Ed Zittrain

So if we think about the dot-com comparison, and we break down the kind of businesses we had, with the dot-com bubble you had, it was really two bubbles.

It was the telecommunications bubble and the software bubble.

The software bubble and the e-commerce bubble, the pets.coms, the Cosmos and such, their economics didn't make sense because they didn't make them make sense.

Pets.com, I think, was spending like $250 a customer or something insane like that.

Yeah.

But it was being invested, and it involved the movement of physical goods.

And those are margins you can bring down, as Amazon did, build their own logistics network.

And also, Chewy.com is basically Pets.com.

Cosmo now exists as Instacart.

Like, there are Webvan, pardon me, I think is Instacart now.

Not the literal same company, the same business model.

In the AI bubble, you really have three different kinds of companies.

You have AI labs, you have AI startups, so wrappers, and then you have infrastructure.

Yeah.

Infrastructure within AI, data centers of GPUs, is one of the most commoditized businesses of all time.

It's a horrible business, but it's also, there's really no difference between a CoreWeave and a Nebius and an Iron or a Lambda.

They're all backed by NVIDIA.

They're all feeding money from Jensen Huang to Jensen Huang.

Point is, is the...

Those companies do not have really, like, there is no changing this business model.