Bill Gurley

There's a correlation there.

So the other thing to watch is if that got tighter, would the appetite still be there?

Many of those businesses involve regulation and mining gets better if we're not allowed to use China.

And so I hate that part of this world.

But I gave a speech on regulatory capture a few years ago, and no one from Silicon Valley was in Washington at the time.

And now they're all there, Hill and Valley, everything else.

So that's another element.

Maybe it should have been on my reality world.

Unquestionably, that's true from a regulatory standpoint.

So I think it had historically been very difficult for companies to break through in these industries solely because of regulation.

And prior to Tesla, there was like seven motors.

There were other attempts.

at building cars and none of them worked.

And I think a lot of them got stuck along the way from a regulatory standpoint more than anything.

So Andrew being cleared by the DOD and actively selling into our military is certainly a new data point and a very impressive one for a startup to have achieved that, no doubt.

I don't know that that means every VC under the sun should jump into this stuff.

It's hard.

If you can make a software company, or as people like to say, a social network company, spring to life and generate revenue growth in high margin, boy, that's a much easier path to riches than what we're talking about now.

If I were still an active GP, and I think a few people are doing this, but if I were an active GP, I would be thinking about verticals in AI and thinking about where AI is exceptionally great.

It's exceptionally great in language.