David A. Kirsch

Most of the

Early energy around AI investing was focused on NVIDIA, which did, of course, turn it into the most valuable company on Earth.

Not quite sure why.

I think if we start getting a real big slew of IPOs, potentially massive IPOs, then I think we really would be eight out of eight.

Right now, I sort of put it at seven out of eight.

So, you know, it's bubbling, but maybe not quite at max.

The example I might use is, say, aviation, where it took

30, more than 30 years to go from Kitty Hawk to DC-3.

It took 30 some years before we actually got a plane that people would pay money to fly in and actually have reasonable expectation that they'd get out at the other end in one piece.

And, you know, to your infrastructure question, there was an enormous amount of physical infrastructure that had to be built and

airports and whatnot, but also a lot of organizational infrastructure to allow planes landing patterns and weather prediction and communication systems and norms around how to use the technology.

Over that period, there were three or four completely different business models.

So there was the barnstorming era where people would go to a farm and pay money to

Watch a daredevil stand on a wing.

And then there was military aviation and World War I. And then there was airmail.

And then finally, there was commercial aviation.

Maybe right now the chatbots are like the wing walkers.

Who knows what the actual business model is going to be that produces value for customers.

The one that is most troubling to me is that if there is this thing called general artificial intelligence and it can then think on its own, that's a very powerful attractor.

So