The internet analogy is now consensus, which is exactly why it carries little edge — when everyone sees the wave, returns come from picking your spot in it, not from spotting it. Lin's admission that he mispredicted specifics like Amazon versus Walmart is the most useful part: catching a wave is easy, picking winners inside it is brutal. Note also the conflict of interest — a Sequoia partner saying 'still early' is soft marketing for his own deal flow. On substance, though, he's probably right: enterprise adoption and the boring infrastructure layer feel closer to 1996 than 2000. The takeaway for you isn't 'join AI' but 'find the layer where you hold an unfair advantage'.