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Large customers and partners are an issue for Stripe right now because they have more negotiating power. By one estimate, even before the pandemic, Stripe was generating $350 million in revenue from Shopify alone. That gives Shopify a lot of power over Stripe. If Shopify leaves, that’s a material hit to Stripe’s revenue.
Packy McCormick • Stripe: The Internet's Most Undervalued Company
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
OpenAI’s Sam Altman on Building the ‘Core AI Subscription’ for Your Life
youtube.comMarc Andreessen: Interview with an Icon [The Knowledge Project Ep. #129] - Farnam Street
fs.blogThis essay explains why we chose the harder path—to build a full-stack AI investment bank to compete with the large incumbents, rather than sell SaaS directly to them. The thesis is simple: M&A will always matter, but legacy banks are structurally unable to run AI-native workflows, and therefore will be unable to capture the full upside.