Bill Gurley

@kathasty Sounds like a song.

🤣🤣🤣

Latest pod covering my recent trip to China. One thing I failed to mention was the high-speed trains (did 4 rides). 300 km/h. Super smooth. Great way to travel. Also - everyone should read @danwwang new book: https://t.co/hdNliBxnnI.

We did this a few weeks ago!

Here’s my take. If the government is the “lender of last resort” they should 100% take equity and arguably 100% of the equity. Failed to do this with GM, Goldman Sachs, United (& other airlines). How do you know if they are lender of last resort? The company takes the deal.

I’m surprised Google didn’t do this first like they did with Kubernetes and Android. Google knows (at least knew) the only way to fight from behind is through going open. Odds of catching up from behind with a closed model? <2%.

Was cut off after three videos. Clearly motivated by XAi. But a cap at 3? You’re trying to catch @openai. You have to outspend the late stage VCs! (who are willing to spend a lot). Hard for large public companies to understand how risk seeking and ambitious the collective late-stage market is. I remember when Microsoft went after Netscape. They knew what was at stake. No one chasing OpenAI that hard (at least on consumer product side).

@doomerzoomer Trades at $0 enterprise value.

Apollo neck and neck w Waymo. Key difference: car is “way” cheaper. Like $30k vs $175k. Big diff. ROW will be the battleground.

Question for the X-sphere: I am trying to find an expert on D&O insurance. Or maybe even an entrepreneur with new ideas for D&O. Any recommendations for who to speak with?

Hilarious thing about this article "title" is that the @nytimes infamously has a "dual class" structure where common shareholders have no say.🤣🤣🤣 "Do as I say, not as I do!" Of course, the Texas 3% threshold is great for shareholders. Title is both inconsistent & wrong.

@BoredElonMusk https://t.co/eNqMpTWizK

SPV-life. 😎😎😎🤣 Friends don't let friends buy SPVs.

This intro is such great framing for the two nations. I suspect it will be quoted for decades. Engineers and lawyers.

Open AI models "breed" and "train each other." More diversity, more experiments, instant "catch-up" for those that fall behind. Rest assured Baidu, Xiaomi, and Tencent are investing heavily - & you haven't heard as much from them yet. 19. All open.

End of 10-day China trip; sole objective: learning to gain perspective. Thankfully, @danwwang kick-started that effort by sharing his new book "Breakneck." Perfect lens into modern China with a mirror pointed back on USA. Great writing. Must read. https://t.co/XeZKKPQBZG

If you think China’s open source strategy around AI is a recent decision, you would be mistaken. Here is a great overview of the history of open source in the country. https://t.co/QfZvgwG5Iz (1/3) Believe it or not, the CCP 14th 5-year plan published in 2020 specifically mentions open source more than once. Here is one translation of the exact text: (2/3) https://t.co/hNqwYlerUW This is arguably a brilliant strategy. Leads to way more ideation, innovation, speed, and lower price points. From overall perspective, you get closer to pure/perfect competition which is arguably better for society than a system that births monopolies. https://t.c…

I sure hope they get @theholdsteady to play their cover of “Hard Luck Woman.” https://t.co/IpYIoTMwim

Stitch Fix (@stitchfix) has doubled down with AI at the core of its strategy. If you haven’t tried it in a while it’s worth a look. Lots of new brands as well. Great work by Matt Baer and team. https://t.co/uq8Z8bnjVu

Wall Street should have embraced Direct Listings to show it can be innovative, advanced, efficient, & fair to all investors. Zero chance hand-allocation & human “price guessing” exist in a tokenized/blockchain world. Zero. Nor should they.

For some reasons when consumer companies do it people think it’s more absurd. Just remember - selling something for less than it costs boosts demand. Has to.

On top of volume falling due to the “one answer” desire of the user, the revenue per query will fall dramatically. This the part people don’t fully grok. Affiliate fees are 5% or less. CAC marketing fees can be 50-150% of revenue. We are moving to an affiliate fee world.

Time marches forward…

Super smart awareness building campaign. Why didn’t Google do this same with Veo? Could easily afford it.

Consider this. If you leave those investors on the sideline don’t they represent massive future buying support? Or do you assume they would shun you out of spite? And if that’s true - why do you want them again?

“Open” is critical to AI success. https://t.co/E93wGDxC0r

In terms of underpriced IPOs, $FIG wasn’t a record, but it did come in at #5. These numbers actually underreport the “give-away” by 15% as the greenshoe option always triggers on big-pops. https://t.co/SD2GNkBBJH Thanks as always to Jay Ritter at the University of Florida for aggregating this important data. Go Gators. 🐊

@WaxMikez @Elarren1 @haridigresses You just match supply and demand. Thats how they found $93.50. It’s how every single bond is priced. It’s easy.

I was asked on the internet which is simpler, an IPO or a DL. Here is the answer and detail. Fewer steps in a DL. And more access for ALL investors.

As discussed on @BG2Pod, you should expect to see Western companies embrace the "open" AI eco-system. They will get the same benefits of this that the Chinese players do. Will be super-disruptive. Watch this space. Follow @drishanarora and @DeepCogito. https://t.co/8WzFOtSk3U