Luke Lango

Genentech's early IPO shows why today's biggest AI gains may be created before a company ever reaches the stock market.

Roughly nine out of ten early-stage bets fail to return their investors' money. Across a typical portfolio, something like one in ten produces the outsized winner that makes the whole portfolio work. And more than half of the positions you hold will likely hand back less than you put in. That is the ordinary, expected math of investing in early-stage companies, even for professionals who do this for a living.

Garry Kasparov, the greatest chess player to ever live, found his match not in a flesh-and-blood opponent, but in a machine. Kasparov built his career on

Apple is searching for specialized AI technology. Q.ai shows why early investors may benefit before an acquisition is announced.

Bessemer and Excite both passed on Google. Their mistakes reveal how to evaluate startups before consensus forms.

In 1962, the ticker ran two hours behind a panic that erased 27% and then vanished within 14 months. Luke Lango breaks down why this week's AI selloff reads the same way — and the one chart that will tell you if it doesn't.

Amazon invented a job so unglamorous it needed a fake name. Two decades later, that same overlooked task is becoming AI's biggest bottleneck.

SocialNet failed before Reid Hoffman built LinkedIn. His second act shows what investors should demand from repeat founders.

AI infrastructure stocks are down sharply this summer, but the businesses behind them are accelerating. Luke Lango breaks down six sectors and where the real opportunity sits.

TK