Jason Lampkin

If this one works, will we see a flood of these, even if they're like Wealthfront or others and trade down, if the market will absorb them, will it be time to flush our 2021 unicorns out the door and down the drain, but out the door in 2026 and 2027, maybe it's time to just let these, let them go.

It would no matter what, what price it's at.

I guess just on a related note, I'm an advisor to a unicorn, hundreds of millions growing pretty good growth, right?

Not being killed by AI, but not necessarily benefiting from it, but enough, right?

To eventually compound to a better IPO than that, but not at open evidence.

And we did an M&A review a little while ago, and I was shocked who's on the block.

i mean everyone's for sale and i was shocked that folks worth less i mean worth more much more are willing to be acquired by someone with a fraction of their revenue and these are i didn't see data bricks on the ones that were passed around the room virtually but i was shocked of folks that have been on 20 vc that i did not know were in market that are looking for aggressively looking for an exit

One thing that we do get confused about is we think it's all directly AI.

And AI is the biggest issue because the lion's share of the new CIO's budget is going to AI.

That's where all the discretionary budget is and price increases.

Okay.

And price increases is almost self-defeating because it only works so long.

And so if you're not tapping into the AI budget, you know,

Mark, when he was on this show in his own show, was saying how much better a deal Palantir got.

I think that was echoed in some of these army contracts because maybe he had to take a haircut on those deals and get the budget where it is.

And so it's there.

It's just there are so many other issues, unfortunately, that are attacking SAS.

They are seat contractions are existential.

Workday said seats are perpetually under pressure.

Shopify has held headcount flat for three years and grown 40 something percent in that time.