Joshua Kushner published his first-ever investment letter, warning that AI euphoria is eroding basic investment discipline across Silicon Valley. The Thrive Capital managing partner, whose firm manages roughly $5 billion in assets, calls the current moment a genuine opportunity while simultaneously flagging that excitement is becoming a liability for investors who should know better.
The letter is notable not for its optimism but for its restraint. Kushner names the failure mode explicitly: VCs letting enthusiasm override valuation rigor, competitive pressure, and fundamental business analysis. This is a public rebuke from inside the money, not from a skeptic on the sidelines. Thrive has backed OpenAI, so the critique carries weight.
Read the full letter to understand what specific discipline failures Kushner identifies and how Thrive is positioning its own capital differently. The argument is not that AI is overhyped, it is that the investors funding it are behaving badly. That distinction matters for anyone tracking where the correction, if it comes, will hit hardest.
[READ ORIGINAL →]