Azeem Azhar

Now, if you'd gone back and said, well, it's 2004 and Google needs, you know, $300 billion

It's going to have $300 billion of revenue.

That means that every dollar advertisers are spending on digital advertising today, they'll need to spend 50.

Well, that's impossible.

Well, that's the iPhone and chat GPT calculation that the investment bank did a couple of weeks ago.

Markets expand as we bring in new technologies that do things differently, that introduce efficiencies, that introduce new sources of value creation, new sources of exchange.

Another example of that is Uber or the company that was known at the time as Uber Cab.

So when they launched, they talked about going after a particular high-end market and they said, listen, our TAM, our total addressable market,

is about a billion dollars.

So if we get 100% of the market we're going after, our revenues will be a billion dollars.

And of course, no one gets 100%.

Now, that's obviously not true.

I mean, that market today is thought of to be in the hundreds of billions of dollars.

And Uber's revenues are much, much higher than a billion dollars a year because new technologies, new innovations, new customer propositions can expand markets.

But

just because they're expanding, it doesn't necessarily mean we know who's going to make money.

We don't know where the profits are going to lie.

And that's particularly true if we move down a layer from general innovations like Uber into general purpose technologies, which are diffused, they spread across the economy in interesting ways.

And it's not clear

whether it's going to be the inventor of the technology, the people who build it out, who will capture the profits or someone else.