Bret Taylor

It's up to you to figure out the nuances of whom to invest in and why. I'm happy to give my perspective, but I think for what it's worth, for companies that are pursuing artificial general intelligence, it's hard to figure out what's the valuation of a company that creates that. The numbers might be insane, so maybe it's completely rational.

It's up to you to figure out the nuances of whom to invest in and why. I'm happy to give my perspective, but I think for what it's worth, for companies that are pursuing artificial general intelligence, it's hard to figure out what's the valuation of a company that creates that. The numbers might be insane, so maybe it's completely rational.

It's up to you to figure out the nuances of whom to invest in and why. I'm happy to give my perspective, but I think for what it's worth, for companies that are pursuing artificial general intelligence, it's hard to figure out what's the valuation of a company that creates that. The numbers might be insane, so maybe it's completely rational.

I'm not the one writing those checks, so I also don't look at it dismissively. I look at it and say, there's probably a case to be made. I'm not sure I would write all those checks. I wouldn't say it's entirely rational either, just because I do think

I'm not the one writing those checks, so I also don't look at it dismissively. I look at it and say, there's probably a case to be made. I'm not sure I would write all those checks. I wouldn't say it's entirely rational either, just because I do think

I'm not the one writing those checks, so I also don't look at it dismissively. I look at it and say, there's probably a case to be made. I'm not sure I would write all those checks. I wouldn't say it's entirely rational either, just because I do think

This technology in current form has a ton of value, but particularly as you project forward towards things resembling superintelligence or general intelligence, there is so much value in platforms like that. It's a very unusual investment, but it might not be irrational.

This technology in current form has a ton of value, but particularly as you project forward towards things resembling superintelligence or general intelligence, there is so much value in platforms like that. It's a very unusual investment, but it might not be irrational.

This technology in current form has a ton of value, but particularly as you project forward towards things resembling superintelligence or general intelligence, there is so much value in platforms like that. It's a very unusual investment, but it might not be irrational.

I don't believe that will happen personally. Analogies are dangerous, but I think they might be illustrative in this case. I actually think the AI market commercially will play out like the cloud market did over the past 20 years. So if you look at the cloud market, I would say there's really big, three big categories of cloud software. The first is infrastructure as a service.

I don't believe that will happen personally. Analogies are dangerous, but I think they might be illustrative in this case. I actually think the AI market commercially will play out like the cloud market did over the past 20 years. So if you look at the cloud market, I would say there's really big, three big categories of cloud software. The first is infrastructure as a service.

I don't believe that will happen personally. Analogies are dangerous, but I think they might be illustrative in this case. I actually think the AI market commercially will play out like the cloud market did over the past 20 years. So if you look at the cloud market, I would say there's really big, three big categories of cloud software. The first is infrastructure as a service.

So Amazon Web Services, Azure, Google Cloud, services like that. there's toolmakers. So, you know, Snowflake, Databricks, Datadog, you know, basically, what is the software that you need confluent? What is the software that you need when your company is moving to the cloud? And then there's software as a service. So Salesforce, ServiceNow, Adobe, and the extremely long tail of solutions there.

So Amazon Web Services, Azure, Google Cloud, services like that. there's toolmakers. So, you know, Snowflake, Databricks, Datadog, you know, basically, what is the software that you need confluent? What is the software that you need when your company is moving to the cloud? And then there's software as a service. So Salesforce, ServiceNow, Adobe, and the extremely long tail of solutions there.

So Amazon Web Services, Azure, Google Cloud, services like that. there's toolmakers. So, you know, Snowflake, Databricks, Datadog, you know, basically, what is the software that you need confluent? What is the software that you need when your company is moving to the cloud? And then there's software as a service. So Salesforce, ServiceNow, Adobe, and the extremely long tail of solutions there.

And I would say, you know, we were talking about the public companies in the stock market in that kind of $2 billion to $20 billion range. There's a huge number of really interesting and really valuable software-as-a-service solutions. Why did that play out that way? Certainly I heard, isn't Salesforce just a database in the cloud? I'm like, come on, it's a solution.

And I would say, you know, we were talking about the public companies in the stock market in that kind of $2 billion to $20 billion range. There's a huge number of really interesting and really valuable software-as-a-service solutions. Why did that play out that way? Certainly I heard, isn't Salesforce just a database in the cloud? I'm like, come on, it's a solution.

And I would say, you know, we were talking about the public companies in the stock market in that kind of $2 billion to $20 billion range. There's a huge number of really interesting and really valuable software-as-a-service solutions. Why did that play out that way? Certainly I heard, isn't Salesforce just a database in the cloud? I'm like, come on, it's a solution.

It's a solution for sales, service, and marketing teams, and it has a ton of value. And the same reductive backhanded comment can be made of any software-as-a-service application. And I think it's borne by companies, CIOs, CTOs, CEOs, knowing that actually they don't want to be the one building software. They just want a solution that works. Software is like a lawn. It needs to be tended to.

It's a solution for sales, service, and marketing teams, and it has a ton of value. And the same reductive backhanded comment can be made of any software-as-a-service application. And I think it's borne by companies, CIOs, CTOs, CEOs, knowing that actually they don't want to be the one building software. They just want a solution that works. Software is like a lawn. It needs to be tended to.