How would you frame the debate today about LLMs as a business model, now that we know a bit more?

Back then, it was like, are these businesses going to ever generate an economic return? I think one analogy was, AI will be huge, so was air travel.

Airlines were not a good business.

There's nothing differentiating about one airline from the other, and so therefore, the returns go down to the cost of capital.

Obviously, we took a different view, but that was like a sixty-five, thirty-five, seventy, thirty degree of confidence in that at that point.

It was more about the skew.

If things played out like we thought and the business models were actually moated, would be huge.

What advice would you give them, based on everything you've learned about these big, massive businesses?

You're just saying you don't know how to predict how the market will perform.

Look, I think that what markets don't like is uncertainty.

Yeah.

And the problem with China is twofold.

One is that the government has way too much influence on how resources are allocated.

I don't think they're particularly good at making those decisions, as you saw during COVID when they shut everything down for no reason.

Yeah.

on there?