Taikhoom10

We are in a bubble, but you are looking at this in the wrong way. OpenRouter basically creates lock-in through Stripe's distribution and family of products; it is much stronger within Stripe than alone. I agree valuations are absurd, but it is what it is. But if we have to go through a bubble for a16z to crash and burn, I am all for it.

You're right in that OpenRouter alone does not have embedded switching costs, but bundled with Stripe's other offerings, it creates lock-in.

I think the PayPal acquistion is to buy something that throws of real cash, to prevent a down round for Stripe when valuations reset.