The Trillion-Dollar AI Hardware Opportunity | Navin Chaddha (Managing Partner, Mayfield)

“That’s the scale of the hardware opportunity. It’s not hundreds of millions of dollars when you launch. It’s in billions of dollars.”

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Navin Chaddha has spent three decades at the forefront of innovation—first as a founder, and now as managing partner at Mayfield, one of Silicon Valley’s oldest venture firms. A 17-time member of Forbes’ Midas List, Navin has guided generations of entrepreneurs through waves of technological change, from the dot-com boom to the AI era. At Mayfield, he champions a philosophy rooted in the firm’s founding ethos: investing in people, not markets. That approach has shaped his perspective on what it takes to build enduring companies. In this conversation, Navin shares why $1 trillion in infrastructure spending is fueling a new hardware renaissance, how stealth startups are going from zero to billions in a year, and what it means for the future of innovation.

We explore:

• How “vibe coding” is democratizing technology creation through conversational, collaborative, and cognitive interfaces

• Why Navin believes the “vibe economy” will transform how we work, live, and play

• How Mayfield’s 56-year focus on “backing the jockey, not the racetrack” shapes its investment approach

• The massive opportunity in AI hardware infrastructure

• How stealth AI hardware startups are going from zero to billions in under a year

• How India’s tech ecosystem has evolved and where the real opportunities are today

• How cricket taught Navin crucial lessons about company building

Explore the episode

Timestamps

(00:00) Intro

(04:52) Cricket and its parallels to venture capital

(08:13) Navin’s journey to Silicon Valley

(10:28) Growing up in an entrepreneurial family

(12:00) Early mentors and becoming an “accidental entrepreneur”

(13:46) Navin’s first company and unconventional fundraising approach

(17:35) How Navin moved from founder to venture capitalist

(20:11) What has worked in India’s tech market and what hasn’t yet taken off

(23:31) The future of outsourcing in the AI era

(27:14) How Navin landed at Mayfield

(30:36) How Mayfield’s people-first approach works in practice

(34:50) Why Navin sees AI and vibe coding as the next great wave of innovation

(38:13) Why Navin believes AI will push humans to level up their skills rather than lose them

(44:50) The hardware opportunities that excite Navin and where Mayfield is investing

(48:49) An overview of photonics and why it matters now

(50:06) How Mayfield balances market insight, big ideas, and the people behind them

(52:50) The surprising pace of growth in AI hardware

(54:54) The timeline from idea to product and scale in hardware startups

(56:26) Final meditations

Follow Navin Chaddha

LinkedIn: https://www.linkedin.com/in/navinchaddha/

X: https://x.com/navinchaddha

Resources and episode mentions

Books

• Outlive: The Science and Art of Longevity: https://www.amazon.com/Outlive-Longevity-Peter-Attia-MD/dp/0593236599

• Built to Last: Successful Habits of Visionary Companies: https://www.amazon.com/Built-Last-Successful-Visionary-Essentials/dp/0060516402

People

• Vinod Khosla on LinkedIn: https://www.linkedin.com/in/vinod-khosla-65387416/

• Anoop Gupta on LinkedIn: https://www.linkedin.com/in/guptaanoop/

• John Hennessy: https://en.wikipedia.org/wiki/John_L._Hennessy

• Yogen Dalal on LinkedIn: https://www.linkedin.com/in/yogendalal/

• Tommy Davis: https://en.wikipedia.org/wiki/Thomas_J._Davis_Jr.#

Other resources

• Akamai: https://www.akamai.com/

• Qualcomm: https://www.qualcomm.com/

• Matrimony: https://www.matrimony.com/

• Tejas Networks: https://www.tejasnetworks.com/

• Mayfield: https://www.mayfield.com/

• HashiCorp: https://www.hashicorp.com/

• Gigya: https://www.sap.com/products/acquired-brands/what-is-gigya.html

• Moore’s Law: https://en.wikipedia.org/wiki/Moore%27s_law

• NVIDIA: https://www.nvidia.com/

• Apple: https://www.apple.com/

• Tesla: https://www.tesla.com/

• Broadcom: https://www.broadcom.com/

• Mayfield AI Garage: https://www.mayfield.com/ai/

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