Dan Gray (Odin)

Dan Gray: Time's VC Rankings & OpenAI Contrarian Take

Dan Gray joins from the Welsh countryside to critique Time's VC Power Rankings, whose methodology weights 50% on scale (capital raised, AUM, dry powder, deal volume) and predictably surfaces names like a16z and General Catalyst; he explains OrbiMed's incubation model and re-weights Ilya Strebulaev's approach by dollar-weighted efficiency, which lifts firms like SV Angel, Benchmark and USV. On the day's news he gives a contrarian take: OpenAI and Anthropic's reported revenue gap is partly accounting convention (~$10B of run rate), and since the two will converge over time, OpenAI at a lower IPO price may be the better long-term investment. He doubts frontier-lab economics, says LLMs aren't a path to AGI, and expects a correction after listing.

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