How are you guys thinking about kind of portfolio building in light of what John shared?

In the midst of this AI momentum, a lot of venture investors are asking ourselves, what is truly defensible? What are the economic modes? AI being able to spit out code in a very reliable kind of speed and quality now, it's no longer the ability to ship code or even the engineering talents, that's the scarce resource today.

And with a lot of great LLMs, and you can do so much with AI wrappers nowadays, A lot of us are asking ourselves, what is the actual constraint that's holding our particular industry back? And I think that answer continues to evolve.

But with that is coming a lot of these interests in these other adjacent opportunities.

John touched on this.

A lot of VCs are now focusing on deep tech, hard tech, ethical products, which just five years ago was completely out of vogue.

You know, capital intensive, long iteration cycles.

If you were to go back five years and think of your time kind of venture investing in the software space, how are those companies doing? And maybe not just necessarily in your portfolio, but broadly, what are those companies that were raising rounds in 2021, 2022 looking like as they try to compete in the AI ecosystem?