Rachel Warren

Alphabet has said that Gemini 3 has undergone the most comprehensive safety evaluations of any Google AI model.

So I think this is very exciting, and I'm very curious to see how the use cases for this expand from here.

I think that this is the new normal in this space, at least for the near future.

I think a lot of these really significant investments, these circular deals in AI, I think it does suggest a future, at least for the near term, that could be dominated by a few major players.

Now, I do think 10-15 years from now, that paradigm is different.

But for now, I think it's clear, companies that have the enormous capital required to develop and deploy cutting-edge AI, they are really few and far between.

This does create a very powerful ecosystem that, at least for now, could make it difficult for smaller competitors to compete.

I think it's leading to consolidation of influence among the largest tech companies.

But I do think that's a natural part of the journey.

For now, the bigger, the most capital-efficient players dominate.

But I do think as time goes by, you're going to see more competitors emerge.

That could create new opportunities for investors and the industry as a whole.

One thing I'll note, it's really fascinating to see how this industry has developed from

through the years.

You go all the way back to the early 1980s, there was this massive surge of interest in AI, and there was the AI winter, but AI research continued in the background, and now you have a genuine resurgence in the 2020s.

We're in the beginning of the lifecycle for the potential of this industry.

It's very exciting to think about.

Yeah, I think it's an interesting point you make because there has been, I think, this idea that's still really widely debated amongst a lot of people in the crypto world of whether Bitcoin and other assets like that can be a hedge against inflation and some of these other macro concerns.

I think we've seen, at least in recent times, that that hasn't necessarily been the case.

Bitcoin's price dropped as low as about $89,500 on Tuesday.