I mean, every industry is talent wars, but not at this bag of tooth, right?

Very rarely can you see someone get poached for $5 billion?

That's hard to compete with.

It's almost become a meme, right?

Which is like if you're not basically growing from zero to 100 in a year,

you're not interesting, which is the silliest thing to say.

When there's a real capability breakthrough, the demand is there.

And so the revenue growth is much faster than we've ever seen once it's turned on.

There could be a systemic situation where the soda models can raise so much money that they can outpay anybody that bills on top of them,

which would be something I don't think we've ever seen before, just because we were so bottlenecked than engineering.

During the internet buildout, investors put money into fiber that nobody used.

Four years of supply overhang followed.

This time, there are no dark GPUs.

Every dollar going into compute has demand on the other side.

But something else is different.

A model company can raise capital, drop a model in a year with a team of 20,

and produce something with immediate demand. If Frontier Labs can raise capital, drop a model in a year with a team of 20, and produce

something with immediate demand.

If Frontier Labs can raise three times more than the aggregate of every company built

on top of them, they may consume the entire application layer.

Or the market fragments and value accrues the company's closest to the end user.

Nobody knows which path wins.

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