

Welcome back Chronicler!
Venture Bite Session II: SAFE Notes! Get your bite sized course of the week!
In other news, AI infrastructure is rapidly becoming a geopolitical asset, as governments recalibrate export controls, Big Tech vertically integrates into chips and data centers, and corporate lobbying shapes the regulatory landscape.
Meanwhile, venture capital remains concentrated in AI, but beneath a headline mega-round, activity drops off sharply, signaling a more selective market where conviction in infrastructure persists while broader late-stage funding tightens.
Plus: Plus: 5 AI tools for VCs, 42 VC jobs , and its all about data centers!
As always, thank you for subscribing and engaging week-in week out with this newsletter, it is still a work in progress but I appreciate all 1,826 of you ♥️
With Love,
Kev
THIS WEEK IN VC & TECH - SO WHAT?

The U.S. Commerce Department withdrew a proposed rule that would tie AI chip exports to foreign investment in U.S. data centers, signaling internal disagreement on AI policy.
So what? AI compute access is still being weaponized geopolitically, creating uncertainty for startups building globally.
Microsoft is expanding its AI infrastructure footprint with new data center investments in Texas as part of a broader global compute push.
So what? Hyperscalers are doubling down on owning AI compute, tightening their grip on the entire AI value chain.
Meta has launched its own custom AI chips to reduce reliance on Nvidia and control its AI infrastructure stack.
So what? Big Tech is vertically integrating into hardware, raising barriers for startups dependent on third-party compute.
AI companies are pouring over $185M into U.S. elections to shape future AI regulation and policy outcomes.
So what? AI is becoming a political battleground, and regulation will increasingly be influenced by corporate lobbying.
A Nvidia-backed startup is investing billions into a massive AI data center in South Korea as part of U.S.-aligned efforts to counter China.
So what? AI infrastructure is becoming geopolitically distributed, with alliances shaping where compute gets built.
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FUNDRAISING CORNER
The largest deals that you should know about
Capital this week skewed heavily toward AI, with one outsized mega-round masking a sharp drop-off in late-stage activity. Beyond that, funding thinned quickly, signaling a more selective market despite continued conviction in AI infrastructure.
Legora: Enterprise AI, Series D, $550M, led by Accel (Legora)
AMI Labs: AI Infrastructure, Seed, $1.03B, led by Cathay Innovation (TC)
Juicebox: Fintech/Infra, Series B, $80M, led by DST Global (BWire)
Nominal: Dev/Engineering Software, Series B, $80M, led by undisclosed (TC)
Depot: DevTools, Series A, $10M, led by Felicis (Signalbase)
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📊 Visible: Investor relations platform helping startups track metrics, manage updates, and communicate with investors.
FROM X
Our favorite post from this week
VENTURE BITE
One concept, one minute, one sharper VC
Welcome to Venture Bite! A bite sized crash course on venture capital, split into two modules: Fundamentals (F101) and Advanced (A201). Each week we break down one concept in a few minutes.
Assuming you already speak the language of startups, we’ll move fast, skip the obvious, and focus on how great investors actually think.
Let’s dive in with Course 2 of x
F1.02 - F2 — Post‑money SAFE: “ownership sold is clear” (but dilution still happens later)
Concept: A post‑money SAFE makes ownership sold immediately calculable; it does not immunise you from future dilution.
Learning objective: Compute SAFE ownership from cap amount and understand the one obvious dilution source that remains.
Worked example: Company raises $2.0m on a $10.0m post‑money cap SAFE: SAFE holders collectively own 20% post‑SAFE. If the next priced round sells 25% to new investors, SAFE holders dilute to 15% (20% × 75%) before any option refresh. The practical move is to model “post‑SAFE ownership” separately from “post‑Series A ownership”.
Primary Deep Dive → Y Combinator SAFE Primer
Quiz (Difficulty: Easy)
Q1: The biggest advantage of the post‑money SAFE is that:
Q2: SAFE holders are still diluted primarily by:
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How was the newsletter today?
That’s it for today, hope you enjoyed this as much as I did curating it, see you next week!
-Kev



