Robert Armstrong

But we've all captured the value.

The companies as businesses stink, right?

Because of the competitive situation.

But the problem with airlines is any dingbat with a few hundred millions of dollars can start an airline.

Right?

Yeah.

All I need is- I mean, this is like the oldest joke in finance, but how do you make a million dollars in the airline business?

You start with $2 million.

Yeah.

The question is, is the competitive structure of AI more like-

I don't know, the software industry, which has been brilliantly profitable and created a lot of value and captured a lot of it for itself?

Or is it like the airlines that have created an immense amount of value and we got all of it?

That question boils down to, is a brilliant AI model...

A, different from the next AI model down the block, and part B is, can you keep them proprietary?

Once somebody has found out a brilliant one, can somebody else copy it really easily?

Right.

And so if everybody's AI model is the same, all it is is a matter of computing power.

And these companies like the big mag seven companies, Google, Microsoft, Amazon, then the private ones, OpenAI and Anthropik, all they're going to have done.

is built really big computers, right?

Really big places where there's metal and there's GPUs and there's cables and whatever.