Unnamed Speaker 12

What are you seeing in your portfolios? Any thoughts on this trend of the major jobs, the high-paying elite jobs, Chamath, maybe going away? This is a trend we haven't seen in our lifetime. So there's always room for elites at elite companies. And now it seems maybe the demand's gone. What's going on here?

What are you seeing in your portfolios? Any thoughts on this trend of the major jobs, the high-paying elite jobs, Chamath, maybe going away? This is a trend we haven't seen in our lifetime. So there's always room for elites at elite companies. And now it seems maybe the demand's gone. What's going on here?

Yeah. And just to explain this chart a little bit more in depth, the 100% number back in 2020, then boosts up to two and a half times that amount and then comes back down to 60% of that amount. So it's an index. We don't actually have the raw numbers here of the number of developer jobs open or closed. Sax, your thoughts, what are you seeing in company formation to Chamath's point?

Yeah. And just to explain this chart a little bit more in depth, the 100% number back in 2020, then boosts up to two and a half times that amount and then comes back down to 60% of that amount. So it's an index. We don't actually have the raw numbers here of the number of developer jobs open or closed. Sax, your thoughts, what are you seeing in company formation to Chamath's point?

And overall, what do you think this means for the American elite workforce?

And overall, what do you think this means for the American elite workforce?

Freeberg, you're, you know, running a company now you're doing hiring qualitatively, what you're seeing in terms of hiring from when you were running production board, you had many companies, people were fighting it out in the peak Zerp era, you know, and giving people incredible, incredible, you know, compensation packets and packages.

Freeberg, you're, you know, running a company now you're doing hiring qualitatively, what you're seeing in terms of hiring from when you were running production board, you had many companies, people were fighting it out in the peak Zerp era, you know, and giving people incredible, incredible, you know, compensation packets and packages.

And then you also had like sort of people trying to take talent and maybe talent hoarding was going on. It seems to have dramatically switched. We've been putting job postings out and seeing hundreds of people apply for jobs that we would get dozens previously. What are you seeing? What's the game on the field in terms of hiring?

And then you also had like sort of people trying to take talent and maybe talent hoarding was going on. It seems to have dramatically switched. We've been putting job postings out and seeing hundreds of people apply for jobs that we would get dozens previously. What are you seeing? What's the game on the field in terms of hiring?

Yeah. And I think globalization also having a big impact here. I honestly, my theory on this is that because there's not three competing offer sacks from big tech, when you're a startup, you know, trying to land somebody and you're like, we have to beat Uber or Airbnb or Coinbase, you know, like a mid-market company or the Google offer, the Apple offer, the Amazon offer.

Yeah. And I think globalization also having a big impact here. I honestly, my theory on this is that because there's not three competing offer sacks from big tech, when you're a startup, you know, trying to land somebody and you're like, we have to beat Uber or Airbnb or Coinbase, you know, like a mid-market company or the Google offer, the Apple offer, the Amazon offer.

Typically, a developer would have those three sets of offers. Here's a startup that's willing to give you 1% of the equity. Here's a mid-market company, an Uber, an Airbnb, a Coinbase, that's offering you $300K. And then here's the incredible $500,000 offer from Amazon or Google. Those offers just aren't there. So then it makes for... The ability for startups to hire great talent.

Typically, a developer would have those three sets of offers. Here's a startup that's willing to give you 1% of the equity. Here's a mid-market company, an Uber, an Airbnb, a Coinbase, that's offering you $300K. And then here's the incredible $500,000 offer from Amazon or Google. Those offers just aren't there. So then it makes for... The ability for startups to hire great talent.

This is the best time possible to be a startup. The talent on the field is incredible. OpenAI is considering a for-profit profit conversion, and that means possibly an IPO soon. According to reports, Sam Altman recently discussed this with major shareholders like maybe Microsoft. And it's possible OpenAI will become a for-profit benefit corporation similar to Anthropic or XAI.

This is the best time possible to be a startup. The talent on the field is incredible. OpenAI is considering a for-profit profit conversion, and that means possibly an IPO soon. According to reports, Sam Altman recently discussed this with major shareholders like maybe Microsoft. And it's possible OpenAI will become a for-profit benefit corporation similar to Anthropic or XAI.

If you don't know what a for-profit benefit corporation is, a benefit corporation or B Corp in the industry means you have a stated mission that the board is responsible for going after, you know, save the whales, provide AI software for all of humanity, whatever it is, in addition to the standard acting in the interest of all shareholders. And so...

If you don't know what a for-profit benefit corporation is, a benefit corporation or B Corp in the industry means you have a stated mission that the board is responsible for going after, you know, save the whales, provide AI software for all of humanity, whatever it is, in addition to the standard acting in the interest of all shareholders. And so...

This, of course, means OpenAI, which was valued at $86 billion, could IPO at some point. What are your thoughts on this? We saw the revenue numbers are crushing it. Any thoughts, Chamath, on OpenAI IPOing? Is that a possibility in your mind?

This, of course, means OpenAI, which was valued at $86 billion, could IPO at some point. What are your thoughts on this? We saw the revenue numbers are crushing it. Any thoughts, Chamath, on OpenAI IPOing? Is that a possibility in your mind?