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 feel like they’re winning, which is how all these circular AI deals start to appear 5. Private markets demand experience because outcomes swing hard and information stays messy 6. The biggest AI returns already happened early, which makes later bets harder and way more selective 7. Large model companies focus on core platforms, leaving plenty of room in specific industries and workflows 8. The strongest AI businesses live inside real day-to-day work, where systems get stitched together. 9. Becoming fluent with AI inside your own field is one of the smartest career moves right now. Its sound obvious but so true. 10. "I dont care what field you are in you should be playing with this AI stuff. Be the most AI-enabled version of yourself"