David George

And cloud is such an interesting market because if you could just independently own AWS, Microsoft, Azure, and GCP, those would be some of the most valuable companies in the world.

Those would be awesome businesses to own.

On the other side of it, one of my partners, Alex Rampell, has a statement that he likes to say, which is the best business in the world don't have customers, they have hostages.

That's not actually the case in cloud.

Sure, there are some things like egress fees.

The clouds are anti-competitive with egress fees.

They make it really hard to leave and get your data out and all that stuff.

But that's minor.

Generally speaking, the customers in that market are well-served.

They're happy.

It's been positive some for them.

And at the same time, the clouds are really good businesses.

I think the same is likely to happen in the model space.

So the market is going to be so big, it will fragment in ways that we don't yet expect.

And even if you're in a number two in terms of absolute revenue size or market awareness, that's okay.

What's not okay, probably, I would think, is being in the number two in something like the dominant consumer chat interfaces.

So Mark and Ben have told the stories about the origin of starting the firm and their experience with the venture capital product and why they built the firm the way they did.

And whenever they tell those stories, I'm like, that's great.

And man, wouldn't it have been fun to compete in that time?

That would have been awesome.