Executive Summary
Benchmark's Bill Gurley delivers a masterclass in bubble dynamics, arguing that speculation and revolutionary technology are inseparable pairs rather than contradictory forces. Gurley cites Carlotta Perez's framework: every technology wave creating fast wealth inherently invites speculators, carpet baggers, and interlopers. The current AI environment exhibits classic bubble symptoms—circular deals where Microsoft invests in OpenAI while OpenAI commits to buy Microsoft services, NVIDIA funding Co...
Key Investment Opportunity
AI-Enabled Vertical Market Specialists
Focus on founders combining deep domain expertise with AI tools in industries too specialized for OpenAI to prioritize
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