Every technology cycle produces the same mistake.

Capital floods toward what looks important: infrastructure, hardware, the visible pieces of the build. The real value accumulates somewhere else, in the applications, the operational models, the companies that learn to turn new infrastructure into compounding businesses. By the time the market figures that out, the window is gone.

Two decades ago, Brian Sheth saw the window. When most private equity firms dismissed enterprise software as too volatile for leveraged buyouts, he and his partners at Vista Equity Partners built a thesis around the unit economics others had missed: recurring revenue, high gross margins, low capital intensity, deeply embedded customers. It was a consensus miss for years. Then it became the most replicated playbook in the asset class.

He spent twenty years co-architecting that engine, overseeing more than $100 billion in technology investments, and turning engineering-driven companies into institutional-grade businesses. When he stepped away to found Haveli Investments, the market answered immediately: $4.5 billion at its hard cap, the largest debut flagship private equity fund ever raised. He is now making new bets in software, gaming, and AI-native businesses, with the same conviction he brought to SaaS before it became a consensus trade.

Joining him is Jennifer Griffin, Chief National Security Correspondent for Fox News and one of the most tenacious interviewers in American broadcast journalism. In a conversation about AI, that framing matters: the race to build artificial intelligence is no longer purely a business competition. It is a geopolitical one. The capital flowing through this room intersects with that reality whether this room is thinking about it or not.

The question for the next thirty minutes: in the AI capital formation cycle, where does the real opportunity sit, and where does the smart money go?