I think we will see increasing shift in how people are purchasing products and how they spin them up and spin them down as required.

So I think output-based makes so much more sense.

Google wasn't the first search engine, Amazon wasn't the first online retailer,

YouTube wasn't the first video platform, Facebook wasn't the first social network,

Tesla wasn't the first electric car company, Apple wasn't the first to make the smartphone,

and Spotify wasn't the first

music streaming service.

Too often founders think they need to be first, first to market, first idea, first

to launch.

But most markets aren't win-to-take-all and competition isn't a reason to sit out if you can

deliver a much better product.

AI is changing the way that we have to think and evaluate companies for VC investment

to get those VC like returns, traditional metrics that you use, as well as the traditional

200, 200, 100 growth curve.

That's no longer what VC investors are going to be looking for.

It's going to be more than that.

A spoonful of tariffs makes the stock market go down in the most delightful way. All right, we're going to try and record again.

Morning, is anybody there?

I'm here.

I can't see Jack, though.

Can't see Jack.

But is he logged in, or we're still waiting?

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