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In 2022, Under 30 alum Sarah Guo walked away from a high profile investing job at Reid Hoffman’s venture fund Greylock to start her own firm, Conviction. Her first check went to a then little-known legal AI startup called Harvey.

At the time Harvey was raising its seed, it had no customers, only a pitch: law firms would one day rely on AI to do everything from research to drafting—a bold vision when OpenAI’s ChatGPT had only just launched. The pitch hooked Guo, who was convinced that AI would transform every corner of the economy. She backed the startup. OpenAI did too.

Four years and an AI boom later, Harvey is now valued at roughly $11 billion. And it’s exactly the kind of conviction-driven bet that earned Guo the No. 56 spot on this year’s Forbes Midas List, which ranks the world’s top 100 venture capital investors.

Guo’s firm Conviction has since raised two funds totaling $331 million and backed 27 startups, the majority focused on AI. Her portfolio includes the “ChatGPT for doctors” OpenEvidence, AI-powered customer service firm Sierra, AI coding startup Cognition and open source AI developer Mistral. Together with Harvey, those six companies alone are collectively worth more than $62 billion. Across those investments, Guo's positions have appreciated roughly tenfold.

“When you work on early stage, you make a concentrated commitment to a person and an overall idea and then you suspend disbelief and work on the company for a long time,” Guo tells Forbes. “It's satisfying to see the people grow and be right.”

Plus, her investment goes beyond writing the check. After Harvey CEO Winston Weinberg (now an Under 30 alum himself) sent thousands of cold LinkedIn messages to law firms, it was Guo who connected him with a lawyer at A&O Shearman, which became Harvey's first customer. That hands-on support has continued throughout the company's growth, he says.

Guo's debut on the Midas List is likely just the beginning. She spends her days reading research papers, meeting with AI scientists and hosting a podcast featuring leading voices in the field, such as Fei-Fei Li.

So what does it take to earn Sarah Guo's backing? Forbes sat down with the investor to understand how she spots the next generation of breakout companies—and what made her leave Greylock in the first place. Read the full profile here.

See you next week,

Zoya & Alex

Forbes Iconoclast 50

Forbes’ new Iconoclast 50 recognizes the leaders redefining finance, business, technology, media, entertainment and philanthropy. From billionaire founders and CEOs to investors, athletes and philanthropists, these are the industry disruptors whose influence shapes markets, industries and culture worldwide. This year’s honorees collectively represent more than $2.5 trillion in wealth. Find the full list here.

Lister Lowdown

-Saris, an AI banking startup founded by Under 30 listers Danial Jameel, Alice Dinu and James Dang, announced last month a $28.8 million Series A. The company’s AI software is used by banks and credit unions to automate document review, data entry, and other tedious work. And this round, led by 8VC, will go toward expanding their customer base and hiring employees to train and deploy their AI agents.

-Sampriti Bhattacharyya, who made the Under 30 list in 2016 for developing underwater drones capable of autonomously communicating and working together to scan the ocean floor, is now the founder of Navier. This month, the company—which makes “electric hydrofoiling boats” or electric boats that look like they’re hovering over the water due to the lift that’s generated at certain speeds— announced it has signed a $100 million contract with JIH Global Investment of Dubai to bring its zero-emissions vessels to the Maldives over the next three years. The company already has a dozen boats deployed across the U.S.

On Our Radar

-Gen Z might have a reputation for being lazy, but rumor has it that we might actually be a generation of hustlers—side hustlers, that is. A new Cash App study shows that 16% of Gen Zers have multiple income streams, and are largely responsible for the jump in the number of people (any generation) to be earning ancillary income, which increased from 41 million two years ago to 54 million today. (The LA Times)

-Many of us have been promised that with more AI will come more money, or free time, or both. But that might be too good to be true—for now, at least. Because while engineers are pumping out more code than ever, some employees say the investment to make these new technologies work includes spending tons of time without it necessarily translating to more profits. (Business Insider)

-If you’ve heard the term “liminal space” on TikTok over the last few weeks, you’re not alone. The phrase, which essentially means the nostalgic, often eerie space between realities, has become popularized with the release of Backrooms, the unprecedented $200 million+ box office hit directed by 20-year-old Kane Parsons (the best showing ever for an A24 film). This analysis connects the obsession with liminal spaces to many of Gen Zers’ experience coming of age during Covid-19. (The Wall Street Journal)