Christian Munafo, chief investment officer at Liberty Street Advisors — the manager of the Private Shares Fund — discusses how there are plenty of opportunities among late-stage venture companies working to make a splash in the artificial intelligence field, but how hard it is to find the transformational companies positioned to succeed. He discusses what he is looking for, and where he thinks the best prospects are, and also gives an update on initial-public offering and mergers-and-acquisition action, as well as how market conditions have stiffened for private companies looking to raise capital now.