Anish Acharya

So for the power users, they're paying incredibly high subscription rates plus consumption revenue.

So the S&M costs of acquiring those users are very wisely invested.

And I think this is an important point that's changed.

So first of all, it's typically a lot of organic traffic.

One, I would look at your M1, you know, your sort of month one as traffic, not truly acquired users because it's organic and it's free to acquire.

And then second, I would take the look at the sort of margin cost of those users free trials and sort of just say, hey, that's CAC.

And that's okay.

And then look at the margin profile of people who convert and say that's the sort of durable margin profile of the product and the business.

So you're sort of unbundling the CAC-oriented margin spend versus the durable margin, which is what's associated with your power and paying users.

Yeah, well, I think that retention really matters.

And if you take a look at the best AI products, you know, even if you look at M2 as the new M1, right?

Because again, you're getting a lot of sort of tourists who come in at M1, you're not paying anything for them.

I'm sorry, M1 means month one for those that don't know.

If you look at M2 sort of as your first month for some of these products that are acquiring a ton of top of funnel traffic, then you apply the same high retention bar you ever applied to them.

I mean, like the bigger the better, but certainly 50% is solid, right?

And if you're 60, 70%, I mean, we're very, very happy.

Well, there's a little quip that I like to use, which is like, it's not a bubble and it's good that it is.

And I'll tell you why.

Look, this is not my area of focus or expertise.

But one, you look at OpenAI's recent announcement, which is that there are 20 billion of top line.