Bill Gurley

Right. Listen, I think the analogy is a fair one, Bill. And obviously, Masa was involved in the Uber-Lyft battle. So it's an easy one, particularly with his involvement here, to say you've referred to it before as weapons of economic destruction, all of this capital. But I would remind you, there was a moment in time in 2020 where the headlines were that Uber would never be profitable.

It was a failed business model. It will never make money. And here's a business that's going to do $6 billion in free cash flow this year. No doubt. Right? No doubt. And so the winner does take all. The winner does take most. I will tell you, as a shareholder, I speak with the leadership of the company all the time about unit economics.

It was a failed business model. It will never make money. And here's a business that's going to do $6 billion in free cash flow this year. No doubt. Right? No doubt. And so the winner does take all. The winner does take most. I will tell you, as a shareholder, I speak with the leadership of the company all the time about unit economics.

It was a failed business model. It will never make money. And here's a business that's going to do $6 billion in free cash flow this year. No doubt. Right? No doubt. And so the winner does take all. The winner does take most. I will tell you, as a shareholder, I speak with the leadership of the company all the time about unit economics.

Obviously, if I'm investing in the business, I feel confident in their leadership around unit economics. One of the things that I think is really important here is just what's happening in the business. right? Sam tweeted this week, they added a million chat GPT users in an hour, in an hour, that they crossed 20 million subscribers, paying subscribers for chat GPT.

Obviously, if I'm investing in the business, I feel confident in their leadership around unit economics. One of the things that I think is really important here is just what's happening in the business. right? Sam tweeted this week, they added a million chat GPT users in an hour, in an hour, that they crossed 20 million subscribers, paying subscribers for chat GPT.

Obviously, if I'm investing in the business, I feel confident in their leadership around unit economics. One of the things that I think is really important here is just what's happening in the business. right? Sam tweeted this week, they added a million chat GPT users in an hour, in an hour, that they crossed 20 million subscribers, paying subscribers for chat GPT.

They crossed 500 million weekly average users of chat GPT. In fact, they're going so gangbusters, they're throttling all their demand. In fact, I don't know if you saw David Sachs' tweet where he said America's leading AI companies are all reporting that demand is off the charts, so much so that they're being forced to impose rate limits.

They crossed 500 million weekly average users of chat GPT. In fact, they're going so gangbusters, they're throttling all their demand. In fact, I don't know if you saw David Sachs' tweet where he said America's leading AI companies are all reporting that demand is off the charts, so much so that they're being forced to impose rate limits.

They crossed 500 million weekly average users of chat GPT. In fact, they're going so gangbusters, they're throttling all their demand. In fact, I don't know if you saw David Sachs' tweet where he said America's leading AI companies are all reporting that demand is off the charts, so much so that they're being forced to impose rate limits.

And he said, fortunately, we have massive new infrastructure projects coming online, which gets me to the point of why are they raising so much money? And you and I are talking about taking the pod down to Abilene, Texas, to see Stargate, to Denton, Texas, to see the CoreWeave facility that they're standing up for OpenAI.

And he said, fortunately, we have massive new infrastructure projects coming online, which gets me to the point of why are they raising so much money? And you and I are talking about taking the pod down to Abilene, Texas, to see Stargate, to Denton, Texas, to see the CoreWeave facility that they're standing up for OpenAI.

And he said, fortunately, we have massive new infrastructure projects coming online, which gets me to the point of why are they raising so much money? And you and I are talking about taking the pod down to Abilene, Texas, to see Stargate, to Denton, Texas, to see the CoreWeave facility that they're standing up for OpenAI.

And the fact of the matter is, I think that they need to bring on a massive amount of compute just to support the demand they currently have. I can tell you, when you look at the product pipeline for OpenAI... Right. Whether it's, you know, there are two or three models they already have completed on the shelf. There's a lot of agent stuff that they want to do that's on the shelf.

And the fact of the matter is, I think that they need to bring on a massive amount of compute just to support the demand they currently have. I can tell you, when you look at the product pipeline for OpenAI... Right. Whether it's, you know, there are two or three models they already have completed on the shelf. There's a lot of agent stuff that they want to do that's on the shelf.

And the fact of the matter is, I think that they need to bring on a massive amount of compute just to support the demand they currently have. I can tell you, when you look at the product pipeline for OpenAI... Right. Whether it's, you know, there are two or three models they already have completed on the shelf. There's a lot of agent stuff that they want to do that's on the shelf.

I think there's a lot of stuff they want to do around pricing, but they can't do these things today and open source. with their current level of GPU demand. And, you know, Sam went online and said, if anybody has a cluster of 100,000 GPUs, you know, send me a DM. And, you know, you may say it's promotional and hyperbole, but the round was already raised.

I think there's a lot of stuff they want to do around pricing, but they can't do these things today and open source. with their current level of GPU demand. And, you know, Sam went online and said, if anybody has a cluster of 100,000 GPUs, you know, send me a DM. And, you know, you may say it's promotional and hyperbole, but the round was already raised.

I think there's a lot of stuff they want to do around pricing, but they can't do these things today and open source. with their current level of GPU demand. And, you know, Sam went online and said, if anybody has a cluster of 100,000 GPUs, you know, send me a DM. And, you know, you may say it's promotional and hyperbole, but the round was already raised.

Yeah, it's true. I actually think, in this case, it's true. I know they were pulling a lot of things offline just to support the demand. Now, the irony is, what was this demand coming from? And the demand... Because we didn't mention Gemini 2.5 that happened to release in this last week.