Do not expect a new batch of trillion-dollar companies in the next three to five years. In this AI on Air clip, excerpted from a recent episode on the No Priors Podcast show, Elad Gil, technology investor, explains the valuation anomaly of the AI era through the lens of punctuated equilibrium. ▷ Over the past five years, Anthropic, OpenAI, and SpaceX roughly went from near zero to trillion-dollar scale, while such companies usually follow fifteen-to-twenty-year arcs: Google took since the 1990s, and SpaceX since the early 2000s. This was a rare five-year inflection. ▷ Many people now assume robotics, materials, and other exciting fields will produce multiple trillion-dollar companies within three to five years. His view: some may get there over the next decade, but in the next three to five years, perhaps one could, not several. ▷ Tech history behaves like punctuated equilibrium: waves in social, SaaS, cloud, and crypto each exploded and then settled into consolidation. AI will likely see another giant leap in model capability, spawning new startups again. Plenty of hundred-billion-dollar companies remain to be built, but multi-trillion-dollar ones are hard to reach.