Bill Gurley

But.

Because it fits with their strategy, they're all encouraging it.

And so I guess there'd be no reason not to.

If someone's going to pay 30x revenue and force you to play a game that you're not comfortable playing by burning hundreds of millions a year, you should probably take a little off the table.

I think it's bad for the ecosystem that we are going to remove all the small and middle outcomes and just play Grand Slam home run ball all day long.

But that's what it feels like to me.

And it feels like we didn't learn anything from the Zerp days.

All of the problems we talked about that created the zombie unicorns, we're just rerunning that.

That's maybe part of not living through a correction, but we're funding these AI companies the exact way we funded those companies.

First of all, I agree with you.

I would never take the opposite side of the argument that it's not a legitimate platform shift.

And if it's a platform shift, as were mobile or the internet or the PC, that's big enough.

It doesn't have to be better than those.

Yeah.

It could just be another one.

So it's certainly one of those and might be bigger, which leads to everything that we've talked about.

And as I started, I offer no judgment on any of the individual players.

I think it is what it is.

There is some chance in my brain, and I haven't fully...

thought through all the implications of this, that some of the revenue growth is resale of compute.