Why do you think I waited to make my world podcast premiere for All In?

All the ankle biters called and I said, no, I'm just going to wait. I'm a whole way out to the besties call. GoTo is one of the most successful hedge funds of the last two decades. $55 billion under management. This is their flagship hedge fund. The reason we decided to kind of get into this business is to find great entrepreneurs and find great companies. And they're looking to raise a whole billion dollars more to invest in AI.

We're in an idea business and when you have a truly revolutionary idea, it can get really big.

I hope to do something a little bit different. Besties, you've been on for a couple hours,

so you can take a break now for a few minutes. Sit back. We are going to show you some slides, and we're going to walk you through really an update on the

unicorn economy. So the markets are back. We can see that the unicorn economy, on average,

since September of 24, is up 70%. I think that's intuitive to a lot of us.

But what's even more amazing is that the public market has really made the same move up.

So if we look at the share of the unicorn economy of the NASDAQ, which had a significant move up

since 2015, it's really kind of plateaued over the past few years.

And I think it speaks to the performance of public companies like Palo Alto and others.

So AI is dominating fundraising.

What's kind of interesting in this slide is you can see their share continues to increase.

So multiple years in a row now that AI is increasing its wallet share of fundraising.

But the composition of that funding has changed. If you look at the unicorn factory, which really

peaked in the ZERP era of 2021, we've now really normalized at a much lower level pre-COVID. So mathematically, if you put

both together, you can see that the funding per unicorn has increased 5x since 2021. So we have fewer

unicorns that are each raising more.

Now I'm going to spend a minute on this slide because this slide is really about the health of our ecosystem.

So the way to interpret this is if you look at the green line, which is the Preserve Era Unicorn cohort,

of which there's about 73.

You can see that 20 quarters after becoming a unicorn,

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