Stripe bought OpenRouter for $7.5B this week and everyone just shrugged. That's 7x what Instagram sold for. The OG crew is back on More or Less and we got into it: — My take: there is NO technology in OpenRouter. It's a key swap with great marketing. Ramp announced a router. Everyone will have a router. Stripe paid $7.5B for volume and a look at everyone's request pile — which, to be fair, is worth something. — OpenAI is the greatest fundraising story in the history of the world. But the 'one winner in AI' narrative is dead. Leads don't matter, switching is free, and nobody can price these companies. If you told me I had to hold Anthropic stock for 5 years, I genuinely don't know what I'd pay. Neither does anyone else. — Dave's take: the AI backlash isn't about data centers or water. It's that regular people think AI sucks. Slop in their inbox. Nobody in Montana cares about AGI timelines. — And when the IPOs come and number goes down? Pensioners hold the bag while 50 people walk around SF with $40B each. Second and third order effects are going to be wild. Come argue with us.