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    1. The concentration here is kind of insane!! if I add up just the top 5 raises (openAI, anthropic two rounds, Anysphere two rounds) that’s over $60B. And you’re seeing stuff like Cursor going from $10B to $29B valuation in 5 months, or OpenEvidence doing THREE rounds in one year jumping to $6B. And these aren’t revenue multiples btw, most of these companies have no to minimal actual revenue. When you see the same VCs (a16z, Kleiner, Lightspeed, Sequoia) doing deal after deal at these valuations it really feels like „deploy capital or miss the wave“.

      The 2021 SaaS bubble took about 18 months to pop…

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