• Van Espahbodi warns of 'tourists and FOMO' in hardware investing.
• AI is changing hardware economics and attracting software investors.
• Espahbodi's firm invests in industrial infrastructure, manufacturing, and energy.
• SpaceX alumni are applying their expertise to new industries.

The influx of software investors into hardware and industrial technology may indicate a shift in venture capital priorities, which could lead to increased investment in these sectors. However, this trend may also suggest a risk of overinvestment and decreased returns, as investors unfamiliar with the space may be driven by fear of missing out rather than a deep understanding of the industry.