{"id":5104,"date":"2025-07-02T11:47:12","date_gmt":"2025-07-02T11:47:12","guid":{"rendered":"https:\/\/aventis-advisors.com\/?p=5104"},"modified":"2026-08-28T19:40:00","modified_gmt":"2026-08-28T19:40:00","slug":"valoracion-empresas-ia-financiacion","status":"publish","type":"post","link":"https:\/\/aventis-advisors.com\/es\/valoracion-empresas-ia-financiacion\/","title":{"rendered":"Valoraciones de IA y tendencias de financiaci\u00f3n: resumen del webinar"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">On July 1, 2025, we hosted a live webinar titled \u201cAI Valuations and Funding Trends in 2025\u201d. The webinar was presented by Marcin Majewski, Managing Director and Filip Drazdou, M&amp;A Director. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can now watch the full webinar replay below. If you would like to download the presentation material used during the session, you can easily do so by clicking the download report button on the left (if you are using a computer) or by scrolling at the very end (if you\u2019re using a phone).<\/p>\n\n\n\n<div style=\"position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto;\">\n  <iframe \n    src=\"https:\/\/www.youtube.com\/embed\/XKOb769wTls\"\n    frameborder=\"0\"\n    allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen\n    style=\"position: absolute; top: 0; left: 0; width: 100%; height: 100%;\">\n  <\/iframe>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Below is the full transcript of the discussion, edited for clarity, flow, and briefness.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Welcome and Introduction<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hello! Welcome to our AI Valuations and M&amp;A webinar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I&#8217;m Marcin Majewski, founder and managing partner of Aventis Advisors, and I&#8217;m here with Filip.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filip, say hi and introduce yourself.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filip Drazdou, I&#8217;m the Director at Aventis Advisors. Nice to see you all.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;re very impressed that you decided to take some of your precious summer holiday time to listen to us. So I hope we\u2019ll deliver some interesting insights into artificial intelligence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like most people, we were new to the AI space, but we started quite early, experimenting with AI in our own business even before ChatGPT was announced.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So we&#8217;ve been observing AI and its impact on M&amp;A and investments for quite a while. In this webinar, we want to share what we&#8217;ve learned so far about the public markets, the private markets, and what we expect for the future of M&amp;A.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There haven\u2019t been many exits so far, but we expect plenty to come. We&#8217;re keen to see these exits come to fruition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anyway, without further ado, let\u2019s jump into the presentation. We have 45 minutes today so let\u2019s start with the agenda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;ll talk about:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>AI in the public markets &#8211; listed companies.<\/li>\n\n\n\n<li>Then, an interesting perspective on what actually qualifies as AI (Filip will cover that).<\/li>\n\n\n\n<li>Recent AI funding trends.<\/li>\n\n\n\n<li>What we\u2019re seeing in <a href=\"https:\/\/aventis-advisors.com\/ma-in-ai\/\">AI M&amp;A<\/a> &#8211; exits, and how to position yourself as a founder or investor.<\/li>\n\n\n\n<li>Then we\u2019ll summarize and wrap up.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ll also stay a couple of minutes at the end to answer your questions, so feel free to type them in and we\u2019ll try to make this as interactive as possible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The video will also be available on our website and on YouTube &#8211; so do <a href=\"https:\/\/www.youtube.com\/@AventisAdvisors\">subscribe to our channel<\/a> if you can.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filip, over to you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>AI Valuations in the Public Markets<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, I want to start with public market data, which usually gives the best and most comprehensive daily information on what&#8217;s going on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve had very successful indices before. For example, in <a href=\"https:\/\/aventis-advisors.com\/aventis-saas-index\/\">SaaS<\/a> or <a href=\"https:\/\/aventis-advisors.com\/aventis-it-services-index\/\">IT services<\/a> &#8211; where you can track sentiment and industry developments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So for some time, we were thinking: let\u2019s do something like this in AI. But the question was &#8211; what <em>is<\/em> AI on the public markets? Obviously, Nvidia comes to mind, and maybe a few other smaller players. But which companies actually count as AI companies?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We came up with a pretty interesting methodology. We picked one specific date in the past (January 27), when DeepSeek was released and markets crashed. Nvidia dropped by 17%, and many other companies saw double-digit declines.<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">AI Value Chain<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slidd5f99b5d-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slidd5f99b5d-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slidd5f99b5d-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slidd5f99b5d-clip3\"><rect x=\"265\" y=\"244\" width=\"190\" height=\"270\"\/><\/clipPath><clipPath id=\"c202507slidd5f99b5d-clip4\"><rect x=\"0\" y=\"0\" width=\"962025\" height=\"209550\"\/><\/clipPath><image width=\"200\" height=\"75\" 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7.16497L148.785 7.16497C149.407 6.86092 149.715 6.48637 149.715 6.04131 149.711 5.45965 149.468 4.99256 148.979 4.64004Z\" transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><path d=\"M113.256 0C112.621 0 112.106 0.51556 112.106 1.1501 112.106 1.78463 112.621 2.30019 113.256 2.30019 113.89 2.30019 114.406 1.78463 114.406 1.1501 114.406 0.51556 113.89 0 113.256 0Z\" transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">AI value chain is diverse with multiple beneficiaries in the upstream supply chain<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: Aventis Advisors analysis<\/text><rect x=\"36\" y=\"133\" width=\"189\" height=\"38\" fill=\"#18142F\"\/><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(66.4049 159)\">Energy supply<\/text><path d=\"M35.9996 201.167 224.976 201.167 224.976 238.962 35.9996 238.962Z\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 238.962 225.309 238.962\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.9996 200.833 35.9996 315.744\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M224.976 200.833 224.976 315.744\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 201.167 225.309 201.167\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 315.411 225.309 315.411\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(56.4878 227)\">Electrical Generation<\/text><rect x=\"722.5\" y=\"305.5\" width=\"435\" height=\"327\" stroke=\"#05030E\" stroke-width=\"1.33333\" stroke-miterlimit=\"8\" stroke-dasharray=\"5.33333 4\" fill=\"none\"\/><rect x=\"836\" y=\"296\" width=\"226\" height=\"19\" fill=\"#5F5AA7\"\/><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(869.261 312)\">Data Center Hardware<\/text><path d=\"M35.9996 359.545 224.976 359.545 224.976 397.34 35.9996 397.34Z\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 397.34 225.309 397.34\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.9996 359.211 35.9996 474.122\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M224.976 359.211 224.976 474.122\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 359.545 225.309 359.545\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 473.789 225.309 473.789\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(75.5711 385)\">Nuclear Energy<\/text><path d=\"M35.9996 517.922 224.976 517.922 224.976 555.718 35.9996 555.718Z\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 555.718 225.309 555.718\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.9996 517.589 35.9996 632.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M224.976 517.589 224.976 632.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 517.922 225.309 517.922\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.6662 632.167 225.309 632.167\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(96.2377 544)\">Oil &amp; Gas<\/text><path d=\"M37.8334 575.589 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clip-path=\"url(#c202507slidd5f99b5d-clip40)\" transform=\"matrix(0.000104987 0 0 0.000104987 52 413)\"><g clip-path=\"url(#c202507slidd5f99b5d-clip42)\" transform=\"matrix(1 0 0 1.00258 -64994.2 -42666.3)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidd5f99b5d-img41\" transform=\"scale(9225.31 9225.31)\"\/><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(167.545 442)\">+4<\/text><g clip-path=\"url(#c202507slidd5f99b5d-clip43)\" transform=\"matrix(0.000104987 0 0 0.000104987 43 261)\"><g clip-path=\"url(#c202507slidd5f99b5d-clip45)\" transform=\"matrix(1.02327 0 0 1 -0.03125 0)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidd5f99b5d-img44\" transform=\"scale(8021.05 8021.05)\"\/><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(167.545 283)\">+8<\/text><g clip-path=\"url(#c202507slidd5f99b5d-clip46)\" transform=\"matrix(0.000104987 0 0 0.000104987 903 365)\"><g clip-path=\"url(#c202507slidd5f99b5d-clip48)\" transform=\"matrix(1.00735 0 0 1 -44497.9 -122806)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidd5f99b5d-img47\" transform=\"scale(7569.66 7569.66)\"\/><\/g><\/g><g clip-path=\"url(#c202507slidd5f99b5d-clip49)\" transform=\"matrix(0.000104987 0 0 0.000104987 924 437)\"><g clip-path=\"url(#c202507slidd5f99b5d-clip51)\" transform=\"scale(1.02476 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidd5f99b5d-img50\" transform=\"scale(5054.08 5054.08)\"\/><\/g><\/g><g clip-path=\"url(#c202507slidd5f99b5d-clip52)\" transform=\"matrix(0.000104987 0 0 0.000104987 920 512)\"><g clip-path=\"url(#c202507slidd5f99b5d-clip54)\" transform=\"matrix(1.02764 0 0 1 -1 0)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidd5f99b5d-img53\" transform=\"scale(5503.33 5503.33)\"\/><\/g><\/g><g clip-path=\"url(#c202507slidd5f99b5d-clip55)\" transform=\"matrix(0.000104987 0 0 0.000104987 924 586)\"><g clip-path=\"url(#c202507slidd5f99b5d-clip57)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidd5f99b5d-img56\" transform=\"matrix(5524.5 0 0 5524.5 0 -0.5)\"\/><\/g><\/g><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">4<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">So we said: okay, the companies that experienced significant movements that day are likely somehow exposed to the AI ecosystem. We put together a list of those across different industries, and that became our <em>AI Index<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We analyzed index values starting from November 2023 (around the launch of ChatGPT, or the birth of modern AI). Since then:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The equal-weighted AI index is up 166%.<\/li>\n\n\n\n<li>The market-cap weighted version where Nvidia makes up 30% is up almost 150%.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The main takeaway: we are at an all-time high for AI companies. Sentiment couldn\u2019t be better.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before jumping into bull and bear cases, let\u2019s talk about what\u2019s inside this index.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We included the entire AI supply chain. On January 27, when markets dropped, it wasn\u2019t just semiconductors but it was everything from electricity generation to oil and gas, semiconductor supply chains, data centers, and hardware providers. So our <em>upstream AI index<\/em> includes all these companies that contribute to AI infrastructure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LLMs and AI apps will be part of this index eventually, but most of them aren\u2019t publicly listed yet. So for now, we\u2019re working with the infrastructure and supply side and it\u2019s very interesting. AI today isn\u2019t just OpenAI or Anthropic; it&#8217;s also the entire industrial base behind them.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bull Case: The AI Investment Boom<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The question now is what\u2019s next? Where do we go from here?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s our tradition to make both a bull and bear case. Marcin, want to start with the bull case? 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font-size=\"18.6667\" transform=\"translate(36 112)\">The Aventis AI Index includes<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(284.107 112)\">137<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(320.273 112)\">companies across the global AI value chain<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 679)\">Source: S&amp;P Capital IQ as of 30.06.2025<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">3<\/text><path d=\"M35.5001 163.5 1245.01 163.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(48.784 156)\">Aventis AI Index, 01\/11\/2022=100<\/text><g><path d=\"M84.5001 552.5 1009.5 552.5M84.5001 504.5 1009.5 504.5M84.5001 455.5 1009.5 455.5M84.5001 407.5 1009.5 407.5M84.5001 358.5 1009.5 358.5M84.5001 310.5 1009.5 310.5M84.5001 261.5 1009.5 261.5M84.5001 213.5 1009.5 213.5\" stroke=\"#F2F2F2\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M0 0 0.000104987 388\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 84.5001 601.5)\"\/><\/g><g><path d=\"M78.5001 601.5 90.5001 601.5M78.5001 552.5 90.5001 552.5M78.5001 504.5 90.5001 504.5M78.5001 455.5 90.5001 455.5M78.5001 407.5 90.5001 407.5M78.5001 358.5 90.5001 358.5M78.5001 310.5 90.5001 310.5M78.5001 261.5 90.5001 261.5M78.5001 213.5 90.5001 213.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path 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transform=\"translate(37.1667 316)\">300<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(37.1667 268)\">350<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(37.1667 219)\">400<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(64.096 629)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(332.22 629)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(600.345 629)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(867.491 629)\">2025<\/text><\/g><g><path d=\"M259.5 186.5 284.5 186.5\" stroke=\"#5E4AC3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(287.401 192)\">Aventis AI Index (MC-weighted)<\/text><\/g><g><path d=\"M604.5 186.5 629.5 186.5\" stroke=\"#D6002A\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(632.633 192)\">S&amp;P 500<\/text><\/g><g><path d=\"M760.5 186.5 786.5 186.5\" stroke=\"#18142F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(789.098 192)\">Aventis AI Index (Equal-weighted)<\/text><\/g><rect x=\"96\" y=\"339\" width=\"216\" height=\"49\" fill=\"#FFFFFF\"\/><text fill=\"#10A37F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(105.195 360)\">Nov 2022<\/text><path d=\"M105.195 362 140.195 362 175.195 362 175.195 364 140.195 364 105.195 364Z\" fill=\"#10A37F\" fill-rule=\"evenodd\"\/><text fill=\"#10A37F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(105.195 379)\">Launch of ChatGPT<\/text><path d=\"M96 339 96.0001 498.313\" stroke=\"#10A37F\" stroke-width=\"2\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M855 215 855 277.444\" stroke=\"#4D6BFE\" stroke-width=\"2\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><text fill=\"#4D6BFE\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(870.211 224)\">Jan 2025<\/text><path d=\"M870.211 226.356 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font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1171.2 223)\">Bullish<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1164.52 476)\">Bearish<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes. I don\u2019t know exactly how far, but I\u2019m pleased to be bullish because I genuinely think we\u2019re going to go very far.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Is it a bubble? Hard to say. There are a lot of expectations and there will be even more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But I think it\u2019s justified. AI is going to change society and the way people live substantially.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rebuilding the world to accommodate AI just takes a lot of money. And someone has to do it. And someone will profit from it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So I think we\u2019re just at the beginning of the AI revolution. We&#8217;re going to see much more growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s a huge amount of infrastructure still to be built to accommodate AI. I believe we\u2019ll have a 5 to 10-year investment boom, which will drive valuations to unseen heights.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s also unique this time is that it\u2019s not just companies competing. Nation-states are also in the game. This is something we didn\u2019t see in previous tech booms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Much of the infrastructure will be redundant because it will be duplicated across geographies. Everyone wants to have sovereign AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So we\u2019ll have sovereign AI for the U.S., for China, for EU countries, you name it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And therefore, I think that investment in the grid, in data centers, it\u2019s going to be immense.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As long as we haven&#8217;t built new fusion as a source of energy, I think we&#8217;ll still need a ton of such investment. Because it\u2019s just expensive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So I think there\u2019s a long way to go for these companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filip?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bear Case: AI Market Corrections &amp; Competitive Pressures<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yeah, it was a bit difficult to make a bear case here. A lot of these companies aren&#8217;t hype stocks or SPACs. They\u2019re old-economy companies that have been around for 100+ years and are only now benefiting from all the investment and CapEx in AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If I were to make a bear case, I\u2019d start with correlation to the S&amp;P 500. If you think the market overall is overvalued, especially in the U.S., then in any correction, these companies are going to suffer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve already seen that with tariffs, which caused a pretty big decline for many companies. So if there&#8217;s another bear market in the U.S., these companies might drop faster than others.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">My second point would be: right now, these companies enjoy very high profitability and margins. Nvidia is practically printing money in billions. But by the laws of economics, this will eventually be competed away. The total profit pool will decline as new players emerge, competition intensifies, and value is passed on to consumers or businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So we might see an earnings decline and with that, stock prices could drop but not because demand disappears, but because profits are redistributed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That said, the sample of companies is quite diverse. I personally don\u2019t see a bubble here in AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What do you think, Marcin?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>AI Valuations: Is There a Bubble in AI Valuations?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>No, no. When we look at the broad segment and the supply chain, I think it\u2019s reasonable. Even Nvidia looks reasonable to me.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yeah, especially with the revenue growth and profitability it\u2019s delivered so far.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Yes, exactly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>But it\u2019s interesting to see that it\u2019s not just Nvidia. We looked across different segments and analyzed which groups performed best since ChatGPT was released.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We built an equal-weighted index of the various AI-exposed companies and plotted them by total return. Nvidia &#8211; part of the chip providers group, sits around the overall index average because some other semiconductor companies haven&#8217;t done so well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What really stood out to me was infrastructure and everything related to electricity, HVAC, data center construction. 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transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">AI value chain consists not only of applications and materials, but also of a large supply chain<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 679)\">Source:<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(290.4 679)\">S&amp;P Capital IQ<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(365.567 679)\">as of 30.06.2025<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">5<\/text><g><path d=\"M651 573 387 573 387 553 651 553Z\" fill=\"#D6002A\"\/><\/g><g><path d=\"M833 340 387 340 387 321 833 321Z\" fill=\"#18142F\"\/><\/g><g><path d=\"M628 631 387 631 387 611 628 611ZM632 602 387 602 387 582 632 582ZM660 544 387 544 387 524 660 524ZM666 515 387 515 387 495 666 495ZM699 486 387 486 387 466 699 466ZM728 457 387 457 387 437 728 437ZM804 428 387 428 387 408 804 408ZM811 399 387 399 387 379 811 379ZM832 369 387 369 387 350 832 350ZM872 311 387 311 387 292 872 292ZM949 282 387 282 387 263 949 263ZM961 253 387 253 387 234 961 234ZM1055 224 387 224 387 205 1055 205ZM1154 195 387 195 387 176 1154 176Z\" fill=\"#E3E0F2\"\/><\/g><g><path d=\"M0 0 0.000104987 464\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 386.5 635.5)\"\/><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(496.009 626)\">143<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(498.108 597)\">146<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(507.525 568)\">157<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(512.163 539)\">163<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(515.14 510)\">166<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(531.628 481)\">186<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(546.361 452)\">203<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(584.324 423)\">249<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(587.512 394)\">253<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(598.093 365)\">265<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(598.84 336)\">266<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(618.116 307)\">289<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(656.902 278)\">335<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(662.693 249)\">342<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(709.67 220)\">398<\/text><\/g><g><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(759.364 191)\">457<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(74.145 631)\">Materials, Subsystems &amp; Specialty Supply\u2026<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(213.752 602)\">Networking equipment<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(309.793 573)\">S&amp;P 500<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(272.466 544)\">EDA Software<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(304.493 515)\">Oil &amp; Gas<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(151.505 486)\">Core Semicondictor Equipment<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(119.458 457)\">Test, Inspection, &amp; Yield Equipment<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(264.453 428)\">Nuclear energy<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(228.866 399)\">Cloud &amp; Data center<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(268.026 370)\">Chip Providers<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(192.426 340)\">Aventis AI Index &#8211; Overall<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(153.305 311)\">Electrical Generation &amp; Utilities<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(55.438 282)\">Electrical Equipment &amp; Industrial Technology<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(328.506 253)\">HVAC<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(251.119 224)\">Data center EMS<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(85.6848 195)\">Data center &amp; Infrastructure construction<\/text><\/g><path d=\"M35.5001 163.5 1245.01 163.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(48.784 156)\">AI Index Sub<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(145.951 156)\">&#8211;<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(151.284 156)\">sectors, total return, equal<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(352.284 156)\">&#8211;<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(357.617 156)\">weighted, 30.11.2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(514.904 156)\">&#8211;<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(520.237 156)\">30.06.2025<\/text><path d=\"M873.333 456.667 1145.59 456.667 1145.59 486.631 873.333 486.631Z\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><path d=\"M1145.59 456.667 1244.17 456.667 1244.17 486.631 1145.59 486.631Z\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><path d=\"M873.333 486.631 1244.17 486.631\" stroke=\"#7F7F7F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" stroke-dasharray=\"1 1\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M873.333 516.595 1244.17 516.595\" stroke=\"#7F7F7F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" stroke-dasharray=\"1 1\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M873.333 546.56 1244.17 546.56\" stroke=\"#7F7F7F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" stroke-dasharray=\"1 1\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M873.333 576.524 1244.17 576.524\" stroke=\"#7F7F7F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" stroke-dasharray=\"1 1\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M873.333 606.488 1244.17 606.488\" stroke=\"#7F7F7F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" stroke-dasharray=\"1 1\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M873.333 456.667 1244.17 456.667\" stroke=\"#000000\" stroke-width=\"1.33333\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M873.333 636.453 1244.17 636.453\" stroke=\"#000000\" stroke-width=\"1.33333\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(1159.85 478)\">% change<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(882.933 478)\">Company<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1171.19 508)\">+1,267%<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(882.933 508)\">Celestica<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1171.19 538)\">+1,069%<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(882.933 538)\">Limbach<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1184.52 568)\">+857%<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(882.933 568)\">ASC<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1184.52 598)\">+833%<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(882.933 598)\">NVIDIA<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1184.52 628)\">+771%<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(882.933 628)\">Integrated Electrical Services<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s very telling. It\u2019s not software for now because software like OpenAI isn\u2019t listed yet, so we don\u2019t know how it would perform in public markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So far, traditional companies have been doing very well. And that has big implications for investors. You don\u2019t have to chase the next OpenAI or Anthropic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are plenty of solid opportunities in the public markets and probably even more in private markets in the suppliers to these AI infrastructure players. These are often fairly valued, but stand to benefit from the growing demand for services, construction, and equipment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Advice for AI Founders<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>So Filip, if you were to advise a founder then would you tell them to chase unicorns, or go into HVAC and trades?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>I think it depends on the risk appetite. But yes, I do believe there are opportunities in HVAC and electricity. Some of these companies are trading at mid single-digit EBITDA multiples.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>No, but I mean if you were talking to a startup founder, would you tell them to go into HVAC, work in the field, or go into machine learning, building LLMs or AI wrappers?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>I think it really depends on personality. We\u2019re seeing a lot of people going into LLMs and AI. But it&#8217;s also difficult, because you\u2019re not just doing research, you also have to run a business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, to each their own. I think HVAC isn\u2019t as bad an opportunity as it might seem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>That\u2019s a very balanced view. I\u2019d say the risk-reward trade-off is probably better in more traditional trades than in AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, the biggest outliers, the people who make the most money, will be in AI. But for a more reasonable return for the risk you&#8217;re taking, it might actually make more sense to go into something traditional and conservative.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are many safe bets to make in those sectors, and they\u2019ll also offer solid exit opportunities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, and if that manufacturing combines with some reshoring in the United States, there\u2019s a lot of money to be made in producing things that were previously made abroad but are now brought back. For example, components needed for data centers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Exactly. And it&#8217;s not just in the US. The same thing is happening in Europe. With deglobalization, supply chains are getting shorter, so local labor and manufacturing will likely grow across all major economic blocs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s a super interesting shift.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>AI Valuations in Private Markets &amp; AI Funding Trends<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>So let\u2019s move on to private funding.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, funding.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>We\u2019re super excited about this because we like seeing things grow though there&#8217;s a lot of nuance here, and a lot to unpack.<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">AI Funding: Record breaking year \u201calready\u201d for AI investments<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" 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stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#FFC000\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(291.815 193)\">Series A<\/text><\/g><g><rect x=\"382.5\" y=\"182.5\" width=\"9\" height=\"9\" stroke=\"#FFFFFF\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#FF0000\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(396.173 193)\">Series B<\/text><\/g><g><rect x=\"486.5\" y=\"182.5\" width=\"10\" height=\"9\" stroke=\"#FFFFFF\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#0070C0\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(500.531 193)\">Series C<\/text><\/g><g><rect x=\"592.5\" y=\"182.5\" width=\"9\" height=\"9\" stroke=\"#FFFFFF\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#E3E0F2\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(605.916 193)\">Series D<\/text><\/g><g><rect x=\"697.5\" y=\"182.5\" width=\"10\" height=\"9\" stroke=\"#FFFFFF\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#7F7F7F\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(711.301 193)\">Corporate<\/text><\/g><g><rect x=\"814.5\" y=\"182.5\" width=\"9\" height=\"9\" stroke=\"#FFFFFF\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#D9D9D9\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(828.106 193)\">Other<\/text><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">Corporate investors continued to be one of the biggest and most aggressive investors in AI companies in 2025<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(48.7979 156)\">Total value of capital raised by AI companies, $B<\/text><path d=\"M36.5001 164.5 1245.33 164.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: Crunchbase, Aventis Advisors analysis<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">7<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"14.6667\" transform=\"translate(937.822 641)\">(as of June)<\/text><g clip-path=\"url(#c202507slidfbb967e7-clip3)\" transform=\"matrix(0.000104987 0 0 0.000104987 1005 346)\"><g clip-path=\"url(#c202507slidfbb967e7-clip5)\" transform=\"matrix(1.05756 0 0 1 0 -461116)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidfbb967e7-img4\" transform=\"scale(8358.08 8358.08)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 1005 264)\"><g clip-path=\"url(#c202507slidfbb967e7-clip7)\" transform=\"scale(1.03125 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidfbb967e7-img6\" transform=\"scale(5195.45 5195.45)\"\/><\/g><\/g><g clip-path=\"url(#c202507slidfbb967e7-clip8)\" transform=\"matrix(0.000104987 0 0 0.000104987 1005 302)\"><g clip-path=\"url(#c202507slidfbb967e7-clip10)\" transform=\"matrix(1.0017 0 0 1 0 -116333)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidfbb967e7-img9\" transform=\"scale(5049.89 5049.89)\"\/><\/g><\/g><g clip-path=\"url(#c202507slidfbb967e7-clip11)\" transform=\"matrix(0.000104987 0 0 0.000104987 1005 382)\"><g clip-path=\"url(#c202507slidfbb967e7-clip13)\" transform=\"matrix(1 0 0 1.0091 -985079 -824628)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidfbb967e7-img12\" transform=\"scale(6635.96 6635.96)\"\/><\/g><\/g><g clip-path=\"url(#c202507slidfbb967e7-clip14)\" transform=\"matrix(0.000104987 0 0 0.000104987 1005 414)\"><g clip-path=\"url(#c202507slidfbb967e7-clip16)\" transform=\"matrix(1.01646 0 0 1 -149358 -237251)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidfbb967e7-img15\" transform=\"scale(8049.71 8049.71)\"\/><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(1020.71 247)\">Top fundraises of 2025<\/text><g clip-path=\"url(#c202507slidfbb967e7-clip17)\" transform=\"matrix(0.000104987 0 0 0.000104987 1005 452)\"><g clip-path=\"url(#c202507slidfbb967e7-clip19)\" transform=\"scale(1 1.01897)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slidfbb967e7-img18\" transform=\"scale(4154.52 4154.52)\"\/><\/g><\/g><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Obviously, the headlines are familiar. The biggest funding rounds ever are happening in AI. That\u2019s common knowledge. But if we dig deeper into the structure of funding, we start seeing patterns that are less obvious.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What we\u2019ve observed is that more and more of the total AI funding is going to the winners. I think we can already call them that. Less and less capital is going to early-stage startups.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This shows that the industry is maturing. In some ways, it\u2019s quite late to the game already.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2025 will probably be off the charts($110 billion as of June). I wouldn\u2019t be surprised if we hit $200 billion in total AI funding by year-end.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And that doesn\u2019t even include all the investments from the &#8220;Magnificent 7&#8221; into AI. So overall, AI investments might already be in the trillions of dollars.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s an exciting time, and there\u2019s a lot of money to be made in this space.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Fewer Rounds, Larger Checks<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In the next slide, we showed deal count. The trend is similar with fewer rounds, but more concentrated funding.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The number of funding rounds peaked in 2021, probably influenced by COVID-related shifts as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2025, we might see a recovery in the number of AI rounds. 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transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: Crunchbase<\/text><g><path d=\"M1168 452 1210 452 1210 601 1168 601Z\" fill=\"#7F7F7F\"\/><\/g><g><path d=\"M69 588 111 588 111 601 69 601ZM142 582 184 582 184 601 142 601ZM216 566 258 566 258 601 216 601ZM289 546 331 546 331 601 289 601ZM362 514 404 514 404 601 362 601ZM436 471 477 471 477 601 436 601ZM509 417 551 417 551 601 509 601ZM582 365 624 365 624 601 582 601ZM655 318 697 318 697 601 655 601ZM729 295 771 295 771 601 729 601ZM802 287 844 287 844 601 802 601ZM875 236 917 236 917 601 875 601ZM949 269 990 269 990 601 949 601ZM1022 299 1064 299 1064 601 1022 601ZM1095 332 1137 332 1137 601 1095 601Z\" fill=\"#5E4AC3\"\/><\/g><g><path d=\"M53.5001 600.5 1225.5 600.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(78.9176 600)\">237<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(152.202 597)\">349<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(225.486 589)\">656<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(293.21 579)\">1,031<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(366.495 563)\">1,624<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(439.779 541)\">2,424<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(513.063 515)\">3,415<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(586.347 488)\">4,392<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(659.632 465)\">5,263<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(732.916 453)\">5,697<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(806.2 449)\">5,852<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(879.484 424)\">6,798<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(952.769 440)\">6,175<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1026.05 456)\">5,612<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1099.34 472)\">5,000<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1172.62 532)\">2,769<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(72.2376 625)\">2010<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(145.522 625)\">2011<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(218.806 625)\">2012<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(292.09 625)\">2013<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(365.375 625)\">2014<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(438.659 625)\">2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(511.943 625)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(585.227 625)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(658.512 625)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(731.796 625)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(805.08 625)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(878.364 625)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(951.649 625)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1024.93 625)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1098.22 625)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1171.5 625)\">2025<\/text><\/g><path d=\"M0.11482-0.312934 814.832 298.618 814.603 299.244-0.11482 0.312934ZM814.838 294.714 820.971 301.225 812.083 302.225Z\" fill=\"#18142F\" transform=\"matrix(1 0 0 -1 74.5001 490.725)\"\/><path d=\"M420.5 324C420.5 302.185 457.884 284.5 504 284.5 550.116 284.5 587.5 302.185 587.5 324 587.5 345.815 550.116 363.5 504 363.5 457.884 363.5 420.5 345.815 420.5 324Z\" stroke=\"#000000\" stroke-width=\"1.33333\" stroke-miterlimit=\"8\" fill=\"#FFFFFF\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(468.94 319)\">CAGR:<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(476.273 344)\">+36%<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">8<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">The number of fundraising rounds in the AI space has consistently grown over the last 14 years, with only 2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(948.14 112)\">&#8211;<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(954.307 112)\">2023 being an exc<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(1106.31 112)\">eption<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(48.7979 154)\">Total number of AI funding rounds<\/text><path d=\"M36.5001 163.5 1245.33 163.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"14.6667\" transform=\"translate(1147.41 641)\">(as of June)<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">2021 likely marked the peak in deal volume, and I expect the concentration around the largest startups to continue.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>AI Valuations in 2025: A Wide Spectrum<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Valuations are super interesting. We presented a snapshot of 2025 valuations, and we refresh this periodically.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s a huge spread in EV\/revenue multiples &#8211; from high single digits for some companies, to more than 100x for Perplexity.<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">AI Funding: Valuations<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slid1e4a7c6d-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid1e4a7c6d-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid1e4a7c6d-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid1e4a7c6d-clip3\"><rect x=\"35\" y=\"171\" width=\"1209\" 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1 35.7135 668)\"\/><path d=\"M113.256 0C112.621 0 112.106 0.51556 112.106 1.1501 112.106 1.78463 112.621 2.30019 113.256 2.30019 113.89 2.30019 114.406 1.78463 114.406 1.1501 114.406 0.51556 113.89 0 113.256 0Z\" transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><\/g><\/g><\/g><path d=\"M47.5001 439.5 1245.61 439.5\" stroke=\"#75C541\" stroke-width=\"0.666667\" stroke-linecap=\"square\" stroke-miterlimit=\"8\" stroke-dasharray=\"2 0.666667\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M47.5001 516.5 1245.61 516.5\" stroke=\"#FFC000\" stroke-width=\"0.666667\" stroke-linecap=\"square\" stroke-miterlimit=\"8\" stroke-dasharray=\"2 0.666667\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M47.5001 539.5 1245.61 539.5\" stroke=\"#C00000\" stroke-width=\"0.666667\" stroke-linecap=\"square\" stroke-miterlimit=\"8\" stroke-dasharray=\"2 0.666667\" fill=\"none\" fill-rule=\"evenodd\"\/><g><path d=\"M67 240 110 240 110 582 67 582ZM153 362 196 362 196 582 153 582ZM239 419 281 419 281 582 239 582ZM324 448 367 448 367 582 324 582ZM410 454 452 454 452 582 410 582ZM495 471 538 471 538 582 495 582ZM581 509 624 509 624 582 581 582ZM666 523 709 523 709 582 666 582ZM752 524 795 524 795 582 752 582ZM838 529 880 529 880 582 838 582ZM923 532 966 532 966 582 923 582ZM1009 552 1051 552 1051 582 1009 582ZM1094 556 1137 556 1137 582 1094 582ZM1180 564 1223 564 1223 582 1180 582Z\" fill=\"#5E4AC3\"\/><\/g><g clip-path=\"url(#c202507slid1e4a7c6d-clip3)\"><path d=\"M46.5001 581.5 1244.5 581.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(64.7775 231)\">140.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(154.798 353)\">90.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(240.368 410)\">66.7x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(325.939 438)\">55.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(411.509 444)\">52.5x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(497.079 462)\">45.3x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(582.649 499)\">30.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(668.22 514)\">24.2x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(753.79 514)\">23.8x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(839.36 519)\">21.8x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(924.931 523)\">20.5x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1010.5 543)\">12.3x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1096.07 547)\">10.5x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1186.09 560)\">7.3x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(56.5975 604)\">Perplexity<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(147.045 604)\">Hugging<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(158.065 621)\">Face<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(236.708 604)\">Harvey<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(321.452 604)\">Cohere<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(395.202 604)\">Midjourney<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(491.369 604)\">Abridge<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(577.353 604)\">OpenAI<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(660.886 604)\">Gong AI<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(738.717 604)\">Databricks<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(827.954 604)\">Jasper AI<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(913.517 604)\">Anthropic<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(1005.2 604)\">Dataiku<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(1079.76 604)\">Luminance<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"15\" transform=\"translate(1176.34 604)\">Dialpad<\/text><\/g><text fill=\"#C00000\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3333\" transform=\"translate(1122.08 533)\">Bottom 25% = 18.5x<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">There is a big discrepancy seen between valuation multiples of private AI companies starting from 7.3x revenue to 140.0x reve<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(1075.31 112)\">nue<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: Aventis Advisors Analysis, Company press releases<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(48.7979 154)\">Forward EV\/Revenue multiple of selected AI companies, as of 2025<\/text><path d=\"M36.5001 163.5 1244.5 163.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text fill=\"#FFC000\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3333\" transform=\"translate(1144.71 508)\">Median = 27.1x<\/text><text fill=\"#75C541\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3333\" transform=\"translate(1132.38 429)\">Top 25% = 57.9x<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">9<\/text><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(36 647)\">Note: The information presented here is based solely on data available from public domains. This ensures transparency but may<\/text><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(647.5 647)\">no<\/text><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(659.5 647)\">t capture latest financial details if they haven\u2019t been disclosed.<\/text><rect x=\"1210\" y=\"665\" width=\"38\" height=\"31\" fill=\"#FFFFFF\"\/><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The key driver of valuation is revenue growth. In the next slide, we compare OpenAI\u2019s funding rounds and how its revenue multiple evolved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In December 2023, they raised at 53x revenue. Then they grew more than 5x, and the multiple dropped to 42x. Then they nearly tripled again, and the multiple dropped further.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is natural. As an industry matures, revenue multiples compress, and companies are expected to eventually turn a profit. We&#8217;re still some way off from that, but I expect AI companies to push harder on monetization.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ll likely see a broader contraction in revenue multiples, even among early-stage companies, especially as it becomes easier to make money and customers grow more willing to pay for AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AI used to be a novelty, often free. Now, many companies are monetizing aggressively.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What Drives Valuation Beyond Growth?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In the next slide, we highlight what differentiates valuations beyond just revenue growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s very important to evaluate the quality of the underlying business. Under the AI banner, many different types of companies operate but some business models are clearly more sustainable than others.<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">AI Funding: Valuations<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slid5e8b03bb-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid5e8b03bb-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid5e8b03bb-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid5e8b03bb-clip3\"><rect x=\"0\" y=\"0\" width=\"952500\" height=\"171450\"\/><\/clipPath><image width=\"185\" height=\"60\" 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font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(46.1361 245)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(76.1361 245)\">Foundational scientific research<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(46.1361 279)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(76.1361 279)\">Data and training sets<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(46.1361 313)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(76.1361 313)\">High CAPEX barriers to entry<\/text><text fill=\"#C00000\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(46.1361 380)\">Key risks<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(46.1361 413)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(76.1361 413)\">Perfect competition<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(46.1361 447)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(76.1361 447)\">Moore\u2019s law in AI \/<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(254.903 447)\">Deepseek<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(356.736 447)\">effect<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">The valuation multiples depend a lot on an application\u2019s position in the value chain<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: Aventis Advisors Analysis, Online AI blogs and industry reports<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1220.43 681)\">11<\/text><path d=\"M35.5001 139.193C35.5001 136.049 38.049 133.5 41.1934 133.5L418.807 133.5C421.951 133.5 424.5 136.049 424.5 139.193L424.5 165.807C424.5 168.951 421.951 171.5 418.807 171.5L41.1934 171.5C38.049 171.5 35.5001 168.951 35.5001 165.807Z\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"#F2F2F2\" fill-rule=\"evenodd\"\/><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(122.236 160)\">Foundational models<\/text><path d=\"M446.5 139.194C446.5 136.049 449.049 133.5 452.194 133.5L828.806 133.5C831.951 133.5 834.5 136.049 834.5 139.194L834.5 165.806C834.5 168.951 831.951 171.5 828.806 171.5L452.194 171.5C449.049 171.5 446.5 168.951 446.5 165.806Z\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"#F2F2F2\" fill-rule=\"evenodd\"\/><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(564.083 160)\">AI applications<\/text><path d=\"M856.5 139.193C856.5 136.049 859.049 133.5 862.193 133.5L1239.81 133.5C1242.95 133.5 1245.5 136.049 1245.5 139.193L1245.5 165.807C1245.5 168.951 1242.95 171.5 1239.81 171.5L862.193 171.5C859.049 171.5 856.5 168.951 856.5 165.807Z\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"#F2F2F2\" fill-rule=\"evenodd\"\/><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(953.661 160)\">Thin AI \u201ewrappers\u201d<\/text><path d=\"M35.5001 588.04C35.5001 583.324 39.3236 579.5 44.0403 579.5L415.96 579.5C420.676 579.5 424.5 583.324 424.5 588.04L424.5 627.96C424.5 632.676 420.676 636.5 415.96 636.5L44.0403 636.5C39.3236 636.5 35.5001 632.676 35.5001 627.96Z\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(132.152 616)\">20<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(158.819 616)\">&#8211;<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(166.819 616)\">100x Revenue<\/text><g clip-path=\"url(#c202507slid5e8b03bb-clip3)\" transform=\"matrix(0.000104987 0 0 0.000104987 307 528)\"><g clip-path=\"url(#c202507slid5e8b03bb-clip5)\" transform=\"matrix(1 0 0 1.00228 -107287 -106477)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slid5e8b03bb-img4\" transform=\"scale(6310.47 6310.47)\"\/><\/g><\/g><g clip-path=\"url(#c202507slid5e8b03bb-clip6)\" transform=\"matrix(0.000104987 0 0 0.000104987 51 523)\"><g clip-path=\"url(#c202507slid5e8b03bb-clip8)\" transform=\"scale(1.01161 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slid5e8b03bb-img7\" transform=\"scale(6061.36 6061.36)\"\/><\/g><\/g><g clip-path=\"url(#c202507slid5e8b03bb-clip9)\" transform=\"matrix(0.000104987 0 0 0.000104987 164 529)\"><g clip-path=\"url(#c202507slid5e8b03bb-clip11)\" transform=\"matrix(1 0 0 1.03845 0 -567527)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slid5e8b03bb-img10\" transform=\"scale(4953 4953)\"\/><\/g><\/g><path d=\"M856.5 138.18C856.5 135.595 858.595 133.5 861.18 133.5L1240.82 133.5C1243.4 133.5 1245.5 135.595 1245.5 138.18L1245.5 562.82C1245.5 565.405 1243.4 567.5 1240.82 567.5L861.18 567.5C858.595 567.5 856.5 565.405 856.5 562.82Z\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><text fill=\"#00B050\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(867.165 212)\">Where is the value?<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(867.165 245)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(897.165 245)\">Better UI\/UX<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(867.165 279)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(897.165 279)\">Virality<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(867.165 313)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(897.165 313)\">Sales &amp; Marketing engine<\/text><text fill=\"#C00000\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(867.165 380)\">Key risks<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(867.165 413)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(897.165 413)\">\u201eWhat if 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font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(456.65 212)\">Where is the value?<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(456.65 245)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(486.65 245)\">Vertical industry know<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(692.804 245)\">&#8211;<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(699.97 245)\">how<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(456.65 279)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(486.65 279)\">Proprietary workflows<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(456.65 313)\">\u2022<\/text><text fill=\"#18142F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(486.65 313)\">Regulatory understanding<\/text><text fill=\"#C00000\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(456.65 380)\">Key risks<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(456.65 413)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"21.3333\" transform=\"translate(486.65 413)\">Overfitting to niche use cases<\/text><text font-family=\"Arial,Helvetica,sans-serif\" 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transform=\"matrix(0.000104987 0 0 0.000104987 687 525)\"><g clip-path=\"url(#c202507slid5e8b03bb-clip20)\" transform=\"matrix(1 0 0 1.01661 0 -0.5)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slid5e8b03bb-img19\" transform=\"scale(4015.44 4015.44)\"\/><\/g><\/g><path d=\"M446.5 588.04C446.5 583.324 450.324 579.5 455.04 579.5L825.96 579.5C830.676 579.5 834.5 583.324 834.5 588.04L834.5 627.96C834.5 632.676 830.676 636.5 825.96 636.5L455.04 636.5C450.324 636.5 446.5 632.676 446.5 627.96Z\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(549.333 616)\">10<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(576 616)\">&#8211;<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(584 616)\">60x Revenue<\/text><path d=\"M856.5 588.04C856.5 583.324 860.324 579.5 865.04 579.5L1236.96 579.5C1241.68 579.5 1245.5 583.324 1245.5 588.04L1245.5 627.96C1245.5 632.676 1241.68 636.5 1236.96 636.5L865.04 636.5C860.324 636.5 856.5 632.676 856.5 627.96Z\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(973.181 616)\">1<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(986.514 616)\">&#8211;<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"24\" transform=\"translate(994.514 616)\">5x Revenue<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">We divide them into three broad categories:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Foundational Models<\/strong>: These are companies that focus on AI research and training. They power others\u2019 applications. They tend to command the highest valuations, and in our view, that\u2019s justified as they are more sustainable.<\/li>\n\n\n\n<li><strong>AI Applications<\/strong>: These are robust businesses built on top of AI, solving specific problems in verticals or industries. They\u2019re not just wrappers. These companies understand their clients deeply, their workflows, and apply AI in meaningful ways to deliver real value.<\/li>\n\n\n\n<li><strong>Thin AI Wrappers<\/strong>: These typically offer minimal added value, just a slightly better interface than ChatGPT to do essentially the same thing. They\u2019re heavily reliant on compute and are the riskiest model.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, AI application companies are trading at 10\u201360x revenue. But they\u2019re also quite sales-heavy and face disruption risks, especially if companies like OpenAI offer similar functionality for free.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In general, the closer a company\u2019s product fits a real business case or problem, the better its valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the bottom, we have <strong>generic, me-too AI models<\/strong>. These tend to trade at 1\u20135x revenue multiples, which is what we\u2019re seeing in the market today.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Filip, anything you\u2019d add?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Capital Allocation in AI: Where the Money Goes<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Sure &#8211; I&#8217;d like to add a bit on all slides. One interesting observation from the top fundraising slide is how it ties back to public markets. Almost all of the funding to OpenAI, Anthropic, and Cohere ultimately flows into infrastructure or model training.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There isn\u2019t that much capital going into AI applications. Most of it goes to fundamental research, data centers, processors, heavy CapEx investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We know a lot about SaaS, and many are familiar with SaaS valuations. In comparison, seeing 20 to 30 times revenue for frontier AI companies might seem high, but it&#8217;s not outrageous. At the peak of the SaaS bubble, many public companies traded at similar multiples and with much slower growth and no profitability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We don&#8217;t know the exact profitability of these AI companies, but at a high level, their multiples don&#8217;t seem overstretched. I\u2019d say valuations are fairly reasonable. Investors seem to better understand how to analyze and price these businesses now. You\u2019re not just handed a premium because you&#8217;re \u201can AI company.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>M&amp;A Activity in AI<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Let\u2019s move on to AI M&amp;A. We&#8217;re still early. The volume is small. 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8.12118 123.259 9.26687 123.016 10.4478 123.016 11.6552 123.016 13.0256 123.351 14.092 124.021 14.8543 124.691 15.621 125.594 16 126.731 16 127.855 16 128.886 15.621 129.824 14.8543 130.758 14.092 131.472 13.1358 131.961 11.9901 132.455 10.8444 132.697 9.66786 132.697 8.45607 132.697 7.09006 132.362 6.02368 131.693 5.25695ZM130.203 11.1484C129.89 12.2368 129.432 13.1754 128.828 13.9598 128.225 14.7441 127.546 15.1363 126.797 15.1363 126.251 15.1363 125.819 14.8763 125.51 14.3564 125.202 13.8408 125.048 13.1137 125.048 12.1752 125.048 11.122 125.202 10.0556 125.51 8.96723 125.819 7.87882 126.277 6.94024 126.885 6.15588 127.489 5.37152 128.167 4.97934 128.917 4.97934 129.463 4.97934 129.89 5.23492 130.203 5.75489 130.512 6.27486 130.666 7.00193 130.666 7.94051 130.666 8.98926 130.512 10.06 130.203 11.1484Z\" transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><path d=\"M142.956 5.42881C142.956 5.06747 142.859 4.75902 142.665 4.49904 142.471 4.23905 142.162 4.11126 141.744 4.11126 141.039 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668)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source:<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(290.4 682)\">Mergermarket<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(356.9 682)\">, Aventis Advisors analysis<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1220.43 681)\">13<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">The number of AI acquisitions has grown steadily as the industry matures<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(48.7979 154)\">Number of AI acquisitions globally, 2023<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(359.518 154)\">\u2013<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(368.351 154)\">2025F<\/text><path d=\"M36.5001 163.5 1230.5 163.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><g><path d=\"M954 472 1102 472 1102 602 954 602Z\" fill=\"#7F7F7F\"\/><\/g><g><path d=\"M212 440 361 440 361 602 212 602ZM583 379 731 379 731 602 583 602Z\" fill=\"#5E4AC3\"\/><\/g><g><path d=\"M0 0 0.000104987 404\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 101.5 601.5)\"\/><\/g><g><path d=\"M95.5001 601.5 106.5 601.5M95.5001 520.5 106.5 520.5M95.5001 440.5 106.5 440.5M95.5001 359.5 106.5 359.5M95.5001 278.5 106.5 278.5M95.5001 197.5 106.5 197.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M101.5 601.5 1213.5 601.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M101.5 596.5 101.5 607.5M471.5 596.5 471.5 607.5M842.5 596.5 842.5 607.5M1213.5 596.5 1213.5 607.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(270.943 528)\">100<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(641.762 497)\">138<\/text><\/g><g><text fill=\"#FFFFFF\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(1017.77 544)\">80<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(270.943 431)\">100<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(641.762 369)\">138<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(1017.77 463)\">80<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(74.6631 608)\">0<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(64.283 527)\">50<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(53.903 446)\">100<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(53.903 365)\">150<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(53.903 284)\">200<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(53.903 203)\">250<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(265.753 630)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(636.572 630)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(1007.39 630)\">2025<\/text><\/g><g><rect x=\"541\" y=\"204\" width=\"10\" height=\"9\" fill=\"#5E4AC3\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(554.924 214)\">Number of Acquisitions<\/text><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"14\" transform=\"translate(970.044 656)\">(as of June 2025)<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"32\" transform=\"translate(147.045 249)\">5 years<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(269.378 249)\">\u2013<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(287.211 249)\">The average<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(147.045 280)\">time to exit for AI<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(147.045 306)\">companies<\/text><rect x=\"960.5\" y=\"177.5\" width=\"285\" height=\"91\" stroke=\"#05030E\" stroke-width=\"1.33333\" stroke-miterlimit=\"8\" fill=\"none\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(969.156 198)\">Methodology used in our analysis:<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(969.156 217)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(987.156 217)\">AI companies<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(969.156 236)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(987.156 236)\">Founding year \u2265 2015<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(969.156 255)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(987.156 255)\">Majority M&amp;A buyouts<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">We analyzed the last two and a half years of activity. It\u2019s still slow. In 2023, we recorded around 100 exits we classified as AI M&amp;A, primarily majority buyouts. To be clear, we&#8217;re not counting funding rounds here.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2024, we had 138. In 2025, we&#8217;re already at 80, and it looks like this year will set a new record. The activity is picking up, but we\u2019re still in the early innings. The real peak is probably a few years out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s especially notable is how short the cycle is &#8211; from founding to exit. Some AI startups are being sold before they even go to market. We&#8217;re seeing more of that now. It\u2019s becoming more competitive and more difficult to grow, so the exit window is getting shorter. Currently, it\u2019s around five years, but we\u2019ve already seen companies exit after six months.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s something we\u2019ve never really seen before. It&#8217;s amazing, but also incredibly challenging for founders. You really have to time your entry and exit with precision. This game is only for the best operators.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Filip, anything to add?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>No, I agree. AI M&amp;A will continue to grow, but it&#8217;s still hard to know which companies are genuinely AI and which are just rebranded SaaS with some AI features added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But as you said, more and more of these companies will be acquired quickly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to Value an AI Company<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>We\u2019re often asked by our clients how to value their AI company. So we wanted to share some real-life experiences and practical guidance, especially in an M&amp;A context.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, the hype and press coverage around AI distort the reality. Yes, there are a few very high-profile acquisitions, where large, well-funded buyers pay huge prices for companies with key synergies or talent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And those prices are usually justified. For example, companies like Meta face massive downside risk if they don\u2019t win in AI. To mitigate that, they\u2019re willing to pay top dollar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But when you look at the broader group of AI startups, many of them are struggling. They&#8217;re still searching for product-market fit, they have high churn, and their cost structures are tough because many resell compute from others, which eats into their margins.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike SaaS businesses that typically had 80\u201390% gross margins, we\u2019re seeing AI companies operate at 40\u201350%. It\u2019s tough to build something sustainable with those economics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What makes it even harder is that the next cohort of AI startups will have even more efficient tools, often built by today\u2019s generation. That will accelerate competition, drive margins down further, and raise customer acquisition costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Where Value Accrues<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Most of the value today goes to the infrastructure layer, whether it\u2019s the energy providers or the compute layer (e.g., model developers and LLMs). If I had to choose, I\u2019d bet on the \u201cpicks and shovels\u201d rather than the overpopulated application layer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At Aventis, we try to bring a conservative, rational approach to <a href=\"https:\/\/aventis-advisors.com\/ai-valuation-multiples\/\">AI valuation<\/a>. In our view, AI companies are not fundamentally different from other businesses. The same principles apply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You need:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Solid fundamental analysis<\/li>\n\n\n\n<li>Clear unit economics<\/li>\n\n\n\n<li>KPIs like revenue growth, customer retention, CAC to LTV ratio, etc.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Being \u201cAI\u201d doesn\u2019t get you a premium by default. If anything, in the absence of a clear buyer-driven synergy, exits can even be a red flag. A proactive exit search could signal that something isn&#8217;t working.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, if a buyer approaches you now, and the fit is right, it\u2019s probably a great time to respond.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Valuation Playbook<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">On the next slide, we laid out our usual playbook for valuing a tech company.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"288\" src=\"https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/image-1024x288.png\" alt=\"Three valuation approaches: income-based (discounted cash flow analysis), market-based (benchmarking to comparable companies and transactions), and asset-based (estimating fair market value of assets and liabilities).\" class=\"wp-image-5106\" srcset=\"https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/image-1024x288.png 1024w, https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/image-300x84.png 300w, https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/image-768x216.png 768w, https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/image-1536x432.png 1536w, https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/image-18x5.png 18w, https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/image-16x4.png 16w, https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/image.png 1561w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Income-based approach<\/strong>: Discounted cash flow. You forecast future business performance and value the projected cash flows. Very difficult in AI, because most companies aren\u2019t profitable yet but it\u2019s still doable, albeit speculative.<\/li>\n\n\n\n<li><strong>Market-based approach<\/strong>: You compare valuation multiples from funding rounds or public comps. Not many M&amp;A benchmarks yet, but in general, if you raised at 10x revenue, you should aim to double revenue to exit at 5x and make investors whole.<\/li>\n\n\n\n<li><strong>Asset-based approach<\/strong>: Often based on replacement value. Founders sometimes like to steer conversations toward this, but we don\u2019t recommend it in AI. The technology depreciates extremely quickly. The tools and techniques evolve fast, making what you build obsolete in a matter of months.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">So, in summary, we aim to stay grounded. We want to make sense of what&#8217;s going on without giving in to hype or panic.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Closing Remarks and Q&amp;A<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>If Filip has nothing more to add, I think we can wrap up.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, I think we can.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>So that\u2019s it. And yes, we did generate a meme with AI! That\u2019s probably the only thing in the deck we used AI for.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s a lot of hype and FOMO in this space. We hope this brought some common sense and clarity. Please feel free to reach out to us with any questions or if you want advice on your investments or exit strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;re happy to offer balanced, rational guidance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Eventually, exits will happen, you just need to approach this space deliberately, with a clear head.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Audience Q&amp;A<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We have a bunch of questions. Shall we address them?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, the first one I see could take all our time, but it\u2019s probably the one on everyone\u2019s mind:<br><strong>\u201cIs AI another dot-com bubble?\u201d<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are a lot of similarities. But I think it&#8217;s different in one key respect: AI companies are generating real revenue or at least trying to. That wasn\u2019t the case during the dot-com bubble, where you could raise money just based on eyeballs and web traffic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, you at least have to sell a bunch of tokens to justify a valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Next question: <strong>Is the hype slightly dying out?<\/strong>&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, I think the hype is slightly dying out. Investors are now much better informed about AI. As you said earlier, they\u2019re valuing companies based on fundamentals and financials not just the technology or the label of being \u201cAI.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, companies have to answer tougher questions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How many users do you have?<\/li>\n\n\n\n<li>How will you make money?<\/li>\n\n\n\n<li>What&#8217;s your gross margin?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s harder to get funded now. And many early investors got burned by startups that had an initial wave of traction but then ChatGPT added the same functionality, or it became part of Copilot, or integrated into Google Gemini. Google is rolling out new products at every conference.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You really need to make sure the AI application you\u2019re funding at seed or Series A stage can survive. There was a big wave of AI note-takers, for example and now that feature exists natively in Google Meet. Excel got AI-powered formula support. Google Sheets now has \u201c=AI\u201d prompting Gemini.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So the implication is clear: there will be big winners but likely among large companies with deep pockets. It\u2019s going to be more difficult for smaller players.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Exactly. Investors are more discerning now. You don\u2019t get their attention just by saying you&#8217;re doing AI. You need a solid team and a clear go-to-market strategy to attract capital.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q: Will foundational models be commoditized?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Great question. I don\u2019t think we\u2019re qualified to go deep on this from a technical perspective, but from an investment lens there\u2019s more to foundational models than just the models themselves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They require massive energy, hardware, and infrastructure to create and operate. I think only a handful of companies will be able to afford maintaining them. So I expect we\u2019ll end up with an oligopoly &#8211; just a few big players making the majority of the money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That makes it unlikely that foundational models will become a commodity. They\u2019re too rare and too expensive.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q: Are fundraising multiples as useful as public company comps?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Fundraising comps often show higher multiples because the companies are earlier in their lifecycle and have higher growth rates. Public company comps are lower, reflecting maturity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Eventually, these two will converge. As private companies like OpenAI reach late stages, their multiples will likely align more closely with mature peers like Google or Microsoft.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, we use fundraising comps a lot to set ceilings and manage expectations. For example, if OpenAI raises at 20x revenue and grows at a certain rate, a smaller niche company won\u2019t get that same multiple, it\u2019ll be much lower.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So those benchmarks are useful to anchor valuations, even if they aren\u2019t apples-to-apples.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q: At what point do the losses at big AI companies become a red flag?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Excellent question. We\u2019ve seen SaaS and marketplace businesses survive with losses for a very long time. I used to be skeptical, but Amazon, Uber, and Airbnb changed that narrative. Different models, but the same lesson.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If a company gets big enough, losses are less of a concern, especially in frontier industries like AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The key signal is growth. As long as you&#8217;re growing, investors look past the losses. But once growth stalls, then the profitability question becomes unavoidable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Exactly. Companies like Uber eventually managed to \u201cturn on\u201d profitability. So it\u2019s possible though definitely more challenging for smaller players.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Economic Environment and AI Resilience<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>My view is that as long as interest rates and the cost of capital remain relatively low, no one minds that these companies are loss-making, provided there&#8217;s reasonable growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, if we experience another bout of inflation and interest rates go up as a result, essentially triggering a serious economic crisis. I believe that could lead to a significant reduction in AI-related spending.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, while that risk exists, as long as the financial environment remains stable, I don\u2019t see widespread pressure on AI businesses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>AI Tools Used by M&amp;A Advisors<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Filip, what AI tools do we use as M&amp;A advisors?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We use quite a lot, actually. ChatGPT is deeply embedded into our workflows. We\u2019re also using Gemini more and more &#8211; it\u2019s starting to play a larger role.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes, we have implementations with Claude Perplexity for some use cases as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>So yes, we used Perplexity for a while, but after ChatGPT added search functionality, it felt a bit redundant to use a separate product just for that.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve tested many tools. A lot of them aren\u2019t quite there yet, but people are very eager to test AI applications. So if a company reaches out with an AI tool tailored for M&amp;A, we\u2019re very likely to try it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But in most cases, the tool doesn\u2019t deliver at the level we need.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Exactly. It\u2019s easy to get initial traction in AI but retaining customers is much harder.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;ve come to the conclusion that, like many professional services firms, we need to transform into a technology firm. We plan to invest heavily in building our own AI agents and systems.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The nature of junior analyst work is changing rapidly. While what we do talking to people, advising, isn&#8217;t changing much, the way we gather and analyze data is transforming quickly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is the Rule of 40 Still Useful in AI?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>We got a great question: is the Rule of 40 still useful in AI?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think it\u2019s still relevant. The <a href=\"https:\/\/aventis-advisors.com\/rule-of-40\/\">Rule of 40<\/a>, profit margin plus revenue growth is a good framework. While many AI companies aren&#8217;t profitable yet, investors still care about both sides of that equation. If you\u2019re both profitable and growing fast, that\u2019s a strong recipe for a successful exit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, but it depends on the business model. The Rule of 40 originated in SaaS, where companies had high customer acquisition costs and recurring subscription revenue. In that context, it made sense to trade off profitability for growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If an AI company has similar dynamics, it works. But if it\u2019s more like e-commerce or model reselling where margins are low and customer retention is weak, you need profitability upfront.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>AI Valuation Insights and SaaS Comparisons<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>One more we discussed before the webinar was the \u201cDeepSeek effect\u201d from January 27. We looked at which companies&#8217; stocks rose or fell that day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Surprisingly, SaaS companies didn\u2019t move much. So even though they might mention \u201cAI\u201d dozens of times in earnings calls, public market investors aren\u2019t buying it. There\u2019s a clear distinction: AI companies and SaaS companies are being treated as separate classes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Disruption by Google: A Real Threat<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>A really interesting question came in on voice and video apps being disrupted by Google.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s definitely happening. Google\u2019s AI video generation, transcription features in Meet, and integrations into Sheets and other tools &#8211; these are serious threats to companies with narrow use cases.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the past, Google wouldn\u2019t bother addressing smaller, niche SaaS products. But now, with AI, it&#8217;s economically feasible for them to deliver those capabilities directly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This time, Google is moving fast and I think they\u2019ve learned from past failures in social media. They were among the first to invest heavily in AI, and now they\u2019re executing extremely well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>We had a line somewhere in the deck: \u201cThe bigger the TAM, the riskier it is.\u201d That applies well here.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>ARR in the AI World: Still Valid?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Another great question: is ARR outdated in the AI world?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>It depends on the business model. If it&#8217;s a subscription-based business, ARR is still very useful. You can apply all the familiar SaaS metrics (ARPU, LTV\/CAC, retention).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But if you&#8217;re reselling tokens or doing one-off transactions, then ARR becomes less meaningful.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Ultimately, whatever metric you use, it needs to add up in a DCF. ARR is a shortcut to understanding value but EBITDA, cash flow, and sustainable economics matter more in the long term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s one tool in the toolkit, but never the only one.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Closing Remarks<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>That brings us to the end of today\u2019s webinar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019d like to speak with us, whether to build your AI strategy, exit plan, or investment roadmap &#8211; feel free to reach out. We\u2019re happy to take your call and advise you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We hope you found this session insightful. Please share it with colleagues, friends, or family who might benefit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ll distribute the recording and transcript shortly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks again for joining us during your summer holiday, especially those of you in Europe, where July is typically a slower month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Thanks everyone. Have a great rest of your day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Thank you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Thanks, bye.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Bye.<\/p>\n\n\n<style>.av-chart{margin:28px 0}.av-chart-title{font-family:\"Tiempos Headline\",Georgia,serif;font-size:1.05rem;line-height:1.35;margin:0 0 2px;color:#18142F}.av-chart svg{display:block}<\/style>\n<script>\n(function(){\"use strict\";var SEL=\"figure.av-chart svg\",MIN=4,TOL=0.5,MR=0.75;function fit(svg){var n=svg.querySelectorAll(\"text\"),i;for(i=0;i<n.length;i++){n[i].removeAttribute(\"textLength\");n[i].removeAttribute(\"lengthAdjust\");n[i].style.fontSize=\"\";}var R=svg.getBoundingClientRect();if(!R.width)return 0;var it=[],rc,bx,sc;for(i=0;i<n.length;i++){rc=n[i].getBoundingClientRect();if(!rc.width)continue;if(!rc.height)continue;try{bx=n[i].getBBox();}catch(e){continue;}if(!bx)continue;if(!bx.width)continue;sc=rc.width\/bx.width;if(!isFinite(sc))continue;if(sc<=0)continue;it.push({n:n[i],l:rc.left,w:rc.width,y:Math.round(rc.top*2)\/2,s:sc});}var rows={},k;for(i=0;i<it.length;i++){k=it[i].y;(rows[k]=rows[k]||[]).push(it[i]);}var f=0;for(k in rows){if(!Object.prototype.hasOwnProperty.call(rows,k))continue;var row=rows[k].sort(function(a,c){return a.l-c.l;});for(i=0;i<row.length;i++){var c=row[i],x=row[i+1];var lim=x?x.l-1:R.right-1;var av=lim-c.l;if(av>MIN){if(c.w>av+TOL){var r=av\/c.w;if(r<MR){var fs=parseFloat(getComputedStyle(c.n).fontSize);if(fs>0)c.n.style.fontSize=Math.max(5,fs*(r\/MR)).toFixed(2)+\"px\";}c.n.setAttribute(\"textLength\",(av\/c.s).toFixed(1));c.n.setAttribute(\"lengthAdjust\",\"spacingAndGlyphs\");f++;}}}}return f;}function all(){var s=document.querySelectorAll(SEL),t=0;for(var i=0;i<s.length;i++)t+=fit(s[i]);return t;}window.avFitCharts=all;function boot(){all();if(document.fonts){if(document.fonts.ready)document.fonts.ready.then(all);}var t;addEventListener(\"resize\",function(){clearTimeout(t);t=setTimeout(all,200);});}if(document.readyState===\"loading\")document.addEventListener(\"DOMContentLoaded\",boot);else boot();})();\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>El 1 de julio de 2025 organizamos un webinar en directo titulado \u00abValoraciones de IA y tendencias de financiaci\u00f3n en 2025\u00bb.<\/p>","protected":false},"author":14,"featured_media":5676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[55],"tags":[],"class_list":["post-5104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-webinar-recaps"],"acf":{"faq_header":{"headline":""},"faq_repeater":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AI Valuations and Funding Trends \u2013 Webinar Recap &#8211; Aventis Advisors<\/title>\n<meta name=\"description\" content=\"Whether AI valuations are a bubble, how public and private markets diverged, why rounds became fewer and larger, and what it means for founders.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aventis-advisors.com\/es\/valoracion-empresas-ia-financiacion\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI Valuations and Funding Trends \u2013 Webinar Recap &#8211; Aventis Advisors\" \/>\n<meta property=\"og:description\" content=\"Whether AI valuations are a bubble, how public and private markets diverged, why rounds became fewer and larger, and what it means for founders.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aventis-advisors.com\/es\/valoracion-empresas-ia-financiacion\/\" \/>\n<meta property=\"og:site_name\" content=\"Aventis Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-02T11:47:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-28T19:40:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/thumbnail.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaheer Ansari\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaheer Ansari\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutos\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Valoraci\u00f3n y financiaci\u00f3n de IA: webinar - Aventis","description":"Si las valoraciones de la IA son una burbuja, c\u00f3mo se han separado los mercados cotizados y privados, por qu\u00e9 las rondas son menos numerosas y m\u00e1s grandes, y qu\u00e9 significa para los fundadores.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/aventis-advisors.com\/es\/valoracion-empresas-ia-financiacion\/","og_locale":"es_ES","og_type":"article","og_title":"AI Valuations and Funding Trends \u2013 Webinar Recap &#8211; 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