Aaron Levie

That, by the way, is another major trend line, which is that the new applications that we talked about are all much more token intensive. So we went from basic LLMs, which don't require that many tokens to give you an answer, to the reasoning model, where you can spend a thousand times more tokens just getting one answer to a question.

That, by the way, is another major trend line, which is that the new applications that we talked about are all much more token intensive. So we went from basic LLMs, which don't require that many tokens to give you an answer, to the reasoning model, where you can spend a thousand times more tokens just getting one answer to a question.

And now the agents are going to be even more token intensive than that. So the amount of compute required to serve all these new applications is going to be massive, which is why I think the CapEx build out actually makes sense.

And now the agents are going to be even more token intensive than that. So the amount of compute required to serve all these new applications is going to be massive, which is why I think the CapEx build out actually makes sense.

Did I miss a flight? It's a strange concept.

Did I miss a flight? It's a strange concept.

I haven't missed a flight in about 15 years.

I haven't missed a flight in about 15 years.

Aaron might be there. Aaron, where are you going for the holidays? Oh, actually, we'll be in **** next week.

Just at the hotel.

You know, it turns out if you didn't get crushed during the post-COVID period, you can just keep cranking. So that's what we've been doing.

Centrisex. Based on what you guys were just talking about before this recording started, I have no idea what we're in for.

There was a brief week in 2021 where the thought kind of crossed my mind. Yes.

We have a very sophisticated audit committee that prevented the action. Will you do this for me? Yeah.

We just did a convert, so we're probably $600 or $700 million.

I think it's a strong pick. So... Let the genuflecting begin. Go for it, Aaron. So Crypto, I'm a little bit indifferent on. You know, I haven't, you know, we haven't spent much time there, leaned in much there, but on AI... I think is a very strong pick. And I think you want somebody that has a general deregulation, anti-regulation bent at this stage in the evolution of the technology.

I think there's risk of slowing down too much progress right now. And I think he'll provide some good... parameters and principles around how to avoid that. So I think very strong. And then crypto, again, don't know too much about. And then we'll see the rest of the topics.

And just to be clear, are you talking about the EO that went out?

In reverse order, was against SB 1047... It felt like, you know, you had two big issues. One, you probably don't want state-by-state legislation on this topic. That's going to be, you're in a world of hurt if every state has a different approach to this.

And then secondarily, if you just look at how it evolved from the very first proposal to the final proposal, and unfortunately, the kind of underlying philosophy that was in the bill, it was very clearly a sort of like viewing, you know, basically AI progress as inherently risky right now. And so it just ratcheted up the different levels of consequence for the AI model developers.