David Sacks

Chamath, you've seen that.

There's McKinsey studies showing that like 95% of enterprise pilots aren't successful.

There's tremendous value, latent value in AI, but it's hard to

know exactly how to deploy it at this point in time.

So I guess what these private equity firms are saying is that we know how to drive value from this.

And if we own the business and then own the change management, then we'll be able to create value that way.

I don't know if I would consider a management team to be a moat.

I mean, it's like Warren Buffett says, that you want businesses that are so strong that they could be run by a bunch of monkeys because one day they probably will be.

Yeah, I mean, look, I think, though, that just up leveling a bit, I think you are right, that the key question is moats.

Because I do think that there are still strong moats in a lot of different kinds of businesses.

And a lot of them are very subtle.

Like you said, some are network effects, some of them

are the difficulty of producing physical world products, things like that.

So there's a lot of different types of moats out there, and that is the key question as we enter a world of, let's call it digital abundance.

I just think it's very hard to know which of these companies is going to be disrupted.

A year ago on this pod, we were saying that Google was going to be toast.

Or some of us were saying it.

I took the opposite.

Okay, fine.

But it looked to us like ChatGPT was taking a massive share from Google Search and the AdWords model was becoming obsolete.