Can Investors Make 10-Figure AI Valuations Pay Off in Markets No One Is Sure Exist?

Today we'll hear from Miles Grimshaw From Benchmark Sonia Wang from Sequoia And Psalm modemetti from Greylock along With our moderator Ingrid London please Welcome them all to the stage [Music] Hi Good morning everybody well done for the Early birds coming in for the first talk Of the day thanks very much thanks you Guys for joining me here Um so we've got we've got a a pretty Broad topic here that we're meant to be Parsing in 30 minutes or less which is About Overvaluation and investing in the AI Space which is you know a big one so I Thought I would kick this off Um by looking at probably you know the Big the big elephant in the AI investing Room which is open AI Um they're valued at about 30 billion Um but we've got a couple of others that Are significantly less but some big Deals anthropic Has raised a ton of money 5 billion Valuation but is trading on secondary Market at 25 above that so we can say What is that gives it about a seven Seven billion valuation or so Um then you've got a Mistral I wrote About out of France much more modest but Raised 113 million seed round 113 million dollar seed round right so

Are they overvalued let's start with That one what do you guys think about This is this is this superheated or do You think we're going to be getting back Into a kind of reasonable place soon any One of you should answer I think you're The open AI investor yeah Let's go with it from that okay okay uh Let's see I think I mean I think of the Foundation model opportunity has the Chance to kind of invest in the Intel Inside of the entire AI wave and it's True that there's a lot of companies That have cropped up in the last year or So some of which have raised boatloads Of money in order to try to take on open AI but open AI is the company out in Front right they've been the ones Pushing out gpt2 three four uh leading The industry and when we look Historically at categories most the Market cap tends to accrue to the Category King in this case openai is Very much in that position I can't speak About their financials here but I think They've been rumored to be in the Billion dollar Revenue range and the Press if you believe that and you look At some of the public Revenue multiple Trading comps I actually don't think the Valuations are all that unreasonable and Open AI at all okay what about the rest Of the market though like that's the as You say the category leader so we can

Give them a pass Um maybe we're going to assume we can Because you know I'll come back to that In a second I don't know about how Sustained those revenues are going to be But some you look like you want to say Something no I was just going to add you Know I think there's a duality that's True at the same time and somewhat Contradictory on the optimistic side uh Were you know early days of a new Computing Paradigm that's going to Reinvent the way we work and live and It's going to lead to a lot of new Software companies and there's many Reasons to be optimistic and by the way Like to Sonia's Point around the rumored Revenue numbers with open AI I think It's not just the scale of Revenue but It's the velocity of Revenue I think This is the first time in a long time That enterprises and consumers alike are Interacting with products that feel Magical they spread very virally through Word of Mouth they drive value that's Much higher than what people Historically have gotten from software Because these things can think and write And act for you and so if you have that Kind of explosive growth actually a lot Of these valuations over time may be Very rationalized now that said the Other kind of side is it's a very Exuberant market and I think a lot of

Money is going to get lost a lot of These companies are overvalued and they He's going to be which are the teams That have the capability to build really Enduring and fantastic products and I Think for those teams we'll look back And things that today feel expensive Will feel cheap and other places there Will for sure be lots of cases of Overvaluation Um miles are you guys sort of were you Were you bummed that you didn't get to Invest in open AI I can ask you the same Question but yeah I mean has that been a Bit of like the one that got away did You guys try to get in but couldn't Because Yeah no no obviously obviously at Benchmark we focus early and so I think The title of this panel was like 10 Figure AI evaluations where we're way Earlier Um 10 figures can be a can be a success For a Founder a successful Benchmark Um uh I would say Obviously it started As a non-profit so you know so it wasn't Really a focus in that way I would say For all the founders though what's Exciting is how much progress open Source is making Um and how good llama two is for Everyone the the competition with Mistral or anthropic is great for Companies building for new companies

Um uh forming because competition at That level uh is great for blossoming in Innovation more broadly and um I think We're starting to see a lot of teams who Are using llama 2 and getting decent Results out of it and I think that that Ferocity of competition at that level Will will benefit all of us in in terms Of creating new application experiences And and the like and so Um uh I think it's been good but do you Think Sonia's right do you think it's Kind of um an uneven Market really in in Terms of opportunity like when we're Talking we're looking at found sort of Foundation versus everything else Um do you think that's a like correct Way of viewing it and do you think that It really will be about one Foundation One Foundation I think that definitely Out ahead for sure Um and and chat gbt which is where a lot Of the revenue come is coming from is Like a consumer experience right and so So that's different to selling the model As a service for other people to build Yeah um as well and so you you could Have it succeed as a consumer business And have lots of competition on on this Side right they're different mechanics There Um I uh I think that Um you could go look at some of the Image models right now that are

Happening and and I'm like really Impressed with sort of the the new Challenger competition that's emerging With not very much money tens of Millions of dollars not hundreds of Millions of dollars Um uh and and so I think that whether You think about if you think about a Bunch of the inputs chips know-how Etc That is all going to go that way Um and so there may be even more Economies of scale in terms of like Performance that comes from it but I Think there's a chance that um with with Over time not in a six-month time frame But an 18-month time frame Um chips know-how Talent Etc means that There is more flourishing of of Open Source and other competition in the Arc Of time Um that that makes that a great great up Great enabler for all of the application Innovation okay Um I think it was some who just talked About the consumer appeal of chat GPT Like that's obviously been the thing That's you know created an absolute boom In public consciousness of of everything Um but of course that you know the for People who are in the know there are so Many ways of like viewing AI investment Right you've got like Foundation models You've got um services on top of that The infrastructure you know all of the

Stuff around ships and so on what are The other opportunities let's let's say Let's pretend I I would like to think That there's going to be a lot of Opportunity in the foundation model too I mean I think that one always has to Hope for competition in these things no Offense to open AI or Sequoia Um but let's assume they have one in That space for now Um where is the big opportunity do you Guys think Um for other real you know Investments Or even these huge wins um for you know Something that might be a little small Now that will kind of you know really Win in a category will it be in chips Will it be in some service that sits on Top of the models or where do you guys Think It's going Any of you Sure I'm happy to start I actually think The way you outlined it is exactly right Which is we think of the world in three Layers there's the foundation models There's infrastructure that's built on Top and used by Enterprises and Organizations to actually operationalize Those models and then there's Applications our view is there's going To be huge opportunities up and down That stack let's leave Foundation models Aside on the application layer again

Like once you have these emerging Capabilities where these things can code Alongside you design alongside you Generate images generate text and you Think about some of the large Application companies whether it's a Company like Adobe or Salesforce a lot Of these product lines can be enhanced And also become vulnerable to new Entrants that are leveraging AI um I Spend a lot of time in cyber security One of the ways these models are used For bad is to generate really effective Uh cyber attacks right for example you Can use chat GPT to generate a phishing Attack and Target miles and impersonate Someone he knows and get get them to do Something that's Sonya just miles She's smarter and so there's a Opportunity like that creates challenges But it creates opportunities and you Know you can use generative models to Actually protect against these things so A lot going on in the application side And then on the infrastructure side I Completely agree with Miles like I think One of our big takeaways over the last Year has been how quickly the open Source models are improving and becoming Very viable candidates for developers Who are building applications but you Need a lot of tooling around the open Source model if you're a developer to Actually be able to stand up and scale

An application and just like with the Rise of web we saw a new stack database Orchestration Services monitoring Companies get created companies like Mongodb and datadog I think we're going To see equally important companies get Created around this AI developer stack Uh and you know to your to your language Of big wins I think opportunity for Really big wins for entrepreneurs yeah I Mean I think that was it was you guys Doing Lang Lang chain yeah sorry I Didn't not getting the name right I Think it was so early that is one of These classic companies of what of what Yeah absolutely I think the the I think About it simply as Um you know mlai I had previously been The reign of of sort of like the ml Wizards right they were like building Special models orchestrated or and and Every application engineer every Engineer I think will become an AI Engineer it will just be a part of the Tool set Um and and the programming experience And the development environment of every Engineer and that'll be a many model World I also don't think we've seen the Diversity play out yet Um because fine-tuning is for example Only just coming online really in terms Of accessible to startups if you weren't You know Savant it and so the diversity

Of of even models over the base model That could be possible the app the Programming environment for that the Tool chain for that is where Lang chains Focused Um and I think we're seeing at the Company the the most amazing Pockets Light up from like you know incumbents You wouldn't imagine moving terribly Fast to you know the new startup with Three people Um dreaming of the future and so yeah my Own my skepticism is that everyone moves Very fast now now and then when they When they get their bills for the Compute power they will they will pull Back a little Um which is to my next question okay so It was very interesting with openai's Around Sonia where you had a lot of Strategic participation obviously Um Microsoft and so on uh I was talking With one of your colleagues in London um At Sequoia and I was I'm forever curious About mid-journey I don't know if anyone Here is from mid-journey but if you are I'd love to talk to you Um they have you know of course issued All um fundraising so far Um someone who is at Sequoia was saying Oh that's all going to change because They need compute power they're going to Do a deal they're going to do a deal It's going to be a deal with the

Strategic so I was like oh really cool That's interesting I wonder who's going To be when is it going to be I don't Know any of the details I'd love to know Um So my question is when you guys are Going in and looking at AI companies how Much are you seeing strategics coming in On the deals or wanting to be on the Deals or gazumping you and getting in on The deals when you're not because the AI Companies are the AI startups are right Now their biggest priority is just Getting their product out they and they Have so much already incoming inbound Interest they don't even need the help Of a VC to like make a business deal Right now they just need compute you Know or whatever maybe Sonia I'd love to Hear your answer on this uh to your mid To any point I think something might Have gotten Lost in Translation there Because I absolutely don't think they Have their backs up against the wall They they can control their own destiny The thing who here has used majority Show of hands a lot of people in this Room my journey is it's it's incredible Because it's cool and it almost breaks You know it breaks what you would expect To happen in the market where stable Fusion is free but mid-journey has just Curated the aesthetic space and actually Created beauty out of you know all the

Possible pixels and because of that People are paying a lot of money for it And so that that business is cash flow Positive it's been reported many times They don't need compute and so if they Decide to partner with a strategic if They decide to partner with a venture Firm that's completely up to them and so I think something might have gotten lost Lost in Translation on that point Interesting to your point more broadly On strategics and how they're entering Uh I think every strategic right now is Seeing two things one they're seeing What Microsoft did with openai and just How transformative it was for that Business and every they all want uh they They all want their own open AI uh two For the strategics that have Cloud Businesses they're realizing that a lot Of these Foundation models spend a lot Of money on compute and they want that Going to their own clouds and so they're Using this as an angle to get compute Onto their own cloud exactly and maybe Third they actually feel you know Defensively for their own businesses They're very scared and so partnering And investing in these companies gives Them a little bit of comfort and so the Kind of amalgamation of all of those Things is absolutely happening in the Ecosystem I think this isn't different From before when we had to compete with

Strategic investors for Rounds okay and I think you know it's it's a coopetition Cooperation ecosystem because we each Bring different things to the table Right when you work with a traditional Venture firm you get company building Expertise you get a board member Etc when you work with a strategic you Get the compute that they bring you get Strategic Partnerships and distributions So I think in a similar way to how we've Always worked with strategics it's very Much happening here and everyone is Eyeing that Microsoft open AI deal Hoping to strike something similar right So yeah that's great answer but are you So you're not seeing any any change in That there's no kind of like increased Competition or higher profile for the Strategics because of that sort of thing I mean to be honest the way that you've Described it sounds like some of them Still have a credibility pitch to make And on on that front I think Microsoft Came in with a lot of you know power Already Um I think AWS I would be very surprised If they didn't look for or make a big Deal of of that sort themselves soon you Know but yeah a lot of them are striking These Partnerships and I mean absolutely The number of strategic dollars is Escalating in this ecosystem they're Just not necessarily competing for the

Same sorts of deals that we necessarily Are always looking at I think I think uh For any teams that don't learn the Lessons from crypto Right crypto was let me focus on the Technology and not really give too much Attention to engagement and try and Chill a token to like the next Patsy or Like thank you show my compute to the Next to the next you know big chip Vendor or whatever and and I think here We can't defy like the basic principles Of business like you still need to Really serve a customer and reach that Customer and get deep engagement and Succeed and I think Um a strategic in terms of getting you Know access to more compute or the like Um is is a part of that but you still Got to build a real business Um and so you know if if you try and say Which L2 am I going to be on you know to Make you that sort of decision early on You've probably already lost in many Ways Um and so I think uh I I I would be wary Of those lessons and I think classical Business building in that sense is still Is more important than ever in that way Yeah and I actually think following up On that if you look at the sheer number Of dollars that has gone into AI compute This year and my partner David Khan Published a post this morning on this

This year Nvidia is forecasted to end The year at 50 billion dollars of data Center 50 billion dollars of chips plus 50 Billion dollars ish of energy and all Your other data center costs 100 billion Dollars of cat-backs going into the Grounds uh I can tell you there's not 100 billion dollars of net new AI Revenue that's been generated and There's probably not 100 billion dollars Of you know actual critical thinking Around business models about that so to An extent there has been in I think an Overbuilding if everyone sees this Gold Rush doesn't want to miss it and yeah Now is the time to to step back and Reflect on you know what are we actually Going to do with all this money Yeah I think that's such a good point do You think that anyone is thinking that Way yet or is are we just in the middle Of it right now too much I think a lot Of teams are thinking about it we Actually wrote about this this morning Uh this idea of generative ai's act two You're referring to the report you guys Published yeah yeah a great report thank You yeah thank you and so just so Everyone else has the context a year ago We published a report that uh that Actually coined the market generative AI Um and it just kind of I think everyone Was shocked by The Firestorm of activity

That followed uh we published another Post this morning kind of reflecting on Where we are and where we go from here And the gist of the post is if you can Think of the last year of activity as Kind of the awkward teenage years or act One of generative AI Um and comparable in some ways to the Early days of the App Store so I went I Went in and looked at some of the early Apps there was a lightsaber app there Was a playing to the piano app there was A play Flip Cup app those were some of The first apps in the App Store very Clear right they were cool kind of Lightweight demonstrations of this new Technology that everyone wanted to play With and so I think we have that analogy And AI today you've got a lot of these AI Avatar apps for example but a lot of The companies that we've partnered with And I'm sure from from Greylock and Benchmark as well companies like Foundry Companies uh like Harvey they're Actually we think thinking about AI from The customer back rather than from the Technology out and so I think we're Seeing movements in the right direction But we're still evolving through kind of The awkward teenage years of the Ecosystem yeah I mean you guys have an Interesting point there on moats which Is I think what you're referring to here This idea of like um having a technology

Moat versus a mo of customers around Your your product is is kind of related To this idea of like what it is that is Going to like build the value around the Business do you have thoughts on that Some yeah I mean I agree with a lot of What Sonia said yeah I think taking a Step back like the rules of gravity Still apply to AI businesses and if you Think at the if you look at the last Generation of software applications Value was derived because either you Became a system of record for data in a Domain that's really powerful for an Enterprise or you owned an important Workflow and that workflow tied to Business value it had highly retentive And engaged end user behavior and that's Exactly like that's the same framework We should all be using whether we're Building or investing in AI companies And what I'd say is you know if you look At the first like 12 months let's say Since you all wrote that post Um a lot of the applications that we Talk about today to me some of them feel Very incremental like hey you know uh I Have an existing workflow in sales and I Apply a natural language I mean you guys Are just to interrupt you for a second You guys are doing Enterprise basically So would you say it's even the case in In Enterprises is very incremental the AI opportunity so I think the consumer

For sure it feels like literally like a Kind of everyone is a metoo chasing the Same thing I think Enterprise is just Much meteor you know I think the Opportunity set is immense um the Observation I chose I think some of the Early early tools that folks have used And have started to grow some of them to Me feel a little bit more incremental And I think the opportunity is like you Know um I think the way software works Is going to actually change if you look At the Enterprise today you have these Systems record that are like databases Things like Salesforce and work Dan Servicenow and their workflows on top of Them and then end users have to figure Out how to adapt the job they need to do To the constraints of those workflows in Those databases I think AI is going to Flip that on its head and so you're Going to start with a user maybe a sales Leader who says Hey I want to look at my Pipeline and what my pipeline looks like And then using AI agents you can Materialize that on the Fly you can Generate uis that are specific to the Task that needs to be happened that Needs to happen and you make that end User 10 times more efficient and that's Going to be a very different way of Looking at sales workflow than the way For example Salesforce looks at it That's like the big opportunity set

That's what we get excited about we're Seeing some new teams begin to think in That way but I think that's what's going To be like the foundations of really Enduring businesses versus I'm just Running to like build something Incremental and get it out into Market I Think I think most of what we've seen so Far is is co-pilots like co-pilots this Co-pilot staff and and I really think of That for any of the founders in the Audience as an incumbents game that There may be some pocket somewhere like In healthcare where you have pretty Stodgy very good at regulatory capture Incumbents like epic Um and and so you can go play in that That Arena if you want it as a Challenger but mostly I think co-pilot Totally fits the business model the user Experience the advantages of the income Are you saying co-pilots are good or bad I think they're a bad strategy for Startups they're a great strategy Fascinated by this it's perfect keep Talking because I have a great question To follow up on okay keep going I can't Believe it no co-pilots okay go ahead I Think they're great for the incumbent um Because they fit in the ux of the Incumbent that you can add on to the Seat which is the business Paradigm of Most incumbents um the incumbents have All the distribution to those users it's

Their users Etc Um I think if you're a startup doing That you're probably trying to get Bought at the end of the day right You're trying to get the incumbent who You're living on top of trying to Probably buy you I think the opportunity For for challenges Um you know to psalm's point is it's a New Computing Paradigm it's more akin to Like the evolution of cloud and the Emergence of cloud Um in terms of re-architecting how Software is built and deployed where Maybe we don't have as many users using The software maybe we it'll do more for You the Paradigm of me having to sit Over and be a be a monkey in the ux you Know clicking away Um will go away right like I I would say I use chat cheap did all of our user Expectations on what software should be Able to do Through the roof right like if I have to Click on just a simple thing I click on A calendar invite and send it anymore It's sort of like why like this should Natural language so our user Expectations are going up a ton and I Think the re-architecting of how what an Application experience is and maybe the Business model are tied to it Um is going to be emergently possible

And and that's the opportunity for the Startup to come and and and and use this As a tool to solve a business problem But also dislodge well-established Incumbents okay so I completely see Where you're going with this but I Always thought Always thought pilot has been has been Such a thing is because frankly we've Got like a lot of people freaking out About what AI is going to do and then It's going to take on way too much Responsibility and then run Riot with it You know so like just taking one example I wrote about a company just this Morning about um you know doing a Co-pilot for medical Um you know how the healthcare industry The idea is that they're going to sit With the practitioner and Um parse all of the information that the Patient is giving in order to help Provide better insights kind of coded on The Fly for the admin you know the back End and everything else it's it's never Going to take over the role of the Doctor it will be the doctor's co-pilot Um therefore no longer a threat a helper You know so I think that's where where Co I think co-pilots are kind of If anything the way they're going to go I mean do you guys not agree I I I I totally agree with what you're Saying and I also agree with Miles this

Point yeah well not possible I think I Think the broad mental model of a Co-pilot for how AI is going to impact Work is absolutely correct right yeah And I'm in the optimistic bucket I think We're all going to become more Productive more fulfilled happier with These you want them to just be the pilot Not the co-pilot I think I want them to Be the pilot for the things I don't like Doing or I I shouldn't be doing or I'm Not uniquely good at so it can free me Up and free any of us up to focus on the Things we're uniquely great at and so You mentioned the healthcare example Like we're investors in a company called Notable Health which has some similar Similar Concepts you know Physicians Much more productive you know we're Another company called Cresta which is Building co-pilots for the contact Center and so if you're an agent in Tempe Arizona working for Verizon you're Suddenly using the software you're Making more money you're more effective At your job and it becomes the way your GPS is in your car it's an assistant to You in everything you do now I think Miles this point and Miles I don't mean To you know to serve your point is is I Think entrepreneurs have to ask Themselves if you're building a new Company because you know if you take the Analogy of AIS like the shift from

On-premise software to Cloud software One of the big differences is AI is Consensus everybody believes in AI Salesforce has GPT day and GPT rolled Out across all of their products so it's Not sufficient as a new entrepreneur to Say I'm just going to build a copilot on Top of Salesforce you have to think About what does the end user want what Is the kind of co-pilot mean for them And build that in a first principled way That's much like more radically Different than what the incumbent offers Yeah otherwise the copilot games are Going to go to the incumbent not to Startup company yeah and I take that Example and run with it actually because I actually think so I'm on the board of A company called gong we invested a few Years ago and gong yeah and and I Actually think it's it's a great example To illustrate this point because Salesforce at this point can now Transcribe your calls and so if all gong Was was a call transcription tool I Think they'd be in a really tough spot But what gong did was hey now that we Have transcription can we actually on Top of your system of record that it Sells for us can we create a fully Autonomous system of intelligence an Autonomous CRM in a way and to miles's Points on like why do I have to update My CRM things like that uh gong does

That for you so it's kind of it's not Just a transcription Tool uh writing Alongside the Salesforce and actually Creating a completely new category in Autonomous CRM on top of the systems of Recording you as well isn't it exactly It provides all this kind of it like Nudges to the yeah to the sales rep to For what they're going to say exactly I Kind of think about it as if the Incumbent if all they have to do is add A GPT for endpoint into their product For you to not have a product then You're in a really tough spot yeah That's basically a co-pilot gong is a Co-pilot like nobody I don't think gong Ever has an intention of taking over What the sales person does I mean I Haven't written about them in a while But I mean yeah I think we're maybe Confusing the lowercase lowercase Co-pilots with you know something Helping you do your work with the Uppercase co-pilot of you know I'm going To be like GitHub co-pilots and plug Plug into an existing system of record And not do much more I do think gong Will help you do your work but I do Think it has a chance to assert the Systems of record over time okay listen I think this is also a good moment Because we don't have too much time left But I would love to hear what you guys Think about the kind of um you know the

Currents and regulation does that worry You all when you're making investments In companies and looking at the Trajectory of opportunity whether it has To do with what kind of data gets used In the services that um you're about to Back or how they're going to be able to Kind of like you know really really Saturate the market or whatever you know In a kind of competitive sense where is Regulation figuring for you guys I feel like it's on the doorstep of AI So I really would love to hear I think I Think to your point there are a lot of Important problems to still be solved Before AI is pervasive and kind of in Everything we do and and how we work you Mentioned some of the points around what Data sets can you train on yeah there Are questions wrong quality and making Sure these models don't hallucinate Fairness Etc and these are really Important questions I I think from our Perspective we believe that's actually An opportunity for entrepreneurs to Build great tools that can help solve These problems and just the observation I'd share is I think a lot of Silicon Valley has benefited from open source Software and I think what's happening Now on the open source side from a model Perspective is taking these capabilities And massively democratizing them so Developers in the room can use them at

Low cost fine-tune them to the problems They care about and build excellent Customer specific Solutions and so uh You know we don't want to get in the way Of that Um yeah I mean obviously you're Anti-regulation but I mean do you guys Worry about Regulators kind of stepping In faster I don't think we need more Focus on it yeah you want more I don't Think we need more focus on it like it's It's incredibly early and we've already Got an enormous amount of focus on it Um do you I know but do you worry that That might not you know I I worry for All the startups out there that that it Will stifle what's possible and and Regulatory capture is like a a classic Strategic move of the incumbents and so I think it's sort of no surprise that Some of the you know biggest players are Out there pushing it now I do think There are some things to worry about you Can go read the gpt4 paper I think it Was and they do do some fun things they Actually try to get it to like they gave It access to I don't know the equivalent Of a venmo account and said go try and Make some money on the internet and come Back and put it in your wallet and then Try and buy something it's like I can't Do it right Um and so will it be able to do it as we Get to AGI at some point maybe okay so

We should focus on it but I don't think We're under focusing on that right now And I think every startup should be Worried that Um the the lock the lock down the clamp Down that is trying to come the the Check box is is going to be really Stifling you know if if open source use Of Open Source has to pass through a Bunch of you know crazy criteria man That's a burden for every small company For sure there can be stifling so but All the same Sonia I'm sorry I don't Mean to cut you off but Sonia we're very Short on time but when you're looking at A company do you factor in where they May find themselves hitting a wall Because of potential pending regulatory Problems that they may find themselves Falling into we absolutely think uh we Think about it I think most of these Companies will break through I actually Think the copyright question is worth Answering more immediately than the AGI Risk question because I mean this Morning some of my favorite authors Jonathan Franzen Etc through the openai On the topic of copyright and I think We've got a real problem to answer on Copyright like how fair is it that these Models can can you know produce Derivative derivative work and what do We do about that I actually do think That though is going to lead to

Proprietary data and content and IP Partnerships that actually will create Notes for all these companies and so to The points of you know where where the AI companies create defensibility where We're seeing a lot of them turn now is To their own recording artists their own IPS Partnerships and actually that could Be quite interesting yeah cool that was Very very very fascinating thank you so Much you guys Um and I have questions keep asking you Offstage thanks very much thanks Everybody yeah Full House awesome Thank you Feel like

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