David George

But I think the open ended upside of what companies can capture in economics from that is spinless in size.

I like to look at history of consumer Internet companies and what were our perceptions and then what actually ended up happening there.

So I think it's instructive to look back at Facebook and Google.

And I remember when we were in the private markets looking at investments and things like Snap and Twitter 10 plus years ago, and we would always sit and say, well, yeah, but Facebook and Google only monetize at X certain amount.

And all the consumer internet businesses are P times Q businesses.

And quantity has ended up being billions of users, two and a half billion users or more in each case.

But we always said, oh, Facebook or Google, they make 20 bucks a user.

So that's the upper bound.

And fast forward 10 years later, and Facebook and Google make 200 bucks a user and

in the developed world.

So when we look at things like ChatGPT, it's really fun to think about this.

It's like, okay, how much time do people spend?

What value do they get?

How much consumer surplus is there?

And how do we think about valuing that?

And it's pretty open-ended, which is really exciting right now.

So the really interesting thing is if you look at ChatGPT and the consumer stuff, there's like a billion users.

They monetize less than 50 million of them.

And how will they monetize the rest?

That's a really fun problem to try to tackle.