The Ledger, every show

“Anthropic has a big margin on their API business right now. What I've heard is 60% margin on Anthropic's API. I've heard 50% on OpenAI.”

“I don't think open either, if I'm being honest. The reason I don't think open, like, is that it's just so damn expensive to build these things, and so what's the economic incentive?”

“Some things that are vertical right now, like, I actually, I think will, like, for instance, like agentic code review. Take that. To me, that's Should be part of a like holistic agentic development platform, not so much a standalone thing.”

“I don't know if you saw OpenAI Dev Day yesterday, but they're clearly doing this platform play within ChatGPT now where it's like you have apps within ChatGPT. I'm sure they'll use that data to Sort of subsume or take over whatever the best first party integra…”

“Like, if you take, like, Sonnet four to four five, and we're big partners with Anthropic, they have great models, like, that was, like, a few percentage point increase on Sweebench for us. And we invest, you know, we've invested a decent amount to be one of th…”

“The two leaders are GPT-V and the Claude models, and so we measure them. Like, first of all, it's like, it's not so much gut. It's like we literally We have a whole bunch of benchmarks. We run sweet bench. We run terminal bench. Claude and GPT-V are the two be…”

“I think we're gonna have less. I think we're gonna have fewer, more senior engineers who are managing the work of a lot of agents.”

“We're now adding a million net new ARR every week, or even less. Honestly, recently it's accelerating.”

“We have way, way more users than Cloud Code, for instance, or Codex. We have 700,000 users because we've been doing this for Five years.”

“I don't think autocomplete is the future. So I don't feel like I'm like seeding competitive ground here to Cursor. The future is more like developed by prompt.”

“Basically, state of the art on SweetBench, I think we will, again, I don't want to be quoted here, we can maybe edit this later, but like, we'll probably be number one or close to it on TBench also, which is the terminal benchmark, which really we should be th…”

“But if our thesis is that multi-threading is going to become really important, It's going to not be doable on a single machine. Like if you didn't like our memory usage before, you're not going to like it when we're running, you know, 10 10 agents. It's just n…”

“Cursor I think is some very significant portion of their revenue.”

“Something I'm always thinking about is like, is this how our brains are working? Are we doing next Token prediction, and I don't think so. Like, I think that there's gonna be some further AI unlock.”

“That is how I interpret it, and the Turing test has passed. It's, what's crazy to me is, like, we just passed it, and no one seemed to care.”

“Like, I think within a couple of years, you'll have everyone working by prompt and you'll have some slice of development tasks that are just like in the background, like a server error comes in or a new ticket, a user report comes in something Something is aut…”

“I think there's going to be a class of tools where you sort of start from the front end. This would be things like Lovable or Bolt or Replit or maybe even Figma Make if you're coming from the design side, and you'll have like an all-in-one platform for Build a…”

“And so we moved to this model and we called it agent mode, which everyone has copied that name, by the way, if you look it up on chat GPT, we were the first people to call anything agent mode.”

“There's no way for cloud code running in ghosty, let's say to have an editable diff.”

“I think even hearing the cloud code folks on your podcast, like I would not be surprised if Anthropic like launched a thing that looks a little bit more like warp where it's like a harness for running a whole bunch of different cloud codes, but it's an actual …”

“Probably we're gonna, like, I would imagine the first things we're gonna credit as being more conscious or a little bit more robot-like, honestly, where you have some sort of, like, live input from the world that you're reacting to”

“I think anything that does like either automatic security analysis or automatic verification, I think actually like languages like rust, things that have stronger guarantees around safety by default, where you don't need to rely on like a human reviewer become…”

“Right now the models have a bunch of sort of like pricing power because like there is a real delta between using the frontier model and using like the open source model.”

“I think it's more like a 10. I think, like, again, the technology's gonna run way ahead of the deployment of it, just because the deployment of it takes a long time.”

“I think we'll hit a million active users, active developers this year, and we're, and now obviously we're growing our revenue super duper fast”

“So we're, you know, we're number one on one of the coding benchmarks, which is terminal bench. We're number three now on sweet bench. So the two public coding benchmarks.”

“We don't store any code. I know there's some coding tools that are actually like storing your code base. We just store vectors for semantic search.”

“You know, it's like almost 600,000 active users on Warp right now.”

“Our revenue since the beginning of the year is growing, like, depends on the week, between five to 15% every week, and so, like, it's actually a pretty fast revenue ramp.”

“We rewrote Google Sheets because it's a crazy scale. And so, you know, if you have something that has a hundred million plus users, which is what it had at the time, I think it's now like a billion users.”

“And so I reached out to Andrew. I was like, can you help me here? And then that day I was on the phone with the president of CrowdStrike.”

“My cousin is the owner of time. He's the Salesforce founder of Mark Benioff.”

“And so what we ended up doing instead of that was like basically posting on Hacker News that we were building this new terminal. It was built in Rust. It had all these features. We posted it with a waitlist, just like sign up, give us your email if you're inte…”

“Warp is over a million lines of Rust code, and this is like, up until very recently, this type of agentic stuff just did not work in Warp because it's not built on any public UI framework, like we have our own internal UI framework, and so it really needs to u…”

“The biggest difference that these are is that these are sort of like cloud synced. And so you can sort of use these wherever you log in. They're sort of shareable. Across the team. And so like, this is our version of cursor's rules.”

“So if you're doing like work in Node or Python, Postgres, MySQL, it works in any REPL and it's a it's a pretty differentiated and cool feature of Warp.”

“So like we took it from seed through series A, we got into like, you know, mid single digits, millions of revenue, so it's like we got some real revenue traction on it.”