Joshua Kushner has criticised Silicon Valley venture capitalists for allowing enthusiasm about artificial intelligence to dilute investment discipline, arguing that they can become overly focused on minor technological shifts rather than AI’s long-term effects. In Thrive Capital’s first investor letter, he said the New York firm’s concentrated, high-conviction approach offers an alternative to the industry’s usual strategy of making many bets in pursuit of rare outsize winners.

Thrive reportedly puts about 90% of each fund’s capital into its 15 largest investments and has built major positions in companies including OpenAI, Anduril and SpaceX. Its 2022 early-stage fund, initially worth $516 million, was valued at more than $3.7 billion by the end of June; meanwhile, Thrive Holdings has acquired more than 70 businesses to deploy AI, claiming tax returns can be produced 30% faster and that agents resolve half of one IT firm’s help-desk tickets.