Ben Horowitz

Like that, you know, it's nothing.

You can't catch that that way.

With AI, that's really changed and that you can throw money at the problem because if you have enough GPUs and enough data, you can basically solve most problems right now.

Like that just is what it is.

And so now, you know, the capital race becomes a real thing and you have to think through

OK code is not really a moat the way it was in the past.

And user interface isn't really a moat.

And so what is your barrier to entry?

What is the thing that differentiates you over time?

These have become really, really different.

And it's happening at the same time that

You know, demand for the technology is unlimited because the products work so much better than anything we've built before.

Like these, I mean, many of you are too young to remember the products of old, but like none of them worked this well before.

Like this is like wild how well this stuff works.

Well, but the reason they go that fast is, like, you use them and you go, wow, this works perfectly.

You know, how can I do more with it?

Whereas in the old days, like, if you bought Siebel system software, it took two years to deploy the thing and a million dollars at minimum.

And, like, so that's going to limit demand.

There is no limit on demand when technology works this well.

Yeah, I mean, the return is crazy, right?