A prominent venture capitalist is cautioning AI investors chasing the artificial intelligence gold rush that the next few years could produce dramatic winners and devastating losers.
In a new CNBC interview, Plexo Capital founder Lo Toney says the frenzy surrounding AI has drawn in too many players eager to attach themselves to the trend without a clear long-term strategy.
The result, he warns, could mirror the speculative surges seen in past technology cycles.
“And they may lose big. When you have these types of platform shifts and this amount of real that generates a lot of enthusiasm, you have a lot of folks trying to hitch their wagon onto that bandwagon or on that ship. What you have are a lot of companies trying to add in AI. And so what you’re going to find is that there’ll be a lot of losers as well.”
Despite the warning, Toney notes that the underlying economics of the sector are far stronger than during the dot-com era.
“The revenues are real. When you think about the dot-com companies, this is not a pets.com 2.0.”
He points to the rapid monetization of leading AI firms as evidence of genuine demand, noting that OpenAI and Anthropic have generated $20 billion in revenue.
Toney believes the next four years will define the contours of the AI economy.
“There will be massive winners. And I think we’re going to see one of the greatest accumulations of capital generation within our lifetime over the next 48 months.”
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