David George

It always gets harder.

And Google and Facebook are the ones who accumulate better economics over time at the expense of the people who advertise on them.

So that's

the push versus pull thing.

So right now we talk about this in the age of AI.

I think there's how do we assess AI businesses right now is an interesting thing.

One is ease of customer acquisition.

And we see this with the really, really special ones like Cursor, which has been largely viral growth.

So ease of customer acquisition, it happens even with things that need to be sold, like a bridge.

You got to go sell to hospital systems.

It turns out hospital systems are dying for this because the doctors love it.

It's really good.

It saves them a lot of time and it's really valuable.

So ease of customer acquisition is something that is sort of a must for us in this AI wave.

The second is customer behavior, customer retention, customer engagement.

There are some head fakes that we've seen of things that grow really fast and then they fall off and they're experimental.

So the things that have durable behavior, things like cursor, where the users really, really use it and ideally or increasingly use it over time.

Harvey is an example of a company where as the models have gotten better, customer engagement and usage has actually really grown significantly.

It actually took a step change, which we've seen, which is interesting to see because it happened at the same time as the reasoning breakthroughs.

We were like, oh, that makes sense, actually.