Things Josh Says on Podcasts

I'm going to disagree. I don't think investors are worried about it. I think it's almost guaranteed that you can't 16x revenue twice. Like, we understand because if you, this is the exercise where you place a grain of rice on a chessboard and then two on the next square and then four on the third square and then eight and 16. We all understand that this is not, this company is not going to, in its life as a public company, do 1600% growth. So I think what investors are more worried about, and maybe this is the more reasonable bear take on Anthropic and AI in general, is the stickiness of the platform and the durability of that revenue more so than the growth rate. Like let's take what you just said, 40 to 50%. If they go public and they come out and say, we think we're going to grow 40 to 50% a year on an like a Kager of 40 to 50% for the next five years, I think everybody would be okay with that kind of guidance. Not that they're giving it. Agreed. The bigger issue is how easy is it for the next model that's 10% more powerful or advanced to snatch away those customers and those workflows. To me, if you're going to worry about something, it's not the headline growth rate no longer being 1,300%, 1,600%. To me, that's the concern. Is there a moat? Is…