Bill Gurley

You never had a full correction here because AI came along and everyone got so excited.

I'm not saying they shouldn't be excited.

If it is the biggest platform shift in our lifetime, then you have to get excited about it.

It has implications for the zombie unicorn group and everything else, if that's true.

But we've all of a sudden seen massive amount of interest in investing.

The AI companies, what do you think?

Their valuations relative to revenue?

10X, 20X, a normal company.

Is that fair?

Right.

And despite the fact that the traditional LPs are tapped, they were able to go find money elsewhere.

The Middle East is the area where most of that money was coming from.

And over the past 12 months, how many times has a friend of yours been in the Middle East?

A lot.

And they're talking to fundraisers.

And so...

They were able to find the money.

The money has come in and people are out there spending it against this opportunity.

It's something no one wants to miss.

And it's just an important component of everything that's going on here.