Bill Gurley

There's a whole bunch of firms that have moved up market.

And then they've also created different industry specific funds and things like that, all leading to much more capital under management from many of the brands.

And then there's a ton of parties that have entered the late stage market with different approaches.

And some of those have always been there.

I mean, Fidelity and Capital Group have always done a deal or two every once in a while.

But I think

Petritis, KOTU, Altimeter, Thrive, who I think is really doing some interesting and differentiated things in the market.

They're all super active.

And then, oh yeah, Masa's back.

We hadn't heard from him in a few years, but he's back out there in the market as well.

Yeah, yeah, I agree.

So there's a lot more money out there.

The second reality that people talk about that's staggering, I think the phrase that's used most, which I don't love, is zombie unicorn.

So if you look at...

the number of companies that were, I always like to think pre-LLM and post-LLM, because it really is a dividing moment as everyone's gotten excited about this new platform shift.

There's somewhere around a thousand.

So these are a thousand private companies that have raised money over a billion dollars.

And ChatGBD told me it was 1250, NVCA says 900.

Let's just say it's near a thousand.

Yeah.