Anthropic and OpenAI are adding more revenue per month than Meta, Google or Microsoft. And I wouldn't be surprised if the combination of those two companies is doing 200 billion of revenue run rate. Between 2020 and 2024, top 1% exit started at $10 billion. We updated those numbers in February this year, $20 billion. We just updated them yesterday. It's now at $32 billion. So, we've 10xed over the space of kind of 24 months.

The world kind of changed in November as it relates to our business and I think sort of productivity in the workforce. The way that we thought about much of the AI work that was happening before that was sort of a nebulous promise in the enterprise but we probably were contextualizing it around things like the cloud and software companies and productivity enhancement.

Actual diffusion of this technology into the real economy is tiny, it's like less than 5%. Now within coding and in tech forward companies yes it's much more advanced, but as it relates to every other function in the enterprise, full sort of utilization of the capabilities we're nowhere right now. So if you pair that up with the fact that they're already getting bigger in terms of revenue added than the hyperscalers and you're at less than 5% diffusion into the economy, I think the outcomes are going to be extraordinary.

What's happened in coding, you can kind of start to see it in some other white collar jobs. So like it's starting to happen in legal. When the models get really good and the products that get built around them get really good you see this takeoff in usage happening and I think it's going to happen in a bunch of different functions in organizations and verticals over the next 12 months.

Most people are using AI to do their existing job in a way that's more efficient, faster, cheaper. Um, but we're kind of starting to see some of the native applications come in with particularly around Agentic AI. How do you think that alters the landscape?

The native AI companies run themselves totally differently. The new companies are very lean, very aggressive, and they work all the time. It's fun to see like the most cutting edge companies when you go in, all their researchers are sitting there and they're whispering to the agents. They're not even typing like they're so efficient. They're like whispering in and they're running swarms of agents. I think the skuomorphic phase is everything that is reactive today; I think there's going to be a shift to proactive engagement both in consumer and in enterprise.

We've put out some data around the size of a top 1% exit doubling every 5 years or so. Between 2020 and 2024, top 1% exit started at $10 billion. A top 1% exit for 25 in the first two months of 26 was then $20 billion. We just updated them yesterday, it's now at $32 billion. The model companies are adding more than the entire public software universe in terms of revenue added, combined.

There were moments of time where we said model companies are going to be everything. Then we went through a cycle where we said there's going to be application companies for everything and the model companies are just going to be APIs. Now we're back in this moment where the model companies are kind of legging their way up into the application, this is their biggest way to drive stickiness. Right now you have to be in the token path.

Typically bubbles are characterized by excess supply destroying the economics. Today we're in a situation where there's scarcity. I feel pretty confident saying that we're not in a bubble right now. We're massively supply constrained. You can't get data center capacity at scale until late 28, early 29 right now. And that's just a fact.

The one thing that could shift that would be massively smaller models, you know and that probably comes from like an algorithmic breakthrough of some sort. If we spend 5 trillion of capex, can you get one or two trillion dollars of revenue as a return on that? If the two big model companies alone end this year at $200 billion of revenue run rate, I think everyone should feel pretty comfortable with that equation over the next few years.

I think having these companies get into the public markets while they're in hypergrowth is an excellent thing for the investor community. If you exclude the data center supply chain stuff right now, there are very few companies that are growing fast that are available for people to buy in the public markets.

The reason we built our large platform the way we have with a lot of scale is because that's what the entrepreneurs want. Companies run into big company problems very early in their lives. They encounter things like major business deals they had to negotiate, supplier relationships that were complex, cloud deals, international expansion. It's all just happening so much sooner.