Three related trends I’ve noticed lately. The combo of AI-generated cold outreach tools and big lists of VC emails is pushing investors back toward human-driven warm intros and referrals. Partners leaving big firms to start new firms are creating new networks to invest with people they like but maybe couldn’t work with at their old firms based on fund size and strategy. And the density of AI is pulling talent back to SF and consumer startups are consolidating in NYC. In many ways, VC today feels like we are moving back to the way the industry worked prior to 2018.