Thrive Capital founder Joshua Kushner, in his firm's first investor letter, criticized Silicon Valley VCs for AI euphoria, warning against letting "excitement weaken our investment discipline." He argued that the industry often fixates on "hyperincremental technological turns" rather than the ultimate impact of AI.

Kushner outlined Thrive's distinct approach, which he described as "independent thinking" and a departure from the "spray-and-pray" model common in Silicon Valley. Thrive concentrates its capital, with roughly 90% poured into its top 15 investments per fund. This contrasts with the "outlier" philosophy championed by figures like Marc Andreessen, where numerous bets are made with the expectation of many failures.

Thrive's strategy includes a deep relationship with OpenAI, taking an ownership stake in Thrive Holdings, a spinout that acquires companies for AI transformation. Thrive Holdings has acquired over 70 businesses. The firm's early bets on companies like OpenAI, Anduril, and SpaceX have yielded significant returns, with its $516 million 2022 fund now valued at over $3.7 billion. Thrive manages $60 billion in assets, reporting an impressive gross IRR of 41% and a net IRR of 33%.