Kai Ryssdal

I was here as well.

And so, you know, I've got some history, but not like you do.

But...

The dot-com bust being bad makes sense, but we're in the middle of the bubble of AI, man.

Right.

Where are we going?

What are we doing?

We should say here, by the way, you're not driving as we're talking.

Other people are driving.

So where are we going?

What are we doing?

There are literally thousands of AI startups all over this country.

According to PitchBook and the National Venture Capital Association, AI startups got $222 billion in venture capital investment in 2025.

That is 65% of all US VC dollars that year.

Tiny Fish, the company we're visiting, got about $47 million worth of that.

And yes, that is small potatoes compared to the big fish like Anthropic and OpenAI.

But for artificial intelligence to pay off in the way that investors are betting it will, it's going to take a whole ecosystem of companies using it.

And that's why we came here to a kind of suburban office park in Los Altos.

It looks a little bit like a Chipotle, though, with those umbrellas and stuff.

Indeed.