Jeff Wang

And so I forget if it was Doug or Ruloff who organized this, but we organized, for example, Charlie Munger before he passed to come in and talk to the partnership. We've had Stan Druckenmiller come in and talk to us. They think in a very different way than we do.

Well, we get the benefit of seeing things very early on. We get really excited about AI, how it's going to take over the world. Maybe we put on a short that it's just too early. It's going to take time for some of these things to actually happen. There are areas within AI where I do think it's happening very fast. I think there is going to be massive disruption, for example, in call centers.

Well, we get the benefit of seeing things very early on. We get really excited about AI, how it's going to take over the world. Maybe we put on a short that it's just too early. It's going to take time for some of these things to actually happen. There are areas within AI where I do think it's happening very fast. I think there is going to be massive disruption, for example, in call centers.

Well, we get the benefit of seeing things very early on. We get really excited about AI, how it's going to take over the world. Maybe we put on a short that it's just too early. It's going to take time for some of these things to actually happen. There are areas within AI where I do think it's happening very fast. I think there is going to be massive disruption, for example, in call centers.

And I don't think that's going to take a lot of time. There are other areas in AI. Now there's this, there's a narrative that I hear now that software companies are going away, right? AI is going to write all software. And I just think that's, that's a naive view. It may happen, you know, over the longterm, but

And I don't think that's going to take a lot of time. There are other areas in AI. Now there's this, there's a narrative that I hear now that software companies are going away, right? AI is going to write all software. And I just think that's, that's a naive view. It may happen, you know, over the longterm, but

And I don't think that's going to take a lot of time. There are other areas in AI. Now there's this, there's a narrative that I hear now that software companies are going away, right? AI is going to write all software. And I just think that's, that's a naive view. It may happen, you know, over the longterm, but

And Klarna is a very tech forward company. 99.9% of the companies in the world are not Klarna.

And Klarna is a very tech forward company. 99.9% of the companies in the world are not Klarna.

And Klarna is a very tech forward company. 99.9% of the companies in the world are not Klarna.

Yeah.

Yeah.

Yeah.

I think it is for some time. So when you think about AI today, productization of AI is a function of owning the customer and owning the data. We are not in a world where AI has created a new distribution methodology. And so if I think about some of the walled gardens, like a meta, you own the customer experience, you own the data.

I think it is for some time. So when you think about AI today, productization of AI is a function of owning the customer and owning the data. We are not in a world where AI has created a new distribution methodology. And so if I think about some of the walled gardens, like a meta, you own the customer experience, you own the data.

I think it is for some time. So when you think about AI today, productization of AI is a function of owning the customer and owning the data. We are not in a world where AI has created a new distribution methodology. And so if I think about some of the walled gardens, like a meta, you own the customer experience, you own the data.

And so your ability to productize and roll out AI features and functionality to Instagram users very seamlessly is incredibly powerful. And because Meta has this auction marketplace for ads, you also have the ability to reprice your AI features very quickly, right? All these merchants are getting a return on their ad spend.

And so your ability to productize and roll out AI features and functionality to Instagram users very seamlessly is incredibly powerful. And because Meta has this auction marketplace for ads, you also have the ability to reprice your AI features very quickly, right? All these merchants are getting a return on their ad spend.

And so your ability to productize and roll out AI features and functionality to Instagram users very seamlessly is incredibly powerful. And because Meta has this auction marketplace for ads, you also have the ability to reprice your AI features very quickly, right? All these merchants are getting a return on their ad spend.

And if someone is getting better return on ad spend, the CPMs for these ads go up. So there's a massive moat for some of these largest companies. Now, what I worry about is this will start to disperse more broadly, but at least in the initial stages of AI, where your data and distribution are so important, I think the Mag7 will continue to do quite well.