Hello, everyone, and welcome to At Bairns.

I'm Andy Surwer.

And welcome to our guest, Glenn Hutchins, Chairman of North Island and co-founder of Silver Lake Partners.

Glenn, great to see you.

Great to be with you, Andy.

So you have been a tech investor for decades now as the co-founder of Silver Lake, one of the premier tech private equity firms, the first private equity firm in tech.

And I'm wondering what you think about investing in tech right now, Glenn, particularly the magnificent seven.

Well, a couple of things.

One is that over the course of my career as a technology investor,

Gartner has described the cycles we go through as the hype cycle. And we're right now in the

AI hype cycle, having handed the peak of the hype cycle from crypto to AI.

Crypto then went in the trough of despair, and now it's come back out again and is in the

period of adoption.

So, AI, you have to understand, first of all, that AI today is the great fad in investing.

All the venture investors who said they're never going to do another fad,

they learn their lesson with all the growth stuff and all the crypto stuff

are now all saying, with the exception of AI.

And there's this massive increase in AI investing.

And we can come back to that, but right now that's the major thing that's going on.

And there's a little bit of a bubble there. Secondly, the bubble that we just came out of, which was one largely focused on growth investing,

late stage venture, but also some venture, and with some very, very experienced firms with lots of money

put a huge amount of money to work at very high valuations very quickly.

...