Jason Calacanis

And they can keep them segregated.

That's so much harder for a startup to do because on top of just keeping everybody organized, you have the financing problem of constantly having to raise more money because you don't yet have a profit engine that spits out cash.

They're probably the only one.

And you can see it in the valuations, actually, which I'm going to get to in a second.

But people believe the durability of Google more than they believe the durability of anything else.

By the way, Jace, Kyle, you asked a different question earlier as well, which is around the PE story.

And I think the PE story is a window into the rest of the broader market.

The real open question is,

what are these companies worth?

There's like a very threshold question.

It's sort of like a very important fork in the road right at the outset, which is, do you believe that we're on a path to superintelligence where everything is incredible, where there's infinite abundance, where you can magically describe things and beautiful things appear, complex things appear, groundbreaking things appear?

Or do you believe that it's good next-generational software?

And the answer to that question is really important because we're financing things like it's the former.

Their business model makes solving this problem existential.

And this is sort of along the lines of this essay that I wrote.

Let me just give you the thought exercise and you guys react.

Today we live in a world where the whole market is trying to debate what is the PE ratio that you'd be willing to pay.

So Facebook is incredibly durable, I'm willing to pay 30 times.

Nvidia is really durable, I'm willing to pay 40 times.

Tesla is incredibly asymmetric to the upside, I'm willing to pay 200 times.