It was a pleasure hosting the third annual IA Summit in person on October 2, 2024. Nearly 300 founders, builders, investors, and thought leaders across the AI community and over 30 speakers dove into everything from foundational AI models to real-world applications in enterprise and productivity. The day featured a series of fireside chats with industry leaders, panels with key AI and tech innovators, and interactive discussion groups. We’re excited to share the recording and transcript of the“Market Perspective on AI” fireside chat with Altimeter Founder and CEO Brad Gerstner and Madrona Managing Director Matt McIlwain.
TLDR: (Generated with AI and edited for clarity)
In the fast-moving world of AI, few conversations cut to the heart of the matter quite like this one. At the 2024 IA Summit, Altimeter Founder & CEO Brad Gerstner joined Madrona’s Matt McIlwain for a discussion about how AI is reshaping everything from web search to enterprise applications — and what it takes to succeed in this new landscape.
Whether you’re curious about OpenAI’s massive valuation, the future of enterprise AI, or why the Google search model is on its way out, this fireside chat delivers insights that will make you rethink where AI is heading. Brad doesn’t hold back, giving real-world examples and predictions that both challenge and excite.
- Value Beyond Models: Brad emphasized that technology alone (models) does not drive value. Instead, applications like ChatGPT succeed because they offer superior user experiences and practical value.
- Disruption of Web Search: He pointed out that the traditional web search model (Google’s “10 Blue Links”) is being massively disrupted by AI-powered applications, which offer more personalized, efficient experiences.
- Trust and Durability: Gerstner stressed that in both consumer and enterprise applications, companies must build trust and deliver magical, durable experiences to capture value and succeed long-term.
OpenAI’s Massive Funding Round
Matt McIlwain: So we’re going to cover a lot of ground here. I’m sure this is going to be an engaging, high-energy conversation. Since we were just talking about models, and as I was looking at my phone briefly between that session and this, the news broke that OpenAI raised an over $6.5 billion dollar round at $157 billion valuation. And I thought, who better than Brad to help us break that down? So let us hear some thoughts from you, Brad.
Brad Gerstner: Well, first, it’s great to be here.
Matt McIlwain: Thank you.
Brad Gerstner: I’ve been investing in the Seattle community for 25 years now. Expedia, Zillow, Concur, Farecast, Microsoft, Amazon. It’s an extraordinary community. And one of the things I love about you personally, your firm and this community, is how positive Summit is. The news last night about the Hutch, the work that you’re doing in the community. This has never been a community that’s just about a transaction. It’s always been a community about relationships. And you and I have worked together on important things, whether they’re issues related to heart health or my legislation I’m working on right now, called Invest America. So kudos to you. Kudos to you for putting this on, and I’m happy to be here.
So the information is true. OpenAI has closed their round, as they put on their blog post. And we were major investors in this round. But we just had a panel on models. And how you capture the value, and is there any durable value in models?
The Value of Models and Applications
And I would start by saying that OpenAI is no more a model company than Google is a web crawler and page rank company. There is no value. There is no intrinsic value in the technology. The technology enables a consumer application and an enterprise application that delivers value that either consumers or enterprises are willing to pay for. And if you don’t do that, just go ask the folks at Lycos and Alta Vista and Ask Jeeves whether there was any intrinsic value to their web crawlers or their page rank or all the stuff they built. There is no intrinsic value in that layer. You have to capture the imagination and you have to build products that are durable for consumers and for enterprises.
And the reason that, if you take a look at this slide, OpenAI got to over $4 billion of revenue, and it’s accelerating two and a half years faster than Google, four and a half years faster than Meta. And it’s not because they built a model. It’s because they shocked our senses with a product called ChatGPT that was a hundred times better than the card catalog known as 10 Blue Links that Google built 25 years ago.
Matt McIlwain: So should Google be nervous?
Impact of AI on Google and Web Search
Brad Gerstner: Absolutely. I would say the entire metaphor of the web is being broken. The idea that we’re going to go to Google to start everything, we’re going to search through 10 Blue Links, or we’re going to click on an ad that’s then going to take me to Expedia, that then is going to take me to a list of 300 hotels, 298 of which I would never consider staying in. They know nothing about me. This whole metaphor that you and I have lived in and done really well in for 24 years is being massively disrupted by what’s coming next. And it’s 200 million weekly average users. So think about this for a second, because people are shocked at $150 billion bucks. Let me just take you through a thought exercise. And a lot of these numbers are out there being reported by the information and others. So I’m just working-
Matt McIlwain: People in the room.
Brad Gerstner: I’m just working off of the reported numbers. I’m not sharing any numbers. Working off the reported numbers. So if you believe that the run rate revenue exiting this year is somewhere around $5 billion and it’s growing over 100%. Let’s just say round numbers, next year they do $10 billion.
Matt McIlwain: And of that $5 billion, what, roughly 75% being ChatGPT versus the API?
Valuation Comparisons: OpenAI vs. Google and Meta
Brad Gerstner: That’s what’s been reported. So if you think about where they are and what just occurred, so if you’re at $10 billion in revenue next year, then $150 is 15 times forward revenue. Where did Google go public? Google went public at 15 times forward revenue. Where did Meta go public? Meta went public at 14 times forward revenue. So it smells right in the scheme of that. It’s growing faster. It got there faster.
And the way I would really think about this round, so this round that they just raised is 3x the amount of money as Google raised in their IPO. Their revenue is 2.5x what Google had at the time of their IPO. And their number of users is 2x the number of users Google had in its IPO. So it’s hard to get our head around the fact that a company whose product did not exist 22 months ago is already there. But we’ve had to adjust to that new way of thinking. So if you asked the 15 or so investors that came into this round, that looks like probably a public market IPO, right, if you looked at the list of those names.
Matt McIlwain: A private/public IPO?
Brad Gerstner: Yeah, I think that this is the right framing. So all those people whose heads are blowing up, my podcast partner, Bill Gurley, who can’t believe this, and it’s a bubble, and it’s AI, and you guys are all crazy again. No. Take a breath. This doesn’t mean that every model company is worth billions. In fact, what it means, if you are one of those other subscale model companies that has not generated real revenue, your chance of going out and raising money from the people who just put in this round went down dramatically. So the consolidation of the model layer. And we had this conversation with Jesse last night. You have to build a consumer or an enterprise application that people are willing to pay for if you want to continue to fund the technology investment that’s required.
Matt McIlwain: Well, and you’ve got the proliferation of models. We just said, this whole panel, as you said, with open models, we’ve got the cost per million tokens effectively going to zero.
Brad Gerstner: Plummeting.
Durability in Enterprise Applications
Matt McIlwain: So there’s a whole bunch of pieces there. Clearly models are not all you need. They’re a distinct ingredient of these next-generation applications and agents. What’s the durability? What’s the durability? Let’s just talk about an OpenAI, but then let’s move to another company you’re an investor in, Glean. We’re going to hear from Arvin in a little bit. How do you think about durability from an enterprise application or capability set in this world?
Brad Gerstner: Well, I mean I think they are two great ones to use as a framing mechanism. So technology is the enabler, right? So ChatGPT is capture lightning in a bottle. It is the verb. We’ve done a lot of research on engagement, retention, growth, all the things that we’ve studied for 20 years when we were early investors in Google and early investors in Meta and early investors in other consumer cycles like ByteDance. We were one of the investments in ByteDance in 2015. You see these indicators where somebody captures lightning in a bottle and begins to break out. In fact, I think I have a slide here, but we don’t don’t need to go to it. But in 2004 when Google went public, Yahoo had meaningfully more revenue than Google. And the debate around the IPO, I remember because I was there and buying it, was that Terry Semel was coming back to Yahoo and Yahoo was going to have a resurgence. It never happens, okay? It’s very, very difficult to displace the mindshare.
Matt McIlwain: Satya might disagree with you about resurgence.
The Importance of Consumer Experience
Brad Gerstner: I’ve had this conversation with Sacha about ChatGPT. I’m sorry, consumer Co-pilot as a brand is going to have a hell of an uphill battle against ChatGPT. Now he is lucky he owns a lot of ChatGPT. He’s brilliant. He’s brilliant. He’s got multiple bets on the table. Good for him. So I look at it, the durability is about, do I have a team with a product pipeline and the velocity that will continue launching new products? Noam Brown, who’s an advisor to Altimeter, the inventor of Strawberry or the O1 model.
Look, in the middle of all this chaos of the last nine months, at OpenAI, and what’s happened? Numbers have accelerated. They’re launching new products, yesterday, voice-to-voice APIs, faster than anybody else. Everybody else is responding to them. That’s not a sign of fragility. That’s a sign of anti-fragility on the consumer side. On the enterprise side, Arvind’s here from Glean, who has an incredible background and has been working on an enterprise Co-pilot, I like to say the enterprise GPT. I think he has the opportunity to build for the enterprise what ChatGPT has built for the consumer. Because the reality is, when I have this magical experience as a consumer with ChatGPT, and then I walk into my job, do I want to all a sudden use shitty systems? No, I want to have a ChatGPT-like experience. I want to be able to ask my assistant anything. I want it to be predicting things for me. And so when I brought him, we came up together last year. I said, “I want you to meet my buddies over at Zillow.” He met with them, fortuitously. They became one of his largest customers. And then about six months ago, Rich Barton called me and he said, “It’s the best software product I’ve ever used.” He said, “You couldn’t pry it out of my hands.”
Matt McIlwain: Rich?
Brad Gerstner: And I said, “Rich, why?” And he said, “Because our corporate intranet and the balkanization of the cloud has become a dog’s breakfast. I don’t even know my passwords. I can’t find anything. And I just want to know simple shit. I want to be able to look up an employee. I want to be able to type in Mike Fridgen. And it shows me where Mike works, what his last review was, who reports into him, gives me an org chart. I don’t care what the underlying system is.” And that’s what Arvind. Arvind and I, on the way up here, we’re playing around with the GleanGPT. So he’s built all those deep connectors into all the underlying systems. And if you look at the revenue growth of that business, the user growth of that business, it’s very ChatGPT-like.
Matt McIlwain: But that takes a lot of trust, especially in the enterprise. So I mean, I’m sure we’ll hear a little bit of that from Arvind later. But how are you evaluating that, because you’re looking across literally hundreds of companies. Glean’s a very special one, of course, and one of the IA40 winners. But what are you doing to go build trust, to go win in the enterprise, or even in the healthcare industries, as we were talking about a little earlier?
Investment Strategies and Market Trends
Brad Gerstner: So you mentioned Altimeter’s a little bit different. We’re split pretty equally between the public markets and the venture markets. I’ve started three companies before I started Altimeter. We invested in a lot of companies. In fact, I think 95% of our venture wins, the companies had less than 3 million at the time we invested in them. So very early.
Matt McIlwain: Snowflake, which we worked on together.
Brad Gerstner: Snowflake, was pre-revenue. So when you think about, on the enterprise side, we’ve looked at over 200 companies in the last two and a half years that are all in our anti-portfolio. Great technology, great team, super smart. I had to put them in the too hard bucket. At the beginning of a phase shift, at the beginning of a super cycle, you can be right on the big trend, internet. You can be right on search. And yet 20 of the logos that venture capitalists scrambled to get in ’98, ’99 went to zero. And I said, on a recent pod, you could have simply waited until 2004 and bought the Google IPO, and you got 95% of all the upside ever created by search.
Matt McIlwain: Well, you’re making a case against venture capital right now.
Brad Gerstner: I mean, listen, as a founder, you got to be eyes wide open to this. For me, we said we’re going to invest in infrastructure companies. What did that mean? That means we’re going to go buy Nvidia. But it also led us to Samooha. It also led us to Cerebras. It also led us to Tabular. It also led us to these infrastructure layer companies in the private market that were going to be enablers to the super cycle that was coming. And I think we’re on the verge of an explosion in applications now that we have the substrate laid down. But yes, you got to be mentally flexible.
Future of AI and Business Models
Matt McIlwain: So am I curious correctly though, if OpenAI didn’t have ChatGPT, would it have been a compelling investment at some price? And maybe more generally, what’s the fate for all these other model companies, the ones that are already out there doing interesting things, [inaudible 00:15:55]. We heard from Cohere today. There’s going to be more, I’m sure, that are going to come out.
Brad Gerstner: Listen, I think that what we saw out an inflection in Character is what we’re going to see. These are amazing people, amazing teams, building incredible stuff that won’t capture a business model that’s sustainable. And so they’re going to be take-unders or acqui-hires or combinations consolidation. But there’s not going to be a pot of gold at the end of the rainbow. And it doesn’t mean that they’re not incredible people doing incredible things. It just means that it’s very hard to build great stuff that the world also uses. And so, all those search companies that I mentioned, those were all great people working really hard. Many of them had very similar and competitive technologies but, for whatever reason, didn’t capture the lightning that Google did with its Spartan search page that they launched and caught fire, got a deal done with AOL that launched them into the stratosphere.
Matt McIlwain: There’s a big difference between creating value and capturing value.
Brad Gerstner: That’s right.
Matt McIlwain: And I think it’s going to be very hard to capture value at the model layer.
Brad Gerstner: I agree.
Matt McIlwain: So then how do you move up and capture value above that at the application layer?
Revenue Models and Market Positioning
Brad Gerstner: So we just talked about two of the leading applications. So would I have invested in OpenAI anywhere close to this valuation without ChatGPT? Absolutely not. Their value is that there are 200 million people who go. My son, every morning gets up, he doesn’t even know what Google is. No, he does. But he never uses it. His co-pilot in life is ChatGPT. And by the way, a year ago in his school, it was 50/50 Claude and ChatGPT. Today it’s 100% ChatGPT. Why? I say, “Well, why is everybody?” He’s like, “It is just the thing to use. It’s better.” Same thing about Google. It’s not like the people who started using it said, “Well, they index 10,000,000,200 pages and Yahoo indexes 9 billion.
Matt McIlwain: It just works.
Challenges and Opportunities in AI Investments
Brad Gerstner: No, it’s the combination of things that we can’t describe that is that lightning in a bottle, that first mover, becoming the verb and then executing behind it. And I will tell you, the team they’re building, you look at a Sarah Fryer or Kevin or Shravasanen, the team that everybody reports on Mira leaving. Whatever. But the team that they continue to assemble there is incredible. So if you’re building an application, being too early is the same as being wrong. You have to have the staying power. Your company has to be tight. So I would say now is the time because it’s going to be built on top of OpenAI. They launched Voice to Voice API yesterday. They demoed a whole host.
We’re an investor in a company called LiveKit. Livekit is all the infrastructure on which voice to voice and the advanced voice mode is running, a company we’re really excited about. So what are those enabling technologies? And then what can you do with voice to voice? So there is coaching companies, tutoring companies, travel companies, all these things that say, oh my God, that allows for an entire new mode of interaction. I don’t have to sit here and type all this little stuff into a mobile application. Now I can just talk and have this magical experience. “Hey, book me the Four Seasons Hotel next Tuesday. Or get me a hotel, that’s similarly situated down the street, for 200 bucks less.” Right now, the next a 100X breakthrough is memory and actions, and it’s all going to be here within the next 18 months.
Remember, ChatGPT didn’t exist 22 months ago. What Strawberry, or I mean, O1 Full is already done at OpenAI. All the things that are going to be coming are going to enable those things. And the metaphor I use that keeps me grounded is my personal assistant who’s been with me for 15 years. She knows everything about me, everything about my family, where I like to stay, et cetera. She books it. She knows the different nuances about that. And that is so special, but only a few people in the world get it. And now everybody’s going to get it.
Matt McIlwain: So we’ve got this whole application layer. Actually, your colleague, Jamin, and I were at this event with Sam and a bunch of people at OpenAI a few weeks ago. And Sam made a really good comment. He’s like, “Look, are your companies in your portfolio, just a group of VCs, when a new model comes out, do they live in fear? Or when a new model comes out, are they super pumped? And they should be super pumped or else you got a problem with your business model.” So when you’re talking to these 200 companies, how are you assessing that? Is this a company that’s going to ride the wave of the ongoing model innovation, or is it going to be subsumed by the wave?
Brad Gerstner: Well, I mean, Glean’s not building its own models. But they’re doing a lot of stuff, ensemble of models, all the complexity in terms of connectors and unique data and all this stuff. So you can build moats in other parts around the thing that you’re building. Ultimately, what’s really sticky is the net promoter score, is the love that the buyers in the enterprise, the love and the trust that the buyers in the enterprise, or that a consumer has for you.
Matt McIlwain: Yeah, Rich Barton is a fanboy. There you go.
Brad Gerstner: Exactly. And so that is very hard to replicate. And like you said, they’re not going to give that trust to just anyone. And if you get that flywheel going, you become the first mover, then perhaps you can achieve escape velocity. Obviously all the incumbents are going to be trying to build all these things too. Not only the incumbent infrastructure companies, but also the incumbent application companies.
Matt McIlwain: We call them, there’s sort of gen-native and there’s gen-enhanced. All due respect, what Mark’s doing at Salesforce and what the team’s doing at Adobe and Microsoft, of course, too, I think they actually look like they win in the short term. But then in the medium term, I think the gen-natives come through.
Brad Gerstner: Think about this. I remember I was at Harvard Business School in 2000.
Matt McIlwain: Because you’re young.
Brad Gerstner: Internet’s blowing up, and I was helping David and Joel get General Catalyst started. And we would have these debates in class. The students were like, “Walmart is screwed. The whole world is going digital.” And we’d have the CEO of Walmart in there and we’d have the CEO of Amazon come in, and Jeff come in. And there was digitally native, and your core asset was your digital capabilities. And then there was a business like Walmart where your core asset was your real estate group, was your merchandising group.
Matt McIlwain: Inventory management.
Brad Gerstner: But nothing to do with what made that generation. And that’s why they struggled for 15 years before they bought Jet and did all the things that finally truly digitized the business. And so I think the same thing. If Expedia hangs off like an agent off the front end of Expedia.
Matt McIlwain: They’re screwed.
Brad Gerstner: That does not make that an AI experience. The consumer is going to demand something that is AI first. It will feel completely different. We were sitting in the office yesterday. And you know, because I’m deeply passionate about travel, this is the canonical experience. So at OpenAI, at Meta AI, at Google, they sit around and they say, “Book me such and such hotel next Tuesday, the Mercer in New York next Tuesday at the lowest price.” They literally say, in each of those AI groups, “Until we can do that, we have not built a personal assistant. Because every personal assistant can do that.”
Matt McIlwain: We’ve not built a travel agent.
Brad Gerstner: And so to me, that is coming. And what are the implications for startups who maybe are friends at Otto, who may be building a travel bot, or for incumbents like Expedia and Booking.com and Google? And I think it’s not as easy as saying, oh, the incumbents can just retrofit. They weren’t able to retrofit very well in 2000. They’re going to be better able today because these are more digital companies today. But there are going to be winners and losers. I think Zillow, because of the proprietary data hat they have, and a bunch of stuff that’s unique about the workflows-
Advice for Gen-Native Companies
Matt McIlwain: This is why I think they have a good chance to win in the near to medium term. So what’s your advice then? I mean, there’s the IA40 companies. There’s a lot of other companies in the room that are founders, gen-native companies trying to, a lot of them, application and agentic. What’s your guidance to them?
Brad Gerstner: You have to find a market opening that allows you to absolutely thrill customers with the solution that you deliver. And I think, remember, your customers abstract away all of this technology. They don’t particularly care about it. They just want shit to work. ChatGPT is magic. Advanced voice mode is magic. Glean is magic. Customers pay for magic. So be honest with yourself. If you’re not giving them that, then it’s not durable. Because I promise you, what’s coming out of the large horizontal platforms is going to feel pretty magical. I mean, it already does.
But listen, I think there’s a huge runway here. We’re really excited. For us, we haven’t invested in a lot of them, but it’s just a matter of timing. We just thought it was early. We want to wait until it shakes out a little bit more. But we are meeting with as many companies as we can because we’re in the business of just learning, getting smart, being anthropologists, studying the market, sharing our thoughts, and then hopefully you guys all make us smarter.
Matt McIlwain: Yeah. Well, one of the things I’ve always loved about you is this analyst first mindset that you have. Why don’t we take a question or two? We don’t have a ton of time, but we’d love to. We’ve got one over there.
The Future of the Ad Model
QUESTION
Hey, what’s your prediction on what happens to the ad model five years from now?
Brad Gerstner: How’s it going, Nicky? Been a minute. I think it’s still too early to know. But clearly, with 11 million subscribers, ChatGPT has already done something. Or OpenAI has already done something that I think people a few years ago would’ve said is impossible. And so I think it’s going to be a mixture. I think we’re just beginning. Think about this, and this is kind of your domain of expertise. Think about this. Why can’t we segment pricing literally down to the individual? You know everything about them. I mean, these are AI models at the end of the day. So they’re going to be free models. They’re going to be inexpensive.
I mean, today, think about this. They got to 200 million weekly average users and they’re charging the same thing in the Philippines and India as they’re charging in the U.S. They haven’t even begun to optimize. You should be giving this away for next to nothing in the Philippines and India, and it should be a lot more expensive. And when you get the O1 Full model and you truly have a personal assistant that can truly book your travel, that can truly buy your gifts for Christmas from Amazon and do all this stuff for you, you’re going to pay a hell of a lot more than 20 bucks a month.
Matt McIlwain: Well, I think the other piece of this is moving effectively from the sell side to the buy side. Which means, in some form, paying a subscription or a rev share for your agent. But that’s a buy-side agent. It’s not a sell-side agent. And I think that part of the business model on the consumer end transformation is going to be pretty big.
Brad Gerstner: Can I say just one other thing? Just thinking about the ad model while they bring maybe a mic over here. But when I think about the big players in this, again, they’re not asleep. I mean, Zuck is in absolute beast mode. I think they are way better positioned than Google to compete in this. Not only because of the form factor shift that they’re doing. But just, if you look at what’s happening with agents on WhatsApp in India, absolutely exploding. It’s becoming the substrate in India for AI, right?
And I said to Rich Barton, Zillow auto launched their Zillow agent on WhatsApp. It can become the place where, because you’re already chatting with people on WhatsApp, hell, put my real estate agent in the group, my AI agent in the group chat with me on WhatsApp. So I think Facebook is going to do some really orthogonal and interesting stuff on top of what they’re already doing with Meta AI and what they’re doing with Llama, etc.
I think that Google, everybody already knows, they have every asset in the world. They have all the money. They have all the things. But I think it faces the biggest innovators dilemma maybe that I’ve ever seen, because their entire business is predicated on getting us to click on links, on the 10 Blue Links that fundamentally are being disrupted. So how do you and the public markets go from where they are today to this new thing without dramatically resizing that business in order to give yourself the room to really disrupt your revenue?
Matt McIlwain: To disrupt.
Brad Gerstner: And so I think that’s going to be a case study they’re going to be teaching in 10 years.
Matt McIlwain: One last quick question. Go ahead.
Building Trust and Safeguards in AI
Question: So Matt, you asked a question about building trust, and you also spoke about voice to voice generation. When you’re investing in AI companies, what types of questions are you asking to ensure that there are active safeguards in place for potential relationships because there’s always going to be bad actors [inaudible 00:29:15] to use new technology?
Brad Gerstner: Well, first, I think it’s a super, super important question. Part of the conversation we had around the OpenAI round. So a belief I have generally is there’s a debate in Silicon Valley, stay private forever or go public sooner. I’m in the go public sooner camp. I think it’s better when companies are public, they’re more transparent, they’re more accountable, they’re more fit, they’re more disciplined, et cetera. This idea, you have to have $1 billion dollars in revenue to go public. Total nonsense. We just filed the Cerebras IPO. So as you think about the next step for OpenAI, I would argue it’s the most important AI company in the United States next to NVIDIA. NVIDIA is a public company. We’re also investors there.
I hope and expect that the next step for OpenAI will be to go public. Having the opportunity for every retail investor in America to share in the upside that gets created by AI at a time we’re going to have massive social disruption, jobs lost and other things, I think is critically important. But it’s too important for them not to be subject to the scrutiny that public markets bring to the table. The transparency, the accountability, talking to investors every three months, it’s not acceptable, if they don’t have the guardrails in place.
Then finally what I would say is I’ve taken great comfort in interacting with that board, Larry Summers, who’s on that board, with Sarah Fryer, the new CFO of the business, as well as Sam and others. Part of what I think people don’t appreciate is how much they’ve purposely slowed down the launch of models in order to calibrate and spend time in Washington, briefing Washington on what’s going on with these models, particularly around the O1 model, which O1 Full, I imagine is very much more capable than O1 Preview. And I think they’ve realized that it’s much better, rather than getting to the next big bang, ChatGPT 5, and blowing all our minds, to be much more incremental about this, many more safeguards. Play with advanced voice mode. I was asking it yesterday to talk dirty to me, serious. Testing it. And it said, basically can’t do it. Now compare that to Character that Google just bought, and what was going on Character.
So it’s easy to criticize Sam and the folks at OpenAI. Remember, this product is 22 months old. It’s been a rocket ship like the world has never seen, with a technology that’s more powerful than anything that world has ever seen. I believe their heart is in the right places. They’re trying to do the right things. They’re putting those things in place. Will they get it right all the time? No. But I think this new board, this new funding round, which looks a lot more like an IPO, and then an eventual IPO, those are the things we need. The US needs to stay at the forefront of global AI. It’s at the very heart of national security. It is the very heart of our economic security. We cannot stymie it because we’re afraid of the future. But at the same time, we can demand really high standards. And so I appreciate the question. And totally in alignment with you on that.
Matt McIlwain: Let’s leave it there. Thank you very much.
Brad Gerstner: Great.
Matt McIlwain: Always a pleasure
Brad Gerstner: It’s a pleasure. Thanks for having me.