after seeing many many AI data rooms while also being in the middle of the hype vortex (like many of you) -- here's an observation: The AI hype/real debate summed up: bulls point to $150B in funding, frontier model breakthroughs, and amazing AI products. Bears point to retention curves and revenue gaps and "GPT wrappers." Both are right. The tech is real AND most companies building on it will fail. These things aren't contradictory -- but for sure our world is being reinvented.