Rick Heitzmann of FirstMark joins the Newcomer Podcast to discuss the state of venture capital, the AI investment boom, and why the next wave of tech IPOs may be closer than many expect.

Rick shares how investors are thinking about AI infrastructure, the role of data as the core advantage in the AI race, and why massive private capital has allowed companies to stay private far longer than in previous cycles. As AI companies continue raising unprecedented amounts of money, the conversation turns to what happens when that capital eventually runs out and why public markets may become the next step.

Eric and Rick also discuss the broader venture cycle, the impact of market uncertainty on IPO timing, and how investors are navigating a period defined by rapid technological change and massive AI spending.

This conversation explores how venture capital is adapting to the AI era and what it could mean for the future of startups, public markets, and the next generation of tech giants.