# Matthew Harris

Markdown copy of https://realalpha.app/people/matthew-harris/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Real Alpha has cut 8 moments of Matthew Harris (Partner, Bain Capital Ventures) talking, from an interview on How I Invest published Oct 26, 2026.

- Role: Partner, Bain Capital Ventures

## What Matthew Harris said

- [Valuation discipline can make venture firms miss power-law winners](https://realalpha.app/s/valuation-discipline-can-make-venture-firms-miss-power-law/)
  How I Invest · Oct 26, 2026 · 5 min
  > “you will systematically miss the power law companies on average.” — Matthew Harris · [4:30](https://realalpha.app/v/K2OC5yKrbaM/?t=270)
- [AI labs may avoid competing with their biggest customers](https://realalpha.app/s/ai-labs-may-avoid-competing-with-their-biggest-customers/)
  How I Invest · Oct 26, 2026 · 6 min
  > “And our view, probabilistically, is that that will inhibit them in starting their own law firm.” — Matthew Harris · [18:55](https://realalpha.app/v/K2OC5yKrbaM/?t=1135)
- [Anthropic's growth could support its reported $2 trillion valuation](https://realalpha.app/s/anthropics-growth-could-support-its-reported-2-trillion/)
  How I Invest · Oct 26, 2026 · 4 min
  > “If that growth rate can continue or anything like it can continue, they will grow into and through that valuation in a very reasonable period of time.” — Matthew Harris · [33:37](https://realalpha.app/v/K2OC5yKrbaM/?t=2017)
- [Bain's AI strategy centers on robotics and AI-native services](https://realalpha.app/s/bains-ai-strategy-centers-on-robotics-and-ai-native-services/)
  How I Invest · Oct 26, 2026 · 6 min
  > “And when we incubate companies, we don't take any common stock. We just put money in. We recruit a founder and then we give them all the common stock.” — Matthew Harris · [16:51](https://realalpha.app/v/K2OC5yKrbaM/?t=1011)
- [AI market leadership can shift despite consensus investing](https://realalpha.app/s/ai-market-leadership-can-shift-despite-consensus-investing/)
  How I Invest · Oct 26, 2026 · 3 min
  > “And not for love or money would they invest in anyone who's not already anointed in the winner's circle.” — Matthew Harris · [9:11](https://realalpha.app/v/K2OC5yKrbaM/?t=551)
- [OpenAI's open Codex strategy could win the application layer](https://realalpha.app/s/openais-open-codex-strategy-could-win-the-application-layer/)
  How I Invest · Oct 26, 2026 · 5 min
  > “I think it's genius, actually, and I think they're still going to sell a lot of OpenAI tokens into codex” — Matthew Harris · [30:42](https://realalpha.app/v/K2OC5yKrbaM/?t=1842)
- [Steady venture pacing helps limit cycle-driven risk](https://realalpha.app/s/steady-venture-pacing-helps-limit-cycle-driven-risk/)
  How I Invest · Oct 26, 2026 · 5 min
  > “I do know from our perspective, we try to keep pacing even. So we invest the same amount 500,000,000 a year.” — Matthew Harris · [55:48](https://realalpha.app/v/K2OC5yKrbaM/?t=3348)
- [AI agents could expand the market beyond human users](https://realalpha.app/s/ai-agents-could-expand-the-market-beyond-human-users/)
  How I Invest · Oct 26, 2026 · 3 min
  > “And at a certain point, increasingly in our companies, there aren't even human users of AI. There are just agents doing stuff.” — Matthew Harris · [39:55](https://realalpha.app/v/K2OC5yKrbaM/?t=2395)

## The episode

- [Anthropic at $2 Trillion? The AI Bubble, and Why the Best Startups Always Look Overvalued](https://realalpha.app/v/K2OC5yKrbaM/) · How I Invest · Oct 26, 2026