Rory O'Driscoll

10 year with no downturn.

I do think on the consumer retention element, I think you're wrong, Rory.

I think people are a lot more promiscuous than we give credit for.

Speak for yourself.

Excuse me, since the latest Gemini models, I definitely am.

I'm a total slut for a new model.

But since the new Gemini models came out, you've had a 22% drop in chat GPT usage.

I mean, speaking of moderating ambitions, there's one firm that is not moderating their ambition.

Our dear friends at Andreessen Horowitz, $15 billion for the new funds.

I believe it was 22% of all of the dollars raised from venture in 2025 going to them with this fundraise.

It's enormous.

How did we react to it?

And a subsequent really underlying question, do you have to go mega big platform or tiny boutique to play the game in 2026?

If you want index in Sequoia, index reduced the fund size that they went out and raised a billion and a half circa.

Sequoia actually have quite constrained fund sizes.

I think the seed fund is around 200 million and they don't have billions and billions per vehicle.

Do they have to embrace scale and say, fuck it, Andreessen have set a precedent.

This is a money wall game situation.

Well, for me, the truth is the ballooning of your growth assets means you have ever increasing price elasticity on your early assets.

And so for us playing the early game, they can just come in and bid 300 when we're bidding 150.