Jeremy Levine on public markets
From Jeremy Levine on AI Hype, Market Cycles & Playing the Long Game · · Newcomer
“I think the public markets have overreacted — the meme is that with AI anyone can create software for near zero cost. That misses the point: the most valuable SaaS companies are valuable because they built network effects you can't replace by just building the same software for free.”
On , Jeremy Levine, Partner at Bessemer at Bessemer Venture Partners, spoke about public markets during Jeremy Levine on AI Hype, Market Cycles & Playing the Long Game on Newcomer.
About Jeremy Levine
Jeremy Levine, a partner at Bessemer Venture Partners, said on a February 2026 podcast that venture capital is a "patient person's game" and that investors seeking quarterly or annual returns are "in the wrong asset class." He described the current AI landscape as an "amazing time to be alive" but cautioned that most investments are a "slow burn process" until they appear to become large. Levine also stated that the idea that price does not matter in venture investing is "wildly flawed and lazy thinking," arguing that paying twice the price on deals would reduce a fund's return from 5x to 2.5x. Levine, who also founded and serves as CEO of the fantasy sports and gaming company Underdog, said in September 2025 that Underdog is "the fastest growing sports company ever" and projected nearly $500 million in revenue in its fifth year. He announced a partnership with Crypto.com to offer sports prediction markets in 16 states, stating that the move allows Underdog to offer betting on teams, which he described as the company's "top requested feature." Levine previously founded Star Street, a fantasy sports company that sold to DraftKings in 2014, and has described his early entrepreneurial experience as having "no money, no connections, and no technical background," including getting his first two engineers from Craigslist.