The Ledger, every show

“We have open AI and Anthropic. Now they're going to do fifty billion dollars in revenue this year. They're both headed towards trillion dollar IPOs within the next year.”

“The leaders of Meta's AI division Have instead discussed temporarily licensing Gemini to power the company's AI product.”

“On Friday afternoon, Anthropic learned that the Pentagon still wanted to use the company's AI to analyze bulk data collected from Americans. This could include information such as questions you ask your favorite chatbot, your Google search history, your GPS tr…”

“In recent months, NVIDIA CEO Jensen Wang has privately emphasized to industry associates that the original one hundred billion dollar agreement was non-binding And not finalized. He also said, he also privately criticized what he described as a lack of discipl…”

“The very first page says, Sam exhibits a consistent pattern of lying, undermining his execs, and pitting his execs against one another. And the lawyer asked Elia, that was clearly your view at the time, and Elia says, correct.”

“We have internal goals of having an automated AI research intern by September of 2026, running on hundreds of thousands of GPUs and a true automated AI researcher by March of 2028.”

“So I think we can say definitively, and I'm curious to hear if you have pushback, but I think we can say definitively They were not told to go out and hack Hugging Face. They are, they were misaligned. They took this kind of crazy galaxy brain path to try to a…”

“Nine, top tech companies had some three trillion dollars of off balance sheet commitments, mostly related to AI. Those obligations are growing faster than traditional capex, which totaled about six hundred billion over the past year past year they reported, an…”

“I don't have any information to suggest that they're going to shut off their APIs. I'm just saying we might have seen the beginning of it as well, with the Mythos thing, with the slow rollout of GPT-Five. Six. Just wait, because they may have no choice but to …”

“Anthropic will use all the computing capacity from SpaceX's Colossus One data center in a new agreement with Elon Musk's rockets and artificial intelligence company. SpaceX will supply 300 megawatts of new computing capacity Using more than 220,000 NVIDIA GPUs…”

“This is from the AI Security Institute. This week we conducted cyber valuations of Claude Mythos preview and found that it is the first model to complete an AISI cyber range end-to-end, which means it's a 32 step corporate network attack from initial reconnais…”

“Late last year, Anthropic was doing, looks like, about ten billion dollars in annualized revenue, and OpenAI was over Twenty billion. But now, Anthropic has closed that. They're at nineteen billion in annualized revenue, while OpenAI, or the latest report, has…”

“Iran has hit enough sites in Bahrain and Dubai that belong to Amazon that there are a couple of availability zones in those regions that are hard down, according to some internal communication that I was able to see, and that they're going to be unavailable fo…”

“If that seven hundred billion in capex that the tech giants are spending this year on AI pays off, you're going to have this entire Hollowing out of the software industry of many, maybe other industries”

“Within hours of declaring that the federal government will end use of its artificial intelligence tools made by tech company Anthropik, President Trump launched a major air attack in Iran with the help of those very same tools. Commands around the world, inclu…”

“OpenAI has cut ties with one of its top safety executives on the grounds of sexual discrimination after she voiced opposition to the controversial rollout of AI Erotica in its ChatGPT product. The fast-growing artificial intelligence company fired the executiv…”

“Microsoft and Nvidia this is according to your story, have committed to invest a total of up to fifteen billion in the company.”

“Over the next year, you will see Meta bring in other AI models. You will see them partner with Google. You might see them partner with OpenAI.”

“Well, I think we will definitely have a war among people and humanoid robots. It's without a doubt. Even if the humanoid robots don't assemble into the army, people will knock these things out and they're already burning Waymos. People don't like robots. They …”

“OpenAI has 1.4 trillion worth of financial obligation. And it's made commitments to use 30 gigawatts of data center capacity. But OpenAI's revenue is going to be thirteen billion this year, and we already have eight hundred million people using ChatGPT.”

“I've heard from multiple people around him that he thinks he's Steve Jobs.”

“Part of this, OpenAI will receive warrants for up to a hundred sixty million AMD shares worth roughly 10% of the chip company at one cent per share awarded in phases if OpenAI hits certain milestones for deployment.”

“Zuckerberg tried to spend thirty two billion on Ilya Suskever's AI start, startup, safe super intelligence. Suskever ultimately turned Meta down.”

“And here's my hot take on Grammarly. I think they're going to go extinct. I think I wouldn't call them a rapper because they were around before large language models, but all this logic that they painstakingly built into their program and all the AI developmen…”

“The vibe here is that we're going to see breakups very likely of Google and potentially of Facebook.”

“Chat GPT is what open AI expects to lead its revenue which it expects to increase, it expects revenue, its revenue to increase a hundred fold by 20, 29. And the bulk of that revenue is going to be coming from ChatGPT according to OpenAI's projections”

“And you go from this very nice looking four billion in revenue after you add in all these costs to a five billion dollar loss. And that excludes stock based compensation, by the way, which is going to be another major cost.”

“There's also the Russians pushed them to create a video tying the terror attack in Moscow to Ukraine, even though, like, ISIS was claiming responsibility at that time.”

“My first prediction is that OpenAI, which is the leader in the field today, is going to lose the throne. That's right. OpenAI will lose the throne. It will still factor in, but it's not going to be the leader in the field that it is today.”

“It's just not a model for a product. That has long-term success if we don't reach general, ah, generative, ah, sorry, general artificial intelligence.”

“Even if we get AI at human level capabilities, we're not going to see mass unemployment.”

“Meta's gigantic Hyperion data center project in Louisiana, which is the size of about 1700 football fields, helps explain how obligations wind up off tech companies' balance sheets. Though Meta is the builder, neither Hyperion nor the twenty-seven billion in d…”

“And I, I'm, I've really struggled, like the idea of this soft landing, I struggled to see it. Like if AI doesn't work, there's been so much money tied up into this system that there's going to be some form of crisis.”

“It wasn't just OpenAI. Of course, we know that Anthropic had another bot that, that broke containment as well.”

“I think that if there was a belief that you could build a trillion dollar company just by selling intelligence from the API alone not gonna happen most likely. but what could happen is you, if you're the developer of the intelligence, you can build products w…”

“It seems to show that China's open source movement is not the 10 or 15 months behind US AI, but maybe four or five months at the very, at the most, maybe even less than that.”

“If you have five companies that have this level of intelligence, it's a price war. It commoditizes. So I think we should assume, and we've talked about this on the show, that intelligence is gonna commoditize.”

“OpenAI's loss of these friends over time is going to add up to something really bad. Who knows what that exactly is, but there's gonna come a time where OpenAI's gonna need Satya, or it will need John Ternus, or it will need Elon. And they won't be there for t…”

“If companies or countries cannot rely on the, or their ability to access frontier AI from US foundational model companies, they will rush toward open source. They will rush towards other solutions. They may, you know, not, they may be slower to go to these mor…”

“Anthropic just accused Alibaba of distilling their models recently.”

“Between March and June, Vaudit audited bills sent to 60 companies totaling thirty-four million, mostly for usage of Anthropik's cloud code, and found about 1.7 million in mistaken overcharges.”

“OpenAI recently raised a hundred and twenty two billion. That's three or four times larger than the largest IPO, pre-SpaceX.”

“And we're going to see seven hundred billion dollars in capital expenditures this year”

“So will AIs build an amazing sort of profile of you based off of all the personal data and then use that for ads? Most certainly.”

“It's a 2.2 trillion dollar company. It's not going to have earnings that justify that at all for years.”

“So more than 20% of the IPO allocation went to retail investors, which means, and this is sort of where the negative side of it is, the risks typically borne out by government and venture capitalists are now being Born out by everyday investors”

“In January, 20, 25, it was a billion. May, 20, 25, three billion. June, 20, 25, four billion. August, 20, 25, five billion. October, seven billion. December, eight to ten billion. This year, February, 2026, fourteen billion. March, 2026, nineteen billion. Apri…”

“For companies using advanced AI coding tools, only 18% of spending on tokens It's translating into shipped coding products that reach real users, according to Intelligence AI, a startup that aggregated data, and more than 2000 companies using AI, using advance…”