Anish Acharya

So there's a subsidy that was happening that were sort of these empty calories for the startup.

So there's a subsidy that was happening that were sort of these empty calories for the startup.

If instead you look at the form of subsidy that happens today, what it typically means is zero margin or negative gross margin credits for the user to try the product.

If instead you look at the form of subsidy that happens today, what it typically means is zero margin or negative gross margin credits for the user to try the product.

So these things tend to be a drag, but these are actually very healthy calories for the companies because out of that you get conversion into high paying users and many of whom are actual power users.

So these things tend to be a drag, but these are actually very healthy calories for the companies because out of that you get conversion into high paying users and many of whom are actual power users.

So I do think that the blended margin story for AI native companies tends to be worse.

So I do think that the blended margin story for AI native companies tends to be worse.

But if you look at the overall sort of form of distortion that's happening, it's a much better one than we had five years ago.

But if you look at the overall sort of form of distortion that's happening, it's a much better one than we had five years ago.

Yeah, I love that.

Yeah, I love that.

100% correct.

100% correct.

Yes.

Yes.

Yes, I also think that power users are so much more powerful than they ever have been.

Yes, I also think that power users are so much more powerful than they ever have been.

Like Andrew Chen used to say pre-AI, and I love this, like power users are just users.

Like Andrew Chen used to say pre-AI, and I love this, like power users are just users.