Anish Acharya

And if you look at any of the other markets like creative tools, they're going to specialize in Fragment in their own direction.

I don't think it looks like Uber and Lyft.

I don't think it looks like Uber and Lyft.

I think Uber and Lyft are, to my mind, the most extreme examples of pure substitutes, and a lot of the price has been competed away.

I think Uber and Lyft are, to my mind, the most extreme examples of pure substitutes, and a lot of the price has been competed away.

You look at cloud, you have this oligopoly where they all actually have pretty reasonable margins.

You look at cloud, you have this oligopoly where they all actually have pretty reasonable margins.

And you can squint and say, of course they have their specializations, but they're roughly substitutes and yet they've all done well.

And you can squint and say, of course they have their specializations, but they're roughly substitutes and yet they've all done well.

The foundation model companies look a little bit like that.

The foundation model companies look a little bit like that.

And I think in the apps layer, you're just going to have people that want to consume the code they generate through a rich IDE and those that want to be closer to the metal.

And I think in the apps layer, you're just going to have people that want to consume the code they generate through a rich IDE and those that want to be closer to the metal.

And that's probably closer to AWS, Google Cloud than it is Uberlift.

And that's probably closer to AWS, Google Cloud than it is Uberlift.

When you think about a firm that's organized the way we are, which is we actually do stuff for our companies, it becomes very difficult to invest in directly competing companies because then you've got the same resources, the same sort of Fortune 500 buyer, the same engineer that both companies want to hire.

When you think about a firm that's organized the way we are, which is we actually do stuff for our companies, it becomes very difficult to invest in directly competing companies because then you've got the same resources, the same sort of Fortune 500 buyer, the same engineer that both companies want to hire.

And I just like, I don't think we can run our business by investing in directly competing companies.

And I just like, I don't think we can run our business by investing in directly competing companies.

Now, with that said, we're in a part of the market where companies are diverging very rapidly.