I think it takes a lot of temerity and hubris to look at a 2B raise and assume it's all hype. A16Z has certainly had some misses, but one assumes there actually is some product they're showing behind closed doors that makes this round much more reasonable than it appears from the outside. If something makes no sense, seems totally crazy, and is being done by a crowd of extremely smart people, you can only assume one…
I do agree for $2bn, but it’s also well known that US and in particular SV VCs will fund ideas and people, I.e. potential, whereas everywhere else funds results.
It’s that culture that creates some spectacular hits, and a vast number of misses. Not necessarily a bad thing, but it’s a different approach and means that the funding doesn’t necessarily suggest the results one might expect.