“1% of companies represent 90% of AI spending. So that's tokens. And of that 90%, 80% of them are from unprofitable VC-backed companies. … And so you can't be in a situation where, on the one hand, you're talking about breathtaking valuations, but where 75 cents of every dollar is actually just a startup sending it back and forth so that they can mark themselves up. That's, I think, a structural problem.”

…is by consuming other people's AIs. And so that company then starts to show revenue traction. Those folks then say, hey, look how well we're doing, raises a bunch of money from the same VCs. And it's just this circularity. Why that's important is what Ken is pointing out is that for AI to really scale as a predictable driver of long-term earnings, it has to diffuse out of the startup ecosystem. And so you can't be in a situation where, on the one hand, you're talking about breathtaking valuations, but where 75 cents of every dollar is actually just a startup sending it back and forth so that they can mark themselves up. That's, I think, a structural problem. Now, we've seen that structural problem in the past. That happened in the early days of cloud when AWS initially started to expose EC2 and S3. The consumers of an EC2 instance or an S3 bucket were startups. But the difference there is that AWS was abstracted from Amazon retail, which was already then a roughly break-even profitable business, at least on a free cash flow basis. So what's…