Bret Taylor

When you look at how much Amazon disrupted commerce, how much consumer payments have been transformed by digital technology, it took a few waves of technology like smartphones and NFC to really fully realize that vision. A huge percentage of the gains in the stock market over the past 30 years have more or less been these digital companies created in the dot-com bubble.

When you look at how much Amazon disrupted commerce, how much consumer payments have been transformed by digital technology, it took a few waves of technology like smartphones and NFC to really fully realize that vision. A huge percentage of the gains in the stock market over the past 30 years have more or less been these digital companies created in the dot-com bubble.

And so I haven't done the math on how much money was burned in that period. But I think that doesn't mean that the excitement around the impact of the internet on the economy was false. So I think the same thing is likely to happen in AI.

And so I haven't done the math on how much money was burned in that period. But I think that doesn't mean that the excitement around the impact of the internet on the economy was false. So I think the same thing is likely to happen in AI.

And so I haven't done the math on how much money was burned in that period. But I think that doesn't mean that the excitement around the impact of the internet on the economy was false. So I think the same thing is likely to happen in AI.

We will look back and laugh at some of the excess, but I am confident we will have brand defining, likely trillion dollar consumer company come out of this, 10 plus enterprise software companies that are enduring, public companies coming out of this that are native to this new technology. So I think it is both a bubble.

We will look back and laugh at some of the excess, but I am confident we will have brand defining, likely trillion dollar consumer company come out of this, 10 plus enterprise software companies that are enduring, public companies coming out of this that are native to this new technology. So I think it is both a bubble.

We will look back and laugh at some of the excess, but I am confident we will have brand defining, likely trillion dollar consumer company come out of this, 10 plus enterprise software companies that are enduring, public companies coming out of this that are native to this new technology. So I think it is both a bubble.

I think there are areas of access, just like there are areas of access in 1997 and 1998. But I think it would be dangerous to dismiss a bubble as strictly excess. And in fact, there'll probably be outsized returns within it.

I think there are areas of access, just like there are areas of access in 1997 and 1998. But I think it would be dangerous to dismiss a bubble as strictly excess. And in fact, there'll probably be outsized returns within it.

I think there are areas of access, just like there are areas of access in 1997 and 1998. But I think it would be dangerous to dismiss a bubble as strictly excess. And in fact, there'll probably be outsized returns within it.

I think it's a reasonable point. And it's as a venture capitalist makes a ton of sense. You're thinking about it that way. I'm more thinking about the impact on the economy. We're in a world where there's a lot more capital than there was. There's a lot more, I'd say, structure around how people invest in technology companies.

I think it's a reasonable point. And it's as a venture capitalist makes a ton of sense. You're thinking about it that way. I'm more thinking about the impact on the economy. We're in a world where there's a lot more capital than there was. There's a lot more, I'd say, structure around how people invest in technology companies.

I think it's a reasonable point. And it's as a venture capitalist makes a ton of sense. You're thinking about it that way. I'm more thinking about the impact on the economy. We're in a world where there's a lot more capital than there was. There's a lot more, I'd say, structure around how people invest in technology companies.

As you talked about the private equity surge over the past 20, 30 years. It doesn't surprise me that given the amount of capital available, valuations are sort of markedly different than they perhaps were, though I think it seemed excessive back then too, right? I don't think people could contemplate a trillion dollar company in 1998, rationally anyway. What you're saying is reasonable.

As you talked about the private equity surge over the past 20, 30 years. It doesn't surprise me that given the amount of capital available, valuations are sort of markedly different than they perhaps were, though I think it seemed excessive back then too, right? I don't think people could contemplate a trillion dollar company in 1998, rationally anyway. What you're saying is reasonable.

As you talked about the private equity surge over the past 20, 30 years. It doesn't surprise me that given the amount of capital available, valuations are sort of markedly different than they perhaps were, though I think it seemed excessive back then too, right? I don't think people could contemplate a trillion dollar company in 1998, rationally anyway. What you're saying is reasonable.

I also think that from my vantage point, I'm not investing, I am creating. And my perspective is like, where are consumer behaviors going? How will the automation implied by large language models and agents change productivity, change the structure of companies, change the economy? And how do you define a generational company based on those trends?

I also think that from my vantage point, I'm not investing, I am creating. And my perspective is like, where are consumer behaviors going? How will the automation implied by large language models and agents change productivity, change the structure of companies, change the economy? And how do you define a generational company based on those trends?

I also think that from my vantage point, I'm not investing, I am creating. And my perspective is like, where are consumer behaviors going? How will the automation implied by large language models and agents change productivity, change the structure of companies, change the economy? And how do you define a generational company based on those trends?