Bill Gurley

But this post called a Creative and Cooperative Balancing Act argues that maybe blockchain is the path to fix the IPO market, which is provocative.

Tokenize the security.

No one would go back to doing a crypto allocation the way an IPO works.

It would immediately be DL-like.

Right.

I mean, that's how ICOs already work.

Yeah.

So that's interesting.

I'm going to watch it.

M&A is tough.

The regulatory pressure is so high.

We had those weird pseudo acquisitions in the AI space.

with the license agreement and the hiring of the people, but we haven't seen one in a while.

That was kind of a way around it.

And look, when you price things so high, you look at some of these AI rounds, I could see it making sense for Apple maybe to be in the market for something like a perplexity, but they just raised at 15 billion or whatever.

It makes it hard for things to close when the prices are that high.

So I don't know on the capital markets.

It's funny you mentioned that statement.

I think a lot of people say out loud, we have the best functioning capital markets in the world.

They're the envy of the entire globe.