s $17M Series A, I wanted to share some thoughts on the current state of AI benchmarking.

Imagine a standardized test that works like this:

  • The questions and answers are freely available on the public internet...
2 years ago
11

The Venture Activity Index – Q4 2023

I’ve updated the Venture Activity Index for Q4 2023 data.

As a reminder, the VAI is an index measuring current venture investment across stages relative to the long-run trend. It’s a useful and simple barometer of activity and sentiment in...

2 years ago
13

The Series A Bust

It's cold out there in Series A land:

A common explanation for the Series A winter is raised expectations – investors are demanding to see better metrics and traction. Most companies don't meet this new, higher bar, hence fewer deals get d...

2 years ago
31
8

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  • Nnamdi Iregbulem

    Partner, Lightspeed Venture Partners. Developer tools, infrastructure, and AI nerd.

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