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It is VC money pricing in the value of this enterprise to the rest of society.

More over, if capital markets suddenly become ways to just lose tons of money, that hurts capital investment everywhere, which hurts people everywhere.

People like to imagine the economy as super siloed and not interconnected but that is wrong, especially when it comes to capital markets.



In the case of OpenAI it's potential value that investors are assessing, not value. If they folded today, society would not care.

And as for the whole idea of "company value equals value to society", I see monopolies and rent seeking as heavy qualifiers on that front.


I agree with both of those points, it is a very rough proxy. (edit my original) Future value is still important though.




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