Anthropic and Open AI are adding more revenue per month than Meta, Google, or Microsoft.

And I wouldn't be surprised if the combination of those two companies is doing 200 billion

of revenue run rate. Between 2020 and 2024, top 1% exit started at $10 billion.

We updated those numbers in February this year, $20 billion. We just updated them yesterday.

It's now at $32 billion.

So we've 10xed over the space of kind of 24 months.

When the models get really good and the products that get

built around them get really good, you see this takeoff and usage happening.

Are we in an AI bubble?

I feel pretty confident saying that we're not in a bubble right now.

The one thing that could shift that would be...

Over the last decade, venture capital adapted to companies becoming larger and staying

private longer, but AI may be accelerating that trend dramatically.

The Frontier Labs are already adding revenue at a pace comparable to the largest software companies in the world, despite being early in real enterprise adoption.

At the same time, the infrastructure supporting this shift, compute, power, data centers, and talent is increasingly constrained.

That combination is forcing investors to rethink some of their core assumptions around

scale, defensibility, value capture, and even how venture capital itself works.

A16Z is David George and VenCAP CEO David Clark discuss AI, venture capital, and the next generation

of massive technology companies.

I can't think of a time in my career where I have changed my mind about things at a faster

clip, which is good, but is also humbling, right? Two big areas are scale and value capture.

So on the scale side, the world kind of changed in November as it relates to our business.

...