A $20 billion company, 45 million users, over a billion searches a month, built in three years by 400 people.
That's Perplexity, and its CEO Aravind Srinivas just spent 95 minutes on Harry Stebbings’ 20VC arguing that none of those numbers are where the real AI money is going.
His thesis: the model is no longer the product, a billion users is the wrong goal, and a memory-chip maker called Micron could be worth more than Meta inside a year.
Behind this thesis there’s a pitch for his company but also deep conviction. That’s what I break down in this nl!
In this newsletter you’’ll learn:
Why the model is no longer the product
Why to unlearn the billion user mentality
The salesforce math that points to a $10 trillion market
Why the bottleneck is memory, not models
Why Perplexity and OpenAi were the most liketly to fail
