As Nvidia prepares a record-breaking $100 billion investment in OpenAI, sparking concerns of an AI bubble, entrepreneur Luke Tobin has announced the launch of Unusual Group, a new collective investing in founder-led creative agencies.
While industry leaders warn that artificial intelligence could soon replace as much as 95% of agency work, Luke Tobin argues the opposite
AI can supercharge tactical execution, but strategic thinking, cultural intuition, and relationship capital remain irreplaceable.
Unusual Group is pursuing a contrarian strategy, acquiring minority stakes in exceptional, founder-led agencies at a time when agency M&A activity has slumped by 34% year-on-year. The group provides operational infrastructure, finance, legal, and ops, so founders can focus on client relationships and creative strategy.
Despite widespread fears of margin compression and AI disruption, agencies that blend AI with human expertise are already commanding 8–12x EBITDA multiples, far outpacing the industry’s expected 3–5x.
“Our thesis is simple,” Tobin added. “We’re building a collective where agencies collaborate instead of compete, sharing insights across industries while keeping their entrepreneurial edge.”
The launch of Unusual Group comes as valuations in AI skyrocket, OpenAI at $500 billion and Anthropic at $170 billion, prompting veteran investors like James Anderson to warn of dot-com style risks. Tobin’s approach offers a grounded alternative, investing in talent, relationships, and creativity that endure beyond any hype cycle.
Nvidia is, without doubt, a remarkable company. Its technology is powering much of the AI revolution. But when a hardware giant invests massive sums into a company that is also one of its largest customers, the lines start to blur. Tobin warns it feels less like organic growth and more like a circular financing loop, reminiscent of telecoms vendor financing in the 1990s, when infrastructure suppliers bankrolled their buyers. We know how that story ended. Breakneck valuations need to be grounded in reality, not hype. Without that balance, we risk eroding trust in the very technologies we’re trying to advance.
Meanwhile, whilst others retreat, Unusual Group are creating a modern agency group that combines AI efficiency with human creativity. Nvidia’s $100 billion bet could either go down as a defining moment in AI’s rise, or a cautionary tale of history repeating itself.
