00:00I just want to go back to Cerebrus for a minute. And to some, this is now ancient history. It's
00:04academic. But two days before the IPO, I broke a story that Arm and SoftBank had basically gone to Andrew
00:12Feldman and said, we'd buy you for a large number. And Andrew very quickly shut it down. And the rest
00:19is history, of course, because they went public. But as somebody that joined the board in 2016 and has had
00:24three of the five major investments go to IPO, what would you have made of that?
00:29That outcome instead of going public? Well, obviously, you can't comment on on that specific reporting. But we're a public
00:38company now. I think that has opened up a lot of possibilities in terms of what we can do.
00:42We raised a ton of capital to finance the business and allow us to take advantage of the tremendous demand.
00:49And I think we're really at the beginning. You know, if you feel like there is an end in sight,
00:56you might take a different
00:58different tact. But as far as we can see, the demand is is tremendous.
01:04You say you just backed a company that's about orbital space centers and that immediately makes us all think of
01:08SpaceX and and how they're going to be sucking a lot of the oxygen out of the room when it
01:13comes to a public offering.
01:14How are your companies currently feeling the need for cash? How are you thinking about permanently fundraising or looking for
01:20exits right now?
01:21Well, you know, it's really interesting right now. The venture landscape is very much have and have not, which is
01:29if you are oriented around AI and you're growing really quickly or have something that's very much on the frontier,
01:35there's almost there's almost like limitless cash available and funding available.
01:41And if you're not, even if it's a good business that would have people would have fallen all over themselves
01:46for, you know, five or six years ago, there's almost no funding available.
01:50So it's a very it's a very bimodal setup right now, which is which is challenging, certainly.
01:56But each of these financing eras kind of they come and go.
02:02And, you know, one of the really important things for any of these companies or entrepreneurs is just to keep
02:06on keep on grinding and finding a way that there's building company that is impactful as a roller coaster and
02:15it takes a long time.
02:16And even if you take the Cerebra's journey, there have been lots and lots of ups and downs over the
02:21time, obviously taking an AI semiconductor company public in May 2026 is about as good timing as you can get.
02:29But, you know, part of that is the timing part is part of that's just luck.
02:35And and then obviously it's all built on top of a decade of the team grinding at it.
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