Ai Market

just the beginning. And I think the market for enterprise agent AI is going to be $1 trillion by 2030. And we have everything we need to

they are creating the biggest, most powerful monopoly of all time. Again, they're going to end the year with over 100 billion of ARR growing 10x year over year.

And I think, and I'll make this prediction here, that you're going to see some of the major customers of Anthropic and major customers of OpenAI. I'm talking about the eight and nine figure customers, people spending 50 million, 100 million a year. They're leaving. They're going to be leaving because they don't trust those companies to not steal the application layer and to compete with them. 11 Labs, Figma, lovable. They're all going to leave and they're all going to take Kimmy.

if the answer is that it is a duopoly, then there is no risk to the revenue five to 10 years from now. These things are five to 10 trillion dollar companies each. But if you are right, or if there are harnesses that cut the token consumption because you stop wasting tokens to get to the same output, then it's a little bit more of a question mark.

I do think fundamentally that the conversion of that data into what I would call knowledge and ultimately the ability to create new outcomes from that knowledge that are not copyrighted, that are not copies of the original material, I do think is going to end up being the right fair use policy and it's going to be the right read on fair use.

I think we're going to find that using a cheap model that is six months old, one month year old, maybe even two years old, will have way, way more enough power for anything that we need in our day to day lives. In some sense, the cutting edge is going to be about solving a smaller and smaller set of problems while the follow-on stuff will be way more than capable enough for almost everything else.

I just don't think there's going to be a multilateral approach. What we could hope for is a little bit of convergence, where the different countries are talking to each other, and I think it's really important that the United States and China are talking to each other about this topic.

We're seeing the companies that we work with are getting a return. And my kind of clarion call to the entire industry is that we all need to be focused on turning these tokens into economic value.

“27% of Google Cloud's revenue this year will be opening on an anthropic increasing to over 48% next year”

“everyone is being sold what I consider kind of a lie. It's honestly kind of a scandal”

“69% of the year over year growth of Microsoft intelligent cloud segment was actually from open AI”

“So with open AI's IPO, I think that could be one of the flash points”

“$1.6 trillion of annual revenue needed to satiate those data centers. Having two customers is not going to do that”

“they're only going to spend $400 billion a year. And that's if they get that far, which I don't believe they will”

“They lost $ 20.9 billion in 2025, and things are only getting worse”

“we are looking at a handful of the hyperscalers, hardware names, and some semiconductor names that have come down”

“this will be the most disruptive tech boom of our time”

“If Nvidia says says they're selling a lot of chips, but they're really vendor financing the chips to open A.I., did they really make any money”

“we will still not have enough capacity to meet all the demand we have in 2026. And I believe this dynamic will also be true in 2027”

“I don't think there's any reason to expect that to happen anytime soon”

“some people really got, for lack of a better word, carried out this week”

“we probably like it a little bit more now based on valuation and the cleanup of the speculative activity”

“a lot of AI bets, highly concentrated, highly levered. That's not a good mix.”

“Nothing's changed. Spending go up, cloud growth go up.”

“the AI companies are actually making money”

“it does seem like expectations and reality are a little bit mismatched right now”

“Leopold made the same mistake investors in South Korea made. Too much leverage, too much leverage.”

“this is not an indictment on AI. Some people misreporting.”

“Yeah, he gave us a great entry point today for the Buy On Dips crowd.”

“maybe we went from overbelief to disbelief in the course of one month”

“at some point when CapEx does slow down and it will. Those companies may struggle”

“we're probably in for a period of sorting out, which could take years for it to play out eventually”

“This AI thing better work out, because if it doesn't work out, your portfolio will be in trouble”

“it's actually become more important than the FOMC meeting”

“path to profitability is starting to become a big question mark”

“It's similar to having milk in your refrigerator. It starts to go bad really fast”

“I think we have a big correction”

“the AI trade remains still the most important story”

“$2 trillion market opportunity for us as we think about from now through 2030”

“it's going to reach $1.4 trillion by the time we get to 2030”