“Anthropic may develop products which could wipe out all of humanity, which would cause earnings to decline.”
The Circuit · Tech Strategy & Big Tech · November 2026
Context
Ben Bajarin had just joked about the existential-risk language in Anthropic's S-1. Jay says this is a line he wrote in his own note on the filing. It captures how strange the risk-factor section reads next to ordinary securities boilerplate.
Transcript
Warning ahead of time, people. This is going to run long.
…In fact, I hope, I seriously hope when OpenAI does theirs, like they take it to the next level. Like, how do you take that statement to the next level? But they should. Like, the risk statement battle. Who could make the existential risks higher? Anthropic Opens OpenAI? This is a new game.
I will admit that this week I literally wrote the line. Anthropic may develop products which could wipe out all of humanity, which would cause earnings to decline.
You think? You think? We'd all get the needed break we need, you know? On a similar week where like governments are out saying, hey, we should prepare for a wipeout of the power grid. Make sure you have food and water for three days to 90 days in a military context. Oh, geez. Governments all over…
So first off, I read the whole thing cover to cover with my eyeballs. I may have skipped some of the boilerplate securities law language, but I read the whole thing. There were parts of it that I absolutely needed Claude to explain to me. And we'll get into some of those. It was a very dense…
Very good to hear.
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