Eric Larson

These are the multi-trillion dollar Mag7.

These are the ones that are nation state sized in their...

market capitalizations and in their investable capital.

Like the hyperscalers alone are spending $371 billion on CapEx this year.

I mean, these are sovereign countries.

So what is the difference between the two?

And I'm going to be a little bit mischievous.

I'm going to say there's two inverted vanities, right?

One vanity is in institutional healthcare.

I'm $100 billion or I'm 150,000 staff, right?

That institutional vanity of size and heft and permanence is inverted in Silicon Valley.

And we're seeing this phenomenon of tiny teams.

By my count, there are about 17 companies in Silicon Valley that have fewer than 50 employees and more than 100 million ARR.

So the distance between the two, you can sort of explore it from a number of different dimensions.

But one is about employment and heft and durability, and the other is about arson.

It's almost like the Navy versus the pirates.

Right.

And Steve Jobs always said it's much more fun to be part of the pirates than the Navy.

And I do think a lot about that in health care.

And the question is, will the oligopoly figure out how to assimilate and metabolize the most powerful technology in history before the startups, the entrepreneurs, the arsonists in the best sense?