Bill Gurley

All of the problems we talked about that created the zombie unicorns, we're just rerunning that.

That's maybe part of not living through a correction, but we're funding these AI companies the exact way we funded those companies.

First of all, I agree with you.

I would never take the opposite side of the argument that it's not a legitimate platform shift.

And if it's a platform shift, as were mobile or the internet or the PC, that's big enough.

It doesn't have to be better than those.

Yeah.

It could just be another one.

So it's certainly one of those and might be bigger, which leads to everything that we've talked about.

And as I started, I offer no judgment on any of the individual players.

I think it is what it is.

There is some chance in my brain, and I haven't fully...

thought through all the implications of this, that some of the revenue growth is resale of compute.

Many of the players in the market are reselling a wrapper on top of a foundation model, on top of a hosting service.

And many of them, I think people believe, are at negative gross margin.

So you might, in buying something from a wrapper company, be getting compute

Cheaper than you would have got it from the model companies, getting it cheaper from the hosting company.

And that revenue is being counted three or four times with negative gross margin until we get to a point where unit economics matter.

And it can't matter in an all out war market that the gavage tube funding creates.

You have to go for market share.