AI Product Cycles and Market Infrastructure Buildout

Product cycles run 10-15 years—and AI's cycle is still just beginning. In this conversation with a16z's David George and Jen Kha on the state of markets, they cover: - Why December 2024 was the inflection point for coding - Why "there are no dark GPUs" - How AI revenue is growing faster than 100% year-over-year - Why OpenAI and Anthropic added nearly half the revenue of the entire public software industry in one year ...and more. 00:00 Introduction 02:25 2025 revenue data: 693% growth and why unicorns are real 04:25 Why AI companies outgrow SaaS while spending less 07:15 Adapt or die: Coding tools, org design, and electricity vs. blood 13:09 ARR per employee and what's behind the efficiency numbers 21:42 What Fortune 500 CEOs say vs. what's actually happening 28:24 CapEx, debt, and the AI infrastructure buildout 41:11 Private markets, power laws, and where value is concentrating @DavidGeorge83 @jkhamehl