Is the AI era the beginning of the end of VC as we know it?

Incredibly, when you think about it, US-based venture capital has remained structurally unchanged for half a century. The well known model revolves around the 10-year fund lifecycle, the 2-and-20 fee structure, and the relentless push for growth and outsized returns. Decisions are made in mysterious ways and are known to be full of bias against founders who don’t fit a certain mold.  But even as rivers of investment flow into anything touching AI, there may yet be an ironic twist to come.

Venture...