Bill Maris

And there's nothing wrong with late-stage investing.

And there's nothing wrong with late-stage investing.

However, I also have an observation that...

However, I also have an observation that...

a bit of an objection to companies that wrap themselves up in public benefit language and then keep the value creation to themselves and an elite group of investors

a bit of an objection to companies that wrap themselves up in public benefit language and then keep the value creation to themselves and an elite group of investors

through a big part of the curve, and then say, well, we're here to benefit humanity.

through a big part of the curve, and then say, well, we're here to benefit humanity.

Well, what humanity needs is money, so it might be better to go public sooner, because we'll see how these multi-trillion dollar IPOs go.

Well, what humanity needs is money, so it might be better to go public sooner, because we'll see how these multi-trillion dollar IPOs go.

However, if I'm Google, and I don't speak for Google, and I decide to arbitrarily cut the cost of tokens to

However, if I'm Google, and I don't speak for Google, and I decide to arbitrarily cut the cost of tokens to

80%, I'm gonna cut them in.

80%, I'm gonna cut them in.

What happens to the business models of OpenAI and Anthropic at that point?

What happens to the business models of OpenAI and Anthropic at that point?

Well, if you're a company and you can go to Google and Gemini and you can pay 80% less for that basically identical product,

Well, if you're a company and you can go to Google and Gemini and you can pay 80% less for that basically identical product,

Why wouldn't you do that?

Why wouldn't you do that?