Bill Gurley

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.

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.

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.

It took ChatGPT moment and them getting to the scale of maybe a billion monthlies and 500 million weeklies to even lead to this conversation. But things happen very slowly, Bill, as we know, and then they happen very fast. And I think that's your point.

It took ChatGPT moment and them getting to the scale of maybe a billion monthlies and 500 million weeklies to even lead to this conversation. But things happen very slowly, Bill, as we know, and then they happen very fast. And I think that's your point.

It took ChatGPT moment and them getting to the scale of maybe a billion monthlies and 500 million weeklies to even lead to this conversation. But things happen very slowly, Bill, as we know, and then they happen very fast. And I think that's your point.

That's great. As you know, we're shareholders in CoreWeave. Since a couple rounds ago, we were one of the largest buyers in the IPO, and we're happy we did. I have to say, on Friday, I was pretty damn nervous, Bill. It broke the offering price, went down to about $37 a share.