Bill Gurley

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.

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.

And part of the reason we didn't mention it is because literally on the day that they launch it, OpenAI launches this upgrade to Imogen where people are making all these anime photos of themselves that literally blew up, like demand for a billion anime photos a day from the United States all the way to India worldwide. And they can't support it.

And part of the reason we didn't mention it is because literally on the day that they launch it, OpenAI launches this upgrade to Imogen where people are making all these anime photos of themselves that literally blew up, like demand for a billion anime photos a day from the United States all the way to India worldwide. And they can't support it.

And part of the reason we didn't mention it is because literally on the day that they launch it, OpenAI launches this upgrade to Imogen where people are making all these anime photos of themselves that literally blew up, like demand for a billion anime photos a day from the United States all the way to India worldwide. And they can't support it.

And some people may say, oh, well, this is an example of how dumb AI is. People are using it to make anime photos. But I would point them to Chris Dixon's blog that he wrote some time ago where he says, listen, the next big thing will first appear as a toy. Right.

And some people may say, oh, well, this is an example of how dumb AI is. People are using it to make anime photos. But I would point them to Chris Dixon's blog that he wrote some time ago where he says, listen, the next big thing will first appear as a toy. Right.

And some people may say, oh, well, this is an example of how dumb AI is. People are using it to make anime photos. But I would point them to Chris Dixon's blog that he wrote some time ago where he says, listen, the next big thing will first appear as a toy. Right.

And there are a lot of things that we do for entertainment, a lot of things that, you know, we know that OpenAI and ChatGPT are being used for a lot of deep research. But the fact of the matter is at least as to this one, and I'm not going to get into the other, you know, valuations for the other models, but I'd say at least as to this one. I was an early investor in Google.

And there are a lot of things that we do for entertainment, a lot of things that, you know, we know that OpenAI and ChatGPT are being used for a lot of deep research. But the fact of the matter is at least as to this one, and I'm not going to get into the other, you know, valuations for the other models, but I'd say at least as to this one. I was an early investor in Google.

And there are a lot of things that we do for entertainment, a lot of things that, you know, we know that OpenAI and ChatGPT are being used for a lot of deep research. But the fact of the matter is at least as to this one, and I'm not going to get into the other, you know, valuations for the other models, but I'd say at least as to this one. I was an early investor in Google.

I was an early investor in Meta. I saw what those early consumer products looked like, what those demand curves looked like, what that cohort retention looked like. And I would just say to you that, you know, what I see out of ChatGPT, reminds me a lot of kind of those winner-take-all consumer applications. They're not infallible. It's not that they can't be assaulted.

I was an early investor in Meta. I saw what those early consumer products looked like, what those demand curves looked like, what that cohort retention looked like. And I would just say to you that, you know, what I see out of ChatGPT, reminds me a lot of kind of those winner-take-all consumer applications. They're not infallible. It's not that they can't be assaulted.

I was an early investor in Meta. I saw what those early consumer products looked like, what those demand curves looked like, what that cohort retention looked like. And I would just say to you that, you know, what I see out of ChatGPT, reminds me a lot of kind of those winner-take-all consumer applications. They're not infallible. It's not that they can't be assaulted.

Grok has been a great model launched by Elon. But I think they really do have a big moat. And I think the network effects are kicking in. And I think that not only are they order of magnitude bigger, but they're also growing a lot faster. And so... you know, I think that the consumer business here will ultimately be valuable, but to your point, the unit economics can be crap along the way.

Grok has been a great model launched by Elon. But I think they really do have a big moat. And I think the network effects are kicking in. And I think that not only are they order of magnitude bigger, but they're also growing a lot faster. And so... you know, I think that the consumer business here will ultimately be valuable, but to your point, the unit economics can be crap along the way.

Grok has been a great model launched by Elon. But I think they really do have a big moat. And I think the network effects are kicking in. And I think that not only are they order of magnitude bigger, but they're also growing a lot faster. And so... you know, I think that the consumer business here will ultimately be valuable, but to your point, the unit economics can be crap along the way.

And it's up to the company to launch the things like advertising pace, uh, you know, different pricing tiers, et cetera, that, uh, you know, bring all of those things.

And it's up to the company to launch the things like advertising pace, uh, you know, different pricing tiers, et cetera, that, uh, you know, bring all of those things.

And it's up to the company to launch the things like advertising pace, uh, you know, different pricing tiers, et cetera, that, uh, you know, bring all of those things.