Konstantine Buhler

And so that's us actually feeling AI and agentic AI finishing workflows in the real world.

So we always look at the team at the end of the day, especially for early stage investing.

We're looking for the founders that are going to endure and persist through ups and downs.

And we know that AI is going to have its moments of excitement, but also moments of difficulty.

And we look at the long duration and in long duration, we think it's undervalued still.

Sure, so we're here at the Citadel Securities Conference with a lot of leading investors, and they're all talking about what's the return on that AI, and that's what 2026 is gonna be all about.

How do we actually see that return?

And there's a few engines that are gonna power that.

The first is new monetization strategies.

To date, most of the monetization of AI has been subscription revenue.

You pay for a subscription and you get a product.

Well, there's a couple more ways that companies are now monetizing.

One is through usage.

So the more you use the product, the more you pay, kind of like a real service.

The other is actually through e-commerce.

So last week, OpenAI announced that you can actually complete entire purchases on ChatGPT.

So you can actually do research for the product you want to buy and buy it through Shopify or Etsy completely on the AI platform.

That's something we're excited about.

We wrote a thesis that this is going to become an important way to do commerce, and we believe that will continue to be.

The other one is new modalities.