The Exchanges

Q So does that mean you've stopped? I mean, you've been the, you've been the north star for all of those of us that love, you know, real things in the real world, real experiences, you know, coffee you can taste, uh, donuts you can eat, you know, hospitality experience, right?

A I think we've paused and I think, and I understand why we've paused and we needed to pause, right? Because You know, this kind of, this kind of moment, you know, this AI revolution moment is quite, you know, I think meaningful and impactful. And so I just think for us as a firm where we're not going to invest in the kind of the infrastructure, you know, kind of layer per se, right? That's just not, you know, the, those checks were already just way still beyond. That's what we talked about. Fifty million, you know, a hundred million, you know, start these things, right? And so, like, it's just not what we do. Um, and You know, as we're missing that layer, you know, and we're waiting for the application layer, both in enterprise and the consumer to kind of catch up. Like, I think it's just required us to just say, pause for a second on all things that are non AI, because we're going to have catch up like almost every firm, by the way. Right. I mean, there are obviously firms that get to play in these big foundational models, but like, For the most part, like we're all kind of playing a little bit of catch up. And so it's going really, really, really fast. Uh, I think it's really dangerous moment in a lot of different ways, um, from valuations and things like that. But you just, you gotta play and you gotta play in this, in this space and you gotta, you just gotta, Be taking enoug…

AI assessment note: “I think we've paused and I think, and I understand why we've paused”

Q product kind of does the thing that they sold, but they're, Also developing it in flight, and it's not totally clear to me that this revenue is high quality or gonna stick around, especially if you can't really get the AI product to do what you sold it can do, right? Yeah. Um, and that, that's a little bit of a scary thing for me in the market right now.

A Well, I always get nervous when markets get pulled forward, you know, like, even like our, you know, broad based economy. Right now. Like, you know, how much of it do you get it pulled? It seems to be resilient. It seems to be doing well, but I just wonder how much purchasing power got pulled forward because businesses and individuals are panicked about the potential, you know, tariffs. And so make that purchase right now. And then, you know, then when those things happen or don't happen, you know, you've pulled forward all that revenue and, you know, there's a bit of a, You know, stall, so to speak, and so I do worry about that a lot, but I also, you know, do believe that there's some monstrous, you know, companies, obviously, there's obviously at the infrastructure layer, there's massive companies that are being built, but I think there's going to be at the application layer as well.

AI assessment note: “Well, I always get nervous when markets get pulled forward, you know, like, even like our”