How this multi-millionaire investor spots billion-dollar ideas | Term Sheet

Over 3,000 venture capital firms are operating in the U.S. today. Lux Capital's co-founder Josh Wolfe thinks more than half of them won't survive the decade. He has spent 25 years making calls nobody else would make, backing Anduril before defense tech was a category and surgical robotics before it had a market. Now, fresh off a $1.5 billion fundraise, he's warning that the AI boom is headed for a crash that will wipe out trillions in market cap and take most of the venture industry with it. Fortune's Allie Garfinkle sits down with Wolfe to find out who survives the shakeout, where the defense tech bubble breaks, and the predictions he's making for 2027.