Phil Trammell

Just all the disclosure requirements and whatnot.

They want to get access to more potential investors too.

And if I had to guess, I would guess that the kind of

long kind of general trend of just like lowering those frictions and making it easier for more and more people to index more and more will continue despite the recent bump in the other direction.

I hope this isn't too out of left field, but I think I would be remiss if I didn't point out one big cost of having commoditized frontier AI models, which is the tech race dynamic, right?

That like for safety purposes, you might want fewer frontier companies so that each one has a buffer in case they want to slow things down to make things safer.

And the way this relates to our point before about the kind of widespread access of the returns

is that I think there's a lot less of a trade-off there than some people imagine, where some people think either Frontier AI gets commoditized and we all enjoy the benefits, but there might be some risk because the market's really competitive and cutthroat, or...

things are safer because there's a big gap between the leader and the laggard, but that means that the leaders get fantastically wealthy.

No, like you could just have a relatively big gap, but it's a public company ownership and it's widely distributed.