Aaron Levie

No, not necessarily. You don't? Okay, explain. Because only meta has the scale to be able to provide... I think what Aaron is saying here, let me maybe try to frame it.

No, not necessarily. You don't? Okay, explain. Because only meta has the scale to be able to provide... I think what Aaron is saying here, let me maybe try to frame it.

And it'll go to the cost of the compute, to be clear, with a little bit of margin for the work of- The energy, the physicality of that compute.

And it'll go to the cost of the compute, to be clear, with a little bit of margin for the work of- The energy, the physicality of that compute.

Now, it's important to step back and say, I still think you could probably have the entirety of the model providers make 10 times more revenue than they do today because we're just literally in like the first percent of the total TAM.

Now, it's important to step back and say, I still think you could probably have the entirety of the model providers make 10 times more revenue than they do today because we're just literally in like the first percent of the total TAM.

So it'd be a mistake to think that that has some kind of downward pressure in terms of the long-term economics of these businesses, especially because I think OpenAI's revenue stream is increasingly looking like a SaaS revenue business as opposed to just the API kind of token pricing. So none of this is to provide any sort of color on what would you bet on today.

So it'd be a mistake to think that that has some kind of downward pressure in terms of the long-term economics of these businesses, especially because I think OpenAI's revenue stream is increasingly looking like a SaaS revenue business as opposed to just the API kind of token pricing. So none of this is to provide any sort of color on what would you bet on today.

I agree with Chamath that you're going to have maybe not 30 providers, but let's say you at least have five to 10 good choices all competing heavily for the next breakthrough. Like literally this morning, Google had a breakthrough in sort of this reasoning-oriented model from their Gemini family. They're 2.0, yeah. Yeah.

I agree with Chamath that you're going to have maybe not 30 providers, but let's say you at least have five to 10 good choices all competing heavily for the next breakthrough. Like literally this morning, Google had a breakthrough in sort of this reasoning-oriented model from their Gemini family. They're 2.0, yeah. Yeah.

And so what's incredibly great is it's sort of the best time ever to be building software, assuming that you have a play in the market that lets you remain differentiated. And the key there is just do enough on top of the AI model that there's enough value there.

And so what's incredibly great is it's sort of the best time ever to be building software, assuming that you have a play in the market that lets you remain differentiated. And the key there is just do enough on top of the AI model that there's enough value there.

No, not at all.

No, not at all.

Yeah, yeah. So I think there's... I just don't agree with the TAM compression because I think there's another kind of counter event that's happening that AI is really going after, like services. And so that then conversely expands the TAM to software where IT budgets weren't usually applied to those types of things, but we can get into that in a second. But I think we've already seen...

Yeah, yeah. So I think there's... I just don't agree with the TAM compression because I think there's another kind of counter event that's happening that AI is really going after, like services. And so that then conversely expands the TAM to software where IT budgets weren't usually applied to those types of things, but we can get into that in a second. But I think we've already seen...

I think we've already seen this, though, and it hasn't exactly played out as you're saying. So Zoho is this really interesting business. It's probably a couple billion in revenue at this point. And it's basically a suite of extremely low-cost, affordable software products by category.

I think we've already seen this, though, and it hasn't exactly played out as you're saying. So Zoho is this really interesting business. It's probably a couple billion in revenue at this point. And it's basically a suite of extremely low-cost, affordable software products by category.

That's not been the reason people don't switch, though.

That's not been the reason people don't switch, though.