Bill Gurley

You're going to see models. I don't think we're going to have this You know, this long menu of model choices that forces the consumer to understand the difference between 04 Mini and 03 and 01 and, you know, all these different models.

I think you're just going to have a smart model, CHAT GPT-5 or CHAT GPT-6 that may be coming sooner rather than later that's just going to make those choices for you.

I think you're just going to have a smart model, CHAT GPT-5 or CHAT GPT-6 that may be coming sooner rather than later that's just going to make those choices for you.

I think you're just going to have a smart model, CHAT GPT-5 or CHAT GPT-6 that may be coming sooner rather than later that's just going to make those choices for you.

Well, let's click on that for a second. We have our friend Glenn Fogle who runs Booking.com, an incredible CEO. They've been an incredible business. And they're one of the largest advertisers, have historically been one of the largest advertisers on Google. I think it's been reported that Google generates – It's one of their largest advertising categories in the world.

Well, let's click on that for a second. We have our friend Glenn Fogle who runs Booking.com, an incredible CEO. They've been an incredible business. And they're one of the largest advertisers, have historically been one of the largest advertisers on Google. I think it's been reported that Google generates – It's one of their largest advertising categories in the world.

Well, let's click on that for a second. We have our friend Glenn Fogle who runs Booking.com, an incredible CEO. They've been an incredible business. And they're one of the largest advertisers, have historically been one of the largest advertisers on Google. I think it's been reported that Google generates – It's one of their largest advertising categories in the world.

It's travel, hotels specifically. Booking is one of their largest global advertisers. So you sell a $100 hotel room and you take $20, right? Youbooking.com. Let's call it take 18 to 20 bucks. And then you pay a portion of that to Google, maybe half of it, maybe more than half of it.

It's travel, hotels specifically. Booking is one of their largest global advertisers. So you sell a $100 hotel room and you take $20, right? Youbooking.com. Let's call it take 18 to 20 bucks. And then you pay a portion of that to Google, maybe half of it, maybe more than half of it.

It's travel, hotels specifically. Booking is one of their largest global advertisers. So you sell a $100 hotel room and you take $20, right? Youbooking.com. Let's call it take 18 to 20 bucks. And then you pay a portion of that to Google, maybe half of it, maybe more than half of it.

right or or whatever you know it's a it's a so so there's no doubt there's competition coming to that um you know google's traded down from 200 to 150 and change and and you know they see that disruption coming their way the irony here right is we we still have you know this antitrust investigation with with google i always i always get a you know a laugh out of the fact that

right or or whatever you know it's a it's a so so there's no doubt there's competition coming to that um you know google's traded down from 200 to 150 and change and and you know they see that disruption coming their way the irony here right is we we still have you know this antitrust investigation with with google i always i always get a you know a laugh out of the fact that

right or or whatever you know it's a it's a so so there's no doubt there's competition coming to that um you know google's traded down from 200 to 150 and change and and you know they see that disruption coming their way the irony here right is we we still have you know this antitrust investigation with with google i always i always get a you know a laugh out of the fact that

Finally, in 2025, the first time we've actually had competition for Google, like very clear that competition is coming to all those categories. And now we get around to talking about breaking up their search monopoly. I mean, it's ridiculous. I don't think that's I think that's the last of our problems. But I do think we're going to see business model evolution around these different categories.

Finally, in 2025, the first time we've actually had competition for Google, like very clear that competition is coming to all those categories. And now we get around to talking about breaking up their search monopoly. I mean, it's ridiculous. I don't think that's I think that's the last of our problems. But I do think we're going to see business model evolution around these different categories.

Finally, in 2025, the first time we've actually had competition for Google, like very clear that competition is coming to all those categories. And now we get around to talking about breaking up their search monopoly. I mean, it's ridiculous. I don't think that's I think that's the last of our problems. But I do think we're going to see business model evolution around these different categories.

So let's just say, Bill, that it settles out at 10 bucks. Hotels are clearly willing to give $20. Let's say it settles out at $10. Well, hell, that's all upside for OpenAI.

So let's just say, Bill, that it settles out at 10 bucks. Hotels are clearly willing to give $20. Let's say it settles out at $10. Well, hell, that's all upside for OpenAI.

So let's just say, Bill, that it settles out at 10 bucks. Hotels are clearly willing to give $20. Let's say it settles out at $10. Well, hell, that's all upside for OpenAI.

Well, the tectonic plates, as I've said, as we've said for now two years, this is the first time they've shifted in this magnitude in 20 years. This is a 20-year event. For 20 years, the search paradigm ruled everything in consumer internet, and Google stood at the top of that mountain. And it took something, it took an AI-level shift.