Bill Gurley

There was worried about them being able to raise money.

And I would argue over the past 30 years that I have a window into VC, the corrections were healthy.

Every time the VC community got out over at skis, there'd be a correction and things would settle back down.

I would watch Morgan and Goldman open up

Offices on Sand Hill Road and then close offices and go away.

And Fortune and Forbes pay attention to Silicon Valley and then go away.

And I saw that multiple times.

You never had a full correction here because AI came along and everyone got so excited.

I'm not saying they shouldn't be excited.

If it is the biggest platform shift in our lifetime, then you have to get excited about it.

It has implications for the zombie unicorn group and everything else, if that's true.

But we've all of a sudden seen massive amount of interest in investing.

The AI companies, what do you think?

Their valuations relative to revenue?

10X, 20X, a normal company.

Is that fair?

Right.

And despite the fact that the traditional LPs are tapped, they were able to go find money elsewhere.

The Middle East is the area where most of that money was coming from.

And over the past 12 months, how many times has a friend of yours been in the Middle East?