Ben Horowitz

They're not the biggest company in the world, but they're the one that you know about.

There's something to that.

So, you know, what it becomes from here and where it goes, we'll see.

But, like, I always say, you know, these things are early, and there's only one unforgivable sin in business, and that's running out of money.

And until you've run out of money, like, I don't count any of these companies out, by the way.

Like, I've seen, like, Slack was in dire straits before he figured it out.

You know, he had built a game on Flash called Glitch.

And Steve Jobs outlawed Flash on the iPad, and it was an iPad game.

And, like, that's how dead he was.

You know, and he had, like, $6 million left.

And he turned it into Slack.

But that's Stuart Butterfield.

He's a great entrepreneur.

So, like, companies go through changes and this and that.

If you've, you know, like if you're a special founder and you don't run out of cash, I'm still for that and would bet on that.

question is, you know, given the SaaS apocalypse and given that we have a long time horizon, how do you think about, like, how can you invest in anything?

Because Xanthropic's just going to one-shot it all.

This is the Wall Street view.

By the way, anytime Wall Street thinks one thing and Silicon Valley thinks another thing, that arbitrage is worth a lot of money and Wall Street's always wrong.

So I think there's actually a lot of opportunity now in that case.