FirstMark Capital founder Rick Heitzman illustrates the rapid progression of generative media realism and AI personas.
Insight
Heitzman: Circular revenue deals between AI giants are a warning sign
“Well, it depends on who you are, and that kind of goes to the recycling or the circularness of some of these things. Obviously, the OpenAI, Microsoft, or OpenAI Oracle, goes back to the OpenAI Oracle deal. And, you know, I'm gonna give you money that you're go…”
Opinion
Heitzman: FirstMark sees no sustainable consumer AI startups, only ChatGPT wrappers
“So we've found sadly, that, you know, we haven't seen this wave of startups that we believe are sustainable. So there's actually been a handful of startups that are Wrappers on ChatGPT that are maybe a little bit better at travel. They might be a little bit be…”
Opinion
Heitzman: AI will replace 80% of routine legal associate work
“Probably 80% of all legal work is, this is Rick, he needs a will. This is, you know, here is a first mark company that's going through a series A financing. Can you just reproduce documents given these are the founders, these are the issues, and here's the ter…”
Prediction Not checkable as stated
Heitzman: Hyperscalers will not stop AI infrastructure buildout
“So I think this is not going to stop, and I also think the hyperscalers, all of their ambitions are so big and so broad, and they're all so pot committed, I don't think anyone's going to stop.”
Insight
Heitzman: Proprietary datasets enable vertical enterprise AI to win
“We had a company, Evolution IQ and Insurance, there's Harvey and Legal, there's Henry and Commercial Real Estate, and they all have, A very discreet and sometimes private data set that enables them to build a better model, enables them to deliver a better end …”
Assertion Contradicted
Heitzman: US lawyer headcount quadrupled since advent of word processors
“Since the IVAN word processors, there's four times more lawyers in America than there was at the time.”