Why price does not matter in a world of AI and the metric that truly determines value “When we invested in Abridge, they were at $5M of ARR, and we were paying a $700M to $800M valuation. When we invested in Anthropic in that $15BN round, I think they were at $100M. Lagora was at $20M of ARR when we led that $1.8BN round. What I care about is the NTM basis. What do I think in the next 12 months this thing can be, and do I feel like this is a reasonable multiple in the next 12 months?”…