Hussein Kanji

I mean, OpenAI has real revenue, and I think there's increasing returns to scale, but I think the same thing I just said about NVIDIA applies to a lot of this AI stuff. And the AI stuff, like I had dinner with Alex, who founded Wave, which is one of the AI companies here that does self-driving cars. In our discussion, this market is commoditizing so fast.

The tools are getting so good and then other people are building tools. I mean, you saw like a couple of weeks ago, China is now like Kaifu has a company, Kaifu is my old boss at Microsoft. Kaifu is a company that's been able to replicate what GPT has, but with like a fraction of the compute because China doesn't have the computers and they kind of published around this stuff.

The tools are getting so good and then other people are building tools. I mean, you saw like a couple of weeks ago, China is now like Kaifu has a company, Kaifu is my old boss at Microsoft. Kaifu is a company that's been able to replicate what GPT has, but with like a fraction of the compute because China doesn't have the computers and they kind of published around this stuff.

The tools are getting so good and then other people are building tools. I mean, you saw like a couple of weeks ago, China is now like Kaifu has a company, Kaifu is my old boss at Microsoft. Kaifu is a company that's been able to replicate what GPT has, but with like a fraction of the compute because China doesn't have the computers and they kind of published around this stuff.

It's commoditizing so fast. I don't know how much of this ends up as consumer surplus. In other words, we all benefit as humanity because the spend kind of goes in and everyone benefits, but it commoditized so fast, no one company ends up skimming off enough of the cream to become the big, kind of the big winner.

It's commoditizing so fast. I don't know how much of this ends up as consumer surplus. In other words, we all benefit as humanity because the spend kind of goes in and everyone benefits, but it commoditized so fast, no one company ends up skimming off enough of the cream to become the big, kind of the big winner.

It's commoditizing so fast. I don't know how much of this ends up as consumer surplus. In other words, we all benefit as humanity because the spend kind of goes in and everyone benefits, but it commoditized so fast, no one company ends up skimming off enough of the cream to become the big, kind of the big winner.

I just don't know where any of this stuff goes, but I think if you don't play, you have no way of knowing where this stuff goes. You have to be on the field to even learn.

I just don't know where any of this stuff goes, but I think if you don't play, you have no way of knowing where this stuff goes. You have to be on the field to even learn.

I just don't know where any of this stuff goes, but I think if you don't play, you have no way of knowing where this stuff goes. You have to be on the field to even learn.

Yes, because I think J.D. Vance has made that very clear. That sub $500 million deal is the FTC has no business trying to block transactions.

Yes, because I think J.D. Vance has made that very clear. That sub $500 million deal is the FTC has no business trying to block transactions.

Yes, because I think J.D. Vance has made that very clear. That sub $500 million deal is the FTC has no business trying to block transactions.

I mean, it helps that our vice president used to be a venture capitalist.

I mean, it helps that our vice president used to be a venture capitalist.

I mean, it helps that our vice president used to be a venture capitalist.

I'll answer it a little differently. I mean, you know the direction of travel for the company. I would love for us to have built a partnership, and I'm thinking actively about this, and I can hand the reins over where I'm just one of a few and someone else is running the firm. If I can do that successfully over the next decade, I know I have a durable firm.

I'll answer it a little differently. I mean, you know the direction of travel for the company. I would love for us to have built a partnership, and I'm thinking actively about this, and I can hand the reins over where I'm just one of a few and someone else is running the firm. If I can do that successfully over the next decade, I know I have a durable firm.

I'll answer it a little differently. I mean, you know the direction of travel for the company. I would love for us to have built a partnership, and I'm thinking actively about this, and I can hand the reins over where I'm just one of a few and someone else is running the firm. If I can do that successfully over the next decade, I know I have a durable firm.

I want to build a firm versus a boutique versus a project. It's not a shell over me. I want the firm to be around, and I want to be able to pass the reins over within the next decade.