Anish Acharya

That's our sort of live and ever-changing source of data.

That's our sort of live and ever-changing source of data.

Now, there's a question of how proprietary can that be?

Now, there's a question of how proprietary can that be?

But once you actually have data like that, or perhaps live data about a product that's running, now you can put a relatively commodity model in front of it and get much better results than the most cutting edge model that does not have access to the proprietary or live data.

But once you actually have data like that, or perhaps live data about a product that's running, now you can put a relatively commodity model in front of it and get much better results than the most cutting edge model that does not have access to the proprietary or live data.

Handheld, yes.

Handheld, yes.

Yeah, so here is actually where I think there's nuance in the margin conversation that's important.

Yeah, so here is actually where I think there's nuance in the margin conversation that's important.

OK, so if you look back at any time you've gotten, we should talk about, you know, the bubble that doesn't exist or perhaps there is some sort of subsidization and distortions happening in the market.

OK, so if you look back at any time you've gotten, we should talk about, you know, the bubble that doesn't exist or perhaps there is some sort of subsidization and distortions happening in the market.

For the record, I don't believe we're in that period.

For the record, I don't believe we're in that period.

But I do think that any time you have this sort of superheated markets, you have some distortion.

But I do think that any time you have this sort of superheated markets, you have some distortion.

OK, if you look at the distortion from 2021, you essentially had this indirect subsidy of Google and Facebook.

OK, if you look at the distortion from 2021, you essentially had this indirect subsidy of Google and Facebook.

So you would invest in a fintech company, you would give them $10 million, they would go spend $8 million on Google ads and Facebook ads.

So you would invest in a fintech company, you would give them $10 million, they would go spend $8 million on Google ads and Facebook ads.