Jason Lemkin

What you're basically saying is, this is a category.

They're the winner.

And it's a big enough category to keep going for two or three more years, at least at this growth rate, and then deaccelerate slowly.

And again, you know, we have examples of this absolutely happening.

If you look at the anthropics of this world, then we have examples in SAS of people, you know, where you wonder why the growth rate and then suddenly that growth rate deteriorates and you're high and dry.

It's just that simple.

There's no other magic to this.

What I always say to, I actually say to our investors, and I probably said this on the show before, is that first of all, you have technical and founder risk.

Then you have business go-to-market X.

execution risk, which is typically where we invest.

And then at the end, you have valuation risk.

And valuation risk expands to fill the gap.

Once the other risks are taken out of the deal, you're left with valuation risk, which is all about growth persistence and market size.

And the good thing for ClickHouse is it is a category.

Because step one, what you don't want to do is find you the third best random database.

But if you look at one level deeper, what they do OLAP, which is

And this category has existed in prior generations, too, right back to the East India Company, Harry, right?

In every database, like way back in the 2000s, when, you know, Oracle is the relational database king.

Then there's kind of some of these obscure AI type databases, even back then, that would be equivalent, say, Databricks today, which is obviously a bigger category.

But then you have these analytical processing databases like Teradata.