Tom Gardner

We had to build the internet.

AI is getting to ride on top of that infrastructure right now.

So mostly infrastructure companies are light companies like NVIDIA, right?

They're chips, right?

So we're not the heavy, heavy investments we saw to commercialize and bring the internet to households across the world.

That has been built.

So AI will be much more profitable.

The companies back 25 years ago, first of all, a lot of them were going public very quickly, right?

You would have a company created and five months later it would go public.

And money that was going into them was being spread across so many businesses.

You were diluting the quality of companies and you were putting a lot of retail investors at risk thinking this sounds exciting.

This could change the world.

But there wasn't enough talent.

There wasn't enough good commercial insight.

It was reckless.

And the businesses had no opportunity off Broadway to practice that show and make it great.

Everything was just going center stage Broadway right away and it wasn't looking very good.

That's not happening now.

We don't have a lot of companies rushing to the public markets today.

But what we do have is a rising enthusiasm for an acronym like AI.ai.com.