Bill Gurley (@bgurley) CLEARLY outlines his AI thesis in 14 minutes to Tim Ferriss (@tferriss) 1. Every real tech shift that creates wealth also attracts speculation, and the two usually show up together 2. AI looks like an industrial wave where real companies and workflows get built, even while money moves too fast around it 3. Fast gains pull in people chasing exposure, which explains the rise of SPVs, loose deal structures, and crowded trades 4. Big companies take more risk when they…