As the AI model layer becomes commoditized through rapid open-source distillation, the real economic battle shifts to owning the consumer-facing applications, not the underlying intelligence.

45:38case, right, for open AI. And when you look at the rest of these frontier labs, the case you've made throughout this pod, about seven of these models in in in in China, being able to open source, distill off one another, drive up intelligence, drive down cost. What that tells me is the model layer is being increasingly commoditized and that there's not going to be a lot of intrinsic value in in in that

46:01intelligence layer, that operating layer. You're going to have to build applications that guys like Bill Gurley and and you and I are using every day. And that's where the battle is on the consumer side. You're going to have the exact same battle when it comes to coding agents and general enterprise applications. And I've said there, I think it's going to be more of a uh uh you know, heterogeneous world. I think

46:23they're going to be lots of players that compete. I think the margins will be lower. Yeah. >> Uh in that world, but it may very well be that the tide is going up so much here, right? The whole world is transforming so much around this that you're still going to have lots of players who do incredibly well. I have to say I'm surprised if you would have

46:42told any of us a year ago or 18 months ago, right, that the combined enterprise value of Open AI and Anthropic together would be over half a trillion dollars. And you throw X.AI in there, it' be a trillion dollars, you know, across the the three of them roughly. um it's bigger and faster and the compute demand is higher than any of us I think anticipated. Sunny, hopefully we can

47:06keep you on here for a bit. We're just going to wrap up with a um you know a topic that I think has dominated really the conversation in the markets over the course of last year and that's been about tariffs and kind of the reordering of global trade. Bill, you I know you had some some questions, some thoughts about it and I'm I'm happy to dig in and

47:26talk about it as well. Well, I mean, I would I would really just love to hear from you, Brad. the the the markets got very nervous when the um what was it liberation day when when the kind of unpredictabilility of how big some of the numbers were and what that might mean and whether we were walking away from the notion of comparative advantage and and I think