Matthew Prince

Or you let every buyer buy.

define their own rating algorithm in the bond market it turns out that yes you've got fitch and moody's but you actually have the banks that create their own models on what they think the default risks are and and those sorts of things at some level like in this case like how we're thinking about it at cloudflare is we're building what is effectively like a pluggable framework

where the different AI companies can say, here is my algorithm.

And you think that's going to be like a bunch of work, but they've actually kind of already built it.

They think of it as a pruning algorithm because the way these things work is they're building giant trees.

But one of the most important things that you have to do in order to make these trees not be infinitely large is prune off the information that's already there.

A way of thinking of that is back to the analogy of Swiss cheese.

If you already got cheese somewhere, you don't need more, right?

So you prune that off.

And so you take that pruning algorithm effectively and you give it to Cloudflare and you say, okay, you can see the content that we can't see, run our pruning algorithm against it, give us a score, and then tell us what that score is.

And the combination of scoring the content plus scarcity

is I think the right start of the formula of then what the value is.

And then exactly how that transacts from there is, is it a microtransaction per thing or is it sort of one kind of bulk fee that you pay and then it gets distributed out?

Sort of doesn't matter, but what matters is can you score the content and then is the content scarce?

If those two things are the case, then that's gonna be a way that you can actually come up with that market.

And the way we think about it is,

We shouldn't be the ones scoring the content.

We should be the ones facilitating the algorithms from all the different AI companies to score that content on their behalf.

So tell me how that works out.

I think it's actually just, at the end of the day, you have a certain amount of users that get value from the content.