Jason Lemkin

But I do think we're going to enter a world where things are more and more bifurcated.

But I do think we're going to enter a world where things are more and more bifurcated.

And we will see folks who get more and more gains from AI spend.

And we will see folks who get more and more gains from AI spend.

They will token max forever, right?

They will token max forever, right?

Often folks well north of a million in revenue per employee, 2 million in revenue per employee will token max until there's no tomorrow.

Often folks well north of a million in revenue per employee, 2 million in revenue per employee will token max until there's no tomorrow.

If you're already hyper-efficient, you will find more ways to use AI.

If you're already hyper-efficient, you will find more ways to use AI.

The folks that are less efficient, that are larger organizations and more traditional, I think will, as the year goes on, will become more skeptical, especially if prices go up.

The folks that are less efficient, that are larger organizations and more traditional, I think will, as the year goes on, will become more skeptical, especially if prices go up.

And maybe prices are, if you look at anthropic raising prices, right?

And maybe prices are, if you look at anthropic raising prices, right?

If you look at Nebius raising prices, as prices go up, the area of experimentation is ending and people will see very different results from that.

If you look at Nebius raising prices, as prices go up, the area of experimentation is ending and people will see very different results from that.

The other thing is I think that Uber's gross profit margins are 39.75%, okay?

The other thing is I think that Uber's gross profit margins are 39.75%, okay?

This isn't Nvidia, but it's an awfully good business.

This isn't Nvidia, but it's an awfully good business.