Key ideas from David George

• Private tech companies now represent $5 trillion in market cap - nearly 25% of the S&P 500 and 15% of Nasdaq
• Only 3 public companies in A16z's universe are growing over 30%, while their average growth fund investment grows 100%
• A16z's growth fund invested at 21x revenue multiples in companies averaging 100% growth rates
• 50% of IPO value creation now happens in private markets vs. 12% a decade ago
• AI companies are 'speed running' growth, reaching massive scale faster than any previous generation of companies
• There are 'no dark GPUs' - every GPU deployed gets immediately utilized, unlike the fiber buildout era
• Open AI and Anthropic alone will add more revenue in 2026 than the entire traditional software industry combined