AI companies

“The thing that is really expensive I mean, there are many things that can be expensive, but one of the things that is really expensive is I want to train a model from scratch that is very large and it's going to take me you know, low tens of people, probably 2…”

“I think that a vanishingly small number of AI companies can spend a hundred million dollars up front well, and, like, constraint is, is the name of the game in startups, right? It, like, breeds discipline and creativity”

“And it's gonna be good this year, I think, because we're going to start to have more legal clarity about, you know, how do we consider fair use what are the regulators expecting from AI companies to respect in terms of rules.”

“I tweeted actually the other day that I think the biggest AI companies will be services based implementation companies for large enterprises.”

“We have been active in AI, but ironically, if you look at fund 12 or most recent fund, like I think about seven or eight percent of it is invested in AI companies. Ironically, almost zero of it was invested in 2023. Almost all of it was invested in 2021. In mo…”

“And I think what's going to be shocking about this, that's not like the internet, is it's going to be harder for legacy companies to catch up to AI companies, which is different from the internet.”

“Yeah, I mean, the, your requirement in any supply chain pipeline is to eat the value. If you're, you know, like, that's the whole idea of, you know, how those things work. So, like, if the, if you're spending a lot of money on chips, you go into chip making. J…”

“So we believe that over the last 18 months, the best opportunities have been going earlier in these AI companies, and that is what we've done.”

“It forces a lot of costs upon the education system, and ideally, AI companies should be bearing some of that cost.”

“They didn't think about actually building products, you know, making things that people want, finding product market fit, and all those things that are so basic in tech, but somehow AI companies diluted themselves into thinking that the normal rules don't appl…”

“Europe has all the AI regulation and none of the AI companies.”

“I genuinely believe all AI companies and the S&P 500 are all undervalued, which is a very hot take. But again, if we're about to create a hundred trillion dollars of value, I think this is a real tangible Technological shift. It's a massive unlock on the order…”

“And I think that's going to happen. I think people will like you cannot lose.”

“Most people actually, most don't realize this. Most companies have access to roughly the same amount of data. They buy them from the same data providers.”

“You would be surprised that a lot of AI companies AEs are not compensated with commissions.”

“If software spending in the US is like a trillion dollars, but labor spend is like 10 trillion, and now, like, the AI companies are going after the labor spend, and so the outcomes are going to be, like, insanely larger than they were before.”

“And that's where you really can't be like a great consumer company and a great enterprise like company at the same time.”

“In these AI worlds, what I'm not clear on is if these AI companies, if they have sustainable revenue.”

“Just like in the beginning to get these off the ground, we had to trample copyrights and destroy everyone's IP rights. All of my IP is stolen. Everything I've written, all my videos were taken without my consent.”

“The difference is that these monopolies are not hiding in plain sight. We all now know that if you build an amazing tech company, it can be worth a trillion dollars. In 2000, if you told people that they can have a trillion dollar tech company, they would have…”

“The companies with something to lose whose statements over time have become more moderated. So, you know, I find that as your established company, you just say more sensible things, but there are some companies that I think are at greater existential risk. And…”

“And so this is the bar has actually gone up significantly for us when we look at AI companies because it grown so fast. And so you can't actually look at years of renewal behavior, but you can look at shorter cycles of retention and you most importantly can lo…”

“Maybe pension funds should be buying into all the big AI companies and making sure that everyone has a piece of that. Or sovereign funds. Maybe everyone, every country should have a sovereign wealth fund that does that.”

“And there's some chance that in the next two years, there's a blip in the market. All these AI companies are burning money. And if you're sitting there with twenty five billion dollars, you could have been saying, come to daddy. I got money. Let's talk about h…”

“I mean, if you visit very high growth AI companies, at least in San Francisco you know, the offices are pretty full on the weekends. And I don't think it's a coincidence.”

“If you don't have any control on running that agent yourself, if you don't own the learning that it actually that actually, like, you know, gains over the years, then you're basically fully dependent on these AI companies, you know, to do, you know, to get you…”

“I fundamentally believe that for AI companies in the future, you have to have interesting data strategy. Do you have access to data that no one else has access to? Do you know how to collect data that is very hard to collect?”

“As long as they can demonstrate a path to margin expansion over the course of the next few years, while still growing at these unprecedented levels with very healthy balance sheets, I worry less about gross margins like we did five years ago in traditional ent…”