Gavin Baker

I think Trump and Xi both want to deal. I think there's a deal to be done that leaves Putin out in the cold, as I referenced. And if that happens, Katie, bar the door. I mean, there are really, really high-quality companies that are – some of them are mid-single-digit multiples. Yeah.

I think Trump and Xi both want to deal. I think there's a deal to be done that leaves Putin out in the cold, as I referenced. And if that happens, Katie, bar the door. I mean, there are really, really high-quality companies that are – some of them are mid-single-digit multiples. Yeah.

Enterprise application software. This is basically just about... 2025 is going to be, I think, the year of agents, particularly in the second half. Agents just being... AI models that can take action on your behalf, that can do anything online that a human can do online.

Enterprise application software. This is basically just about... 2025 is going to be, I think, the year of agents, particularly in the second half. Agents just being... AI models that can take action on your behalf, that can do anything online that a human can do online.

And if the labs and the big cloud providers dominate agents, which seems likely going back to, you know, the low cost producer is going to win. Enterprise application software, I think, is going to be in a lot of pain. And some of these companies are talking a big game about agents. But at the end of the day, they don't have their own models. They don't own their own compute.

And if the labs and the big cloud providers dominate agents, which seems likely going back to, you know, the low cost producer is going to win. Enterprise application software, I think, is going to be in a lot of pain. And some of these companies are talking a big game about agents. But at the end of the day, they don't have their own models. They don't own their own compute.

And I just don't see them being ultimate winners in the world of agents. You know, I could easily, I could be wrong because they do, you know, they have some customer data, maybe a little bit of a data moat. And they do, you know, have strong customer relationships. But, you know, most companies have relationships with AWS, Google, or Microsoft as well.

And I just don't see them being ultimate winners in the world of agents. You know, I could easily, I could be wrong because they do, you know, they have some customer data, maybe a little bit of a data moat. And they do, you know, have strong customer relationships. But, you know, most companies have relationships with AWS, Google, or Microsoft as well.

So I think enterprise application software will be in pain.

So I think enterprise application software will be in pain.

And just to add just one last thing is just, you know, fundamentally, these enterprise application software companies, the software industrial complex, and I agree with everything Chamath said,

And just to add just one last thing is just, you know, fundamentally, these enterprise application software companies, the software industrial complex, and I agree with everything Chamath said,

know they're they're fundamentally based on making white collar human employees more efficient and what the ai companies are going to do is just say hey we're just going to replace that worker and it's just a fundamentally different mentality shift yeah and it goes to like there may be a lot of pain that accompanies this and you know david's points around the you know potential rise of of socialism

know they're they're fundamentally based on making white collar human employees more efficient and what the ai companies are going to do is just say hey we're just going to replace that worker and it's just a fundamentally different mentality shift yeah and it goes to like there may be a lot of pain that accompanies this and you know david's points around the you know potential rise of of socialism

Jeez, this is scary. It was an obvious...

Jeez, this is scary. It was an obvious...

They've all started competitors.

They've all started competitors.

But also 6 billion in losses too, David, against that 12 billion in revenue.

But also 6 billion in losses too, David, against that 12 billion in revenue.