Tomasz Tunguz
speaker
457 appearances
2 recordings
1 series
first heard Jun 2025
last heard 16 Sep
Tomasz Tunguz’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Sep 2026 with 1.
Appearances
So one company would raise venture capital dollars and then they would pay to advertise on another company, and then that company would raise venture capital dollars and pay to advertise on another company.
And so all of those companies as a whole would th rise and fall with that little economy.
Right.
You could take of uh you could make a similar argument, which is Amazon invests in an AI company and says, we'll give you a billion dollars, but we'll give you six hundred million of that in credits.
And so we know Amazon knows that you're gonna take 350, 400 million of that and immediately turn around and spend it on the AWS.
So is that really an investment?
Is that a closed economy?
Can you value either the startup or Amazon web services based on that revenue?
I think there's a big difference here which is just like
Within the dot com era, that ecosystem was really small and truly closed, right?
It was just a bunch of companies sending eyeballs back and forth and companies candidly were valued on overall traffic.
Here
I mean, Morgan Stanley ran a survey at the enterprises, half of AI spend is f from existing software spend, and then half of it is brand new.
So there's a lot of new GDP coming into the ecosystem, which tells you it's it's more more resilient.
Yeah, agree.
I mean, there's I I think
My parallel is like the networking companies of the early two thousands.
You had Quest and Nortel.
uh who like grew really, really fast, super capex intensive businesses, building out, connecting basically every computer to every other computer.
It's kind of a necessary thing.
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