In this special episode, I talk with Steven Wolfe Pereira, the founder and CEO of Alpha. We cover a wide range of topics at the intersection of capital markets, AI, and governance. We discuss IPOs, valuations, and the health of today’s markets, as well as the tension between private and public company growth. We also examine the pressures boards and executives face around performance, accountability, and compensation structures.
(0:00) Intro
(1:30) About the podcast sponsor: The American College of Governance Counsel
(2:16) Start of interview. *Reference to E181 (July 2025) for Steven's personal/professional background.
(3:14) IPOs and Market Trends. Including Klarna and Gemini.
(5:29) The Stay Private vs. Go Public Dilemma. Valuations and market health (examples of Airbnb and Figma)
(12:00) The Oracle post-earnings 36% price increase. *Reference to article by Tom Chavez: In Defense of Bubbles.
(14:14) AI, Data Centers, and Market Dynamics
(15:15) OpenAI's Future and Governance
(20:12) Power Dynamics in Big Tech companies (Mag 7).
(22:35) Tesla and Elon Musk Compensation Structure (Mega Grants)
(24:53) Boardroom Accountability in Big Tech
(28:31) Scale AI and L&A (Licensing & Acquihiring) as the new M&A
(34:34) AI startup governance (e.g. SSI and Thinking Machine Labs)
(36:41) The Role of Directors in Governance. "Theater in the boardroom?"
(39:08) Startup Fraud (Elizabeth Holmes, SBF, etc) and the Startup Litigation Digest
(40:05) Legal Accountability and Ethics
(46:39) The Future of AI and Market Valuations in the "Agentic Economy"
(51:43) The Importance of Board Leadership
Steven Wolfe Pereira founded Alpha to solve a critical problem: most boards are governing AI transformation without the frameworks, intelligence, or peer networks they need to make sound fiduciary decisions.