Bill Gurley

That...

Boy, I don't know how you could sit there and say, well, oh, that's a normal way to do business.

And if the market's so hot, why do you need to do all this?

Like, what's the point?

But I do think it's become normalized.

I think your word's perfect.

And it's going to stay normalized until it's not.

Yeah, I don't see anything that I would say is wildly different in the personality or characteristics of the leaders.

I've listened to you guys talk about this fear-mongering that comes out of anthropic.

I've never seen anything like that in my entire life.

Yeah.

I think you guys mentioned this, but the polling on AI fear in China is like 20% or something like that, and it's like 80 here in America.

And I don't know of another reason for that other than some of the doomerism is loudest within the community itself.

Some of the founders.

Yeah, and it's starting to have ramifications for the industry.

You know, a number of data center projects has been stopped.

You know, there's this weird situation where, and there was an article yesterday, I think, where half of the AI community is funding AI.

like one set of lobbyists do a super PAC and the other one's on the other side, and they're like thrashing amongst the regulators.

I mean, prior to SBF, I have never seen a startup worry about

regulation this much from the very beginning.