Silicon Valley’s venture capitalists are getting jealous. But the target of that jealousy is not other investors—at least not other investors in the Valley. They’re jealous of the investors in ordinary public markets who, of late, have seen all the upside to the firms founded with their money. Nvidia became the world’s first $4trn company on Wednesday and CoreWeave, a cloud-computing provider, has seen its market value rise by over 300% since it listed in March. VCs are now trying to hold on to their investments for longer, hoping to breed the first $1trn unicorn. But will it work?

Hosts: Mike Bird and Ethan Wu. Guests: Nathan Benaich, founder of Air Street Capital; and The Economist’s Henry Tricks.