Patrick O'Shaughnessy

They're important companies.

How do you relate to them?

If I let you build a portfolio tomorrow where you got five slots, 20% each in five private companies building in and around AI, what portfolio would you build?

Dekagon excluded?

Two more.

I like the portfolio so far.

What do you think are, I'm interested in both ends of the spectrum, the people that aren't in your position who are both technical and commercially at the center of this wave, what do they overestimate and underestimate about the capabilities of AI today?

Where is it further along than the world thinks?

Where is it further behind?

How do you know that costs will get way lower?

I'm very curious about this margin question because if you knew for sure, then actually you want to run super negative gross margins.

If you knew that it was going to get 98% cheaper or something like this, cost of goods to serve a coding agent or something like that.

I think the argument would be get the install base, just like have the best product and get the users and build the affinity with that user base and don't care at all.

But that hinges a lot on the confidence that you have that the cost will fall.

So how do you know?

How do you think about that equation of win install base versus demonstrate good unit economics now?

How do you think about your margins?

Like just putting it on Decagon, like do you care at all?

Do you set them?

What's your guardrails or parameters for what's acceptable or what you're targeting?