“I just think everyone's going to still buy into this because everybody is buying a story more than anything else. … I think investors will look at this and say, all right, we're going to be wrong about one of these, but we need to take the basket because the basket as a whole is going to be extraordinary for us. And if one of the groceries falls to the floor and splats like a tomato, we'll take that hit.”

Big Technology · Tech Strategy & Big Tech · October 2026

Context

Kantrowitz asked how investors should square Anthropic's huge future compute commitments with buying into the IPO. Primack says it should be hard but won't be: institutions' clients would be outraged to miss it, and he puts it in the same story investors bought with SpaceX and will buy with OpenAI.

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Transcript

Big Technology Around 08:41 into the episode

Dan Primack

…is changing and more rapidly than any other industry we've ever seen right usually you know you you hope for small growth quarter after quarter year over year the year over year numbers are like become irrelevant for a company like this like what like what anthropic did in 2025 honestly who cares

Alex Kantrowitz

…like the the sort of determination of how to what box to put them in how you think about it when so much of the action is going to happen next year and the year after and the year after that um and like you said if they're going to move money to go invest in this company um how do you square that

Dan Primack

…leave other things And I understand, you know, the market goes up, so you don't necessarily always have to rotate completely. But I just think everyone's going to still buy into this because everybody is buying a story more than anything else. And it's the same story, arguably to some extent, they bought with SpaceX. And I think it's the same story they'll buy next year with OpenAI. And I think investors will look at this and say, all right, we're going to be wrong about one of these, but we need to take the basket because the basket as a whole is going to be extraordinary for us. And if one of the groceries falls to the floor and splats like a tomato, we'll take that hit.

Alex Kantrowitz

Yes. And it's

Speaker 3

too early to know which one

Dan Primack

that's going to be. And it's not going to be because of some of the numbers we're seeing today.

Speaker names come from our own diarization. The position is estimated from where the line sits in the episode.

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