Nvidia is the high-frequency trader hammering the newest node until the arb closes. Stability usually trades at a discount during a boom, but Wei knows the smartphone replacement cycle is the only predictable cash flow. Apple is smart. If the AI capex cycle flattens in late '27 as models hit diminishing returns, does Apple regain pricing power simply by being the only customer that can guarantee wafer commits five years out?
However, everyone knows that good faith reciprocity at that scale is not rewarded. Apple is ruthless. There are probably thousands of untold stories of how hard Apple has hammered it's suppliers over the years.
While Apple has good consumer brand loyalty, they arguably treat their suppliers relatively poorly compared to the Gold standard like Costco.
If I were an employee looking to join Entire, or a developer evaluating the durability of Entire for my needs over the long-term, I'd ask things like —
- What's the terminal value of a DevTool in the AI era? Is it closer to a standard 10x ARR? or maybe 100x...perhaps 1000x?
- Is there value in the asset attributable to the network? If so, is it defensible? What is the likelihood protocols emerge that simply disintermediate the network moat of a AI agent memory company like Entire?
- What kind of AI data are developers willing to silo with a single vendor? What kind of controls do Enterprises expect of an AI agent memory system? Can Entire reasonably provide them to grow in the next 12-24 months?
- As a potential employee...if you join a company with a $60M seed funding and 19 employees, what is the ARR they need to achieve based on the first product in market in roughly ~12 months? $6M...$12M...20M? Is there a DevTools company that's ever done that!? What is the thesis for "this time is different"? Getting developers to pay for things is tough 'doncha know?
Only then can you ask basic technical diligence questions —
- Is Git a system that can scale to be the memory system and handle the kind of tasks that AI agents are expected handle?
- Are the infrastructure costs for these early platform decisions here reasonable over the long-term? Or do they just run out of money?
I wish them the best, and I hope employees get liquidity, and people take money off the table in a responsible way.