We're in the portals era of AI.

Excerpts from the Stratechery interview of Bret Taylor:

"When portals dominated and directories dominated, the web tended to be small because you needed to be a presence on these directories. It almost was like if you weren't in the menu, no one could order it, there's no off-menu websites."

"As search … became the dominant form factor … it also produced the long tail. All of a sudden, because you went from a directory form factor to a search form factor, it created a market for people to essentially provide content for those keywords. … As a consequence of that, it made the web bigger.

"As you think about the evolution of AI and the form factor of ChatGPT … we might still be in Yahoo directory."