Azeem Azhar

So that feels distinctly different to where we were back in 2000.

Well, I think Thinking Machines is a really great example.

And I felt my Spidey sense tingle as well.

It's really just a hard thing to piece together.

No business plan, no product and that kind of valuation.

But those things happen in...

you know, the private venture capital market from time to time, and they don't really spill over in the real world.

I mean, three years ago, venture capital fundraising, prices investors were willing to pay was really, really crazy.

That stopped.

Prices normalised.

They're getting expensive now.

And, well, that does feel like it's heading towards that moment of bubbledom, if that's the right word.

But the other side of that is...

even these startups are growing like absolute topsy.

We've just heard that Cursor, which makes a tool to automate coding, has reached a few hundred million dollars of revenue and this company is only three years old.

invested in an email tool that uses AI to help you answer your emails.

And I remember being really cross with the founders when I looked at their pitch, where they said, we'll get to $10 million in revenues in the first year.

And I was saying, that's just ridiculous.

That's not going to happen.

And this is the thing that I don't like about your pitch.