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Back to CoreWeave Crash, AI Trade Cracks, Anthropic IPO Red Flags, Bill Gates Doomer, with Ben Horowitz.

Does David Sacks Expect a Strong Anthropic IPO?

David Sacks says the body language out of Anthropic's investor day was strong, at least from what he heard, and that large public-market investors liked the presentation. He does not treat the leaked numbers as settled. Participants had to sign a nondisclosure agreement, so he does not fully trust what is floating around, and he says everyone is talking their own book. If the company lists next month, the filing will carry the real numbers.

He still calls Anthropic a strong business, young enough that some risk is normal, and set up for a strong IPO. That success is why the fear-mongering and the push to kneecap open source offend him. A company this far along does not need regulatory capture. He says two examples of it showed up in the same week.

Transcript

CoreWeave Crash, AI Trade Cracks, Anthropic IPO Red Flags, Bill Gates Doomer ·

All-In

More from this episode

  1. Why Did CoreWeave Bonds Crush the Cloud Stocks?Jason Calacanis says the biggest neoclouds got crushed after CoreWeave's bonds started to sell off.
  2. How Does CoreWeave's Box Pay the Bills?CoreWeave founder Michael Intrator, in a clip played from an earlier interview, says a customer such as Microsoft signs a contract and that contract goes into…
  3. What Default Odds Did CoreWeave's Swaps Imply?Chamath Palihapitiya says the number to watch is how the sharp money prices companies that borrow to fund these boxes, including CoreWeave, Nebius, and IREN.
  4. How Close Is CoreWeave to Its Breakeven?Chamath Palihapitiya says CoreWeave's average interest rate on the debt that funds the boxes is about 8.5 percent, and one GPU loan, DDTL 1.0, spiked to 15…
  5. Why Did Ben Horowitz Pass on Neoclouds?Ben Horowitz says he passed on the neocloud business because it can turn into a dangerous arbitrage. He uses LoudCloud as the example.
  6. Is the CoreWeave Crash Just Market Volatility?Jason Calacanis argues the CoreWeave crash is market volatility, not a fundamental break.
  7. Why Is Demand for Software Coders Still Rising?David Sacks says coding assistants opened a new category of bespoke software, and demand for coders is rising even though coding assistants write 95% of the…
  8. What Leaked From Anthropic's Investor Day?Jason Calacanis says Anthropic's investor day hit the AI trade in the same week as the CoreWeave selloff.
  9. Why Does Ben Horowitz Own Both AI Labs?Ben Horowitz says Andreessen Horowitz holds a lot more stock in OpenAI, and that the firm is philosophically long both OpenAI and Anthropic.
  10. Why Should Anthropic Raise $200 Billion Now?Chamath Palihapitiya says his caution is not a knock on Anthropic.
  11. How Did Anthropic Stop Distillation Without Washington?Anthropic pressed Washington to crack down on open models on the basis of supposed IP theft. David Sacks says Anthropic could have stopped distillation itself.
  12. Why Did Coinbase Fine-tune a Small Model?David Sacks says Brian Armstrong posted, the day before Anthropic's blog, that Coinbase had fine-tuned an open-weight model with 9 billion parameters.
  13. Why Is Anthropic Training Models to Refuse People?David Sacks says Anthropic trains frontier models to be their own moral actor.
  14. Why Is Bill Gates the AI Doomer?Chamath Palihapitiya says Bill Gates was at the center of the last contagion and is now trying to insert himself into the middle of the reaction to artificial…
  15. Why Did Bill Gates Retire to Be Loved?Jason Calacanis says Bill Gates retired because becoming the world's richest man made him the most hated man on the planet. The hatred got in his head.

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