Lenny Rachitsky

And as a listener of this podcast, you get $1,000 off Vanta.

That's vanta.com.

A really interesting takeaway here is that your sense is over time, the foundational model companies, Anthropic, OpenAI, others, their margins will get squeezed.

They will not be as successful as they are today.

And the bigger opportunity is in the application layer, the people building on the models, the wrappers.

But like, hey, that's what it looks like now.

This is great.

So I know you're not an investor.

I know you didn't actually do investing at A16Z, even though you work for A16Z.

Partner.

Partner.

Just sit around and pontificate.

Partner.

Are there companies you would invest in?

Like if there are a couple of companies you'd invest in now, is there some on that list or categories even?

Actually, along those lines, something I wanted to get your take on.

There's this thread that's been happening across a bunch of guests, which is around distribution becoming a bigger and bigger moat.

Because as software is easier to build,

Everyone's launching products.

Everyone's trying to compete for attention.