Nilay Patel

And who gets to display the data in the database?

In the age of AI, it's actually more up for grabs maybe than ever before.

Yeah.

We're going to come to that.

But I see all these politics as upper grabs.

The other reason is I wanted to set up the decoder questions here.

You had a business that was, hey, there are a bunch of public or semi-public databases that we can access to.

And our job, as you've described it, is to build the best product on top of those databases and to say, here's the listings, here's the best tour, here's the best photo viewer.

And that is, you know, I don't mean this to sound reductive, but that is like we're going to make a great mobile app.

We're going to have the fastest photo viewer and worry about caching images, where they are, and all that stuff you're going to do.

We're going to have the best 3D tours.

The things you're describing now are we're going to do real estate transactions.

It's not just pure software design on top of databases.

It's we're going to actually go and address the business logic that someone is having when they're looking at a listing.

That seems like you would have to change the company pretty dramatically.

So tell me how the company was structured before you became CEO.

And then this is the decoder question.

How is Zillow structured now?

What are your mature businesses?

As you've evolved, right, there's been periods of growth in Zillow.