Bill Gurley

If we believe network effects or something are making these companies

too big and you want to do something.

And I'm not arguing you have to, but you want to do something.

I think the dismantling, doing something abrupt in one time that changes the field is better than trying to

say, prove to us you're not, people try this with Google all the time, prove to us you're not favoring your own products over the competitors in Google search.

The ability to enforce that over the long run is very difficult.

I mean, I don't think they talk about it a lot.

The people that are sitting in the positions of power at those big companies are obviously going to push back and tell you how competitive their world is and say, you know, if you're Sundar, you're going to say, look, OpenAI is competing with Search.

Like, they just came out of nowhere.

Like, this is highly competitive.

I don't know that you're going to get any unique insight out of them.

But look, the point of...

There's a concept in economic theory called pure competition, and there's a Wikipedia page on it.

But the idea is that if you have – like capitalism thrives when you have pure competition and marginal revenue goes down to marginal cost.

And if we have companies that are extracting excessive rent for extremely long periods of time and have really, really high margins, it's indicative –

I would argue, I don't think you're going to get a lot of other people in Silicon Valley that would be willing to say this, but it might be indicative of market failure rather than market success.

Well, I think it depends heavily on whether or not there is demonstrable differentiation at different levels in the stack.

So all things being equal, I would say that the network effect of the Uber system, which is what I think led to the wild success, would stay intact.

If there were one vendor in Autonomous that got...

so far out in front of everyone else, then that person's going to have the ability to disrupt up to a certain level.