The Ledger, every show

“It's, you need to destroy Salesforce to get to a two trillion dollar market valuation.”

“Giving that little nugget to the world, starting to seed that idea, and I think it's almost, it has to happen, because these two companies, again, Tesla has a car business, SpaceX kind of has a space business, still has an internet satellite business, but they…”

“You have every incentive in the world to juice the valuation because that means that it gets anchored there and then you go out at a higher value. Like, then you realize that at the expense of the retail market.”

“But, so they have already filed their S-one, and have positioned themselves squarely in the AI camp. Like, this is not a space company anymore. This is an AI company.”

“I don't think it's necessarily exponential in the way everyone is looking at it right now. And the way these deals are being done, and the way people are chasing it, and again, when it benefits both parties involved, I do think that It can be more of a linear …”

“Those ads were so misleading, just flat out lies about the capabilities that were existing at the time. Took, I mean, Apple, very few companies have ever done any, like, have done something that egregious.”

“They are chasing Anthropic strategically. They're going after Enterprise, again, like Mythos gets released, and then Five Four Cyber gets released right after. It's like everything they're doing is right after Anthropic and following them”

“These tools don't provide a ton of value. They, like, answered really specific problems, and that, like, software used to be take one really specific problem, own it, like, Charge people a lot of money to deliver relative value, but that's the kind of stuff th…”

“I think OpenAI figures out LLM-based advertising ahead of Google.”

“OpenAI GPT five was a flop in terms of actually meeting the hype and Gemini three had people more excited than I've seen them in a long time around a model launch. So that's open AI's game and they are losing at it right now.”

“They almost will certainly need this government backstop to actually make this work.”

“And I think open AI is probably the least trusted in terms of like working on security relative to like. Whether it's a Microsoft or a Google or even an Apple or whoever else, I think OpenAI is gonna lose that battle any day of the week.”

“I think that the overall, the only way any of this makes sense is if we realize this vision of just like heavy compute AGI, which there's no real signs pointing to, at least that I can see.”

“Everything around how they're building this company is incentivized to push the absolute least efficient solutions possible to actually make their own economics work.”

“Like from, by any rational perspective, obviously, no.”

“I think for the market to have reacted that positively, it just, I don't know, it feels like in, you know, the internet bubble, there was so much that happened around fiber build fiber capacity build out that seems to start to echo this, that it this I don't k…”

“Clearly the messaging worked. Everyone started saying it. It absolved people from having to achieve AGI or when everyone is saying AGI is already here, yet life doesn't feel significantly different.”

“I believe that the one model to rule them all, one giant model is going to wipe out 20% or 50% of white collar jobs. Like, I just don't see that happening.”

“They're expecting next year, 12 and a half billion. That's gonna then go to twenty eight billion dollars, and a third of that revenue is going to come from SoftBank. SoftBank spending on OpenAI for all of its own companies and portfolio companies.”

“Tim Cook and Apple are quietly one of the most aggressive monopolists in terms of how they build the ecosystem and juice that services revenue and that kind of growth, I think will stall out. I think we're going to start to see some kind of pressure on bundlin…”

“And I think a Tim pool or a lot of these people, yes, you could somewhat, a small group of people might consider them serious commentators or even quote unquote journalists. But I think most people are just like, they are entertaining and they kind of validate…”

“Well, no, but I am positive that there's also very left wing influencers who are also receiving whether directly or indirectly money from Russia.”

“Do you know what, to me, what actually the greatest danger in the world to open AI is, is to say AGI is here. And then everyone goes to ChatGPT, types in something, and gets a lukewarm response that isn't quite right. And then suddenly, I actually think that i…”

“I think especially in the IPO backdrop context, I think this actually, anything that kind of creates any doubt on the anthropic story could be very harmful to them, given it's a very tight rope they're walking in terms of that two trillion dollar valuation.”

“Meta recorded 88.6 billion in capital expenditures, but that doesn't include the Hyperion SPV, which had its own forty six billion dollars of exposure.”

“The big difference here is it's still, like, at a minimum, this is gonna only affect a class of capital holders that, like, it's not everyone who has a house, that's everyone. And so the, like, knock-on effects, the actual, like, acceleration of housing prices…”

“Remember, they brilliantly went out to the market saying it is worth this ungodly valuation and kind of anchoring things there, only releasing less than five percent of actual available shares to the market to actually create that kind of artificial restricted…”

“Is our frontier models required for the majority of tasks that are going to be done and become agentified? And I don't think they are.”

“I think this is actually going to be a moment where even more so the idea that Frontier models are a massive moat really goes away.”

“So I think OpenAI's story and their pivot gets hit harder than anyone else with this announcement. Because suddenly, why OpenAI becomes a much more salient question than it was just a week ago.”

“To do stuff in the exact same way you've always done, and then say it's a problem given how much things have changed. I think that reflects more on the institution and the teacher than the students. Of course they're gonna do it. I don't think it's cheating in…”

“And I do firmly believe overall utilization of models and agentic AI is going to be just, you know, like exponential, but the core IPO story, I think, takes a huge hit from this. So I think, like, the advantage of having something far superior for a short amou…”

“To me, the curve is no longer up into the right from where it was a few months ago. Just everything. Yeah. I mean, just again, When the Coinbase CEO is bragging about model routing, and here's five different models suited to different tasks, and everyone is ta…”

“The conversation around moving towards deep seek and adding it into your agentic process or adding Chinese models did not exist in any conversation I was in 12 months ago and now is in almost every conversation, at least as an option, because cost has become s…”

“At least anthropic is not, I mean, I don't think they're going in that direction at all. Google and Gemini, Obviously, 100% will”

“I feel there's, like, A large element of marketing into the way Anthropic has kind of communicated around Mythos and now Fable Five.”

“Enterprise agreements, the anthropic and open AI, as well as everyone else, like claim no data retention. Now they're just explicitly saying that they're going to for 30 days and like, that's a huge deal.”

“So I think this is, like, if them going aggressively to Anthropic and trying to undercut them, I think could be short-term beneficial for them, but I think long-term just dramatically hurts them and Anthropic, because right now they are premium products.”

“Last quarter Alphabet, parent company, Google reported 62.6 billion dollars in profit. Google is a cash machine. They always have been. 28.7 billion of that was a paper markup on Anthropic. Amazon, 30.3 billion in profit. 16.8 billion, same Anthropic paper gai…”

“The economics of a general or an AI company are just fundamentally different than software. That like, it's more akin to industrial companies or something, because you're paying for The compute costs. So the resources in can scale linearly or somewhat linearly…”

“The graph of revenue growth for Claude for the last six months, we will never see again. It was just something where no one was checking anything.”

“Two Republican-led House committees, they're probing specifically Airbnb and AnySphere, which is the owner of Cursor, over their use of Chinese models.”

“It was a few weeks ago, Calci said it suspended one U.S. Senate candidate and two candidates for the House of Representatives for political insider trading.”

“There was this crazy story where a U.S. Army Special Forces Master Sergeant actually was charged with using classified information around the Maduro capture that he was part of that mission to bet on”

“This week, Bloomberg reported there was a breach for Mythos, where an unauthorized group, they tried a number of different strategies and were able to gain access to the model. They work for a third-party contractor that works for Anthropic. And the way they d…”

“I think you're going to be seeing more of these kind of leaks at some point, because there has to be investors that there's a lot of money in it. There's a lot of kind of lack of clear strategy still, even after they're supposed to kind of bring focus to the c…”

“Right now, open AI and Anthropic are in like a death race to who can get out first in terms of their IPO.”

“So there's reporting from Reuters that Microsoft may sue OpenAI over their fifty billion dollar investment from Amazon, and because it could violate the exclusive cloud agreement that they had they had set a number of years ago that, like, all OpenAI products …”