David George

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.

You think it's just ads?

I think it's hard to describe what it'll be.

I think it'll be some form of like an affiliate thing that happens.

It's like a new native thing.

The thing I always say to people is, again, we got to be humble in how we think about this.