Bill Gurley

Interesting slide from the Coatue deck. Interesting test of a firms commitment/investment in AI. Are you getting more efficient? Do any of your execs argue they could get by with "fewer" headcount? Quite a high-bar test. https://t.co/W2MGkAPZuo

Read this post and listen to this podcast. Open source is self reinforcing. More is more.

Thrilled to be invited once again to Coatue’s EMW conference. One of my favorite of the year. Thx to @plaffont & Thomas & entire @coatuemgmt team. Coatue may be more bullish on AI than @altcap! Listen for this and much more.

There is a brand new edition of the best high stakes negotiation book ever written! One of my favorite books. https://t.co/f2yT92eVgz

👀

So great to the see media properly cover the drastic mis-pricings with the "correct" headline! Kudos to @MrShawnTully for the financially accurate take. Easy problem to fix - match supply/demand like you do the next day. https://t.co/gXUAVTml6Y

I actually don’t think there is any sign that “model quality” will be the key factor. If anything, the models all seem super close to one another and there is no data point that would point towards someone “gapping” from here. It’s a product race not a model race.

VC has become a massive big money, high stakes, high risk, high burn rate game. And you cannot opt out. It’s the game on the field.

I mentioned this on @BG2Pod. Enterprise customers need to declare if they support “open data” or “closed data.” And customers should move away from “closed data” vendors as fast as possible.

If you care about the state of high tech investing circa 2025, you may find this interesting. I cover all constituents - founders, VCs, LPs, ordinary investors, regulators, bankers. Something for all.

I recently sat down with the one & only @patrick_oshag to discuss the "State of the Venture Industry 2025." While AI is clearly an exciting new wave, the overall system dynamics are unprecedented, self-reinforcing, & challenging for many participants. https://t.co/aPzjLpTfwl

SEO is dead! Yet again. https://t.co/qsVkaXo3EM

My $0.02. A mega-VC with $5-10B annual funds is really searching for only one thing: a company they can pile over $1b into with a potential for 5-10X on the $1b. With this, seed fund is inconsequential money used to increase the odds of main objective. You are collateral damage.

So fortunate to have seen this live today! A match for the ages.

Interesting paper out of Apple research on the reasoning limitations of LLM models, especially for complex problems. The paper is short and consumable. 🧵https://t.co/x5Ypj4VZFa Here is a ChatGPT summary of the paper: The Illusion of Thinking: Understanding the Strengths and Limitations of Reasoning Models via the Lens of Problem Complexity (Apple ML Research) 🧠 What the paper is about Apple introduces Large Reasoning Models (LRMs)—language models that generate internal “thinking” as a way to solve problems. (https://t.co/M9tLVW573U) It notes that typical benchmarks in math and coding can be contaminated (i.e. models have seen solutions…

An all-private-all-the-time world will be a much messier world with even more opportunists and charlatans. Transparency is an investor’s friend. Darkness/obfuscation is not.

No need to highlight each time an IPO is wildly mispriced, as they ALL are. What's shocking is (1) press doesn't recognize it as a failure - they have been taught a pop is good, and (2) SEC doesn't recognize this is inefficient & unnecessary. There is a better, more elegant way.

Smart move!

This is a great way to spend an hour! @johnarnold has uniquely interesting thoughts on many topics including energy and philanthropy.

All CEOs, CFOS, general counsels, and board members in Delaware incorporated companies must read this research from Stanford's Joe Grundfest. Joe could be the #1 voice on corporate governance. Something is awry in Delaware and you should know the risks. https://t.co/fUgQX6wMgd https://t.co/glcnZuEyiI Also, Texas new law (SB29) fixes many of the Delaware problems. I.e., you can require 3% share threshold for a derivative suit. This will fix the "ambulance chaser," "no real plaintiff" problem such as in the Tesla case. Other changes here: https://t.co/h78iQ0NUxa

Having “state by state” AI rules would be horrible for startups and horrible for innovation. Don’t understand the argument for being against federal alignment.

https://t.co/RgglR7Y2rq

@Stockoptionsdog Send links.

The market leader in Bug Bounty programs is now the market leader in helping companies uncover AI deployment risks. If you are deploying AI in production, you want to join this talk… https://t.co/aAY5Sy7A82.

Latest episode. Also, super interesting new research on the unpredictably high outcomes in Delaware legal cases...

“Awww, come on, guys. It’s so simple. Maybe you need a refresher course. Hey, you! It’s all ball bearings nowadays.”

Important new information on this front. New Texas law SB 29 allows the company to set a threshold of 3% as a minimum requirement for a derivative suit. So lawyers need a substantial plaintiff. This eliminates the problem Elon is referencing.

I think this "choice" of pricing screams "we are NOT thinking about disrupting ourselves." This is $MSFT bundling thinking. Stock was down today..... Another way of framing this point: if I were an OpenAI investor (I am not), I would be tickled pink to see this price move.

There’s something happening here. But what it is ain’t exactly clear. Any good guesses out there??? Is this related to the same thing? https://t.co/KFEzx3ptiO Is Kevin talking about the same thing here? https://t.co/yRRY0SU0yE I’m swinging in the dark. MSFT believes having control of scalable search is differentiating for fully featured consumer AI product? And so does Google? What do you think is going on? This seems relevant.... https://t.co/qMXVlBHDPW

Intersting article in WSJ about a lack of innovation in Europe. The irony is that most of the US policies being suggested to battle with China and to protect American workers and consumers are similar to what put Europe in this position. https://t.co/JRFMkYQCQ5