Jason Calacanis

And if I was open AI and you had to pick one thing, you would pick consumer because they're the juggernaut and they're the clear leader and they have an enormous brand.

More, you pay 100 bucks.

And by the way, in the pandemic, remember what we saw?

The two things that people refused to cancel was not your mortgage payment or any car payment.

You were willing to go into arrears and into default.

The two things that people would always keep was the cell phone, number one, and then electricity, number two.

ChatGPT will be there.

They're the only one that has so much free cash flow that they can almost view it as two separate companies, which it effectively is.

You know, GCP over here runs the enterprise play.

And then Google Consumer over here runs the consumer chatbot play.

And they can keep them segregated.

That's so much harder for a startup to do because on top of just keeping everybody organized, you have the financing problem of constantly having to raise more money because you don't yet have a profit engine that spits out cash.

They're probably the only one.

And you can see it in the valuations, actually, which I'm going to get to in a second.

But people believe the durability of Google more than they believe the durability of anything else.

By the way, Jace, Kyle, you asked a different question earlier as well, which is around the PE story.

And I think the PE story is a window into the rest of the broader market.

The real open question is,

what are these companies worth?

There's like a very threshold question.