Brad Gerstner

I'm an investor in OpenAI and Anthropic and Google and Microsoft and Nvidia, et cetera.

And so I don't think you have to make the call right now, one of these companies winning.

The fact of the matter, as Sachs said, we have one of the most vibrant and competitive ecosystems in AI in the world.

I love the fact that Sundar's coming off the mat swinging.

I think Gemini 3 is going to be great at Google.

They may, in fact, make it free.

I think Apple, I love seeing Apple pay Google to make Siri better.

I think that's going to be a great consumer experience.

And the only way that OpenAI wins is they got to build a product that we all love.

you've seen those cohort curves.

The reality is they are the verb at the moment.

It's theirs to lose in consumer.

The cohort curves are things of dreams, right?

This is the retention rate and the engagement rate as people stay with the service longer.

And then by the way, Anthropix numbers, despite cursor doing some of their own thing, Anthropix numbers are off the charts.

I think

This market is as big or bigger than current estimates are out there, but it's not going to be a straight line up and to the right.

We're going to have these moments, as Jamal said, of risk-off panic, just as we did with internet, just as we did with mobile, just as we did with cloud.

The key here is, as an investor, is conviction.

There is a massive conviction tax to be paid, right?