Hi, everyone. Welcome to the A6 and Z podcast. I'm Sonal, and I'm here today with a special podcast we have on the heels of announcing our fifth fund for Andresen Horowitz. And we thought we'd talk more broadly about what's changed between the first fund and now and more importantly, some of the technology trends and trends we're seeing with founders. And to have that conversation with us, we have our co-founders,

Mark Andreessen and Ben Horowitz and our managing partner, Scott Cooper. Welcome, guys.

Hey. Hello. Okay. So let's just kick things off. One of the things that I want to understand is that

it's been since Fund 1, which is what, seven years ago? Seven years ago. A lot's changed in seven years. And I've actually

heard you argue, Mark, that things have accelerated in that time period, more so than previous

decades before. So what do you guys think are the biggest shifts now that are important to us

in this newest fund? And what changed in that period, like the biggest things. So in Fund One,

when we started, we thought that our timing was really good

despite the fact that I think the world thought our timing was really bad in starting a new venture

capital fund. And the reason why we thought that was that there were three gigantic new

platforms hitting all at the same time, which was kind of unprecedented in the history of

technology. One was mobile. The second was social and the third was cloud. And that really

proved out through the course of the early history that the applications on top of those, particularly

mobile and cloud, were just spectacular. And I think we're coming a little bit to the end of the

first phase of the, you know, some of the obvious applications that could be built on those

things and we're moving into some new areas. Yeah, so let me go kind of to the foundations.

So there's different ways of looking at it. The foundational levels, one is Moore's Law has really flipped, and this actually has happened. I think this actually

has happened over the last seven or eight years, actually almost exactly over the life of the

fund, which is, you know, for many, many years, Moore's Law was a process of the chip industry,

bringing out a new chip every year and a half that was twice as fast as the last one at the same

price. And that continued for 40, 50 years. And that's, by the way, what resulted in everything

from mainframes, mini computers, PCs, and then smartphones. About, you know, seven, eight, nine,

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