Anish Acharya

And in the same way, if you look at software, the desire and demand for software, both to make it and to consume it, is dramatically more than the supply that we have today.

And in the same way, if you look at software, the desire and demand for software, both to make it and to consume it, is dramatically more than the supply that we have today.

And I think there is a developer and developer adjacent archetype for whom Cursor is going to be perfect.

And I think there is a developer and developer adjacent archetype for whom Cursor is going to be perfect.

Codex as an app, Codex as a CLI, Cloud Code, like all of these products are going to find market fit and all grow.

Codex as an app, Codex as a CLI, Cloud Code, like all of these products are going to find market fit and all grow.

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

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.