I've been following the news about Stripe's reported $7B acquisition of OpenRouter, and one thing that really caught my attention is how it's going to affect the valuation of similar businesses. Take fal.ai, for example - they recently raised funds at an $8B valuation, which seems pretty steep considering they have significantly less traffic than OpenRouter. It makes me wonder, what's driving these valuations, and are they really justified? The more I think about it, the more I'm not sure I buy into the idea that these valuations are entirely rational. I mean, we've seen this story play out before - a company gets a high valuation, and then suddenly everyone else in the space is worth just as much, if not more. It's like the whole industry is playing a game of valuation limbo, where the goal is to see how high you can go without getting knocked off. But what happens when the music stops, and these companies actually have to start delivering on their ...