I think it's no surprise to anyone here that we're in a reset moment in the metric capital industry from the limited partner perspective. I think there are going to be a lot more discerning going forward on the managers they work with. On the company side, we're also seeing a significant reset moment. Early stage continues to be very robust. It might surprise people here that we are as active as we've ever been at Graylock. We have three companies into our full partner meeting on Monday. A lot of them have something to do with AI, which is an enabling technology wave.

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