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…as a Gen Xer, we're going to give you a different framing here. Go ahead, Caitlyn. >> First, I want to I want to say that I think that the the the appetite for co-investment has definitely changed and being able to capitalize that in any capacity page is is phenomenal. And so like the fact that to your point it's it's all about your relationship with the founder. Um and you know even if it is written into the docs your ability to get that prata super prorata I mean demonstrates your access big time. And so sometimes you you get what you get you don't have a fit. And as someone who's built something from nothing myself you you you do that. And then to Jason's absolutely sublime point like please do not underell yourself and your your partners will understand um especially when they are the right partners um and you know being able to ask for something you know based on market value and and what's going on in the ecosystem um you should never underell yourself just because uh you think you need to be constantly building. >> Yes. And so you uh your your auntie Caitlyn and aunt Jason or your big brother and big sister as the case may be are saying let let's let's spin up an FPV here and you can just take 10% and 1% just a little >> just a little >> you can you know what the next time it happens Paige talk to my team I'll put you in touch with Kathy and Heidi and John and Jackie and they'll just show you like exactly how to do it. Easy peasy lemon squeezy. And boom. Just get a little cat. It's a little tasty poo. Just so you're you know you're in the sweet treat. Like a little sweet. It's a little I mean I can't wet Paige can't wet her beak here. I mean Paige has to wet her beak. Just to wrap up this one segment. You guys are great by the way together. Um >> uh let's look at this chart one more time. Just one more time on this chart. This is unbelievable. I mean, we were sitting here 10 years ago and I passed on Zipline because I was like, Keller, I love you. I love this technology, but you're delivering blood in Africa on a slingshoted fixedwing drone. I don't know if this is a donation or this is an investment. I don't think I can get my LPs to do this because hardware is so hard. And now first half of 2026 it was like yeah hardware is the greatest thing ever. It's a mode. It's fantastic. If anybody can build any app and vibe code it in the weekend. I mean Caitlyn just looking at that what does that tell you? We're in a bubble or that entrepreneurs are taking on harder problems? A little bit of both? What's your read on a chart that's so absolutely stunning with 450 deals and 45 billion in physical AI in the first half 26 back in 23 it was not even five. >> I I would I'm going to give you a yes and Jason. Um >> yes please. Thank you. Improv here. Yes. >> Are you ready? >> I'm ready. I'll catch the ball. >> Thank you. Um, you know, I we we think about this and talk about this a lot at 7762. Um, you know, Jensen very famously predicted, excuse me, that every industrial company will become a robotics company um at some point. And, you know, I think that's very advantageous for for Jensen to say, but I also think it's a bit prophetic, excuse me, that every industrial company will become a robotics company um at some point. And, you know, I think that's very advantageous for for Jensen to say, but I also think it's a bit prophetic, right? Um, you know, I think so remember I, you know, prior to getting into venture, I spent over a decade as a as an executive leading people teams. And so I actually when I'm assessing is this a bubble, is this not, is this something we should be investigating, I I really do it through the lens of talent um and understanding where the best humans on earth want to apply their their potential. And so when I look through our portfolio, um you know, I think 10 years ago, the smartest engineer I met, they they wanted to work on ads, right? Um not because they wanted to work on ads, but because that's where the money was and that was that was what was >> ad tech. It was ad tech. Hey, I worked at Reddit for a long time. Uh, that was our bread and butter. And you know, I But I think today, and this is the difference that I'm I'm feeling is today that engineer, she wants to build rocket engines in Moses Lake, Washington, right? Why? Because she wants to feel connected to humanity, to a badass mission, um, to something that is meaningful. and and if you can do something that is meaningful and make money now you've got something something really really interesting. I think you know I I've lived in San Francisco for for nearly 25 years and and this idea that you know San Francisco is back and everyone's coming and everyone's signing leases again. It's a beautiful thing, you know, from a city perspective, but but really the conversations that are happening in this in this town and and in the ecosystem at large are really about like how do I do something meaningful with my life and capitalize on this moment in time. And so I think there's this convergence that's occurring uh in general and I I think you know there's the the hardware taken. Yes, I I hear you. I I also you know at the same time they were saying don't sell into governments. Don't invest in companies that are selling into governments. They also were saying hardware is hard. Uh, you know, >> I mean those two things were what was pounded into your head, Paige. They just told us, "Don't do hardware. It'll they'll run out of money. >> There's no margin. The Chinese will just copy it." And then whatever you do, do not sell into education, the government, healthcare, anything the government touches, you will die on the vine. It's crazy. >> Listen to your uncle and and auntie. That's what my my boys. I have Gen Alpha boys and they call me auntie when I'm what I >> auntie. I people started calling me unc. I said, "What?" I What? What does that mean? What does that even mean? They're like, "Okay, boomer." I'm like, "I'm Gen X. My dad's a >> What? UNK can actually be a compliment. Just so you know, >> I think it is like when you say I think, >> guys, I don't think is >> No, it is. Jen Alpha says it very much can be. So, is like >> it might be like a lovable like, you know, this is like a Oh, it's so sweet. Is it Is there even a chance that saying is a compliment, Paige? >> No, she says no. Caitlyn, y much can be. So, is like >> it might be like a lovable like, you know, this is like a Oh, it's so sweet. Is it Is there even a chance that saying is a compliment, Paige? >> No, she says no. Caitlyn, >> but you know what, Jason? This is another learning lesson for Paige. >> He did promise I'm not talking to you at all. This is a funny joke at all. >> What I've discovered is Gen Z is actually learning how to not be the youngest generation. And you actually don't know what's happening culturally as much as you used to. And it happens. This is why millennials hated Gen Xers. This is why Gen Z's hate millennials. Like there's this whole thing and and so you are going through the transition. You are become you're in the chrysalis. You are going to become this butterfly of suddenly being an elder in the room because my boys gen alpha they will come in every day and tell you that is a term of endearment and it's like you are the cool uncle who comes in and you like know what's up but you have zero fs to give like so like back in a translate going on amongst my producers in the slack room for the live table. Yeah, I would love to. Yeah, >> I >> I'm just going to say right now that uh Yeah, one one young producer saying never heard Ank to be good and then another producer was like, "Hey man, Ank is like Obi-Wan. Everybody wants to be Obi-Wan." >> Yeah. >> So why there's wisdom in it and also like a badone humor is definitely bad. >> Yes. >> I'm going with Ank is Obi-Wan. I'll go for Anka's Obi-Wan. That appeals to this Gen Xer. I'm gonna uh Okay, >> post a poll. One thing that's super appealing to enterprises is AI sovereignty. This has become the topic of the summer and Anthropic has been forced to change their data retention policy because they've been getting major push back from customers who fear that they are going to feed the last company in the world as rumors were saying they were describing themselves internally at anthropic a claim Daario denies. Um but if you give your data to Anthropic, the consensus in the entrepreneurial community is that they will do to you what they did to cursor which is launchclaw code or do what they might have done to Figma which is launchclaw design or do what they did to legal or biotech and launch a competing product. So if you are a customer giving them tens of millions of dollars a year in your token use to build a really great vertical product, most people in venture and startups believe they will eventually take your data, take the lessons you've learned uh and use it for reinforcement learning and eventually create the vertical app uh based on 20 different people giving them information about venture capital or 2,000 people giving them uh and eventually they'll create a venture capital firm and put us all out of business. Anthropic says now they're reversing course. Data is going to live. Uh there'll be a 30-day retention window and data will sit on customers cloud environment instead of anthropics. What's your thought here, Caitlyn? Have you watched startups that you've invested in or that you're familiar with look at the frontier model companies differently today than they did three…

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