Bill Gurley

That's very difficult for a board and a management team to take on waiting a year.

It's hard.

How far is SpaceX from being there already?

We will get to that.

And then the last thing that could be hurting M&A is the overpricing.

We did in 2021 and we continue today to fund the most exciting companies to perfection.

And that can have an impact on M&A as well.

I think it was Zerp and pre-LLM.

I think post-LLM, the world believes, and I think this is my fifth point or something, but the world believes AI is the biggest platform shift in anyone's lifetime.

And so if you believe that...

And then the other thing, I go back to when Mobison and I were back at First Boston 30-something years ago.

The notions of network effects and compounding effects weren't well understood or recognized or believed.

I think that's a wholesale belief right now.

And so people that have watched Google or Meta go from...

looking expensive at $12 billion to $3 trillion.

If they assume something might be that, they can't overpay in their mind.

which I think is rational for the independent player.

If everyone does it, the market's starting to price it in.

But we'll see.

The next big thing we're talking about is many LPs, not all LPs, but many LPs have a liquidity problem.