software

“So, people were paying in twenty-twenty-one 25 times next 12 month revenue, ok? Over the last 10 years, they were paying just under 10 times.”

“Defense primes are good at aeronautics. They're good at explosives. You know, I tend to, I always say, like, they're good at boom. Don't compete on boom. What they're bad at generally is software, is AI, is autonomy.”

“There's 20 trillion dollars in labor spend. Software, I think it's like a one trillion dollar, so one trillion of the 20 is software. Like, that 20 trillion's up for grabs.”

“And the very obvious statement is every single line of code that's generated has a marginal cost of zero, so therefore software, the lines of code, is no longer a moat. That's probably overstated.”

“The thing that's happened with the LLM powered models is you can now go from, I have an inkling in my head to I'm going to build a prototype to I'm going to not always, not necessarily always on your own, but with a bunch of co-conspirators to build something …”

“I think software is just now maturing to a state where it's gonna have the same dynamic, and there's a one-time massive reset that's gonna happen because the amount of leverage in the system, and there's a lot of leverage coming due in these P-back companies i…”

“I just think that the interfaces for how you interact with models will evolve so much. And to the degree that models are part of software, we will see a ton of exploration there.”

“We went from a, let's call it a A software-centric world to a compute-centric world.”

“They have the highest profitability of any company in the world of the sector is chip companies. They're higher margins than software, pharmaceuticals, industrials, telecom, anything.”

“Yeah, Molly, my hottest take is I really do think that we're re-entering kind of the world of the here and the now, and what I mean by that is I think being successful in real space, doing hard tech, building real things, and manufacturing with real tangible i…”