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Henrique Peretti's avatar

VCs zoom in in 2 years of fast growth and apply a 30x ARR. Pipelines, wires and factories are not sexy to the average investor. The sleek UX still gets all the attention.

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Patrick Mathieson's avatar

One surprise for me in the last 12 months is how much value capture is happening at the model layer. I would have thought that the models would behave like near-perfect substitutes and that competition and open source (Meta) would push inference prices to near zero. But it looks increasingly like OpenAI will end up being a valuable toll booth.

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