文字起こし (en)

You can look at a graph of the financing needs of these companies. Right. And you can pinpoint when they oscillate between two different messages. Message one, we've created a super god, which then the VCs are like lemmings. They run and they're like, well, I need to be on the right side of the super god. And then they flip to the other two, which is this is a complete weapon. Let's shut the world down. And why don't you regulate everything? They just go back and forth. We've had this game. Now the problem is at the scale of a trillion dollars of market cap, that game has these ripple effects that touch everybody in the industry. This is why, by the way, I think what Alex Karp did, he deserves a medal. This is an incredible human being who had the courage to come here. Everybody watched that clip. All these S&P 500 CEOs called me after that clip saying, help me interpret this. And I'll tell you, he was on the right side of history. Because what he's showing you is that, hold on a second, you need to have a much more predictable way of running your business. Because if you are bending to the vicissitudes of private company funding cycles, or private companies desire to need to live up to trillion dollar valuations, you're taking a level of risk that you probably didn't know you were taking. That's a fair critique, I think.