Jason Lemkin

And that's the bet.

Sorry, long-winded answer, but it's a category.

They're the leader.

Demand has gone up because of AI.

You squint one way and you say two or three more years of growth, you feel like a hero.

If it turns out to be a smaller market than you think, then you're high and dry.

Welcome to Late Stage Investing.

Basically, what you're saying is, is the OLAP category more or less than 10% of the core?

Well, Databricks isn't really relational.

It's much more about AI-enabled data manipulation.

When you look at it like that, you say it's not crazy that the subcategory is more than 10%.

It might be 20 or 30.

So yeah, if they were both public, you could have a fun kind of macro trade of short one, go long the other.

But that's not the way the world is now.

Yes.

I don't buy any of that.

But I think the truth is, when you're piling in a 350 billion pre, you're not on the board.

You don't have meaningful information rights.

It doesn't matter.

Again, going back to the first principles, this is really Fidelity mid-cap growth.