Wallach says betting against Anthropic's IPO in the short term would make you look like an idiot. The harder questions are about long-term defensibility, and here he names the downside of being the leader.
…think about the impact that momentum has on how well you attract people to hire. Just think about partnerships. Right now, those companies have no momentum. None. And they're just a hot. It's a tough story. They're going to be nice businesses, but they're not going to change the world anyway. Well,
…and they put them at a different multiple on sales, different multiple on price earnings, it's just kind of like Buffett says, you know, these things are voting mechanisms and then it becomes a scale, right? Ultimately, the market. It's not a public company. So it's part of voting and not scaling.
…with each other. It's what they've trained themselves up on over the last decade and they love it. That's a product people love. So, you know, I'm not counting anyone out yet. And I think the questions we were getting at earlier around the defensibility of Anthropic and the others, those are fascinating business questions, but they're going to play out over a longer horizon. You know, I mean, the thing I don't like about being anthropic right now is every person in the world has a huge financial incentive to figure out how to compete with your product cheaper. Okay. Everybody, like, it's the biggest, biggest pot of gold in human history is to figure out how to offer intelligence for free right now. So, you know, I don't like the idea of having that target on my back. Now, would I trade places? Sure, because they're on top of the world right now, but it's not going to be easy. And I think for those guys, one of the other interesting challenges is, and this is a credit to them, they're not commercial. You know, like Dario and the Anthropic co-founders in particular. They're not commercial. They're not in this for the money. Like, I really believe that. They…
This is good.
A DA finish. Hold on. DA finished. And then Dave. So finish your thought of why they're not commercial. And then Dave, you get to counter. Go
for all of us craven capitalists. It is a reflection of our psychology that we cannot imagine that Dario is being genuine. Okay. It's impossible for Chamoth to listen to Dario and not see regulatory capture, venality, scam artistry. Okay, but
