Paul Erlanger

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"What investor do you not have that you would most like to have? Ribbit Capital. We spoke with them. I really like Mickey and the team — they're great."

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"We talked about Shopify and how amazing that was — retail investors got private-scale returns in the public markets when it launched at what, two billion, and is where it is now."

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"Mark Benioff said they spend 300 million on Anthropic — that's about 3.8% of developer salary spent on tokens. If it stays there, paying a trillion dollars for OpenAI and Anthropic is grossly overvalued. If it goes to 20%, they're five-trillion-dollar companies."

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"Figma has a huge advantage here because humans want some control. Someone on Figma will be like, I want this design, it generates you the graphic and the vector file, and then you could still manipulate it. I think that's really important — to have the hybrid because humans still want to feel like they're in control."

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"You can use ChatGPT to make art, but you need to have the creative direction behind it."

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"Paying a trillion dollars for OpenAI and Anthropic is grossly overvalued if token spend stays at 3.8% of dev salaries. If it goes to 20%, they're five-trillion-dollar companies."

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"Something like data infrastructure — maybe someone who's already set up bare metal servers so we don't have to pay so much money to AWS or Google Cloud."

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"Maybe someone who's already set up bare metal servers so we don't have to pay so much money to AWS or Google Cloud."

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"I think our first version of the product would be built on something like a Polymarket and Kalshi. Those are great businesses and I think there's a lot in flux around the regulation of these businesses."

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"I think our first version of the product would be built on something like a Polymarket and Kalshi. Those are great businesses and I think there's a lot in flux around the regulation of these businesses."

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"We saw Robinhood and Coinbase and those are both very volatile businesses. You've seen their stock price movement — it's because financial markets are volatile."

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"A lot of people that are on Robinhood would have never been on a brokerage otherwise. I understand why they horizontally scaled — they grew their business and were able to saturate the US market, but they weren't able to go global."

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"Clubhouse started to take off, was doing really well. Everyone was using it during COVID and they had a very core user base that loved them. But then they started bringing on all these celebrities and it overshadowed the core user base that actually loved the product."

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"Logan Paul got big on Vine for the first time. And I think when there is a new social platform, there is an outside strategic advantage for creators to build an audience on that platform early."

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"When Benchmark kind of came around we were more open to the idea to take money to protect the downside. Out of all the conversations we had, Chaan got it instantly — he had this deep intuition about what we were building."

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"We were talking with USV for actually a few months. We really like Fred. He has a really good product intuition — it's very rare for a VC. And just the conversations with him were amazing."

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"This group Wall Street Bets saw a bunch of shorts on this stock and was like screw the hedge funds — we're going to have them cover the shorts and the price is going to skyrocket. It was kind of cool to see a group of retail investors coalesce and fight back against the institutions."

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"What we saw with Cerebras is when that IPO happened, the Hyperliquid price started to converge to that price at IPO. And there were pictures of people on the New York Stock Exchange with the Hyperliquid UI up."

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"The first time we talked with Index Ventures, they were just amazing partners. They have so many resources for founders and knowing their history of being very involved in Robinhood."

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"With Lovable it's much harder because they haven't built the human-centric software. I think it's much easier to add the LLM on top, especially as it becomes commoditized by all these major models."