The AI revolution is fundamentally rewriting the rules of venture capital, dismantling traditional SaaS valuations and forcing a radical shift in investment strategy. The challenge lies in identifying the true "Platform Companies" that can reinvent themselves across multiple technology S-curves, rather than clinging to outdated metrics or falling victim to fleeting market trends. This new era demands a focus on gigantic TAMs, strategic double-down rounds, and a flexible mandate to capture disproportionate returns in an increasingly dynamic private market landscape.