That sentence in the headline perfectly captures the reality of many investors today.

Orlando Bravo, founder of private equity giant Thoma Bravo, recently discussed a rather interesting phenomenon at an event in Miami: the current AI boom has the investment community more conflicted than ever before.

How so? He said the private markets are filled with FOMO—everyone is terrified of missing out on the next big opportunity. As a result, many firms are rushing to pour money in just to catch the wave, only to potentially regret it later.

But that's not the only problem. In the public markets, investors are now fixated on PE multiples. If you're not turning a profit yet? Sorry, your stock price is going to take a hit. The standards are extremely strict.

Bravo also brought up an even more striking situation: those top global LP institutions—you know, the ones controlling massive amounts of capital—are now actually choosing to stay on the sidelines. "This is the first time I've seen something like this in my 30-year career," he said. These institutions are worried that AI valuations are too inflated and the risks are too high; they want to thoroughly understand the products and technology before making a move.

So the current reality is: those holding cash are afraid of missing out, while those entering the market are afraid of getting stuck. AI is undeniably hot, but this fire is making investors more anxious than ever.