The Ledger, every show

“That's probably where they'll all collapse, right, in the agent era, because if you think about it, right, they are essentially CRUD databases with a bunch of business logic. The business logic is all going to these agents.”

“The SaaS applications, or biz apps, so let me just speak of our own dynamics thing. The approach, at least, we're taking is, I think the notion that business applications exist That's probably where they'll all collapse, right, in the agent era, because if you…”

“In fact, if anything, it's bringing down prices because long-term there's going to be a better grid. There is going to be more energy.”

“I don't have a utilization problem. I may have a PUE, like, I mean, I want higher utilization because it's mostly because it's memory bottleneck or what have you, but that is a different, I mean, like, there is not a thing that I have that's not sold out. In f…”

“Yeah, it does. But I would say before even our stake in it, Brad, I think what's pretty unique about OpenAI is the fact that as part of OpenAI's process of restructuring, one of the largest nonprofit gets created.”

“Our investment of let's say that 13 and a half, which was all the training investment, that was not booked as revenue. That is the reason why we have the equity percentage. That's the reason why we have the 27% or a hundred and thirty-five billion. So that was…”

“So I think headcount will, in fact, one of the ways I look at it and say is our total people costs will go down, our cost per head will go up, And my GPU per researcher will go up.”

“I'm positive that six months from now, we'll all be saying, oh, wow, like, all through night, the night, there was a bunch of stuff that all these autopilots that I have working on my behalf with my delegated authority, so to speak, right? I can, sort of, give…”

“So if you have a, like if you take in teams, I have a bunch of agents doing work and a bunch of humans doing work and the traces between those, that is really important context of how that enterprise is creating value. Then that goes back to train, not a gener…”

“So the value creation opportunity now in the agent world is in fact, 10 X more, but it does require us to have, for example, there's going to be usage around M. Three, six, five, right? Which is going to be perhaps more than even the end users.”

“So subscriptions, I think, are going to be there, per user is going to be there. Then the next big thing will be consumption.”

“I think the generalist role is going to be the most exciting, right? Because the leverage of a generalist is where we are going to see the maximum returns, right?”

“Most importantly, you'll have private evals, because we know all the evals out there are good, interesting, but they're not really that critical. At this point, because they're all can be maxed. And so the point is each company will have its own private eval.”

“I'm positive that six months from now, we'll all be saying, oh, wow, like all through night, the night, there was a bunch of stuff that all these autopilots that I have working on my behalf with my delegated authority, so to speak, right? I can sort of given e…”

“Which is when a company says it should in fact go onto the balance sheet is how I think about it, right? That's so, in fact, there may be like human capital was never possible to go put on a balance sheet because you didn't know how to capture the tacit knowle…”

“So the value creation opportunity now in the agent world is in fact, 10 X more, but it does require us to have, for example, there's going to be usage around M three six five, right? Which is going to be perhaps more than even the end users. And we have to eve…”

“There will always be a per user, but there will have to be a consumption meter.”

“So I think interestingly enough, maybe the next big startup and success story could be Someone who builds a new university or a new pedagogy even of how to get someone to go through a curriculum and find economic opportunity, ah, that's highly valuable.”

“There will be tech companies maybe even top five tech companies that could emerge everywhere with even the American tech stack.”

“In that app server, one of the things that structurally now is pretty clear is anyone building any application or any company is going to use Not one model, but all the models, right?”

“They're definitely going to be frontier models that are closed source. You know, they're going to be open source models that are going to be frontier class.”

“Right now, for the RL loop, they are simulating our production environment, but they will ultimately be more efficient in creating their own production environments to kind of RL themselves.”

“One of the things that we are experimenting with this mission control in GitHub Copilot is that, right, which is, well, the idea is you go have five, six different branches in which you fire off all these autonomous agents, they all do their work, they come ba…”

“The future of a company is that company has its own foundation model that captures essentially the tacit knowledge that makes the transactional costs of how knowledge gets accrued and diffused inside the organization faster.”

“That ultimately is where, you know, the future of agents would be, right? And so therefore you want the model. In fact, you want an ensemble. Of models that then, you know, you have agents intermediating that ensemble so that it meets your needs.”

“Obviously you go to the board and say, hey, I have an idea of taking a billion dollars and giving it to this crazy structure, which we don't even kind of understand. What is it? It's a nonprofit, blah, blah, blah. And saying, go for it. There was a debate. Bil…”

“And it's not, and by the way, it's going to be heterogeneous. Obviously, Jensen's super competitive. Lisa is going to come. You know, Hawk's going to produce things from Broadcom. We will all do our own. So, there's going to be a combination. So, you want to r…”

“And if you ask me five years from now, 10 years from now, is that percentage going to be higher or lower? I think the answer is pretty straightforward. It's going to be higher. It's just a question. Is it going to be 10 or 15?”

“So I think, yes, you can generate applications just in time. You could have a prefab application that is really helping with the feedback loop to the model, and I think both of these things will exist together.”

“What I think will happen is all of us are going to be creating software, but there is going to be a job called a software engineer. It's going to be different, but I look at it, right? You are really taking a software engineer and saying you're now a software …”

“Finally we've had a physics breakthrough, and we were able to actually fabricate that particle, and so therefore that's what has led to this chip.”

“I don't think it's going to be winner-take-all, right? Because a lot, there may be some categories that may be winner-take-all. For example, on the hyperscale side, absolutely not, right? I mean, the world will demand, you know, even ex-China, ah, multiple pro…”

“That shift, I think, is what's happening universally. And we are away, maybe one or two of these agents for shopping or travel away from even some of the commercial queries. That's the time when the dam breaks, I think, on traditional search, when some of the …”

“I mean, I always say Google makes more money on Windows than all of Microsoft. I mean, literally.”

“At the end of the day, the user will be in control on an open platform like Windows. And I'm sure Apple and, you know, Google will have a lot more control, so they won't allow it.”

“I don't think there will be ever again maybe a two-year lead like this. Who knows? We, you know, it's all, you say that and somebody else, you know, drops some sample and suddenly blows the world away. But that said, I think it's unlikely that that type of, yo…”

“In fact, I say, if it was, oh, wow, the two companies in the world or three companies in the world have AI, that's not a world that any of us want to live in. In fact, that's a world that won't exist. No country will allow that. It is a silly way to even conce…”

“To your point, it'll change everything, like we're working with Autodesk on Maya so you can imagine architecture, industrial design pretty much any field you can have a co-pilot for everything.”

“I think the generalist role is going to be the most exciting, right? Because the leverage of a generalist is where we are going to see the maximum returns, right?”

“You saw that I talked about sort of how we built in the last 15 months more Azure capacity than we built in the first 15 years.”

“40%, 50% of the GDP of most Global South countries is public sector. So just imagine this tech making a difference in how the governments, ah, really parlay the taxpayer money into services for citizens, and there's, if there's efficiency gains, that's probabl…”

“Top-down is if I look at the ROI of applying AI in customer service or in supply chain, or in HR self-service, those are the easy projects where IT and CXOs can make calls, and that's where you're seeing the first drop of real AI adoption.”

“I mean, you know, I always say, at least compared to anything we have done in terms of all the office suites over our history, this is the fastest.”

“On Copilot today, you use OpenAI models, you use even Claude, right? I need the system to work across both of those.”

“So the IDE, I think, in fact, one of the most exciting things is new classes of highly refined IDEs that have even a sort of a telemetry loop with the intelligence layer, but also they kind of act more like heads up displays, right? I have thousands of agents …”

“Powered up shells, right? So if I don't have enough shells that are powered, that I can then roll in my racks and then make them operational. And that's the long lead part, right? Which is you kind of have to have the land permits, the power permits, get all t…”

“Because the good news here is there is going to be multiple. I mean, obviously, ChatGPT is the big one, but there's going to be, I mean, you know, Google's going to be there. We're going to be there. Meta will be there. Perplexity. There's going to be a lot of…”

“And let me just say one thing Brad as both a partner and an investor, there is not been a single business plan that I've seen from open AI that they're put in and not beaten it.”