Bret Taylor

knows that you have a lot of theories you know about it but i think when you look at these companies investing this kind of capex in that future i think it's absolutely great you know i think it's totally understandable investors would look you know at the capex and say give me the spreadsheet that justifies the returns um well that's completely rational and i'm sure there's folks doing that the idea that we have this potential to create something that benefits humanity this much

knows that you have a lot of theories you know about it but i think when you look at these companies investing this kind of capex in that future i think it's absolutely great you know i think it's totally understandable investors would look you know at the capex and say give me the spreadsheet that justifies the returns um well that's completely rational and i'm sure there's folks doing that the idea that we have this potential to create something that benefits humanity this much

to have this kind of impact on the economy, to create something that valuable. I'm very grateful that there are some bold CEOs investing in that future. I think at every stage you end up with that sort of increasing resolution about how it will be monetized, what the great products will be. In the first wave, it was lots of co-pilots. Now you have, as I said, agents.

to have this kind of impact on the economy, to create something that valuable. I'm very grateful that there are some bold CEOs investing in that future. I think at every stage you end up with that sort of increasing resolution about how it will be monetized, what the great products will be. In the first wave, it was lots of co-pilots. Now you have, as I said, agents.

to have this kind of impact on the economy, to create something that valuable. I'm very grateful that there are some bold CEOs investing in that future. I think at every stage you end up with that sort of increasing resolution about how it will be monetized, what the great products will be. In the first wave, it was lots of co-pilots. Now you have, as I said, agents.

My sense is there could be a ton of value created here. And I think you're in this position now where you you don't want to be sort of penny wise pound foolish when you're sort of investing in this future.

My sense is there could be a ton of value created here. And I think you're in this position now where you you don't want to be sort of penny wise pound foolish when you're sort of investing in this future.

My sense is there could be a ton of value created here. And I think you're in this position now where you you don't want to be sort of penny wise pound foolish when you're sort of investing in this future.

It doesn't mean that, as I said, that's why when I mentioned I'm skeptical of startups doing pre-training, like that's a risk that I find irrational because you don't have the capital structure to take on that risk. It's probably running towards a cliff that you probably won't, you know, have wings to fly off of by the time you get there.

It doesn't mean that, as I said, that's why when I mentioned I'm skeptical of startups doing pre-training, like that's a risk that I find irrational because you don't have the capital structure to take on that risk. It's probably running towards a cliff that you probably won't, you know, have wings to fly off of by the time you get there.

It doesn't mean that, as I said, that's why when I mentioned I'm skeptical of startups doing pre-training, like that's a risk that I find irrational because you don't have the capital structure to take on that risk. It's probably running towards a cliff that you probably won't, you know, have wings to fly off of by the time you get there.

If you're a, you know, one of the larger companies you're referring to, and you think about how do you grow your revenue by a meaningful amount over the 10-year period, tell me the better option than this. And so I think there's a lot of understandable skepticism, but I also think it's a very exciting future.

If you're a, you know, one of the larger companies you're referring to, and you think about how do you grow your revenue by a meaningful amount over the 10-year period, tell me the better option than this. And so I think there's a lot of understandable skepticism, but I also think it's a very exciting future.

If you're a, you know, one of the larger companies you're referring to, and you think about how do you grow your revenue by a meaningful amount over the 10-year period, tell me the better option than this. And so I think there's a lot of understandable skepticism, but I also think it's a very exciting future.

I think we'll see consolidation of companies pre-training their own models. I think that the cost structure of the tools and applications companies are different and perhaps more sustainable. So like any market, you'll see consolidation when there's winners, but I think it will happen over a more measured time period.

I think we'll see consolidation of companies pre-training their own models. I think that the cost structure of the tools and applications companies are different and perhaps more sustainable. So like any market, you'll see consolidation when there's winners, but I think it will happen over a more measured time period.

I think we'll see consolidation of companies pre-training their own models. I think that the cost structure of the tools and applications companies are different and perhaps more sustainable. So like any market, you'll see consolidation when there's winners, but I think it will happen over a more measured time period.

So let me just describe what Sierra does, and then I'll tell you why I think it's very exciting. So At Sierra, we help primarily consumer brands build branded, customer-facing AI agents. So if you buy a new Sonos speaker or you're having a problem with your speaker, you'll chat with the Sonos AI powered by our platform.

So let me just describe what Sierra does, and then I'll tell you why I think it's very exciting. So At Sierra, we help primarily consumer brands build branded, customer-facing AI agents. So if you buy a new Sonos speaker or you're having a problem with your speaker, you'll chat with the Sonos AI powered by our platform.

So let me just describe what Sierra does, and then I'll tell you why I think it's very exciting. So At Sierra, we help primarily consumer brands build branded, customer-facing AI agents. So if you buy a new Sonos speaker or you're having a problem with your speaker, you'll chat with the Sonos AI powered by our platform.