There's only been one sin, and that one sin is zero-sum thinking.

We always worry about, like, oh, is this defensible? Oh, will this layer get margin? Will this

layer get value? And the answer has kind of been unilaterally, yes. The answer has been

every layer has gotten value. Every layer has winners. These markets are

so large and they're growing so fast. We're actually seeing brand effects take place. In this

phase of model scaling, a lot of the approaches to scaling don't generalize. This gives a ton of room for the application developers to build their own models.

I think that right now, open source is most dangerous because China is better at it than we are.

To be on the podcast, we're sharing a conversation from our friends at 20VC with A16Z

general partner Martine Casado.

They cover the state of AI investing, why the real sin is zero-sum thinking, how value

is being created at every layer of the stack, and the risks of monopolies versus the reality

of concentrated markets.

Let's get into it.

Martine, man, I love our conversations.

I was so excited when you said you'd join me again.

Thank you so much for doing this, man.

So excited to be here.

It's great to see you.

Dude, I freaking hate these things.

How did you get into Venture intro questions? So I just want to dive right in. Dude, I freaking hate these things. How did you get into venture intro questions?

So I just want to dive right in.

It is a freaking nuts time.

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