Stripe Paid $7.5 Billion For OpenRouter. You Are Living In The Age Of Startups.

The age of startups is here and Stripe The age of startups is here and Stripe just announced it by saying the just announced it by saying the just announced it by saying the singularity has arrived. You've heard singularity has arrived. You've heard singularity has arrived. You've heard the bubble argument. So you've heard the bubble argument. So you've heard the bubble argument. So you've heard about circular deals and vendor about circular deals and vendor about circular deals and vendor financing and hyperscalers buying each financing and hyperscalers buying each financing and hyperscalers buying each other's revenue and a trillion dollars other's revenue and a trillion dollars other's revenue and a trillion dollars of capex chasing products and some of capex chasing products and some of capex chasing products and some people are saying nobody pays for it. people are saying nobody pays for it. people are saying nobody pays for it. Now watch what Stripe did. Stripe does Now watch what Stripe did. Stripe does Now watch what Stripe did. Stripe does not sell GPUs. It does not train models. not sell GPUs. It does not train models. not sell GPUs. It does not train models. It does not need any kind of boom to It does not need any kind of boom to It does not need any kind of boom to justify a data center. Stripe paid a justify a data center. Stripe paid a justify a data center. Stripe paid a reported $7.5 billion for a company that reported $7.5 billion for a company that reported $7.5 billion for a company that was valued at $1.3 billion in May, just was valued at $1.3 billion in May, just was valued at $1.3 billion in May, just one quarter ago. Same company, more than one quarter ago. Same company, more than one quarter ago. Same company, more than five times the price. Nobody pays that five times the price. Nobody pays that five times the price. Nobody pays that premium just because they like the trend premium just because they like the trend premium just because they like the trend line. You pay it when you think the line. You pay it when you think the line. You pay it when you think the price is going up again before you price is going up again before you price is going up again before you finish the paperwork. In the same letter finish the paperwork. In the same letter finish the paperwork. In the same letter that announced the deal, Stripe told its that announced the deal, Stripe told its that announced the deal, Stripe told its investors what it saw and why. The investors what it saw and why. The investors what it saw and why. The company has decided to name the company has decided to name the company has decided to name the singularity as beginning on January 1st singularity as beginning on January 1st singularity as beginning on January 1st of this year and they say they've been of this year and they say they've been of this year and they say they've been operating on that basis ever since. And operating on that basis ever since. And operating on that basis ever since. And boy does that make sense of a lot of boy does that make sense of a lot of boy does that make sense of a lot of what Stripe has been doing. Now you can what Stripe has been doing. Now you can what Stripe has been doing. Now you can throw out the word singularity, I guess, throw out the word singularity, I guess, throw out the word singularity, I guess, if it bugs you. But but do not throw out if it bugs you. But but do not throw out if it bugs you. But but do not throw out the giant check that Stripe wrote.

the giant check that Stripe wrote. the giant check that Stripe wrote. Something in Stripe's own data turned a Something in Stripe's own data turned a Something in Stripe's own data turned a $1.3 billion company into a 7.5 billion $1.3 billion company into a 7.5 billion $1.3 billion company into a 7.5 billion company in 90 days. And and that's what company in 90 days. And and that's what company in 90 days. And and that's what I want to get at. We're going to get I want to get at. We're going to get I want to get at. We're going to get into what Stripe actually saw, what that into what Stripe actually saw, what that into what Stripe actually saw, what that means for you if you're at a startup, means for you if you're at a startup, means for you if you're at a startup, what it means for you at an incumbent, what it means for you at an incumbent, what it means for you at an incumbent, and what it means for you if you're in and what it means for you if you're in and what it means for you if you're in neither spot and you're trying to figure neither spot and you're trying to figure neither spot and you're trying to figure out your career. Let's jump into it. out your career. Let's jump into it. out your career. Let's jump into it. Stripe just announced the largest Stripe just announced the largest Stripe just announced the largest acquisition in its history. Open Router, acquisition in its history. Open Router, acquisition in its history. Open Router, which gives developers one route to more which gives developers one route to more which gives developers one route to more than 400 AI models from over 80 than 400 AI models from over 80 than 400 AI models from over 80 providers. Open Router's weekly token providers. Open Router's weekly token providers. Open Router's weekly token volume has grown roughly 24,000x volume has grown roughly 24,000x volume has grown roughly 24,000x since August of 2023 and has doubled since August of 2023 and has doubled since August of 2023 and has doubled every 11 weeks steadily for 3 years. The every 11 weeks steadily for 3 years. The every 11 weeks steadily for 3 years. The week of August 10th closed at 75 week of August 10th closed at 75 week of August 10th closed at 75 trillion tokens to give you an idea of trillion tokens to give you an idea of trillion tokens to give you an idea of scale and the following week was pacing scale and the following week was pacing scale and the following week was pacing above 87 trillion tokens. Stripe above 87 trillion tokens. Stripe above 87 trillion tokens. Stripe announced that deal while telling announced that deal while telling announced that deal while telling investors something that I think a lot investors something that I think a lot investors something that I think a lot of us would find even more startling. As of us would find even more startling. As of us would find even more startling. As far as Stripe is concerned, the far as Stripe is concerned, the far as Stripe is concerned, the singularity began on January 1st, 2026.

singularity began on January 1st, 2026. singularity began on January 1st, 2026. If you put these different facts If you put these different facts If you put these different facts together, Stripe's strategy comes into together, Stripe's strategy comes into together, Stripe's strategy comes into focus, and I think it's worth all of us focus, and I think it's worth all of us focus, and I think it's worth all of us paying attention to it, even if we're paying attention to it, even if we're paying attention to it, even if we're not in payments. Stripe believes the not in payments. Stripe believes the not in payments. Stripe believes the startup of the intelligence age needs a startup of the intelligence age needs a startup of the intelligence age needs a way to incorporate and deploy and way to incorporate and deploy and way to incorporate and deploy and provision software. It needs a way to provision software. It needs a way to provision software. It needs a way to choose the right model for the job. It choose the right model for the job. It choose the right model for the job. It needs a way to measure the intelligence needs a way to measure the intelligence needs a way to measure the intelligence it consumes. It needs a way to sell to it consumes. It needs a way to sell to it consumes. It needs a way to sell to both people and to agents. It also needs both people and to agents. It also needs both people and to agents. It also needs to collect money. It needs to store to collect money. It needs to store to collect money. It needs to store funds. It needs to control for token funds. It needs to control for token funds. It needs to control for token fraud. Stripe has been assembling almost fraud. Stripe has been assembling almost fraud. Stripe has been assembling almost every single part of that system. If every single part of that system. If every single part of that system. If you're new here, I'm Nate B. Jones and you're new here, I'm Nate B. Jones and you're new here, I'm Nate B. Jones and I've spent the last 20 years building I've spent the last 20 years building I've spent the last 20 years building products at Amazon and helping leaders products at Amazon and helping leaders products at Amazon and helping leaders use AI in their businesses. I talk about use AI in their businesses. I talk about use AI in their businesses. I talk about news and AI, why it matters to you, and news and AI, why it matters to you, and news and AI, why it matters to you, and how to use it to confidently build the how to use it to confidently build the how to use it to confidently build the life that you want. Cuz that's what life that you want. Cuz that's what life that you want. Cuz that's what matters. That 11week doubling number, matters. That 11week doubling number, matters. That 11week doubling number, that's the number I can't get past. that's the number I can't get past. that's the number I can't get past. Moore's law told the tech industry that Moore's law told the tech industry that Moore's law told the tech industry that transistor counts roughly double every transistor counts roughly double every transistor counts roughly double every couple of years. And through the efforts couple of years. And through the efforts couple of years. And through the efforts of dozens of companies and millions of of dozens of companies and millions of of dozens of companies and millions of people, we've been able to keep that people, we've been able to keep that people, we've been able to keep that promise for a long time. This may be the promise for a long time. This may be the promise for a long time. This may be the new Moore's law for the intelligence new Moore's law for the intelligence new Moore's law for the intelligence age. The volume of machine intelligence age. The volume of machine intelligence age. The volume of machine intelligence that people consume is doubling roughly that people consume is doubling roughly that people consume is doubling roughly every quarter. Token volume is not the every quarter. Token volume is not the every quarter. Token volume is not the same thing as useful work, of course, same thing as useful work, of course, same thing as useful work, of course, but a 24,000fold increase does tell you but a 24,000fold increase does tell you but a 24,000fold increase does tell you that people keep finding more and more that people keep finding more and more that people keep finding more and more jobs to hand to models much much faster jobs to hand to models much much faster jobs to hand to models much much faster than normal organizations know how to

than normal organizations know how to than normal organizations know how to absorb them. Stripe didn't sit there and absorb them. Stripe didn't sit there and absorb them. Stripe didn't sit there and wait for the market to settle into a wait for the market to settle into a wait for the market to settle into a very predictable category. Instead, it very predictable category. Instead, it very predictable category. Instead, it bought Open Router while the underlying bought Open Router while the underlying bought Open Router while the underlying demand was still doubling very, very demand was still doubling very, very demand was still doubling very, very quickly. It bought a growth opportunity. quickly. It bought a growth opportunity. quickly. It bought a growth opportunity. Right? That's your strategic tell if Right? That's your strategic tell if Right? That's your strategic tell if you're looking. Stripe thinks you're looking. Stripe thinks you're looking. Stripe thinks intelligence consumption is rapidly intelligence consumption is rapidly intelligence consumption is rapidly becoming a basic economic flow on the becoming a basic economic flow on the becoming a basic economic flow on the internet and it wants to own the internet and it wants to own the internet and it wants to own the infrastructure that turns that economic infrastructure that turns that economic infrastructure that turns that economic flow into companies, right? Into flow into companies, right? Into flow into companies, right? Into products into prices and payments, products into prices and payments, products into prices and payments, ultimately profits. This goes way, way ultimately profits. This goes way, way ultimately profits. This goes way, way beyond helping startups add an AI beyond helping startups add an AI beyond helping startups add an AI feature. Stripe is democratizing the feature. Stripe is democratizing the feature. Stripe is democratizing the ability to assemble a serious company. ability to assemble a serious company. ability to assemble a serious company. So a founder with real knowledge of an So a founder with real knowledge of an So a founder with real knowledge of an industry can increasingly rent the industry can increasingly rent the industry can increasingly rent the intelligence and the operating intelligence and the operating intelligence and the operating capabilities that once required entire capabilities that once required entire capabilities that once required entire departments and a lot of capital and departments and a lot of capital and departments and a lot of capital and vendor negotiations and and months of vendor negotiations and and months of vendor negotiations and and months of integration. Agents can become workers integration. Agents can become workers integration. Agents can become workers and buyers and suppliers inside that and buyers and suppliers inside that and buyers and suppliers inside that company itself. Intelligence can be company itself. Intelligence can be company itself. Intelligence can be sourced and priced one job at a time if sourced and priced one job at a time if sourced and priced one job at a time if you want. The cost of attempting you want. The cost of attempting you want. The cost of attempting disruption as a founder is falling disruption as a founder is falling disruption as a founder is falling through the floor because the cost of through the floor because the cost of through the floor because the cost of assembling an intelligent disruptor is assembling an intelligent disruptor is assembling an intelligent disruptor is falling rapidly. The acquisition only falling rapidly. The acquisition only falling rapidly. The acquisition only makes sense at its current scale when makes sense at its current scale when makes sense at its current scale when you see that the larger attempt to power you see that the larger attempt to power you see that the larger attempt to power startups is the goal of the intelligence startups is the goal of the intelligence startups is the goal of the intelligence age for Stripe. So, you have to age for Stripe. So, you have to age for Stripe. So, you have to understand why Stripe believes the understand why Stripe believes the understand why Stripe believes the opportunity is something that they could

opportunity is something that they could opportunity is something that they could not pass up. And you have to understand not pass up. And you have to understand not pass up. And you have to understand why they think January 1st was a moment why they think January 1st was a moment why they think January 1st was a moment they had to change their way of doing they had to change their way of doing they had to change their way of doing business. Stripe didn't wait for some business. Stripe didn't wait for some business. Stripe didn't wait for some larger public declaration of AGI. Stripe larger public declaration of AGI. Stripe larger public declaration of AGI. Stripe being Stripe chose a date to mark as the being Stripe chose a date to mark as the being Stripe chose a date to mark as the singularity after private curves on singularity after private curves on singularity after private curves on their metrics bent all at once around their metrics bent all at once around their metrics bent all at once around January. At Stripe Sessions in April, January. At Stripe Sessions in April, January. At Stripe Sessions in April, Patrick Collison showed the number of Patrick Collison showed the number of Patrick Collison showed the number of new businesses launching on Stripe every new businesses launching on Stripe every new businesses launching on Stripe every month going back to 2019. The pandemic month going back to 2019. The pandemic month going back to 2019. The pandemic produced a jump, but the line never produced a jump, but the line never produced a jump, but the line never returned to its old baseline. And then returned to its old baseline. And then returned to its old baseline. And then 2026 began and the curve turned nearly 2026 began and the curve turned nearly 2026 began and the curve turned nearly vertical. Stripe called it a parabolic vertical. Stripe called it a parabolic vertical. Stripe called it a parabolic rise in new firm creation. Then Will rise in new firm creation. Then Will rise in new firm creation. Then Will Gabri showed another chart that I find Gabri showed another chart that I find Gabri showed another chart that I find even more revealing. Stripe has offered even more revealing. Stripe has offered even more revealing. Stripe has offered a command line interface for 7 years. a command line interface for 7 years. a command line interface for 7 years. And for most of that time, to be honest, And for most of that time, to be honest, And for most of that time, to be honest, almost no one used it outside a narrow almost no one used it outside a narrow almost no one used it outside a narrow group of very, very technical Stripe group of very, very technical Stripe group of very, very technical Stripe users. Earlier this year, that line, users. Earlier this year, that line, users. Earlier this year, that line, that trend of use exploded. Not because that trend of use exploded. Not because that trend of use exploded. Not because the product had suddenly become the product had suddenly become the product had suddenly become fashionable or a product manager added a fashionable or a product manager added a fashionable or a product manager added a new feature, but because coding agents new feature, but because coding agents new feature, but because coding agents discovered the command line Stripe had discovered the command line Stripe had discovered the command line Stripe had built 7 years ago. An interface built built 7 years ago. An interface built built 7 years ago. An interface built for a developer at the keyboard actually for a developer at the keyboard actually for a developer at the keyboard actually ended up becoming the door that an agent ended up becoming the door that an agent ended up becoming the door that an agent could walk through on its own to build could walk through on its own to build could walk through on its own to build with Stripe. Those two curves tell two with Stripe. Those two curves tell two with Stripe. Those two curves tell two parts of the same story. More companies parts of the same story. More companies parts of the same story. More companies are being born and software is beginning are being born and software is beginning are being born and software is beginning to use economic infrastructure directly to use economic infrastructure directly to use economic infrastructure directly through agents. So, one curve measures

through agents. So, one curve measures through agents. So, one curve measures business formation. The other measures a business formation. The other measures a business formation. The other measures a new actor arriving inside the system, a new actor arriving inside the system, a new actor arriving inside the system, a non-human actor. Now, I can already hear non-human actor. Now, I can already hear non-human actor. Now, I can already hear an objection here, right? Of course, the an objection here, right? Of course, the an objection here, right? Of course, the singularity would appear on Stripe singularity would appear on Stripe singularity would appear on Stripe first. And that's a very lazy definition first. And that's a very lazy definition first. And that's a very lazy definition of singularity, Nate, right? It's 5 of singularity, Nate, right? It's 5 of singularity, Nate, right? It's 5 million customers. They're not a random million customers. They're not a random million customers. They're not a random sample of businesses. They're online. sample of businesses. They're online. sample of businesses. They're online. They're likely to grow quickly. They're They're likely to grow quickly. They're They're likely to grow quickly. They're disproportionately tied to San disproportionately tied to San disproportionately tied to San Francisco. Like, if you run a regional Francisco. Like, if you run a regional Francisco. Like, if you run a regional construction company, is January 1 going construction company, is January 1 going construction company, is January 1 going to look like the morning the economy to look like the morning the economy to look like the morning the economy changed? Absolutely not. And that's changed? Absolutely not. And that's changed? Absolutely not. And that's exactly why I would want to look at exactly why I would want to look at exactly why I would want to look at Stripe. Because if you're trying to see Stripe. Because if you're trying to see Stripe. Because if you're trying to see where the economy is going before the where the economy is going before the where the economy is going before the average company gets there, you cannot average company gets there, you cannot average company gets there, you cannot do better than looking at Stripe. Stripe do better than looking at Stripe. Stripe do better than looking at Stripe. Stripe supports 88% of the Forbes AI50 and supports 88% of the Forbes AI50 and supports 88% of the Forbes AI50 and every company on Brex's latest list of every company on Brex's latest list of every company on Brex's latest list of the fastest growing startups. Stripe is the fastest growing startups. Stripe is the fastest growing startups. Stripe is where the future is going. It can watch where the future is going. It can watch where the future is going. It can watch companies incorporate and launch and companies incorporate and launch and companies incorporate and launch and charge and consume tokens and change charge and consume tokens and change charge and consume tokens and change pricing and expand across borders. pricing and expand across borders. pricing and expand across borders. Stripe processed about 1.9 trillion last Stripe processed about 1.9 trillion last Stripe processed about 1.9 trillion last year. I'm sure it will be over 2 year. I'm sure it will be over 2 year. I'm sure it will be over 2 trillion this year. They're already a trillion this year. They're already a trillion this year. They're already a measurable percentage of global GDP.

measurable percentage of global GDP. measurable percentage of global GDP. Now, Stripe is looking through a Now, Stripe is looking through a Now, Stripe is looking through a particular window, but that window faces particular window, but that window faces particular window, but that window faces the part of the economy where new the part of the economy where new the part of the economy where new behavior should appear first, and we behavior should appear first, and we behavior should appear first, and we should pay attention when it does. And should pay attention when it does. And should pay attention when it does. And critically, the same shift is showing up critically, the same shift is showing up critically, the same shift is showing up away from strike. Open AAI says it now away from strike. Open AAI says it now away from strike. Open AAI says it now ships something like every 3 days. And ships something like every 3 days. And ships something like every 3 days. And you you can see that if you follow you you can see that if you follow you you can see that if you follow Tibo's Twitter feed, by the way, and Tibo's Twitter feed, by the way, and Tibo's Twitter feed, by the way, and that pace is increasing. Intensive that pace is increasing. Intensive that pace is increasing. Intensive enterprise customers are generating 8.3 enterprise customers are generating 8.3 enterprise customers are generating 8.3 times as many output tokens per active times as many output tokens per active times as many output tokens per active user as average firms, up from just a user as average firms, up from just a user as average firms, up from just a 2.6x gap in January. Codeex use is 2.6x gap in January. Codeex use is 2.6x gap in January. Codeex use is growing faster in legal and sales and growing faster in legal and sales and growing faster in legal and sales and recruiting and marketing than it is in recruiting and marketing than it is in recruiting and marketing than it is in engineering because engineering started engineering because engineering started engineering because engineering started earlier. So you don't have to treat earlier. So you don't have to treat earlier. So you don't have to treat token volume as productivity to see token volume as productivity to see token volume as productivity to see what's going on here. This is no longer what's going on here. This is no longer what's going on here. This is no longer a codingonly token consumption behavior a codingonly token consumption behavior a codingonly token consumption behavior set. not since January. Companies are set. not since January. Companies are set. not since January. Companies are moving from expecting AI to just be Q&A moving from expecting AI to just be Q&A moving from expecting AI to just be Q&A to giving real agents real work and to giving real agents real work and to giving real agents real work and letting them burn real tokens. So, I letting them burn real tokens. So, I letting them burn real tokens. So, I think Stripe's definition of think Stripe's definition of think Stripe's definition of singularity, while fast and loose, works singularity, while fast and loose, works singularity, while fast and loose, works for me because it focuses on meaningful for me because it focuses on meaningful for me because it focuses on meaningful economic behavior and changes in trend economic behavior and changes in trend economic behavior and changes in trend lines. The old assumptions don't work lines. The old assumptions don't work lines. The old assumptions don't work anymore when the trend lines change like anymore when the trend lines change like anymore when the trend lines change like this. Companies are forming faster.

this. Companies are forming faster. this. Companies are forming faster. Agents are touching infrastructure Agents are touching infrastructure Agents are touching infrastructure directly. And model capability and directly. And model capability and directly. And model capability and pricing are changing ever more pricing are changing ever more pricing are changing ever more frequently, like every week. Work that frequently, like every week. Work that frequently, like every week. Work that required a team is now something you required a team is now something you required a team is now something you really can treat as a service call. Now, really can treat as a service call. Now, really can treat as a service call. Now, when you see several of these trend when you see several of these trend when you see several of these trend lines changing together, you don't need lines changing together, you don't need lines changing together, you don't need to know exactly where we're all headed to know exactly where we're all headed to know exactly where we're all headed to admit that we've entered a different to admit that we've entered a different to admit that we've entered a different era and to act accordingly. So, I think era and to act accordingly. So, I think era and to act accordingly. So, I think what Stripe demonstrated is something what Stripe demonstrated is something what Stripe demonstrated is something they've been working on for a while. they've been working on for a while. they've been working on for a while. They actually talked about it on stage They actually talked about it on stage They actually talked about it on stage at sessions. One agent was able to take at sessions. One agent was able to take at sessions. One agent was able to take a locally running application, review a locally running application, review a locally running application, review public APIs, deploy that application to public APIs, deploy that application to public APIs, deploy that application to the internet. Stripe projects was able the internet. Stripe projects was able the internet. Stripe projects was able to provision the hosting and the to provision the hosting and the to provision the hosting and the database and the sandbox and the database and the sandbox and the database and the sandbox and the credentials and the usage and the credentials and the usage and the credentials and the usage and the billing from the command line for the billing from the command line for the billing from the command line for the agent. And at the end of it all, the agent. And at the end of it all, the agent. And at the end of it all, the agent was able to charge other agents agent was able to charge other agents agent was able to charge other agents for business. It created a service that for business. It created a service that for business. It created a service that charged two bucks for a review. Uh charged two bucks for a review. Uh charged two bucks for a review. Uh ultimately what Stripe demonstrated was ultimately what Stripe demonstrated was ultimately what Stripe demonstrated was the beginning of the agent-to-ag machine the beginning of the agent-to-ag machine the beginning of the agent-to-ag machine payment commerce world and that world is payment commerce world and that world is payment commerce world and that world is one that's going to consume a tremendous one that's going to consume a tremendous one that's going to consume a tremendous number of tokens. This is the internet number of tokens. This is the internet number of tokens. This is the internet Stripe is building toward. The existing Stripe is building toward. The existing Stripe is building toward. The existing web assumes that someone a human visits web assumes that someone a human visits web assumes that someone a human visits a page and that's increasingly not true, a page and that's increasingly not true, a page and that's increasingly not true, right? and that it assumes the person right? and that it assumes the person right? and that it assumes the person reads the offer. The person finds a reads the offer. The person finds a reads the offer. The person finds a payment card. The person is able to payment card. The person is able to payment card. The person is able to complete the transaction. Now, agents complete the transaction. Now, agents complete the transaction. Now, agents have often been hobbled at doing these have often been hobbled at doing these have often been hobbled at doing these things because we've built the world to things because we've built the world to things because we've built the world to stop bots on the internet. But now that stop bots on the internet. But now that stop bots on the internet. But now that agents are more than half of internet agents are more than half of internet agents are more than half of internet traffic, we need to think about new

traffic, we need to think about new traffic, we need to think about new kinds of rituals that are agentfriendly kinds of rituals that are agentfriendly kinds of rituals that are agentfriendly and that allow agents to use economic and that allow agents to use economic and that allow agents to use economic infrastructure. That's what Stripe is infrastructure. That's what Stripe is infrastructure. That's what Stripe is interested through stuff like Stripe interested through stuff like Stripe interested through stuff like Stripe Projects, Stripe Directory. The machine Projects, Stripe Directory. The machine Projects, Stripe Directory. The machine payments protocol that Stripe is a payments protocol that Stripe is a payments protocol that Stripe is a partner on lets a service announce over partner on lets a service announce over partner on lets a service announce over HTTP that payment is required and HTTP that payment is required and HTTP that payment is required and explain to an agent how to pay and link explain to an agent how to pay and link explain to an agent how to pay and link can give an agent a wallet with human can give an agent a wallet with human can give an agent a wallet with human approval. The Aenta commerce suite makes approval. The Aenta commerce suite makes approval. The Aenta commerce suite makes products legible across AI services products legible across AI services products legible across AI services while Stripe handles checkout and while Stripe handles checkout and while Stripe handles checkout and payment and fraud. And then we get into payment and fraud. And then we get into payment and fraud. And then we get into stable coins which are actually stable coins which are actually stable coins which are actually something you can use very easily as an something you can use very easily as an something you can use very easily as an agent. So, Bridge and Tempo move stable agent. So, Bridge and Tempo move stable agent. So, Bridge and Tempo move stable coins. Privy and Open Standard store coins. Privy and Open Standard store coins. Privy and Open Standard store funds. Metronome measures usage. And funds. Metronome measures usage. And funds. Metronome measures usage. And Radar now protects not only money but Radar now protects not only money but Radar now protects not only money but tokens because stolen inference is tokens because stolen inference is tokens because stolen inference is something that causes real economic something that causes real economic something that causes real economic losses for startups. Before Open Router, losses for startups. Before Open Router, losses for startups. Before Open Router, the stack I just described could help an the stack I just described could help an the stack I just described could help an agent create and buy and sell and move agent create and buy and sell and move agent create and buy and sell and move money. But it did not answer one money. But it did not answer one money. But it did not answer one enormous question. Where should the enormous question. Where should the enormous question. Where should the intelligence come from? That's what Open intelligence come from? That's what Open intelligence come from? That's what Open Router adds. A job arrives and the Router adds. A job arrives and the Router adds. A job arrives and the system can decide which models should system can decide which models should system can decide which models should handle it based on complexity, on price, handle it based on complexity, on price, handle it based on complexity, on price, on speed, on reliability. A fast and on speed, on reliability. A fast and on speed, on reliability. A fast and cheap model can classify an ordinary cheap model can classify an ordinary cheap model can classify an ordinary support case and that's fine. Or a support case and that's fine. Or a support case and that's fine. Or a frontier model can take a difficult frontier model can take a difficult frontier model can take a difficult contract or architecture decision. Now contract or architecture decision. Now contract or architecture decision. Now the thing that matters is that open the thing that matters is that open the thing that matters is that open router is in the business of giving router is in the business of giving router is in the business of giving Stripe a market mechanism for routing Stripe a market mechanism for routing Stripe a market mechanism for routing that intelligence. And so the more that intelligence. And so the more that intelligence. And so the more fragmented, the more competitive, the

fragmented, the more competitive, the fragmented, the more competitive, the more fastm moving the model world more fastm moving the model world more fastm moving the model world becomes, and spoiler alert, that's where becomes, and spoiler alert, that's where becomes, and spoiler alert, that's where we're headed, the more valuable the we're headed, the more valuable the we're headed, the more valuable the layer is that can decide what kind of layer is that can decide what kind of layer is that can decide what kind of intelligence a task deserves and whether intelligence a task deserves and whether intelligence a task deserves and whether that result is worth it. That is an that result is worth it. That is an that result is worth it. That is an extremely stripeshaped problem. A stripe extremely stripeshaped problem. A stripe extremely stripeshaped problem. A stripe became important because money on the became important because money on the became important because money on the internet was technically possible, but internet was technically possible, but internet was technically possible, but operationally miserable. Every business operationally miserable. Every business operationally miserable. Every business needed payments. Yet, nobody wanted to needed payments. Yet, nobody wanted to needed payments. Yet, nobody wanted to rebuild acceptance and currencies and rebuild acceptance and currencies and rebuild acceptance and currencies and fraud and tax and billing and fraud and tax and billing and fraud and tax and billing and reconciliation from scratch. It was a reconciliation from scratch. It was a reconciliation from scratch. It was a pain, trust me. Stripe turned that pain, trust me. Stripe turned that pain, trust me. Stripe turned that complexity into calls that a developer complexity into calls that a developer complexity into calls that a developer got to make and it became so simple. got to make and it became so simple. got to make and it became so simple. Now, it's looking at intelligence and it Now, it's looking at intelligence and it Now, it's looking at intelligence and it sees the same pattern. Intelligence is sees the same pattern. Intelligence is sees the same pattern. Intelligence is available everywhere, but it's available everywhere, but it's available everywhere, but it's expensive. It's heterogeneous. It's expensive. It's heterogeneous. It's expensive. It's heterogeneous. It's unreliable and it's constantly being unreliable and it's constantly being unreliable and it's constantly being repriced. Every company's going to need repriced. Every company's going to need repriced. Every company's going to need it, but most companies don't want to it, but most companies don't want to it, but most companies don't want to hardwire themselves to one model. They hardwire themselves to one model. They hardwire themselves to one model. They don't want to personally manage every don't want to personally manage every don't want to personally manage every provider relationship. Only the biggest provider relationship. Only the biggest provider relationship. Only the biggest companies are going to manage their own companies are going to manage their own companies are going to manage their own internal routing. Open router turns the internal routing. Open router turns the internal routing. Open router turns the messy supply of intelligence into messy supply of intelligence into messy supply of intelligence into something the rest of Stripe can meter something the rest of Stripe can meter something the rest of Stripe can meter and bill and protect and connect to and bill and protect and connect to and bill and protect and connect to revenue. And the investor letter puts revenue. And the investor letter puts revenue. And the investor letter puts this really beautifully. Stripe says, this really beautifully. Stripe says, this really beautifully. Stripe says, "Capital and intelligence are becoming "Capital and intelligence are becoming "Capital and intelligence are becoming the two digital flows underneath every the two digital flows underneath every the two digital flows underneath every single business. Its original business single business. Its original business single business. Its original business manages the revenue pipeline and Open manages the revenue pipeline and Open manages the revenue pipeline and Open Router begins to manage the intelligence Router begins to manage the intelligence Router begins to manage the intelligence pipeline. So the company can now see pipeline. So the company can now see pipeline. So the company can now see both sides of the economics. What a both sides of the economics. What a both sides of the economics. What a piece of work earned and what the piece of work earned and what the piece of work earned and what the intelligence required to produce it intelligence required to produce it intelligence required to produce it cost. Imagine a tiny software company

cost. Imagine a tiny software company cost. Imagine a tiny software company selling a research service to agents. A selling a research service to agents. A selling a research service to agents. A customer agent discovers the service and customer agent discovers the service and customer agent discovers the service and pays say $2. Suppose the company routes pays say $2. Suppose the company routes pays say $2. Suppose the company routes that request to a model and uses a that request to a model and uses a that request to a model and uses a second model to check it and pays for second model to check it and pays for second model to check it and pays for storage and a call back and still keeps storage and a call back and still keeps storage and a call back and still keeps most of the $2. Stripe can sit in the most of the $2. Stripe can sit in the most of the $2. Stripe can sit in the revenue, the token cost, the usage revenue, the token cost, the usage revenue, the token cost, the usage meter, the payment, the fraud layer, and meter, the payment, the fraud layer, and meter, the payment, the fraud layer, and eventually the treasury. It sits all the eventually the treasury. It sits all the eventually the treasury. It sits all the way across that stack. That company way across that stack. That company way across that stack. That company might have only one human founder or might have only one human founder or might have only one human founder or perhaps several humans serving thousands perhaps several humans serving thousands perhaps several humans serving thousands of software customers. So the old of software customers. So the old of software customers. So the old distinction between a company and a distinction between a company and a distinction between a company and a coordinated bundle of services that coordinated bundle of services that coordinated bundle of services that starts to get really blurry at this starts to get really blurry at this starts to get really blurry at this point. Stripe is ultimately driving down point. Stripe is ultimately driving down point. Stripe is ultimately driving down the cost of disruptions. Stripe is the cost of disruptions. Stripe is the cost of disruptions. Stripe is making more of the company itself making more of the company itself making more of the company itself available as infrastructure. So now available as infrastructure. So now available as infrastructure. So now formation and deployment and software formation and deployment and software formation and deployment and software and intelligence and billing and and intelligence and billing and and intelligence and billing and payments and treasury and fraud payments and treasury and fraud payments and treasury and fraud protection can be assembled by a tiny protection can be assembled by a tiny protection can be assembled by a tiny team and called by software. team and called by software. team and called by software. capabilities that used to require entire capabilities that used to require entire capabilities that used to require entire departments and integrations and a large departments and integrations and a large departments and integrations and a large amount of capital are just you can rent amount of capital are just you can rent amount of capital are just you can rent them a job at a time now and that them a job at a time now and that them a job at a time now and that changes who gets to compete. Open router changes who gets to compete. Open router changes who gets to compete. Open router gives a founder that's bold access to gives a founder that's bold access to gives a founder that's bold access to hundreds of models without requiring the hundreds of models without requiring the hundreds of models without requiring the founder to pick and and they can just founder to pick and and they can just founder to pick and and they can just use what they want for what they're use what they want for what they're use what they want for what they're looking for. Stripe supplies much of looking for. Stripe supplies much of looking for. Stripe supplies much of what has to happen around that what has to happen around that what has to happen around that intelligence before a founder has to intelligence before a founder has to intelligence before a founder has to figure out what's next and how they figure out what's next and how they figure out what's next and how they compete as a company. All of the compete as a company. All of the compete as a company. All of the building blocks are there so the founder building blocks are there so the founder building blocks are there so the founder can focus on their competitive can focus on their competitive can focus on their competitive advantage. So sure, a founder still

advantage. So sure, a founder still advantage. So sure, a founder still needs a problem worth solving and needs a problem worth solving and needs a problem worth solving and judgment and taste and trust and a judgment and taste and trust and a judgment and taste and trust and a passion to win customers. Uh, Stripe's passion to win customers. Uh, Stripe's passion to win customers. Uh, Stripe's not going to supply those. But the not going to supply those. But the not going to supply those. But the minimum organizational weight required minimum organizational weight required minimum organizational weight required to turn that vision into a serious to turn that vision into a serious to turn that vision into a serious attempt at making money is collapsing. attempt at making money is collapsing. attempt at making money is collapsing. And this is what democratizing And this is what democratizing And this is what democratizing intelligence looks like when you follow intelligence looks like when you follow intelligence looks like when you follow it all the way through. So I know that a it all the way through. So I know that a it all the way through. So I know that a lot of our prior experience in AI has lot of our prior experience in AI has lot of our prior experience in AI has been in the chat, right? Especially been in the chat, right? Especially been in the chat, right? Especially before January. Chat is like access to before January. Chat is like access to before January. Chat is like access to intelligence. It's useful, but it's very intelligence. It's useful, but it's very intelligence. It's useful, but it's very incomplete and we shouldn't be incomplete and we shouldn't be incomplete and we shouldn't be considering it a final form for considering it a final form for considering it a final form for intelligence. A system that lets a intelligence. A system that lets a intelligence. A system that lets a person turn that intelligence into a person turn that intelligence into a person turn that intelligence into a service and let another agent discover service and let another agent discover service and let another agent discover and buy that service and measure what and buy that service and measure what and buy that service and measure what the work cost and collect the revenue the work cost and collect the revenue the work cost and collect the revenue and protect the transaction. Now that's and protect the transaction. Now that's and protect the transaction. Now that's turning into an institutional capability turning into an institutional capability turning into an institutional capability for intelligence. Stripe is letting more for intelligence. Stripe is letting more for intelligence. Stripe is letting more people rent what large companies used to people rent what large companies used to people rent what large companies used to be the only ones that could own. And be the only ones that could own. And be the only ones that could own. And this is why I get excited because every this is why I get excited because every this is why I get excited because every improvement in models is now something improvement in models is now something improvement in models is now something that is available for small teams that that is available for small teams that that is available for small teams that are building great businesses all over are building great businesses all over are building great businesses all over the world. If you're a startup, this is the world. If you're a startup, this is the world. If you're a startup, this is absolutely fantastic news. You don't absolutely fantastic news. You don't absolutely fantastic news. You don't want to waste the advantage by using want to waste the advantage by using want to waste the advantage by using these tools just to imitate. You want to these tools just to imitate. You want to these tools just to imitate. You want to find workflows inside established find workflows inside established find workflows inside established industries that are expensive and slow industries that are expensive and slow industries that are expensive and slow and unpleasant. And you want to use the and unpleasant. And you want to use the and unpleasant. And you want to use the energy that you freed up to go and energy that you freed up to go and energy that you freed up to go and disrupt them. You want to make your disrupt them. You want to make your disrupt them. You want to make your product dramatically easier to buy product dramatically easier to buy product dramatically easier to buy because you can grab intelligence at the because you can grab intelligence at the because you can grab intelligence at the level of the job and use it to deliver

level of the job and use it to deliver level of the job and use it to deliver extraordinary value. Partly on the fact extraordinary value. Partly on the fact extraordinary value. Partly on the fact that work is simply difficult to that work is simply difficult to that work is simply difficult to coordinate. Stripe is lowering the coordinate. Stripe is lowering the coordinate. Stripe is lowering the coordination cost of intelligence. And coordination cost of intelligence. And coordination cost of intelligence. And so founders can now attack these so founders can now attack these so founders can now attack these problems in ways that don't require them problems in ways that don't require them problems in ways that don't require them to raise nearly as much money and they to raise nearly as much money and they to raise nearly as much money and they can go and and grab agents that do the can go and and grab agents that do the can go and and grab agents that do the research and call outside services and research and call outside services and research and call outside services and buy tools within limits and route buy tools within limits and route buy tools within limits and route difficult work to better intelligence difficult work to better intelligence difficult work to better intelligence and ultimately serve customers where and ultimately serve customers where and ultimately serve customers where trust and judgment matters with a lot of trust and judgment matters with a lot of trust and judgment matters with a lot of confidence because they have underlying confidence because they have underlying confidence because they have underlying infrastructure that they can go after. infrastructure that they can go after. infrastructure that they can go after. And yes, there will absolutely be a And yes, there will absolutely be a And yes, there will absolutely be a bunch of business failures along the bunch of business failures along the bunch of business failures along the way. Cheap attempts create a bunch of way. Cheap attempts create a bunch of way. Cheap attempts create a bunch of cheap failures, too. It's just going to cheap failures, too. It's just going to cheap failures, too. It's just going to happen. But that's okay. You are in the happen. But that's okay. You are in the happen. But that's okay. You are in the business of driving the economy as a business of driving the economy as a business of driving the economy as a whole when you make a purchase like whole when you make a purchase like whole when you make a purchase like this. And you want to lift all the boats this. And you want to lift all the boats this. And you want to lift all the boats and give everybody a shot at creating a and give everybody a shot at creating a and give everybody a shot at creating a business that adds value to customers. business that adds value to customers. business that adds value to customers. And the only way to do that is to cut And the only way to do that is to cut And the only way to do that is to cut the cost of critical economic inputs. the cost of critical economic inputs. the cost of critical economic inputs. And one of those is intelligence. And And one of those is intelligence. And And one of those is intelligence. And that is ultimately the story of the open that is ultimately the story of the open that is ultimately the story of the open router acquisition by Stripe. And what router acquisition by Stripe. And what router acquisition by Stripe. And what it means for all of us is that far more it means for all of us is that far more it means for all of us is that far more people can now get serious at building a people can now get serious at building a people can now get serious at building a disruptive company. By the way, and if disruptive company. By the way, and if disruptive company. By the way, and if you are watching this and you're at an you are watching this and you're at an you are watching this and you're at an incumbent, this is your sign to wake up.

incumbent, this is your sign to wake up. incumbent, this is your sign to wake up. Your competitor is likely to be a Your competitor is likely to be a Your competitor is likely to be a company that isn't even on your market company that isn't even on your market company that isn't even on your market map at this point. It might be two map at this point. It might be two map at this point. It might be two people who haven't incorporated yet. people who haven't incorporated yet. people who haven't incorporated yet. They will not carry your fixed costs. They will not carry your fixed costs. They will not carry your fixed costs. They will not carry your reporting They will not carry your reporting They will not carry your reporting lines. They will not ask permission from lines. They will not ask permission from lines. They will not ask permission from the committees that you have to report the committees that you have to report the committees that you have to report to. They can use the same frontier to. They can use the same frontier to. They can use the same frontier intelligence that you can. They can rent intelligence that you can. They can rent intelligence that you can. They can rent all of their capabilities and they can all of their capabilities and they can all of their capabilities and they can aim at a very specific source of aim at a very specific source of aim at a very specific source of customer pain and go after it. And and customer pain and go after it. And and customer pain and go after it. And and increasingly you should be expecting increasingly you should be expecting increasingly you should be expecting those kinds of very fastmoving, nimble those kinds of very fastmoving, nimble those kinds of very fastmoving, nimble and small incumbents to be going after and small incumbents to be going after and small incumbents to be going after every major line of business that has every major line of business that has every major line of business that has been dominated by incumbents for a long been dominated by incumbents for a long been dominated by incumbents for a long time. This is the age of startups. You time. This is the age of startups. You time. This is the age of startups. You can see it coming because Stripe is can see it coming because Stripe is can see it coming because Stripe is attacking the moat of complexity that attacking the moat of complexity that attacking the moat of complexity that incumbents themselves have depended on. incumbents themselves have depended on. incumbents themselves have depended on. Incumbents have depended on their scale, Incumbents have depended on their scale, Incumbents have depended on their scale, right? They depended on being able to right? They depended on being able to right? They depended on being able to create trust and distribution and create trust and distribution and create trust and distribution and proprietary context and physical reach. proprietary context and physical reach. proprietary context and physical reach. And those things are still valid to the And those things are still valid to the And those things are still valid to the extent that you can keep customer trust.

extent that you can keep customer trust. extent that you can keep customer trust. They're real advantages, but scale by They're real advantages, but scale by They're real advantages, but scale by itself is not an advantage. Scale by itself is not an advantage. Scale by itself is not an advantage. Scale by itself creates complexity you don't need itself creates complexity you don't need itself creates complexity you don't need to manage as a small startup. The only to manage as a small startup. The only to manage as a small startup. The only thing that a large company moat has thing that a large company moat has thing that a large company moat has protected incumbents from is the protected incumbents from is the protected incumbents from is the prohibitive cost of getting started in prohibitive cost of getting started in prohibitive cost of getting started in business and that is what Stripe is business and that is what Stripe is business and that is what Stripe is coming for in the age of AI through open coming for in the age of AI through open coming for in the age of AI through open router and that's why incumbents like as router and that's why incumbents like as router and that's why incumbents like as much as this is a energizing wakeup call much as this is a energizing wakeup call much as this is a energizing wakeup call for startup founders it is a get your for startup founders it is a get your for startup founders it is a get your rear in gear call for incumbents. You rear in gear call for incumbents. You rear in gear call for incumbents. You have to be ready for a tremendous wave have to be ready for a tremendous wave have to be ready for a tremendous wave of startup innovation in your spaces as of startup innovation in your spaces as of startup innovation in your spaces as we start to see this actually unlock. we start to see this actually unlock. we start to see this actually unlock. And so if you're sitting in that chair, And so if you're sitting in that chair, And so if you're sitting in that chair, if you're in the incumbent chair, this if you're in the incumbent chair, this if you're in the incumbent chair, this is your this is my task for you. Ask is your this is my task for you. Ask is your this is my task for you. Ask yourself where are you making your yourself where are you making your yourself where are you making your customer weight because your company has customer weight because your company has customer weight because your company has to coordinate itself. Ask yourself where to coordinate itself. Ask yourself where to coordinate itself. Ask yourself where is your price protecting structure is your price protecting structure is your price protecting structure rather than real value you're bringing rather than real value you're bringing rather than real value you're bringing to customers. Where could someone dump to customers. Where could someone dump to customers. Where could someone dump out a bunch of the complexity that you out a bunch of the complexity that you out a bunch of the complexity that you require of customers and deliver value?

require of customers and deliver value? require of customers and deliver value? And then ask yourself how you can use And then ask yourself how you can use And then ask yourself how you can use the advantages of an incumbent to the advantages of an incumbent to the advantages of an incumbent to protect yourself. How can you turn your protect yourself. How can you turn your protect yourself. How can you turn your years of customer knowledge into context years of customer knowledge into context years of customer knowledge into context an agent can use? How can you turn an agent can use? How can you turn an agent can use? How can you turn distribution into a faster path for new distribution into a faster path for new distribution into a faster path for new products instead of a reason to protect products instead of a reason to protect products instead of a reason to protect the old ones? Uh Elon and Grock are the old ones? Uh Elon and Grock are the old ones? Uh Elon and Grock are actually doing this with their existing actually doing this with their existing actually doing this with their existing developer context. They're taking developer context. They're taking developer context. They're taking decades of engineering context they have decades of engineering context they have decades of engineering context they have from Tesla and that they have from from from Tesla and that they have from from from Tesla and that they have from from SpaceX and other places in the Elon SpaceX and other places in the Elon SpaceX and other places in the Elon empire. The other thing I would look at empire. The other thing I would look at empire. The other thing I would look at as an incumbent is I would look at agent as an incumbent is I would look at agent as an incumbent is I would look at agent purchasability. Can an agent discover purchasability. Can an agent discover purchasability. Can an agent discover exactly what you sell? Can it get a firm exactly what you sell? Can it get a firm exactly what you sell? Can it get a firm price? Can it authenticate without price? Can it authenticate without price? Can it authenticate without borrowing a human's password? Can it borrowing a human's password? Can it borrowing a human's password? Can it receive an output it can use? Can it receive an output it can use? Can it receive an output it can use? Can it show uh the human, right? A receipt, show uh the human, right? A receipt, show uh the human, right? A receipt, evidence behind the result to prove that evidence behind the result to prove that evidence behind the result to prove that it actually took an authorized action. it actually took an authorized action. it actually took an authorized action. Look, we spent 30 years making companies Look, we spent 30 years making companies Look, we spent 30 years making companies legible to search engines, and we're not legible to search engines, and we're not legible to search engines, and we're not really done yet. We need to start really done yet. We need to start really done yet. We need to start figuring out how to make our businesses figuring out how to make our businesses figuring out how to make our businesses legible as economic agents and two legible as economic agents and two legible as economic agents and two economic agents who want to purchase economic agents who want to purchase economic agents who want to purchase from us. And we're just at the beginning from us. And we're just at the beginning from us. And we're just at the beginning of that journey. Open router makes the of that journey. Open router makes the of that journey. Open router makes the supply side for that very dynamic, but supply side for that very dynamic, but supply side for that very dynamic, but you also have a whole demand side to pay you also have a whole demand side to pay you also have a whole demand side to pay attention to where agents are going to attention to where agents are going to attention to where agents are going to be coming and trying to figure out if be coming and trying to figure out if be coming and trying to figure out if they can purchase from you. And that's they can purchase from you. And that's they can purchase from you. And that's an open question. Can they? This is also an open question. Can they? This is also an open question. Can they? This is also a moment where I think leaders need to a moment where I think leaders need to a moment where I think leaders need to understand the strategy more than they understand the strategy more than they understand the strategy more than they need to understand token use and token

need to understand token use and token need to understand token use and token burn. I know I talked earlier in this burn. I know I talked earlier in this burn. I know I talked earlier in this video about the idea that like token video about the idea that like token video about the idea that like token consumption is roughly doubling every consumption is roughly doubling every consumption is roughly doubling every single quarter. I expect that trend to single quarter. I expect that trend to single quarter. I expect that trend to continue. But if you are going to lead continue. But if you are going to lead continue. But if you are going to lead well either in a startup chair or in an well either in a startup chair or in an well either in a startup chair or in an incumbent chair during this moment, you incumbent chair during this moment, you incumbent chair during this moment, you have to understand how the trend lines have to understand how the trend lines have to understand how the trend lines are changing, how the dynamics are are changing, how the dynamics are are changing, how the dynamics are changing post January in whatever you changing post January in whatever you changing post January in whatever you want to call it. Maybe you want to call want to call it. Maybe you want to call want to call it. Maybe you want to call it the singularity like Stripe does. You it the singularity like Stripe does. You it the singularity like Stripe does. You have to respect the fact that we are now have to respect the fact that we are now have to respect the fact that we are now in a world where there's a gentic in a world where there's a gentic in a world where there's a gentic commerce. We are now in a world where commerce. We are now in a world where commerce. We are now in a world where costs to start up a business and attack costs to start up a business and attack costs to start up a business and attack a particular narrow niche have fallen a particular narrow niche have fallen a particular narrow niche have fallen through the floor. And you need to through the floor. And you need to through the floor. And you need to change the way you do business change the way you do business change the way you do business accordingly. You need to act seriously accordingly. You need to act seriously accordingly. You need to act seriously against that. Stripe certainly did. They against that. Stripe certainly did. They against that. Stripe certainly did. They paid $7.5 billion dollars for Open paid $7.5 billion dollars for Open paid $7.5 billion dollars for Open Router. It was not that long until they Router. It was not that long until they Router. It was not that long until they got a massive, massive valuation got a massive, massive valuation got a massive, massive valuation increase, which really reflects Stripe's increase, which really reflects Stripe's increase, which really reflects Stripe's commitment to seeing this inside their commitment to seeing this inside their commitment to seeing this inside their business and to seeing intelligence as a business and to seeing intelligence as a business and to seeing intelligence as a part of their core business. is if if part of their core business. is if if part of their core business. is if if Stripe, which is a massive business Stripe, which is a massive business Stripe, which is a massive business today, is able to make that kind of today, is able to make that kind of today, is able to make that kind of decision and turn on a dime and really decision and turn on a dime and really decision and turn on a dime and really invest in the intelligence economy, invest in the intelligence economy, invest in the intelligence economy, there's not an excuse for incumbents.

there's not an excuse for incumbents. there's not an excuse for incumbents. Everybody has that chance. Regardless of Everybody has that chance. Regardless of Everybody has that chance. Regardless of where you sit, you have that shot, too. where you sit, you have that shot, too. where you sit, you have that shot, too. And and by the way, if you're sitting And and by the way, if you're sitting And and by the way, if you're sitting there, you're like, I don't own a there, you're like, I don't own a there, you're like, I don't own a company name. Uh I I'm not an economic company name. Uh I I'm not an economic company name. Uh I I'm not an economic actor. I don't drive budget for an actor. I don't drive budget for an actor. I don't drive budget for an incumbent. The token economy is here for incumbent. The token economy is here for incumbent. The token economy is here for you, too. the opportunity to say, "I'm you, too. the opportunity to say, "I'm you, too. the opportunity to say, "I'm not ready to quit my day job, but I'm not ready to quit my day job, but I'm not ready to quit my day job, but I'm starting a side gig because it's never starting a side gig because it's never starting a side gig because it's never been easier to start a side gig." That's been easier to start a side gig." That's been easier to start a side gig." That's there for you, too. If we step back, there for you, too. If we step back, there for you, too. If we step back, this is the strategic lesson that I this is the strategic lesson that I this is the strategic lesson that I would take away from the whole Stripe would take away from the whole Stripe would take away from the whole Stripe Open router story. Think about and pay Open router story. Think about and pay Open router story. Think about and pay attention to where the curves inside attention to where the curves inside attention to where the curves inside your business, where the metrics have your business, where the metrics have your business, where the metrics have stopped behaving normally, and then have stopped behaving normally, and then have stopped behaving normally, and then have the courage to change your base case. the courage to change your base case. the courage to change your base case. have the courage to change what you have the courage to change what you have the courage to change what you choose to do because something choose to do because something choose to do because something fundamental has changed in your fundamental has changed in your fundamental has changed in your business. And so maybe this is an business. And so maybe this is an business. And so maybe this is an invitation to you to look inside and invitation to you to look inside and invitation to you to look inside and say, "What is fundamentally different say, "What is fundamentally different say, "What is fundamentally different now that was not the case last year? now that was not the case last year? now that was not the case last year? What changed for me on January 1? How What changed for me on January 1? How What changed for me on January 1? How did my work change?" and and it shows up did my work change?" and and it shows up did my work change?" and and it shows up as more people and smaller teams gaining as more people and smaller teams gaining as more people and smaller teams gaining the power to create companies and create the power to create companies and create the power to create companies and create products and buy intelligence and products and buy intelligence and products and buy intelligence and participate on their own terms in the participate on their own terms in the participate on their own terms in the economy. I think that's the reading of economy. I think that's the reading of economy. I think that's the reading of this moment and I think that it's this moment and I think that it's this moment and I think that it's something that should threaten anyone something that should threaten anyone something that should threaten anyone who is interested in just protecting who is interested in just protecting who is interested in just protecting their old margins and not in serving their old margins and not in serving their old margins and not in serving customers better. So if you're a customers better. So if you're a customers better. So if you're a founder, go after a workflow. You've founder, go after a workflow. You've founder, go after a workflow. You've never had a better chance to deliver never had a better chance to deliver never had a better chance to deliver something in a space you know well at a something in a space you know well at a something in a space you know well at a fraction of the current cost and build a

fraction of the current cost and build a fraction of the current cost and build a great business out of it. If you lead an great business out of it. If you lead an great business out of it. If you lead an incumbent, you better start acting like incumbent, you better start acting like incumbent, you better start acting like a startup. Start obsessing over removing a startup. Start obsessing over removing a startup. Start obsessing over removing anything that gets in the way of serving anything that gets in the way of serving anything that gets in the way of serving customers. Start disrupting yourself. customers. Start disrupting yourself. customers. Start disrupting yourself. Ultimately, Stripe looked at the trend Ultimately, Stripe looked at the trend Ultimately, Stripe looked at the trend lines that changed and they took it lines that changed and they took it lines that changed and they took it seriously enough to spend $7.5 billion seriously enough to spend $7.5 billion seriously enough to spend $7.5 billion in order to get where they needed to go. in order to get where they needed to go. in order to get where they needed to go. You can take the AI moment seriously You can take the AI moment seriously You can take the AI moment seriously too. You can take the AI singularity too. You can take the AI singularity too. You can take the AI singularity seriously too. Let me know in the seriously too. Let me know in the seriously too. Let me know in the comments what you are building. Let me comments what you are building. Let me comments what you are building. Let me know what you think about agent commerce know what you think about agent commerce know what you think about agent commerce and anything you've done in the agent and anything you've done in the agent and anything you've done in the agent commerce space. And please, please, commerce space. And please, please, commerce space. And please, please, please let me know where you are going please let me know where you are going please let me know where you are going to apply tokens because the whole story to apply tokens because the whole story to apply tokens because the whole story here in the token economy is all the here in the token economy is all the here in the token economy is all the ways we can apply this. So, are you ways we can apply this. So, are you ways we can apply this. So, are you applying it personally? Are you playing applying it personally? Are you playing applying it personally? Are you playing it at work? Talk to me. Let me know. it at work? Talk to me. Let me know. it at work? Talk to me. Let me know. We'll all learn together. And of course, We'll all learn together. And of course, We'll all learn together. And of course, there's a Slack community there when you there's a Slack community there when you there's a Slack community there when you want it. Cheers.