Bill Gurley

So, like, speculators rush in.

And so, bubbles and waves are actually always happening at the same time.

So, some people will argue, oh, if you say it's a bubble, you're anti-AI.

No, I make the argument.

The fact that it's real is why there's a bubble.

So, I think it's important to know that.

Yeah.

There is a reality right now, and I feel deeply sad for a lot of founders.

There is a reality where a modern venture capitalist does not want to take a meeting uninterested in anything on AI.

And I could, if I was forced, make an argument as to why that's the exact right behavior by the venture capitalist.

But I think it's unquestionably true.

Like there's just zero interest.

And so that's a tough call for someone that's in a business that may have good unit economics that's not AI.

What would my advice for them be?

You know, make sure you understand the edge of AI in your field.

Like I said earlier, there may be things you could, you know, I think it's.

one out of five that can kind of pivot in a way that makes it really look like an AI company.

So you don't want it, you know, if it feels painted on, people will sense that.

So and then if that's not an avenue for you, you know, try and use sweat equity to get to profitability and own way more of this thing than you would otherwise.

You know, and I think one of the biggest mistakes