Bill Gurley

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.

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.