Azeem Azhar

It's a project that is about people.

It's about getting some people on side.

It's about getting tacit knowledge out of their heads.

It's about sitting down and figuring out experiments.

It's about deciding how to change roles and responsibilities.

All of that are people questions.

So the AI might be able to provide guidance, but actually getting people to change is going to take people to persuade each other.

And at the same time, these tools are going to behave in all sorts of new ways.

They're going to be new contractual relationships, new complexities.

I mean, there's not a new technology and a new complexity that a lawyer doesn't love because you need to construct new contracts and there's new case law.

So even as these tools get better, the world may be getting more complicated and certainly for the coming years or more, it might create more opportunities, not close them down.

I mean, the truth is we can't be sure.

I just say that at these moments with the exponential age, which is so disorienting, so surprising, you have to be a bit open-minded and imagine counterfactuals.

Against all of this, this market change, traditional capital markets really struggle to fund this.

That's why many of these firms are backed by venture capital in the early days.

But the appetite for change now is so great that a lot of this funding is happening in public markets.

And so we get to this sort of odd world where a company like Nvidia is trading at a forward...

price-earnings ratio of about 27.

Well, it's a bit spicy, but it's not dot-com levels.

That was Yahoo at 1,200.