David Clark

There's not enough compute, not enough memory, not enough data centers, not enough power.

It feels like we are supply constrained, not demand constrained.

And how do you think that kind of changes the shape of the sort of cycle?

Yeah.

We touched earlier on just the size of companies today.

As we're sort of thinking about SpaceX, IPO, and then potentially second half of the year, OpenAI and Anthropic, that could be $4 trillion to $5 trillion of value that's created just by those three companies.

What will that mean for the public markets kind of generally, do you think?

Is there enough capacity in the public markets to consume that and to digest it?

And what does it mean for the next generation of companies that are coming along?

Is there going to be some indigestion post those IPOs?

One last thing I'm keen to get your thoughts on, David, is if the optimistic case for AI is right, what do you think the VC industry looks like in five years' time?

That's a great question.

There's so many unknowns that drive this.

If we can't speculate on a podcast, you know.

I know, exactly.

Yeah, yeah.

I mean, I've been investing in VC funds for 34 years and like this is by a distance the most exciting and scary time that I've been involved with.

And I just find it, you know, the pace of change is, you know, a real opportunity, but you've got to get things right as well.

And I just feel super excited about, you know, what we're seeing and what the potential is for venture to really be at the center of, you know, changing the way we live and work.