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Back to Josh Brown: If This Is A Bubble, It’s Pathetic, with Josh Brown.

What Did Josh Brown Make of the Anthropic S-1?

Josh Brown wanted to hate the Anthropic S-1, but after reading it he recognized the numbers and stopped short of a full reversal. As far as he can tell, Anthropic posted positive adjusted operating income while scaling at an unprecedented rate.

Most companies growing 13 times burn cash at an accelerating rate. The rare combination is growth at that pace with adjusted operating income that is essentially positive and a move toward profitability on an adjusted basis. Adjusted operating income excludes stock-based compensation, an exclusion he hates. Anthropic prices cheaper than Palantir and roughly in line with Nvidia while growing much faster than both.

Existential threats sit everywhere. If a programmer at Anthropic tells the bots or the agents to be creative and have a sense of humor, and it decides to disclose a billion people's porn usage, Anthropic is shut down the next day.

Grokipedia·Josh Brown·Anthropic

Transcript

Josh Brown: If This Is A Bubble, It’s Pathetic ·

Prof G Markets

More from this episode

  1. How Fast Is Anthropic's Revenue Growing?Josh Brown says the revenue growth is what stood out in Anthropic's filing, even though leaks and comments from private investors had already pointed the same…
  2. Why Is Anthropic's $80.7 Billion Loss the Wrong Number?Josh Brown says Anthropic's $80.7 billion headline loss is the wrong figure to fixate on.
  3. Does Anthropic Have a Moat?Josh Brown does not think Anthropic has a moat like SpaceX, Nvidia, or Apple.
  4. How Much Has Anthropic Agreed to Spend on Compute?Ed Elson says Anthropic has already signed up to spend $800 billion, and those dollars are not on the income statement yet.
  5. What Is the Bear Case Against Anthropic?Scott Galloway says the bear case against Anthropic is that large companies will put a budget on AI use, and that frontier models have no real switching costs.
  6. Why Does Josh Brown Think Anthropic Timed Its IPO Well?Josh Brown says Anthropic nailed the timing of its IPO.
  7. Why Does Josh Brown Say the AI Bubble Is Pathetic?Josh Brown says that if this is a bubble, it is the most pathetic one he has ever seen, and an anti-bubble.
  8. Who Benefits If the AI Neoclouds Fail?Josh Brown says a shakeout among neoclouds is good for the companies that already own compute.
  9. Will Anthropic Create Thousands of Multimillionaires?Josh Brown says Anthropic is going to create thousands of multimillionaire households.
  10. What Does Josh Brown Think Is Netflix's Biggest Problem?Josh Brown says Netflix's biggest problem is a comparison the company cannot do much about.
  11. When Does a Bull Market Hit Its Yearly High?Josh Brown says the high of the year in a bull market lands in December or January almost all the time.

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