David A. Kirsch

If there is the race to that AGI and reaching it then generates a whole set of new opportunities that

our human brains are too small to imagine, it kind of changes the calculus a little bit.

And again, I think that's part of the narrative.

The narrative is so powerful.

Part of the reason everyone's racing so fast is because there's this idea, if we just get there, if we could just see the face of God, all will be revealed.

In that sense, I think it challenges the model and that the model says, oh, the technology is just itself.

It's just about the spread of the technology and discovering the business model that enables the technology to create value for the largest number of customers.

None of the prior technologies that we've looked at have promised to be Moses on Sinai.

A lot of the investors who are putting capital at risk in many ways are still novices.

They may not be novices the way the marks of the boiler rooms in the 1920s speakeasies were, but I think a lot of these supposedly sophisticated investors, these actors in these private credit markets, they don't really know what they're doing either.

They're used to having high returns.

They're used to, you know, swapping in and out of hedge funds and doing all sorts of sophisticated things.

But that still doesn't make them more experienced in this context.

I tend to look at it at an economic level.

And I think the technology is clearly going to do something.

It's already built its way, kind of wormed its way into our lives in some important ways.

I think too big to fail tends to conjure the idea of government intervention.

I'm not sure...

The government would intervene to save chat.

But if, you know, chat and Google and Anthropic all somehow went offline on the same day, would that be a crisis?