Nilay Patel

Not everybody will.

Can I extend this to you as the CEO of a software company?

Sure.

This is the same argument I hear about the frontier models, the AI companies, their sort of relentless expansion into every category, and then what you might call the cesspocalypse.

Why would I pay your margin on tokens that you're buying from them when I can just buy their tokens directly and just talk to Claude?

Why wouldn't I just vibe code something that looks like Grammarly and run it instead of paying?

You're like $160 a year.

This is the thing that's coming for the software industry writ large.

Do you feel that same pressure?

You don't think that OpenAI or Anthropic or any Google will say, well, Grammarly is pretty useful.

We can build a tool that looks just like it in seconds and ship it and kill their – I mean they're just buying our tokens anyway.

We can just kill them pretty easily.

I just want to end on a big thing.

Again, you used to run these platforms.

You're on the board at Spotify.

I know you think about the economy here and how work gets produced and who gets paid as deeply as anyone.

I look at the shape of the media landscape right now, the information landscape that you might call the internet, and I say, boy, everything is slowly turning into QVC, right?

Like making this stuff is getting devalued every single day.

Being the person who makes the stuff is getting harder and harder.

It's something you've repeated several times now over the past hour.