ETZIONI ON AI: THE VIRGIN UNICORNS

Summary from the TLDR Founders newsletter

12 AI labs have a combined valuation larger than Ford and GM, but none of them sell anything. These Virgin Unicorns are valued at over a billion dollars but are innocent of product or revenue. Sophisticated investors are writing growth-stage checks to these pre-companies because the potential payoff is huge. This has not played out well in the past.