[00:05] the dip The dip Here we go Come on Push it by the dip. All righty Well this was unexpected it
[00:21] First it was saying you know how about October We'll just file it in
[00:33] plans to IPO until November And this announcement that Anthropic now delaying their IPO is coming on the the same day we got
[00:45] the N scale S1 one drop Now remember the trying some things in there that are kind of like
[01:02] stream Apparently now I'm I'm choking on myself So trying to went through the entire S1 document I'm going to go through
[01:14] in there I'm like man where's all this money going to come myself are the Anthropic Financials that bad that they
[01:26] preipo documents "Hey y'all might want to before you put this into the the market
[01:38] on Like what are the insiders seeing that we're we're not best sample of that is probably stuff like the shenanigans that
[01:50] to put it this way We're going to go go through that and
[02:02] waiting for them to to IPO I'll show you why in just a moment here Uh keep in mind we do also have worshes balls that that
[02:14] The coupon code over at mekev.com and the uh uh alpha you get that six months of terminal access as well when
[02:26] at this The AI giant has been expected to stage a from September Now some of Anthropic's advisors advisors
[02:38] startup time to share thirdarter financials that show a strong position Interesting that they want to wait until Q3 to quote
[02:50] leading in kind of kicked their
[03:02] when they were in in the lead They had the lead How' they have Claude Cowwork and and Claude Code which were an absolute boom
[03:15] of the world Let's I freaking documents
[03:27] to put these documents together So I bet you if Anthropic could they would have right after the April April ceasefire that we
[03:39] long to get these documents together especially when you're to add so many more disclosures and risk factors and going
[03:51] Nscale document in a moment But look at this Some of Enthra's time to share their Q3 financials Okay Again and this
[04:03] rankings really quick So if I go to open router and I go to like clawed opus opus on the right side Like they're actually on
[04:15] June I've got Claude in there If I go back to to group right Uh I've got
[04:27] Claude Opus over here regularly on the leaderboard on Open recently I've got Deepseek I got GLM I got got GPT56 which is the
[04:40] open weight Claude on that top side of the leaderboard
[04:52] to hugging face I actually see that that Hugging Face argues LLM leaderboard this is sort of their benchmarking they still
[05:04] GPT but at least when router I'm not really seeing them up there more I'm not seeing it right now So maybe they're trying to
[05:16] some more growth or they're waiting for some more compute to important in just a moment Some people familiar with the timing
[05:28] before the public warning from an anthropic researcher set set This is a whole safety concern I doubt that I think they're
[05:40] they're losing so much money that they need need a bull run they're just going to make the the weak
[05:52] purposely trying to time uh a top almost or or something where has already argued that they're going to wait to go public until
[06:04] think OpenAI is just waiting for Anthropic to IPO so they could a surprise That's kind of old old news What's interesting
[06:16] this delay the New York Times does a piece and says that billion in annualized recurring revenue this year That would be
[06:28] billion at the end of July And so they're thinking hey on this 31st numbers we think we're going to have hundred billion
[06:40] waiting until the beginning of next year but they might be IPO to come out Uh so hopefully they can IPO
[06:52] have been nervous You got peak fear around Iran Obviously going on with Iran in terms of uh people and and their
[07:04] more bearish I actually have a tracker tracker where what we'll YouTube com the people who leave comments on the YouTube section
[07:16] that sentiment peaked somewhere around May and since accelerating its downturn here in September So you are getting
[07:28] said Anthropic doesn't want that that bearishness They need basically Okay Anthropic also argues that they expect to
[07:40] That's well up from the 1 to 2 gawatts they had at the end of uh last year And And if they're at 5 gawatts billion dollars of
[07:56] depend on the timing of when some of those could this this is also a problem but it's something to
[08:08] annualized recurring revenue and you have 5 gawatt of compute That's great Now you have have $20 billion per gigawatt of
[08:20] compute Well Elon Musk is trying to charge $40 billion massively upside down If number They're trying to IPO off
[08:37] sustainable but I'd like them to go go public so I could keep an coal mine But now they keep kicking the can down the road
[08:49] reality they shut down and go I don't know man Y'all probably making that up either It's literally right here on Thursday
[09:01] from venture capital firms technology and probably the IPO or whatever They've been been
[09:13] banks and get commentary from investors from lenders had Andre Karpathy to go shillanthropic And apparently
[09:25] yesterday in San Francisco Apparently they still walked away away from that going you know y'all might consider under your your belt I don't
[09:41] know That doesn't sound bullish Then I'm like all already going through the can get in the MEaven
[09:57] their IPO And I'm like "Oh well that's convenient I literally analysis." Here's what freaks me out There are a couple things
[10:09] about Nscale First they bluntly disclose that they have good for these
[10:21] bro company that I know his last name is Pay I'm not sure if it's Josh or
[10:33] bro and they opened they switched to GPU compute in 2023 brilliant move like hats off Good move You guys took
[10:45] you know what The boy to become a cryptomining GPUs and
[10:57] and scale Now the company's got a thousand thousand employees So move But that doesn't mean y'all should have weak accounting
[11:09] Like they are PCAOB audited But I want to be clear about that So these folks Okay we're
[11:21] CAOB not say this You look at our last one a we don't have a
[11:33] this In connection with our audit of their financial identified deficiencies we concluded represented material
[11:45] reporting What combination of deficiencies
[11:57] there is a responsible possibility that material prevented or detected on a timely basis That's sussy You
[12:09] you should have pretty freaking clean financials in my opinion damn problem and this this one's even bigger than that Okay
[12:21] very very important You can't ship But here's another problem What is this This is ridiculous
[12:33] was very embarrassing embarrassing when I read this So entered into a deal for almost $45 billion with Anthropic And
[12:45] than a week ago It was 3 weeks ago the the Enthropic