$5m-$40m checks on a $400m vehicle leave Framework with room for concentrated ownership, so the AI/robotics sleeve has to be more than tourist exposure to hot private markets. Portfolio already shows where the bridge sits: Plasma for stablecoin rails, USD.AI for GPU-backed credit, Obex for stablecoin startup formation, with Hyperliquid/Jito/Maple keeping the firm tied to crypto-native cash flows. The risk is that AI/robotics soaks up LP-friendly narrative dollars unless those deals create assets DeFi can price: compute receivables, machine collateral, power contracts, or settlement flow.

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