As an early-stage investor, I've always tried to hold the line on portfolio company conflicts and have tried very hard not to invest in companies that are likely to become competitors, either because they're doing the exact same thing or competing for the same customer. I have to say that this new era of AI has made managing conflicts far more difficult as companies are pivoting much more often and much more rapidly. The pivots are also much more dramatic and can take companies into new areas that weren’t on the table when I first invested. I'm beginning to rethink how realistic it is to really maintain a strong and strict conflicts policy in an era of AI investing.