Jamie Montgomery on Why AI Applications Will Power the Next Wave of Venture Returns

What if the most defensible companies of the AI era aren’t the ones building the infrastructure—but the ones using it to rethink workflows? In this Technoventure episode, Peter High speaks with Jamie Montgomery, Founder and Managing Partner of March Capital, about why the firm is investing heavily in the AI application layer—not chips, not clouds, but the companies delivering real task-based outcomes. Key topics explored: Why workflow-based moats beat data moats in the new venture cycle How application-layer companies are scaling faster with leaner GTM The ripple effects of AI CapEx on the U.S. economy and tax base March Capital’s bets on open-source LLMs and scientific discovery Why Montgomery believes AI “bailed out” the U.S. and VC industry alike