Hannah Petrovic

But I think that after looking at it, I was expecting to come here and find resoundingly

that they already have a profitable model when you look at it through the lifecycle of the model, so that they're making enough of a gross profit to completely offset the cost of development.

And it seems that, no, this is not the case.

It seems that this is way closer than what I thought it was.

And this suggests to me, more than ever, how...

reliable the companies are right now on investors' goodwill and how much they are relying on this story of we will be profitable later to make money.

So maybe this is the counterpoint.

It's like, they seem to be great at inference.

Once you have the model built, they seem to have a great business in their hands.

But after you account for the cost of developments, the thing looks much closer than what I expected.

I still remain bullish, but I'm now much more temperate than when we started to look into this.

It's very hard.

It's so hard to compete in all of these spaces.

I do like the perspective of focusing in the end game here.

And I like more the end game right now of focusing on business, as Sim has alluded to, which is a little bit more the anthropic.

focused.

This is the place where I was talking before about where do you spend $100,000 a year on an agent?

That's not something that an individual is going to be able to spend right now.

This is something that a company spends on their employees and that they might see a reason to spend if they actually believe that AI provides them as much value as a marginal employee would

But you need to get there.