Mike Volpi on Why AI Infrastructure Will Outlast the Hype Cycle

ℹ️ EPISODE INFO

Released

November 11, 2026

Duration

56m

Channel

a16z

Watch on YouTube

▶ Open ↗

📝 EPISODE DESCRIPTION

The internet boom built bandwidth. The AI boom is building intelligence. Mike Volpi, who helped shape Cisco’s strategy during the internet buildout, asks what that era can teach us about this one. Mike joins a16z’s Raghu Raghuram and Guido Appenzeller to compare today’s investment in GPUs, data centers, and power with the fiber boom of the late 1990s, and explain why the infrastructure could prove valuable even if the market corrects. They also discuss NVIDIA, custom silicon, networking, and the changing economics of GPUs, plus lessons from Cisco’s acquisition machine. And Mike explains why he thinks this technology cycle could be even more consequential than the last. Timestamps: 00:00 Intro 00:53 The internet buildout vs. the AI buildout 09:29 Financing the buildout, and why GPUs are outliving their depreciation 14:31 Cisco’s M&A playbook, and advice for Nvidia 22:27 Making acquisitions actually integrate 25:32 When founders should sell, and how deals really happen 31:58 Mapping today’s AI infrastructure 38:02 Will we see more competitive AI silicon? 43:45 What triggered Cisco’s fall 46:08 Rethinking data center networking for AI 53:46 Why this is the best time to be investing Resources: Follow Mike Volpi on X: https://x.com/mavolpi Follow Raghu Raghuram on X: https://x.com/RaghuRaghuram Follow Guido Appenzeller on X: https://x.com/appenz Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Show on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Show on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.

🎤 SPEAKERS

• Mike Volpi

  guest

  Venture capitalist and infrastructure investor; former Cisco executive and founder of Hanabi Capital.

• Raghu Raghuram

  host

  Technology executive best known for leading VMware and operating at scale in enterprise infrastructure.

• Guido Appenzeller

  host

  Infrastructure and networking technologist/investor with deep expertise in data center networking and systems.

🧾 EPISODE SUMMARY

In this episode of a16z, featuring Mike Volpi and Raghu Raghuram, Mike Volpi on Why AI Infrastructure Will Outlast the Hype Cycle explores Why AI’s compute buildout will endure, even after corrections Mike Volpi compares the internet buildout of the late ’90s with today’s AI buildout, arguing that the underlying compute assets being deployed now will be used heavily even if the current owners change after an economic correction.

🔗 RELATED EPISODES

Why HubSpot’s Co-Founder Is Betting Against the SaaSpocalypse

Inside Salesforce’s Acquisition Strategy for the AI Era

How AI Is Turning Figma’s Finance Team Into Builders

The New AI Agents That Shop, Plan, and Gossip

Andrew Huberman on Focus, Energy, and Performing at Your Best

What iPhone Packaging Reveals About the Robotics Opportunity