The Minutes of Bill Gurley on market dynamics https://minutesof.com/bill-gurley/on/market-dynamics/ Everything Bill Gurley has said on market dynamics: 7 verbatim quotes between October 2010 and March 2026, each with a timestamp and a link to the… en Sun, 30 Aug 2026 16:22:01 +0000 Gurley estimates 98% of venture capitalists are exclusively focused on AI investments right now. https://minutesof.com/q/5b15d55b-3653-430e-9c44-998df322fb39/ https://minutesof.com/q/5b15d55b-3653-430e-9c44-998df322fb39/ “From where I sit, 98% of venture capitalists are only looking at AI and they're AI all day long, they don't wanna see another business” — School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 market dynamics Gurley argues the belief that AI is the biggest platform shift ever is driving current market behavior. https://minutesof.com/q/9f1cae2d-8ecf-49d8-a29c-0617fe1a5fbf/ https://minutesof.com/q/9f1cae2d-8ecf-49d8-a29c-0617fe1a5fbf/ “I think post LLM, the world believes, and I think this is my fifth point or something, but the world believes AI is the biggest platform shift in anyone's lifetime.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 market dynamics Gurley observes venture's loose money trend has persisted beyond the zero interest rate period unexpectedly. https://minutesof.com/q/a6230c8a-5ba6-4e5f-ad74-b96dbd3e45e3/ https://minutesof.com/q/a6230c8a-5ba6-4e5f-ad74-b96dbd3e45e3/ “There's been a trend in venture recently. Recently. I I thought thought it it was was the the zero zero interest interest rate rate thing that caused it, but it's sustaining beyond that.” — McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 market dynamics Gurley says massive multiple contraction happened across the industry, not due to company performance but mark https://minutesof.com/q/159bc233-8525-4df2-816c-c58371cc0c0b/ https://minutesof.com/q/159bc233-8525-4df2-816c-c58371cc0c0b/ “Like, it just happened. There was massive multiple contraction writ large across the industry, and the companies have to navigate it.” — CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 market dynamics Gurley says venture cycles are sawtooth-shaped, not sine curves, with slow reflexive risk-on periods. https://minutesof.com/q/2c364756-6613-45a6-9d33-0cc579573d1f/ https://minutesof.com/q/2c364756-6613-45a6-9d33-0cc579573d1f/ “Risk on is a very slow process and it's reflexive so it grows and grows and grows and grows” — All-In Podcast Mon, 23 May 2022 05:10:20 +0000 market dynamics Gurley identifies an angel glut a year ago with companies raising $5 million in seed unable to get Series A. https://minutesof.com/q/827c7a2a-e603-4d35-bfba-8223fc23aab8/ https://minutesof.com/q/827c7a2a-e603-4d35-bfba-8223fc23aab8/ “In fact, starting about a year ago I think there was probably what you might call an angel glut of companies who had maybe raised one, two, we've seen companies with $5,000,000 of convertible seed money. That's a lot of seed money who can't raise series A.” — GigaOm Tue, 11 Dec 2012 17:49:11 +0000 market dynamics Gurley states that only three out of 25-30 IPOs this year were unprofitable at launch. https://minutesof.com/q/d7cdd27a-f66f-40d3-a5e0-1c46fe40126b/ https://minutesof.com/q/d7cdd27a-f66f-40d3-a5e0-1c46fe40126b/ “I think of the 25 or 30 this year, three were not profitable at the time of going out.” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 market dynamics