Ed Zittrain

Harvey, for example, I think they've raised $900 million and they make 200, 300 million ARR.

Ooh, those are stinky margins.

But the point is, it's not like Harvey is buying a bunch of stuff and doing proprietary data or buying servers, like happened a lot during the dot-com bubble because AWS didn't exist, so people were buying their own servers.

There's no useful residue.

All of that money is being dumped directly into OpenAI and Anthropic.

Anthropic and OpenAI also do not have assets.

They don't have CapEx.

They have their models.

They have their model weights, which, by the way, Microsoft has...

full and complete access to OpenAI's model weights, I confirmed today.

And so they have talent, I guess, they have research, but they don't really have, they just have their models.

That's the only thing.

Those companies die, there's not really any useful residue to pick up.

Perhaps someone could buy the assets of Anthropic, even though Amazon and Google will take them, but there's not really a thing to recover.

And then you get to the Corweaves, Nebiuses, Irons of the world.

And again, you've got a bunch of old GPUs, probably in data centers that haven't been built yet.

Which means that there's nothing really to pick up other than you pick up a cheap office chair or a cheap server back in the dot-com bubble.

You could do something with that.

What are you going to do with a GPU?

Especially when it's insanely expensive to run.