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Kevin Bryan expressed concern over the valuation of artificial intelligence firm Cohere following an investment by the Canadian government. He noted that the funding places Cohere's valuation at approximately twice the multiple over annual recurring revenue compared to companies like OpenAI and Ant. Bryan also commented that no major international venture capital firm participated in the deal at the $36 billion valuation.
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Bryan has previously analyzed leadership strategies in the AI sector, highlighting how Wenfeng and DeepSeek in China use hedge fund capital to focus on code and logic development here. He has also assessed the positioning of services firms such as Chennai-based Zoho, describing it as export-driven and less advanced than competitors, but more competitive on price here. Both analyses emphasize Bryan's focus on operational and financial benchmarks within technology companies.