Jason Lemkin

Obviously, given the changes they had, clearly the mission of the new management in charge is we're going to execute an AI.

New management of Sequoia, you mean?

Yeah.

I mean, you know, they had a transition.

I think part of the reason was... Oh, yeah.

If I was a late stage company looking to raise capital right now with a very compelling AI story, it's clear there's an open to buy there to...

But I think, yeah, in general, you have these multi-stage firms and you make a multi-stage bet.

And, you know, the whole point of the late stage is to clean up on your early stage misses.

And they're doing that.

I mean, I give them credit.

Everyone's executing the mission that they said they do.

Everything's staying private longer.

Get into good deals.

It's best to get them in at the A. But if you have access to infinite capital, getting in at the F is OK, too.

In the case of Databricks, the L. Stuff the money in the good companies.

I mean, it obviously, as a trend, it will only stop when it reaches success, because that's the nature of economic behavior.

But people are going to do this until it doesn't work.

But I disagree.

Firstly,

Anecdotally, you might be right.