Bill Gurley

They get very speculative.

And

I found the bubble part to be uncomfortable, but I found the post crash part to be very sane and rational.

And so I just thought and it was slower, which for someone building their career and also the charlatans leave town.

So one of the things that happens any time there's a technology wave

People get rich quick and then a whole bunch of people see people getting rich quick and they rush in.

Fools rush in.

And those people, I like it when they're not around.

But they come in every wave.

So it is what it is.

I think, well, there's a whole bunch of what you just said, but let me start with this high-level point that I'd like to make.

This Professor Carlotta Perez recognized something that I think is really important to understand, which is,

When there is a wave, there is massive wealth.

There's disruption, and the deck chairs switch, and people make a lot of money.

And that's already happened here because OpenAI and Anthropic are paying their employees secondary earlier than anyone ever had.

So the money's being made.

It's being put in people's pockets.

And that's going to attract speculators.

And here in Texas, we had a SPAC from the former governor, Rick Barry, for a data center.

It already went up and down.