Rory Driscoll

But maybe you're doomed to a 1x.

And is this the round that happens?

I might have said the $6 billion round was, just given the core time market size.

I thought it was an excellent report.

And I thought there's a lot of substantive, good economic analysis up and down the report.

I thought that slide was probably the least astounding one when you think about it for longer than clearly you did.

Because it was a great soundbite.

And those guys, it's a great soundbite, right?

But objectively speaking, if you kind of

add up all the AI revenue, you're going to get $13 billion for OpenAI, $4 billion for Anthropic, and everything else is in the noise.

$200 million for Harvey, whoop-dee-doo.

They're amazing companies.

They're going to be great.

And then actually, if you were to lump a third one in, it would be Databricks, which they have a massive market share in.

So to a rounding error, another way of saying the same slide is we have money in OpenAI, and OpenAI is 40%, 50% of total revenue.

I could agree with your conclusion on it being at some level an asset class.

I might even argue two asset classes.

I'm not sure that I agree with your conclusion that therefore you deploy more.

Well, Gary said that, not me.

Got it.