In this episode of Startup Builders and Backers, I sat down with Rahul Baig, Head of Venture Capital and Growth Equity Coverage at Wells Fargo, for one of the most wide-ranging and insightful conversations I’ve had this year.

We discuss the seismic shifts occurring across the tech landscape, particularly how AI is driving a new cycle of investment, innovation, and disruption. With $200 billion already invested in AI infrastructure and more to come, Rahul breaks down why this moment feels different from anything we've seen before—more accessible, more transformative, and, in many ways, more challenging.

We also talk about the slowdown in software growth, the short-term pressure on IT budgets, and how the most innovative companies are leveraging AI not just to survive, but to innovate faster and extend their competitive edge. Rahul also shared his views on the state of venture capital, the consolidation of VC firms, and why traditional players are regaining dominance.

For founders, this episode is packed with candid insights. Rahul pulls no punches when discussing what it takes to get funded today, what investors are looking for, and why financial discipline and real-world use cases are now non-negotiables. If you’re still clinging to a “raise at all costs” mindset, this is the wake-up call you didn’t know you needed.

🎧 In this conversation, we cover:

• How AI is reshaping the rules of the game for software and infrastructure
• Why 55,000 venture-backed companies is a sign of overinvestment, not progress
• What it now takes to go public and why the IPO bar is higher than ever
• Why the next generation of great startups will emerge from this tougher environment
• The impact of geopolitical tensions, rate shifts, and investor risk appetite on capital markets

If you're a founder, investor, or just trying to make sense of where tech is headed next, this one’s for you. You can find Rahul on LinkedIn, and as always, I’d love to hear your thoughts on the conversation.