“Everybody was surprised by how fast AI grew. Because of that, there was only one option for a GPU, which is NVIDIA. So they can get 80% margins instead of the typical 30% in semiconductors. … My bet is their market share will have to decline and their margins will have to decline.”

…Big corporations are great at incremental innovation. Intel can go from, or Samsung can, or TSMC can go from a seven nanometer process to five to three to two to one and a half. But radical innovation only has come from startups the last 40 years. Can't think of one example of a large innovation.

If that's happening, and assuming like the rents go to the innovators, why are these mega cap companies just getting bigger and bigger and bigger?

Now, in some ways, you're an expert. You've been doing this a while. You've seen so many of these movies before. How do you stop yourself from making the mistake that many experts make?

I spend most of my time with entrepreneurs. I spend most of my time being relevant to a 25 or 30 year old. I can sit behind my desk and talk at them, or I can just mostly meet a lot of them and listen. I never speak at financial conferences. I only talk to entrepreneurs. I think I'm in the most…

Yeah. And by the way, I think what you just said is really interesting that you're learning more today than ever. Like it's so much easier today to learn more than ever that if one isn't learning more today, like you have a real problem. Like you don't even want to learn if you're not learning more…