20VC: Why the IPO Market is not Closed | Why Revenue Multiples are BS and Founders Need to Change | Advice From Jack Ma, Jamie Dimon and Evan Spiegel | Lessons from Taking Snap & Alibaba Public with Imran Khan

2511.882 - 2530.889 Imran Khan

So if you look at AI, current cash cow is obviously cloud because all these guys are using the cloud businesses. And by the way, they're making great money. If you're Amazon, if you're Google, if I were running those businesses, my biggest concern would be now, I know the demand is not a problem, so I should be building it. But the risk I'm taking is that this demand is not sustainable.