Bill Gurley

which are rumored to have around, let's call it 3 billion in revenue. And the combined market cap there is like 125 billion. So that looks like closer to 80 times revenue. So the market leader here, which usually trades at a premium, not at a discount, To me, again, we can argue about the sustainability and could somebody disrupt them? And is 20 times a good valuation in this environment?

And yeah, but aren't they spending a lot of money on compute? And is it really high value revenue? But apples for apples relative to their peers, it certainly appears to me like 20 versus 50 versus 80. It's hard to say that this would be more expensive on a multiple basis than Anthropic or X.ai.

And yeah, but aren't they spending a lot of money on compute? And is it really high value revenue? But apples for apples relative to their peers, it certainly appears to me like 20 versus 50 versus 80. It's hard to say that this would be more expensive on a multiple basis than Anthropic or X.ai.

And yeah, but aren't they spending a lot of money on compute? And is it really high value revenue? But apples for apples relative to their peers, it certainly appears to me like 20 versus 50 versus 80. It's hard to say that this would be more expensive on a multiple basis than Anthropic or X.ai.

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.

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.

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.