The value of VCs was never that they can identify successful startups correctly. It was always just the fact that they had money they didn't have any use for and were willing to blow it off.
Until GPT4 is 3x better at accumulating useless capital the position of VCs in the whole scheme is safe
By VCs I meant the staff on commission that has a budget and picks bets. They don't own the money, LPs do.
Wow, I wasn't aware of the distinction/partition. I naively though Venture Capitalists actually have the capital.
I for one welcome our new seed-investing overlords.
A company I work with is building this AI and it works extremely well.