Khosla Ventures' @​rabois explains how a mere blip in the Anthropic or OpenAI IPOs would be catastrophic for the venture-funded AI ecosystem: "The most devastating thing to the frothy hype, traction, and funding of AI from VCs would be if Anthropic or OpenAI has a blip in their IPOs." "Do they have to show metrics over the next month to first few quarters that cause people to value either company less than the current belief that they will trade in the trillions? They could have a miss on revenue traction, a miss on margins, something like that." "That would be catastrophic. It would immediately reset virtually all the valuations in the AI world. And probably deprive half the companies that are raising money from access to capital." "I'm not saying that is going to happen, or is likely. And I think if they miss, it would be more on the margin side than on the revenue side." "But if they do, everybody is predicating their new investments in dollars on the idea that you can build a trillion-dollar company within the lifecycle of a venture fund. There are 2 examples, currently, and there are several companies that people believe have the potential to get there." "If that changes, and you cannot predict that more trillion-dollar companies can be created, then the valuations that people are investing at, and the dollars that are being invested, do not make that much sense." ▻