Jason

And if that does happen, let's start talking second and third order impact of that kind of distribution chain that could happen for LPs.

And then just also all these employees, you know, and then a currency for these companies go from a mag seven to a mag 17, it looks like.

There's gonna be a competition.

for investor dollars, whether it's retail, or it's institutional, or sovereign wealth funds, they're going to have a lot of choices here.

Do you want to be an Nvidia?

Do you want to be in SpaceX, maybe you have to rotate out of Amazon or Google or Disney in order to take on those opportunities.

And that's going to be a great competition probably

We could see a lot of these IPOs, Friedberg, trade below their IPO price in the year or two after they come out and get repriced, yeah?

Like we've seen before.

But how much money does retail have left?

I mean, if you look at retail investors, they have a certain amount of powder and it's probably deployed.

It's not like...

They have unlimited places to look for that.

And, you know, there's some evidence of this.

Bloomberg ran an article on Wednesday.

We tape on Thursday, folks, and you get to listen to the pod on Fridays.

OpenAI is falling out of favor with secondary buyers.

According to a report, OpenAI investors can't find buyers at the new $850 billion valuation that Shamath referenced earlier.

Investors Bloomberg spoke to are looking to sell

$600 million worth of shares.