Kelly Granat

And everyone's got different opinions and over what time frame and where is their fake AI and where is their real AI and where is the value ultimately going to be created and harvested and realized? And so we debate that constantly. And I would tell you that we think different things today than we thought three months ago, six months ago and 12 months ago.

And everyone's got different opinions and over what time frame and where is their fake AI and where is their real AI and where is the value ultimately going to be created and harvested and realized? And so we debate that constantly. And I would tell you that we think different things today than we thought three months ago, six months ago and 12 months ago.

And they will be different, I can assure you, from what we will think in three months, six months, 12 months. And so that level of change and dynamism just as an investor is is gold. I mean, that's why we do this. Right.

And they will be different, I can assure you, from what we will think in three months, six months, 12 months. And so that level of change and dynamism just as an investor is is gold. I mean, that's why we do this. Right.

I mean, you've had people on this podcast who are far more informed on this topic. So I feel humbled by even attempting to answer the question. But I would say at a high level,

I mean, you've had people on this podcast who are far more informed on this topic. So I feel humbled by even attempting to answer the question. But I would say at a high level,

Obviously, we have been of the view or questioning of the view from the beginning, I would say just stepping back, that LLMs would not be where the value was ultimately probably largely created and that the fact that there are six, seven, eight of these today would likely consolidate over time down to a few.

Obviously, we have been of the view or questioning of the view from the beginning, I would say just stepping back, that LLMs would not be where the value was ultimately probably largely created and that the fact that there are six, seven, eight of these today would likely consolidate over time down to a few.

And so our view going back really from the beginning was that probably most of the value would be created at the application layer, right? And so that's part of why we have such a large position in meta and have for the last bunch of years as we feel like that's the... most real-life example at scale of commercializing a lot of the capabilities in core products today.

And so our view going back really from the beginning was that probably most of the value would be created at the application layer, right? And so that's part of why we have such a large position in meta and have for the last bunch of years as we feel like that's the... most real-life example at scale of commercializing a lot of the capabilities in core products today.

And you can see it kind of in their results and they're talking to you about it when they speak on their calls and so forth. However, there aren't a lot of opportunities yet to realize that in the public markets. I think a lot of those businesses are first probably being funded in the private markets right now or in the last handful of years.

And you can see it kind of in their results and they're talking to you about it when they speak on their calls and so forth. However, there aren't a lot of opportunities yet to realize that in the public markets. I think a lot of those businesses are first probably being funded in the private markets right now or in the last handful of years.

in the same way that when the mobile transition happened and the iPhone came out, the Spotify's and Shopify's and DoorDash's and all these amazing companies that came out of that generation of startups came after, right? And so those generations of cohorts of companies I'm sure are being formed and have been formed in the last couple of years.

in the same way that when the mobile transition happened and the iPhone came out, the Spotify's and Shopify's and DoorDash's and all these amazing companies that came out of that generation of startups came after, right? And so those generations of cohorts of companies I'm sure are being formed and have been formed in the last couple of years.

don't invest typically at that stage in the private market and certainly many of them are not public yet. And so our positioning has been more really around picks and shovels with the view that like, let's see how the ecosystem evolves. Let's see where profit pools are going to be created over time. But in the meantime, what we do know is that

don't invest typically at that stage in the private market and certainly many of them are not public yet. And so our positioning has been more really around picks and shovels with the view that like, let's see how the ecosystem evolves. Let's see where profit pools are going to be created over time. But in the meantime, what we do know is that

There are constraints, and those constraints are shifting, obviously. They started on the SEMI side. Now it's more on the power side. The next piece, we'll see where that goes to.

There are constraints, and those constraints are shifting, obviously. They started on the SEMI side. Now it's more on the power side. The next piece, we'll see where that goes to.

And so that's more what we're tracking, right, in terms of where are the constraints, where are the profit pools being generated that we believe are sustainable that are not a function of supply-demand dislocation, and then how do we want to be positioned behind those, right? And so that's the framework that we've kind of used, and obviously we're doing...

And so that's more what we're tracking, right, in terms of where are the constraints, where are the profit pools being generated that we believe are sustainable that are not a function of supply-demand dislocation, and then how do we want to be positioned behind those, right? And so that's the framework that we've kind of used, and obviously we're doing...