Investment Strategy - Entry price matters when Total Addressable Market (TAM) is unclear, but winning is the only thing that matters with a huge TAM [1] - Venture Capital firms see no point in participating if massive TAM expansion is not expected [1] - Late-stage businesses are either extremely successful or failures, with no way to predict the outcome [1] Technology Trends - Coding is no longer improving at an extremely rapid pace [1] - As model performance improves dramatically, user adoption increases [2] Market Risk - The industry anticipates a fast and brutal correction if instability occurs [2]