David Frankel

And actually, you could say, really, what is Spotify? It's just another distribution mechanism. In some ways, that's just another way of distributing music. The recording industry, the publishers, the owners, they didn't love when CDs disrupted LPs or when tapes happened to CDs. And in a way, all Spotify, it's a Herculean outcome.

And actually, you could say, really, what is Spotify? It's just another distribution mechanism. In some ways, that's just another way of distributing music. The recording industry, the publishers, the owners, they didn't love when CDs disrupted LPs or when tapes happened to CDs. And in a way, all Spotify, it's a Herculean outcome.

And actually, you could say, really, what is Spotify? It's just another distribution mechanism. In some ways, that's just another way of distributing music. The recording industry, the publishers, the owners, they didn't love when CDs disrupted LPs or when tapes happened to CDs. And in a way, all Spotify, it's a Herculean outcome.

But if you look at how much of their revenue the record labels actually take, Suno is something very, very different. This is where AI is fascinating and really interesting. It allows Harry, basically it's the breadth of your creativity. If you're creative, I will give you the most professional tools that the best DJ in the world has. You've got that on your phone now.

But if you look at how much of their revenue the record labels actually take, Suno is something very, very different. This is where AI is fascinating and really interesting. It allows Harry, basically it's the breadth of your creativity. If you're creative, I will give you the most professional tools that the best DJ in the world has. You've got that on your phone now.

But if you look at how much of their revenue the record labels actually take, Suno is something very, very different. This is where AI is fascinating and really interesting. It allows Harry, basically it's the breadth of your creativity. If you're creative, I will give you the most professional tools that the best DJ in the world has. You've got that on your phone now.

This is really, really problematic. Now, is the recording industry going away? Is Spotify going? None of them are going away. In fact, in some way, the biggest threat is if Spotify does this with their incredible distribution, you've really got an interesting competition on your hand. But the incumbents don't go away, but their share of the market can change dramatically.

This is really, really problematic. Now, is the recording industry going away? Is Spotify going? None of them are going away. In fact, in some way, the biggest threat is if Spotify does this with their incredible distribution, you've really got an interesting competition on your hand. But the incumbents don't go away, but their share of the market can change dramatically.

This is really, really problematic. Now, is the recording industry going away? Is Spotify going? None of them are going away. In fact, in some way, the biggest threat is if Spotify does this with their incredible distribution, you've really got an interesting competition on your hand. But the incumbents don't go away, but their share of the market can change dramatically.

you know our view is kind of teams versus themes. And even in AI, like the teams have to get some kind of product market fit, some before. I think that can still be done reasonably capital efficiently. I think after that, if you look at the capital required to scale and to distribute, you look at like, Josh Kushner's 1 billion at 100 billion open AI. And I go, would I take that bet or not?

you know our view is kind of teams versus themes. And even in AI, like the teams have to get some kind of product market fit, some before. I think that can still be done reasonably capital efficiently. I think after that, if you look at the capital required to scale and to distribute, you look at like, Josh Kushner's 1 billion at 100 billion open AI. And I go, would I take that bet or not?

you know our view is kind of teams versus themes. And even in AI, like the teams have to get some kind of product market fit, some before. I think that can still be done reasonably capital efficiently. I think after that, if you look at the capital required to scale and to distribute, you look at like, Josh Kushner's 1 billion at 100 billion open AI. And I go, would I take that bet or not?

All things being equal, I probably would take that bet. If you said to me, you have to, are you for or against? I would say, is Josh in the winner there going to make 2x and maybe much more than that, but bet against the 2x? I wouldn't bet against the 2x. I think his LPs will make 2x on that. But at some point to play in that, that's a whole different world.

All things being equal, I probably would take that bet. If you said to me, you have to, are you for or against? I would say, is Josh in the winner there going to make 2x and maybe much more than that, but bet against the 2x? I wouldn't bet against the 2x. I think his LPs will make 2x on that. But at some point to play in that, that's a whole different world.

All things being equal, I probably would take that bet. If you said to me, you have to, are you for or against? I would say, is Josh in the winner there going to make 2x and maybe much more than that, but bet against the 2x? I wouldn't bet against the 2x. I think his LPs will make 2x on that. But at some point to play in that, that's a whole different world.

If you want to play in the hyperscaler game, wow. you're going to need ridiculous amounts of capital. And by the way, we're seeing like what's a TLM, like tiny language models, which run on the mobile phone, basically make things like scanning or translation very realistic and on your phone, even when you're not connected to the internet.

If you want to play in the hyperscaler game, wow. you're going to need ridiculous amounts of capital. And by the way, we're seeing like what's a TLM, like tiny language models, which run on the mobile phone, basically make things like scanning or translation very realistic and on your phone, even when you're not connected to the internet.

If you want to play in the hyperscaler game, wow. you're going to need ridiculous amounts of capital. And by the way, we're seeing like what's a TLM, like tiny language models, which run on the mobile phone, basically make things like scanning or translation very realistic and on your phone, even when you're not connected to the internet.

You need capital for that as well, because the programming overhead of that, the number of engineers you need to create something tiny is huge.

You need capital for that as well, because the programming overhead of that, the number of engineers you need to create something tiny is huge.