For today’s Smart Money, I invited Luke to track where Silicon Valley's biggest AI labs are pouring their money, and he makes the case that the next fortunes won't go to the companies building AI, but to the smaller players the giants can't afford to compete with.

Spark Capital’s Anthropic bet shows why AI acquisition targets may create the next wave of outsized investment returns.

For today’s Smart Money, I invited Luke to track where Silicon Valley's biggest AI labs are pouring their money, and he makes the case that the next fortunes won't go to the…