"You have to assume that there are two more Anthropic and OpenAIs." 20VC General Partner @PaulBonnet on the bets VCs are placing on Neo-labs: "Many new labs [are] raising at 5 billion seed or pre-seed. When you invest at 5 billion seed or pre-seed, what you're really saying is that company will be worth at least 100 billion." "There haven't been many hundred-billion-dollar-plus exits in the history of technology. When that place bet is placed 10, 20 times over, you have to start asking, where is all that value coming from?" "I'm really hoping that we have some incredible breakouts from London. But you have to assume that there are two more Anthropic and OpenAIs. And you have to assume that knowing that Anthropic and OpenAI already exist."