Azeem Azhar

And by the time I do know, I can renege, I can repudiate, I can say it wasn't worth what I thought it was worth.

So you almost need a mechanism that

effectively can rate the likely quality of the content and its potential value.

And then you have to allow those ratings to be themselves rated.

So there's got to be a second layer of trust that gets built on top of that.

One of the things that would do is it would get around the problem that the Spotify or licensing model runs into.

One of the problems that model runs into, and I'll just play it back, is that, you know, you look at the pool of revenue that's generated and you figure out how to allocate it to each person who's done a piece of research or written an article and so on.

that allocation formula needs to be something that people agree on.

And it also needs to be auditable.

And so OpenAI might say, well, I know I took a thousand of your things, Azeem, but actually they're only worth two quarters.

Whereas I took one of Matthew's, who's a mate of ours because he delivers our service, and his tweet was worth a million dollars.

And that's how we're going to do that.

And so that auditing itself is

ends up being problematic, whereas a price discovery mechanism, which I think what you've suggested, what I've suggested, helps you get there more efficiently, seems like it might work.

But then we have this price discovery mechanism and we have this efficiency across the market.

And then we have what I can only describe as a socialist suggestion from you, which is that smaller companies should sort of pro rata pay much, much less than bigger companies or perhaps

smaller publishers should get more value than bigger publishers because we need them in the soup.

If you're New York Times or Reddit, you have the capabilities to do that.

So Cloudflare sounds like you might act as the agent for smaller publishers in some ways, as you have in terms of protecting our websites for years and years.

But is this something that the market can actually, the market participants can figure out?