Coatue’s Laffont Brothers. AI, Public & VC Mkts, Macro, US Debt, Crypto, IPO's, & more | BG2

26:23But I think what definitely is going on now is there's sort of a battle between people that want to standardize on Nvidia, pay the Nvidia rent and get the supply versus people who also think like, Hey, I'm bringing a lot of software. I already have a lot of the data and I can afford a different strategy in the internet. Almost every startup started with Oracle and Sun. And five years later, they weren't on it. So there is some president. There is. And I also think like the other one that surprised me, I even have a hard time believing that those are the numbers is I thought Google was more skewed to TPUs than Nvidia.

27:08So there's some people who are going exclusively with one chip. There's some people who are going to go in a hybrid way. Google bus has an Nvidia and TPU. I think Amazon is also choosing a path of like, Hey, we're still making a ginormous bet on Nvidia, but we also would like to have you know our own bet. And I wouldn't be surprised if maybe someday an anthropic or maybe an open AI would say maybe we should design our own chips. And then frankly, you might have some very expensive model with enormous reasoning that runs on Nvidia. And maybe a super cheap model just for some very local applications.

27:48Maybe that could run on a custom chip. So I think a lot of it is going to morph and change over time. But at least what's fun here is let's go revisit this chart in like five or seven years and be like, okay, different people play chess the different ways. What's happening? And I think to me, the thing that stands out most about this slide again, slide 27, Microsoft, you know, you talked about the explosion in terms of token production. You know, we might be a hundred million tokens a month already out of Microsoft. Microsoft is open AI. So you got chat. 100 trillion. 100 trillion. I know you knew that.

28:22So it's yeah. So what's really driving inference and this token explosion like consumers first and foremost and Google's got Gemini, right? Microsoft derivative is supporting chat GBT as is Oracle and core weave on this slide. Amazon doesn't really have a big consumer application, right? So their need for those GPUs may also be a little bit lower. Correct. In this slide. Very good point. One of the I want to jump ahead a few sections because I want to I want to get to the private side, the venture side of this. But I want to end the public side with the macro backdrop. Philippe, you're one of the best, you know, we've been at this a long time.

29:03We know that, you know, we invest in companies that are doing extraordinary well. We look at fundamentals, but you can't ignore the macros. Dan Loeb says, if you don't do macro, macro does you. We found that out the hard way too many times in our career. But if you obsess about it, it can also be your undoing one of the things I thought was so interesting. We're at this moment in time where we've heard from Elon and the guys on the all in pod, David Friedberg and others who are saying, you know, we're in this debt spiral. There's no way out of the debt spiral, you know, and yet if you look at the 10 year, the 10 years still at three four three four four, right?

29:41Despite the calls that it was going to be at six five or seven, we haven't got anywhere close. We've been in a band between three five and basically four eight now for two years. And you presented an argument on slide 45 about the productivity cycle that may come out of AI, right? That may drive faster growth in the economy, much like we saw in the 90s with the internet, that could in fact lead to lower inflation and lower rates on a permanent basis. It's kind of this backdrop that would bring the deficit to GDP below, you know, four percent. I know you guys work closely with with Larry Summers, you know, and others.

30:19And so as you think how important is believing this to be true in our overall kind of public investing today? So your original question, should we be worried that we all think that AI is a big deal, right? The counter to that is to say, okay, well, what if we're right on the AI, but we're wrong on something else? And we actually analyze three things. We analyze our markets expensive. And the answer is yes, but the markets were expensive. The nine is during the PC and the internet era and the market did well. So that's number one. Number two, we said, well, our tears are a big deal. And we said, yes, they're important.

30:59And maybe they haven't gone through inflation yet. But this doesn't feel to us like, I like to say that token trump tears, right? Basically. And so we're basically left with this deficit. First thing I'd say is having doge and having people like Elon say that we're spending too much, it's useful. And we should repeat that every day. It doesn't hurt. But what I was wondering is, since it's so obvious that it seems that we need more doge, we need to spend less and stuff like who are the people who every day are buying bonds, 30 year bonds at 4 .5 % and I'm sure the listeners know that. But when your bond at 4 .5 % stays and gives you 4 .5%, 30 year bond at 4 .5 % on its way to 607, you could lose 60 or 70 % of your money.

31:48You know, once you have a 30 year multiplier on the change in interest from 4 .5 to 6, right? And our basic instinct was to analyze what happened in the internet and the PC days where we had exceptional productivity gains when the internet and PC really took off in the 90s and to say, hey, what would happen if we had similar exceptional productivity gains? And basically, the answer we were trying to solve is, in essence, today we're at 100 % dead to GDP on our way to 140. And we said, what would it take for actually dead to GDP to stay at 100 or maybe even bend the curve and go down to 80. And what's really surprising, I think if you just show maybe the next slide or so, I think if we move forward, yeah, just a little bit, you'll see that if productivity for the next decade or so was about 2 .5 to 3 .5 % per year, we could achieve substantial reductions in this key ratio of dead to GDP.

32:51And I'm not saying we're there, but I'm saying that at least we've been able to book end what would productivity need to be to achieve an 80 or 100 % instead of 140 dead to GDP? This is slide 51 just for the people following along, which is, you know, again, an incredibly important point. We know there are people buying bonds every day at 4 .5%. So the question is, why are they doing that? And one of the answers may be exactly what you're saying. What are they're right? Exactly. What are they're right? And we're wrong. And in fact, one funny part is in 1993, dead to GDP was supposed to go from 40 to or 60 to 80 by expert.

33:32And in fact, went from 60 to 40. So experts can be wrong by a lot. Right. And so I'm not good enough macro guy. And if tech guys pretend to be good macro guys, you know, it's the beginning of the end. But at least we have a little bit of analytical thinking around what it would take. And Bill and Thomas, you guys are much better placed in me in terms of your discussions with all the privates, which I think we're leading to now. And all these amazing new products and you're telling me that that's not going to create like massive productivity. I really think it is. And drawing from that, you would end up with with GDP growth.

34:13More like the 5 % plus, maybe even 6, which by the way, that was the case for many of the years in the 90s. Then sort of product, you know, and by the way, the 6 would represent 4 in about real terms. Whereas in the past, you know, most recently, we've more be at like, you know, 2 or 3, which is more like the 1 in terms of real terms. So you know, just to wrap up your flight path for the public markets, I think it's fair to characterize as, you know, tariffs fairly much being under control. Multiple are, you know, pretty full, but like they were in the 90s, they can stay full. That the backdrop is okay.

34:53It's like the bond market and rates are still in the forest. And we have this AI super cycle. With that, on the public side, would you characterize your exposures to the public market fleet as in the top third, middle third, or bottom third of your, you know, kind of average exposures? You know, Brad, I knew you would ask me that. And you know, I'm not going to answer that. Nice try. Nice try. Okay. Let's try. Let's shoot over to, let's shoot over to private. I think one of the things that was a consistent theme, if you look at slide 60 and 61, is this idea that the private economy, Thomas, right, we've had three or four years of really, nobody getting out of the shoots.

35:39These companies have all stayed private. The percentage of unicorns as a percentage of the public markets has gone up. But now we're starting to see an unlock here, both in terms of M &A and in terms of IPOs. So talk us through the big themes from the slide 60 and 61 today about how, you know, AI has reignited this deployment and exits are starting to rebound. Yeah, I'm curious to get Bill's view here because he probably thinks about this as much as I do. And I'm curious whether he'll draw the same conclusion. I think by and large, we all agree that the environment of 2021 was incredibly unhealthy, both for companies and for LPs, too much capital going in, not enough coming out, a kind of a broken cycle, if you will.

36:28You could see that's in so many measures, amount of dollars going in, no money coming out, historically low IPOs, even worse than post -financial crisis, which is kind of incredible to think about. So on almost any metric you looked at, we were kind of in the danger zone. And I would say more or less that's been true over the past two or three years. This is the first year and this is the crux of the view I'm curious if you share where the signals are going from red to I would say yellow and potentially green. We're seeing, first of all, a rebound in IPOs. We're seeing IPOs perform better. We showed basically the performance of the cohorts and how they've improved substantially since 2021.

37:15One of the data points that shocked me, re -looking at this, is that the 2021 cohort within one year of going IPO was down 40%, and five years later is down 50%. I mean, just pause on that for a second. That was a shocking slide. Here we are five years after those companies went public. And basically, the market has gone vertical. By the way, that's correct. On the relative basis, they're probably down 75%. I know. You're right. Slide 71. I didn't believe this. So I actually, I went to look at every single company on this. This is not includes SPACs, which is even more extraordinary. This is just traditional IPOs.

37:54It's not dollar weighted. No. It's just down. Correct. So there's a lot of scar tissue there. But I think we have signs to see things improving. So we just talked about the IPO market. We've now seen some really strong IPOs that have performed well. Core weave, circle. Hey, dumb as reminding you, what does Serbs say? Serbs ask such a dumb question. But what zero interest rate? Oh, zero interest rate. Yeah. That's all I know. But we're also seeing companies, like one of the things that really impressed me about Core, we've had a slide on this. I can't remember what the number is. But like, people understand how public market thinks.

38:33And I do think they executed incredibly well on the timetable in terms of how they released information, how they explained the business model. This is kind of slide 75 for people at home. So we have better IPOs that are being rewarded. And another thing that struck me is we looked at the cohort of IPOs, right? And by and large, you can see, unsurprisingly, that growth and profitability yielding a rule of 40 was kind of the average of the cohort. So I thought that was bullish for the ecosystem. And then finally, you've talked about this on the pod before, but the M &A environment coming back, different types of structures, Zux bold move to pay 100 % of a company to only get 100 % of the price, 49 % of the company by the team.

39:22Urgency is now, I need you tomorrow, Alex, to help me fix my business, right? I thought that that that was the best description of the scale deal that I've heard. And maybe just click on that again for a second. So, you know, as you know, for the audience, most people know that, you know, meta has done this interesting structured deal. They're buying 49 % of the company. They're paying a $30 billion valuation. So they're paying effectively 15 billion.

39:57They're in all the customers of left. Right. And so they're leaving kind of a shelf company behind. And also we don't know if that avoids regulatory scrutiny. Exactly. We're going to find out. We're going to find out. Right. Right. So I don't know what the, if there's a breakup fear, not it'd be interesting to see. Yeah. I don't know that either. But I mean, I think one of the things it shines a light on is the speed at which everything is moving. Right. Here we are. And we can all say that that Zuckerberg's in beast mode, meta is one of the greatest companies, you know, on the planet. He's extraordinarily focused on getting AI talent.

40:37But why do you think he was willing to pay 100 % of the value of a company and only get 49 % is it that the imperative to have talent today is so important because two years from now, you may be so far behind given the rate at which AI is moving. Yeah. I tend to think it's related to two factors. Right. One is the size of the prize. Yeah. So I think he clearly sees that this is the biggest prize in tech, right, in the world, frankly. And so I think relative to his, while 15 billion to all of us is a massive number, probably in the scale of the multi trillion opportunity that he sees, he might just think it's a bet I would make all day long.

41:14Yeah. Look at it as a percentage of your market cap. And you say like a 1 % right? Right. So he, so I think that's number one, scale of the opportunity, no pun intended. And I think number two is how quickly the ecosystem is moving. And there's some data point. I mean, people had this view already that that Lama wasn't quite at the top, but this is somewhat confirmatory of that that he's fixing a problem. Right. We seen Anthropic. We have data in here that I think it took him about a year to get to their first billion in revenue. It took him three months to get to the next billion and then it took him two months to get to the one, the next billion after that, right.

41:50So he's probably seeing how quickly Chad G. P. T. is growing social users, how quickly Anthropic is growing business users through their API and thinking I don't have two years to wait in European regulatory, right, purgatory. I have a question for you. Tell us on the IPO. So simultaneous with seeing more IPOs, which is awesome. There has been a trend for companies to stay private longer. I think the Collison's used to hint maybe and now they're more kind of maybe never. And some investors in the ecosystem are encouraging that behavior. What do you think is different about the people that choose to go out now that windows quote open?

42:34I think I mean, they each have different reasons. Some may have just viewed from a financing opportunity, the ability to tap the public market both on the equity and the debt side to be simpler, right, as a public company. I think that's the big piece of it. Second, look, it could be a brand defining event for a company, right, for your product, for your employees, giving the level of transparency to your customers that you're well funded, that you have a fortress balance sheet, you know, all of that you can withstand the regulatory scrutiny that comes. And even just the scrutiny from investors, right, that you have the discipline and with everything that comes, public people looking at your numbers, so all of those things, right.

43:18I happen to believe that all these companies should go public. I also think, by the way, there's a democratic element to it where I think the wealth creation belongs to the public market. I think you attract different types of investors, not just frankly a public market versus a private market, but also the retail investor. What can you learn from the retail investor, either positive or negative about your business, right? I mean, I think it's such an important point. And I made this case to everybody at OpenAI. I think they're the most important company of the era. I think it's hugely important from a regulatory scrutiny and from the democratization of finance.

43:55It needs to be a public company. The idea that we're going to have trillion dollar companies and the only people who get to participate are the people sitting around this table, right. I just think it's unhealthy for our capital markets. And the fact of the matter is, you know, we call these companies venture -back companies, but we all know there's a whole new market that's evolved here that I call quasi -public. These are companies over five or $10 billion in value. They would have all been public 10 or 15 years ago. Why? Because the private markets just didn't have the depth of capital to serve these companies and their voracious capital needs to do.

44:34And this is happening as we speak in private equity. Right. Some private equity companies just go from a private equity owner to another. Then you have continuation funds. You have big second transaction. This is happening in the private credit market where now you have a huge private credit as a class. Exactly. Not just so this sort of health detention between public and private is important. I just think that these super, super large private companies, if you're not willing to submit yourself to sort of the sunshine and the ray of light of the public markets, you're going to get it through regulatory agency.

45:11So pick your poison and be careful that if you think you can live in the public market purely to sort of live in the shadows, that's not going to work as you become a large company. You'll be regulated. And so that's why maybe even more. Correct. That's why I really hope that these companies will choose to go public. You make the democrat, you know, retail investors should have access to these companies. But I just think in general, the concept of market market, it's not perfect and there's increased volatility. But every day we learn something and every day we know it's the it's the price you can get today.

45:49So today, by the way, I thought one of our best speakers, made this great point of just because I'm public doesn't mean I need to change how I run my business. Well, maybe maybe we talk about Apple. On slides 91 and 92, the 91 has Microsoft reach peak employees and 92 was about how Apple oven has gone AI first and had massive, you know, margin expansion or revenue per employee. I tweeted about this the other day, I called a game, the golden age of margin expansion. Right. If you look at the mag seven over the last three or four years, they've grown over 20 % compounded. But the number of employees there, Opex is growing at 2%.

46:29We've never seen in the history of technology that we've covered. So why don't you talk a little bit about it? Well, I love this chart on 91. And previously, what we had is we just have the chart without the blue lines, right? Which basically this chart for those listening tracks, Microsoft employee count. What we realized, after we did this chart is we realized, wow, there's actually three distinct chapters that are kind of being told here. Chapter one is the Zerp era. It's COVID, software is everywhere. The only way these companies think they can grow is by hiring more people. So reflex big opportunity.

47:11I got it by the way, it made sense because if you grow by producing more code, you need more people for more code. So I think it was completely logical. We got higher more. Okay. So that's the Zerp era. Then, ironically, just as GitHub co -pilot comes in, Brad, familiar with the term, the Getfit era. This is like time to get fit. Hold on. We need to get fit. We've gotten too big, right? And then you can see stabilization of headcount down in a lot of other companies. Now we're entering the AI era. And I do think it's kind of a provocative question, which is that has Microsoft reached the peak employee and they never crossed that threshold ever again.

47:53Right. I had conversation with the CFO of a major company recently and they said, thought experiment. What if our headcount was down 50 % in three years? Right? Those questions have never been asked for companies that are growing and thriving. And I do think what I get excited about from as a public market investor, Philippe, it's not just that we're seeing a re -acceleration and top line growth for all these companies. Every one of these companies, literally from Uber, they're growing their top line without growing their headcount all the way to the largest of the Mag 7. But Apple oven has done as good a job as a tell everyone about this slide.

48:34You put that down. Yeah. So this is another one of my favorites, right? And what this slide does is it will track app loving a public company run by a brilliant, in my opinion, generational entrepreneur. And it basically looks at two things. One, it looks at the revenue of the company and your lies since Q2 2021. So that's the blue line. And second, the employee count over that same period. Right. And basically 2021, big opportunity to got higher. Tons of employees to kind of try and capture it. What else can I do? Right? Then realizes, oh my God, my company's gone too big. I've lost control of my culture.

49:13We're not innovating fast enough to what too many layers of bureaucracy. We're not set up to capture the opportunity. Right? Sizes the workforce at the same time as AI comes in. Now the company's lean and mean, innovates, out competes, companies like Google and Meta, doubles the size of the company as the employee count is down over 35%. Right. Think about this. We just showed the slide of chat, GPT going parabolic. Google losing, right, page views. Google has 187 ,000 employees, open AI, 2700. We're not going to be a company of 20 ,000 employees. He didn't say we're not going to be a company of 187 ,000 employees.

49:53Right. He said we're going to leverage our models, our agents, our capabilities, which is exactly what Jensen Huang said to us last year. He said, Brad, I'm going to 3X the company and our head count may not grow or only grow a little bit. I said, how? He said, because I'm going to have agents who are reporting to me. I'm not going to have employees who are who I'll tell you what this made me think of. So back to the app, love and slides. So in five years or four years, they doubled the revenue per employee. And now, you know, a company with a high growth rate that's profitable, that's thriving, is lowering head count.

50:28Because of AI, it really struck me that there's a level of confidence in a company's use of AI if they're willing to actually reduce head count. And a lot of companies give lip service to their using AI, but a willingness to reduce head count is a different level. And by the way, one point Adam would make if he was here, and I think it's important to state, he's not doing this because he's a masochist. I love to fire people. Right. The reason he did this is he believed that that's the shape the company needed to be in to win and out compete. Right. So I think that's really important. It's not like, oh my gosh, all of a sudden, I want to be much more efficient.

51:06And I think that, you know, I can create so much more value. It's, I believe this is what the company needs to look like so I can win this market. We need to make decisions faster. We need fewer layers. Right. I think the motivation is really important. And this is just kind of an output of that. And the final thing I would say about this Philippe, the thing that should give us confidence about this productivity explosion in the economy is at the end of the day, our economic productivity is just a combination of all these companies. Sorry. If a lot of companies are doing this and you pile them all together, right, you're going to get more output for a fixed amount of labor in capital, right?

51:43That's going to drive economic productivity. The last thing to say on that, which is really important, is someone is going to then say, my God, what's going to happen to employment? Yes. If we have all these companies that become so efficient, right? And I think today someone brought up the concept of Javan's paradox. Yes. And I'm going to actually use my chat GPT to study a little bit more over the next week or so. But it is the concept that sometimes as you have a less employees and the cost of employment goes down, actually, the unemployment rate will go down, not up. And I'm that it's possible that companies need less employment, but more companies get created because it's much easier to create a company, smaller companies, vibrant companies get created.

52:35Jobs become more interesting. And so I think there's going to be a big debate around, okay, all they say, yeah, is it going to increase or reduce unemployment? And I'm not 100 % sure what's going to happen? But if you force me into an answer, I have faith that it might actually create more jobs, more interesting jobs with more responsibility versus the other way around. Yeah, we have two more slides we want to cover that I think maybe we're going to end with the best because you guys had a couple powerful things. The first was slide 98, right? After all of this, you know, covering, you know, what's happening in public and what's happening in venture, Thomas, I think you summed it up well, which is, okay, so what does this mean for me?

53:19If I'm a founder, if I'm a CEO, what does this mean for me or my company? So, let me describe what Thomas did and then Thomas, you can do the analysis from it, but he created a quadrant, you know, and on one access, he has growth rate above 25 % or below 25 % and on this access, you have profitability, either your cash flow positive or your not. And so walk us through kind of your recommendation for companies that find themselves in each of these four quadrants. Yeah, and Philippe chime in too. Look, we were very proud of the work that we put in this deck, but we also want to be mindful that it's a lot of data.

54:02And we thought about how do we crystallize everything that we see in the market from all the data, all the smart people that we talk to in terms of generating useful advice for entrepreneurs, right? And so we kind of came up with this matrix. If you look at the left side, which is basically growing, companies growing in excess of 25 % right? And you might argue this is kind of the easiest bucket you're growing 25%, but we do think the delta is kind of different. And by the way, one thing we skipped over, you guys had two or three slides on the fact that growth has become more scarce in the public market.

54:37And there's a big delta now in revenue multiple for growth. And for, you know, and obviously diminishing multiples for people. Right. So we have seen in the public market now growth be re -rewarded post 2021. So our advice being to entrepreneurs that if you are growing over 25%, you are profitable time to think about whether you should be public. Yeah. But that doesn't necessarily mean going public. As you well know, there's a difference between being IPO ready and going IPO. But we think certainly putting all the steps into place kind of starts to make sense. If you're burning, then now might be the time to build a fortress balance sheet.

55:16We just saw OpenAI raise 40 billion, right? These companies are accumulating massive war chests. So you don't want to lose out time to really kind of build up your strengths. I think where I think you're going, Bill, and what we, you and I spent also a lot of time thinking about is what about the companies that aren't going 25 %? And you know, for Philippe and myself, we take the responsibility of having invested in companies really seriously. We're on the boards of many of the companies that we are invested in. And we don't bail on entrepreneurs, you know, when we make those commitments. So what do we do kind of in those companies, right?

55:55I think each bucket is interesting. The okay, I'm growing less than 25%, but I'm profitable. It's kind of an interesting case study because that's where you might be complacent. You might have said, look, I got fit post 21. You told me to cut my burn. I'm profitable now. And the reason I think a lot of companies ended up in these low growth situations is they had a ton of capital. We had that many correction in 2021. Everybody said get to cash or break even. They all ran that way, but that meant cutting headcount, cutting programs that they might have been doing. Yeah. And you end up in a low growth situation.

56:33Yeah. So we thought that actually this bucket now we're in a potentially generational transformation in architecture shift because of AI, time to maybe look at and say, okay, what can AI do for your business? Is there a new way that you can invest? Is there an M &A opportunity or something interesting? So we think now you can afford to be a little bit more on your forward foot, right? You've gone the business healthy. You've shown you can be profitable. We have a generational architecture shift, time to kind of see how we can play offense. Would that even include maybe becoming unprofitable? Potentially.

57:08If you have the science and you really start to see the growth we accelerate because of it, potentially, absolutely. A lot of AI companies are not profitable. So if you think you can win and you can benefit, I think that makes sense. This is probably the one I had the most debate about both myself with others is what to do if you're growing less than 25 and you're still burning capital. And look, obviously, no one chooses to be in this position, right? Circumstances of the business, whether it's competitive dynamics or others have put you in this position and now the question is what to do. And I went through a lot of different iterations here.

57:50And the best word I could come up with is it's time to reinvent. And reinvent could mean a lot of different things. So let me pause it that you might have two businesses. Let's say you were 50 million in revenue. And you might have your 40 million core business not really growing. The unit economics are tough. But maybe you've been and maybe it's an on -premise product and now you've been created a new SaaS cloud product that's maybe only one or two million in AR. But it's really growing quickly. It's putting the company back on offense. The team's really excited. Might be time to say, hey, let's go all in on this new product, even though it's much smaller.

58:28That's one reinvention. So it might be you have a gem of an asset. It might be trying to open source something that previously you didn't, right? That's kind of what I mean by reinventing. It's the opportunity of looking at this moment and thinking, what can I do? And also realizing that you as an entrepreneur have an opportunity cost of not doing other things. So the best word I could come up with is reinfin. It's going to mean different things to different people. But we thought now was the time to think about that. I thought this was amazing. And I will tell you that I think one of the biggest challenges that these companies in this quadrant, and I think there's a lot of them.

59:03There may be a thousand of these out there. One of the big things problems I think they have is having survived to this point and having succeeded. Let's say they have revenue of $50 to $100 million. They feel like they need to protect something. And it puts them on the back foot, not the front foot, it makes them conservative. And I like your word reinvent. They need to increase risk. They actually, because I think one of the problems is they don't, they don't internalize the fact that if they stay low growth at this size, their multiple could go from five to three to one. Right. Times revenue.

59:40And they're protecting something that doesn't exist. So I'll leave you with this last thought. Brad, you and I've talked about this. There's an amazing element of the venture community. They'd too tend to be tribal. And I think there's a lot of benefits to that. But I also think there's a lot of benefits to what I'll call more mercenary thinking, right, which is more reinventing from the ground up. Right. And I think that ultimately the combination of both of those, right, which tends to be more of a public mindset again, because we do have the ability to sell and venture. Don't to us bringing those two kind of strains together in the board room, you know, can yield hopefully some good outcomes.

1:00:18Awesome. Thomas, thank you for being with us. Thank you for having us at the event. Yeah. It's really incredible. The amount of thought that went into this is extraordinary. And I would just say on behalf of all the founders, those people who partner with you like Altimeter and Benchmark, what I love about this ecosystem, most people think that we compete like dogs. And but the truth of the matter is you're one of the first people I call or Philippe when we're having, when we're trying to figure something out. And you guys to us and that's why Bill and I do this pod because we actually just want to be smarter and get to the right answer.

1:00:57And so appreciate you having us and an awesome job again. Yeah. Okay. Thank you so much.

1:01:11As a reminder to everybody, just our opinions, not investment advice.