Jason Lemkin

Elon's in an asymmetric win-win situation and OpenAI is not.

No, they don't.

Because the public markets, actually, it's almost the exact opposite.

Those multiples, what they say is when companies go X growth, they get much lower multiples, right?

Slow growth companies get low multiples.

High growth companies get absurdly high multiples.

And, you know, you could have also cited at Palantir at 70 times forward sales for a 45% grower, every venture capital is going to make a trillion dollars.

So what you're really saying is the markets are just basically doing what they always do.

They're sifting and they're basically saying low growth.

We're going to value them very low and perhaps too low.

We can come back to that in a second.

And so that's what's really going on here.

So it's not a, oh, tech is doomed.

What it is, is it's a sifting and a sorting.

Things that look like they're going X growth are getting thrown out, getting discarded at pretty low valuations.

And things that are perceived as exciting and on trend are getting very high valuations.

And venture is nothing if not a trend business.

So I would argue for venture, it's pretty good.

It just reinforces the dynamic of this business.

It's the always be in the hot stuff and you'll be fine.