Joshua Kushner: don't let the AI hype loosen your grip

Joshua Kushner — son of the former president, founder of Thrive — wrote his first-ever investment letter this week and the message is simple: the AI opportunity is real, but the market is running hot. He warns that letting excitement override discipline is the kind of mistake that costs real money.

Thrive is one of the firms that bet big on the AI wave. That puts him in a position to speak honestly about it. His advice to fellow VCs is to keep their feet on the ground — don't chase every headline, don't overpay on fumes. The letter is a public nudge to the whole industry that the party's still going and it's easy to get carried away.

Why this matters for us: the same hype that inflates startup valuations also inflates rents, job costs, and the price of everything — a calm head is the only advantage that doesn't cost extra.