Brad Gerstner

Let me, let me ask you a question. Um, since, since we, you, you went down that Avenue, um, I think they've announced, um, Is it 20 million paid users and 500 million total users? So you have a 4% conversion rate. How do you think about paid versus advertising that conversion rate? How do you think about the business model with those facts on the table?

And so I think there are a lot of ways... By the way, we've talked about this in the past, but I've often felt that one of the reasons that Google is so susceptible to disruption is how they've maximized the revenue per visitor. And I personally don't think there's any way...

And so I think there are a lot of ways... By the way, we've talked about this in the past, but I've often felt that one of the reasons that Google is so susceptible to disruption is how they've maximized the revenue per visitor. And I personally don't think there's any way...

And so I think there are a lot of ways... By the way, we've talked about this in the past, but I've often felt that one of the reasons that Google is so susceptible to disruption is how they've maximized the revenue per visitor. And I personally don't think there's any way...

when that world you're talking about, that agent world evolves, that that partner in a hotel is going to pay a fee anywhere close to the fee that's paid to Google by someone that's marketing a service. I always say using LTV math versus transactional math. I just don't think there's any way you can get there.

when that world you're talking about, that agent world evolves, that that partner in a hotel is going to pay a fee anywhere close to the fee that's paid to Google by someone that's marketing a service. I always say using LTV math versus transactional math. I just don't think there's any way you can get there.

when that world you're talking about, that agent world evolves, that that partner in a hotel is going to pay a fee anywhere close to the fee that's paid to Google by someone that's marketing a service. I always say using LTV math versus transactional math. I just don't think there's any way you can get there.

And so that's a huge disruptive advantage for – I think it's a huge disruptive advantage for open AI.

And so that's a huge disruptive advantage for – I think it's a huge disruptive advantage for open AI.

And so that's a huge disruptive advantage for – I think it's a huge disruptive advantage for open AI.

Well, actually, to be fair, in many circumstances... they'll be using what I call LTV math and they'll pay- They'll pay more than 100%. Oh, they'll pay 50 bucks instead of 20 because, and then they'll say, well, if the customer comes back twice in a year, we get to break even in the first year and we're going to hold them forever.

Well, actually, to be fair, in many circumstances... they'll be using what I call LTV math and they'll pay- They'll pay more than 100%. Oh, they'll pay 50 bucks instead of 20 because, and then they'll say, well, if the customer comes back twice in a year, we get to break even in the first year and we're going to hold them forever.

Well, actually, to be fair, in many circumstances... they'll be using what I call LTV math and they'll pay- They'll pay more than 100%. Oh, they'll pay 50 bucks instead of 20 because, and then they'll say, well, if the customer comes back twice in a year, we get to break even in the first year and we're going to hold them forever.

And this is why that won't work in the agent world, which is no one's going to think that way because if you're a white label service that's underneath the agent model, the most you can share is 10 of the 20.

And this is why that won't work in the agent world, which is no one's going to think that way because if you're a white label service that's underneath the agent model, the most you can share is 10 of the 20.

And this is why that won't work in the agent world, which is no one's going to think that way because if you're a white label service that's underneath the agent model, the most you can share is 10 of the 20.

Right, but it's replacing $50 for Google. That's my only point. By the way, another thing played out in this space, a little out of order of our competition, but there's this acronym people are starting to use, MCP, that is a way for you to represent...

Right, but it's replacing $50 for Google. That's my only point. By the way, another thing played out in this space, a little out of order of our competition, but there's this acronym people are starting to use, MCP, that is a way for you to represent...

Right, but it's replacing $50 for Google. That's my only point. By the way, another thing played out in this space, a little out of order of our competition, but there's this acronym people are starting to use, MCP, that is a way for you to represent...

your service, like if you were booking.com to a model so that it's not simply scraping your website, which is certainly not the ideal way to do this thing. That standard, I believe, got started in Anthropic, but OpenAI has agreed to support it.