Bill Gurley

And I think you know it.

You know this is a reality.

And what that does is...

It forces everyone to go all or nothing, swing for the fences.

And I lived it in the Uber-Lyft situation.

But we're going to have that type of capital battle in every category under the sun.

And you mentioned the notion of traditional company building.

Traditional company building isn't spend $100 or $150 million a year in cash burn.

But all the big AI companies are doing that.

Maybe more.

I think OpenAI said they're going to bid $7 billion in a year.

That's not your grandfather's startup business or your grandfather's venture capital.

That's a radically different world.

And if you're a founder, you'd like to think the advice is, well, ignore all that and build your company the way you want to build it.

But if your competitor raises $300 million and is going to 10x the size of their Salesforce or 50x it,

You will be dead before you know it.

You won't be around.

So you are forced to play the game on the field.

I guess the good news is because these investors are so eager to throw money at you, you can probably take founder liquidity.

I think that's bad for the company's potential long term success.