Jason Calacanis

It's sort of like a very important fork in the road right at the outset, which is, do you believe that we're on a path to superintelligence where everything is incredible, where there's infinite abundance, where you can magically describe things and beautiful things appear, complex things appear, groundbreaking things appear?

Or do you believe that it's good next-generational software?

And the answer to that question is really important because we're financing things like it's the former.

Their business model makes solving this problem existential.

And this is sort of along the lines of this essay that I wrote.

Let me just give you the thought exercise and you guys react.

Today we live in a world where the whole market is trying to debate what is the PE ratio that you'd be willing to pay.

So Facebook is incredibly durable, I'm willing to pay 30 times.

Nvidia is really durable, I'm willing to pay 40 times.

Tesla is incredibly asymmetric to the upside, I'm willing to pay 200 times.

And then Caterpillar or John Deere, I'm willing to pay 15 times.

I'm just using these as an example.

And what it's effectively signaling to you is how durable all of these cash flows are.

And all we do in the public markets when we make an investment is we're just guessing, when do the cash flows run out?

And we try to say, well, here's how much it's worth and here's how much I'd be willing to pay for today.

But if you go back to this example and you say, well, what if there's this super intelligence on the horizon?

I think it's fair to ask the question, what is anything worth?

And what is anything worth in year 10 or year 15 or year 20?

Because if you have infinite abundance and you have all this creativity, won't all companies be disrupted?

And won't we be in this constant churn of everything getting disrupted all the time?