The honest reason every VC is suddenly an American Dynamism investor, from @jmj: "My theory is that a lot of investors have just gotten wrecked by their AI investments from 2022 to 2025. You invested in ten vertical AI companies, and nine out of the ten got destroyed by Claude or OpenAI. So you're like, oh, this software stuff is really hard. Maybe I'll go do physical world. Hard tech and deep tech haven't gotten easier. It's just that it's the last place where it seems the big labs won't come in and disrupt your company two months after you do the seed. There's also, to be fair, a lot of really interesting things being built in deep tech. The culture and zeitgeist of national interest and the American Dynamism theme has become not only accepted, but embraced. Two or three years ago that theme was still pretty new and for a variety of reasons wasn't the thing people wanted to invest in. Now, everyone wants to be an American dynamism investor."