Not Investment Advice
Not Investment Advice is a weekly podcast featuring Ian, Eric, and Kevin in conversation about venture capital, startups, technology, the economy, investing, and markets. Each episode offers informal discussion and analysis aimed at listeners interested in business and financial trends. The show blends personal perspectives with commentary on current developments in tech and investing. It is produced independently and distributed via Podbean.
Episodes
EP13: Airtable’s exit math, Ian’s SpaceX short, and the garbage collectors coming for SaaS.
Three VCs, one mic, three opinions you won't hear at a fund meeting. Eric Bahn (Hustle Fund), Ian Park (ex-sovereign wealth fund), Kevin Jiang (Mangusta Capital).
Recorded live at Hippocampus, San Francisco: http://hippocamp.co
CHAPTERS
0:00 Cold open: the first live taping ever
0:48 SpaceX's first earnings as a public company
3:23 Ian shorted SpaceX before the print
5:05 The Tes
EP12: $20B AI Fund Died in Six Days - Leopold’s fund, Korean president’s AI Summit, Elon’s interview
The chingus get invited to the Korean president's AI Summit in San Francisco, where Sam Altman and Dario Amodei sit in opposite corners while every tech titan in the room courts Korea. Then the story of the week: Leopold Aschenbrenner's 4x-levered, $20 billion Situational Awareness fund gets margin-called into a fire sale, Citadel buys the entire book before the market opens, and the Kospi swings
Everyone ’Got’ SpaceX. Almost Nobody Got It Directly.
The biggest IPO in history is done. SpaceX went public Friday at a $1.77T valuation, ~4x oversubscribed, then popped ~19% on day one to a ~$2T close — minting ~4,000 millionaires. The chingus recorded on the eve of it and spent the night on the catch: most of the "I'm in SpaceX" crowd got there through SPVs stacked four and five layers deep. The same week, Jeff Bezos raises a $12B pre-seed at a $4
Wall Street’s open. The redemption window isn’t.
Money is doing two contradictory things at once this week. The front door is wide open: Anthropic filed its confidential S-1 ahead of OpenAI, SpaceX priced a $75 billion listing for June 12, and Masa Son is on CNBC calling AI “50x bigger” than the dot-com boom. The back door is bolted shut: Cliffwater could only return a third of what its LPs asked for, and Partners Group gated its flagship buyout
SpaceX IPO, Sam vs. Elon, Polymarket Ban, Anthropic Earnings
SpaceX & Anthropic Deal, Cloudflare Layoff, Gamestop & eBay, and Sam Altman
Join us as we dive into the spicy world of tech and business in this episode of the Three Commas Podcast! 🚀
In this episode, we discuss the latest drama surrounding OpenAI, Elon Musk's lawsuit, and the implications for the AI industry. We also explore GameStop's bold move to acquire eBay and what it means for the future of meme stocks.
Key takeaways:
* The fallout from Elon Musk's lawsuit
AI just blew up a $5.7B PE deal
Three VCs, one mic, three opinions you won’t hear at a fund meeting. Hosted by Eric, Ian, and Kevin.
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Toma Bravo just handed Medallia to its creditors and ate an estimated $5.7 billion in equity value — the largest LBO write-off since 2008. The story sounds like a one-firm miscalculation, but underneath it is something bigger: AI is starting to reprice
Cursor for $60B, Tesla’s Lie, and FTX’s Lost Empire
This week, Sam Bankman-Fried tweeted from prison about the FTX portfolio he could have held — Anthropic, SpaceX, Cursor, Solana, Robinhood — and the boys spent half the episode doing the math on what might have been the greatest VC fund ever assembled by an alleged fraudster. Meanwhile, Elon quietly admitted that 4 million Tesla owners were lied to about Full Self-Driving, SpaceX put a $60 billion
Anthropic Just Lapped OpenAI and Nobody’s Chill
EP2: Three Commas Podcast
00:00 Intro — Disneyland, Tequila Brands & The AI Editorial Bot
02:35 Anthropic Passes OpenAI: $30B ARR — Can You Trust the Numbers?
11:56 Claude Mythos Finds 27-Year-Old Bugs — Groundbreaking AI or Just Great PR?
18:06 Meta Mu Spark Launches to Crickets — What Went Wrong
32:00 The SaaS-pocalypse: Multiples Down 70% & Ian Built 25 Tools for $200
Is JP Morgan Selling Insurance Against the AI Bubble?
00:00 - Intro & weekly roundup
01:07 - Uber invests $1.25B in Rivian for robotaxis
04:17 - Ian: why he stopped caring about cars
06:15 - SpaceX IPO — no lockups, biggest offering ever?
09:28 - Google's TurboQuant: the "Middle Out" compression breakthrough
14:10 - Helium, the Middle East war, and chip supply chains
16:03 - Apple opens Siri to Claude, GPT, and all AI models
EP13: $250B Merger Mess, AI Skeptics vs. Token Addicts, and a Matchmaker Who Said No to VCs
Elon admits XAI was "not built right" and needs a full rebuild — bad news for SpaceX investors. Finance bros still won't let go of Bloomberg terminals, and a new poll shows most Americans are skeptical about AI. Meanwhile, Yann LeCun raises $1B for a company with no product, and Ian reveals a matchmaking startup that got 1,000 signups in 5 days with zero funding.
0:00 Intro
1:03 Elon Says XA
EP12: Two Villains, One Accidental Hero, Zero Saints | Anthropic vs OpenAI vs Trump
This week on Not Investment Advice, Eric, Ian, and Kevin break down the Anthropic vs. OpenAI drama after Trump's DOD labeled Anthropic a supply chain risk — and Sam Altman swooped in to sign the contract hours later. Plus, NVIDIA scales back its AI investments, OpenAI's IPO march raises WeWork comparisons, Apple drops a $499 MacBook aimed at killing Chromebooks, and Cluely's founder admits he lied
EP 11: Anthropic vs DOW, AI Clones, Prediction Markets | Ian Park, Eric Bahn, Kevin Jiang
00:05 - Anthropic, DoD, Supply-Chain Risk, and Political Risk for AI Vendors
01:02 - Government Alignment and OpenAI vs. Government Stance
02:27 - Supply Chain Risk and Vendor Diversity
07:27 - Open Letter Discussion and Investor Dynamics
12:56 - Middle Eastern Capital in AI
15:34 - The “Agent Future” and AI Representations
17:11 - AI Clones and Founder Outreach Experiments
23:39 - Personal
OpenClaw, Chinese Robot, Private Credit, Lucid
Follow the Hosts:
Eric: https://www.linkedin.com/in/ericbahn/
Ian: https://www.linkedin.com/in/park-ian/
Kevin: https://www.linkedin.com/in/jiangkevin
Chapters
* 00:00 Introduction and Catching Up
* 21:50 The Advancement of Chinese Robotics and AI
* 27:20 Robinhood's Entry into Private Credit
* 33:27 Private Credit Market
* 40:28 Lucid Motors and EV Industry
* 47:12 Venture Capital
Elon Is Jealous, OpenAI Is Desperate, Next Michigan, and Benchmark Lost Its Mind
Follow the Hosts:
Eric: https://www.linkedin.com/in/ericbahn/
Ian: https://www.linkedin.com/in/park-ian/
Kevin: https://www.linkedin.com/in/jiangkevin
00:00 The Exhausting Pace of Silicon Valley News
02:54 Anthropic's Rise and Competition with OpenAI
05:49 The Twitter Culture and Its Impact on AI Leaders
08:40 The Introduction of Ads in AI Models
11:50 The Future of AI: Local Models a
Musk’s Crumbling Empire, SaaS Apocalypse, Sam Altman Got Played | 3 VCs React
Follow the Hosts:
Eric: https://www.linkedin.com/in/ericbahn/
Ian: https://www.linkedin.com/in/park-ian/
Kevin: https://www.linkedin.com/in/jiangkevin
00:00 Super Bowl Predictions and Initial Thoughts
00:58 The SaaS Apocalypse: Market Reactions
05:59 The Future of SaaS Pricing Models
08:40 Elon Musk's Consolidation of Assets
12:07 The Anthropic vs. OpenAI Ad War
18:23 Waymo's Ex
SpaceX & XAi, Clawdbot, Claude Cowork, Future of Work
EP 7 : SpaceX & XAi, Clawdbot, Claude Cowork, Future of Work
Chapters
* 00:00 Tech Market Volatility
* 05:27 Impact of Automated Excel on Finance
* 11:03 Tesla's Business Strategy and SpaceX Merger
* 26:29 Voice Interfaces and AI in Technology
* 33:32 Literacy Challenges and Reduced Reading
* 40:57 AI Bots and Their Impact on Society
Follow the Hosts:
Eric: https://x.com/ericbahn?
Brex, Mega funds, OpenAI and Anthropic Valuation
Chapters
- 00:00 Early Morning Podcast
- 05:10 Comparing Brex and Ramp
- 12:10 OpenAI and Trillion-Dollar Valuations
- 18:46 Anthropic and Valuation Trends
- 24:09 Funding Frenzy in the Tech Industry
- 35:36 Strategies of Tech Giants
Follow the Hosts:
Eric: https://x.com/ericbahn?lang=en
Ian: https://ianpark.vc/
Kevin: @jiangkevin
2026 Mega IPOs & AGI Hype, Sam Altman’s BCI Bet, Meta Buys Manus
In this New Year 2026 episode, Eric, Kevin, and Ian kick off the season with a wide‑ranging conversation on Sam Altman’s circular investing and OpenAI conflicts, Google Gemini’s “personal intelligence,” on‑device AI and voice interfaces, Meta’s acquisition of Manis, and whether 2026 will be the year of mega IPOs and overhyped “AGI” claims.
[00:00]Intro: CES, Koreans in Vegas, and networking vs
K-Beauty Boom, OpenAI invests in Thrive, Form factor for AI, Sachs vs. NYT
(01:00) K-Beauty Boom,
(12:55) OpenAI invests in Thrive,
(24:52) New form factor for AI (Zuck’s New Bet)
(36:55) Sachs vs NYT
Follow the Hosts:
Eric: https://x.com/ericbahn?lang=en
Ian: https://ianpark.vc/
Kevin: https://www.linkedin.com/in/jiangkevin/
Nvidia earnings, The Private Credit bubble, Gemini 3 & The ”ARR” lie
In this pre-Thanksgiving episode, Eric, Kevin, and Ian break down Nvidia's earnings, the looming Private Credit bubble, and why Google’s Gemini 3 might finally win the AI race. They also debate Cursor’s $2.3B valuation, expose the misuse of "ARR" metrics by startups, and discuss the internal turmoil at Sequoia Capital.
00:00 - Intro: VC hibernation mode
01:26 - Nvidia Earnings & AI Bubble
Yann LeCun leaves Meta, Harvey’s $8B valuation, AI music hits #1 & Sequoia’s leadership shakeup
In this week’s episode of Not Investment Advice, Eric, Kevin, and Ian break down the most important tech and AI stories from the past few weeks in Silicon Valley.
As always, this show reflects our personal views and is not investment advice.
00:00 – Introduction
00:35 – Why Silicon Valley news cycles feel faster
02:10 – AI-generated music reaches Billboard #1
05:10 – Personalization and the
Prediction markets boom, The AI infrastructure bubble, The war for talent & Sora’s deepfake threat
In the inaugural episode of "Not Investment Advice," emerging managers Eric Bahn, Ian Park, and Kevin Jiang, VCs of Asian descent, tackle representation and cultural barriers in Silicon Valley before diving into the week's hottest market debates. Topics include the legitimacy of prediction markets (Koshi/PolyMarket), the AI infrastructure "bubble" theory (trillion-dollar commitments and model conv
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