Anthropic S-1 Shocker, Greatest Business Ever? Google’s $500B Wipeout, Midterm Predictions
Anthropic’s S-1 makes the case that AI demand is still early, highly profitable and capable of creating enormous value across the compute stack. But can power, data centers and capital keep pace? The besties break down Anthropic’s economics, AI’s competition with government borrowing for liquidity, and Google’s $500 billion market-cap drop as investors question search advertising. Plus, the risks of an AI-driven economy and final midterm predictions.
Key Points
- Anthropic’s S1 was framed as proof that AI demand is still early, highly profitable, and capable of creating enormous value across the entire compute stack.
- The biggest bottleneck for AI growth is no longer customer interest but power, data centers, and capital, which are starting to compete directly with government borrowing and broader market liquidity.
- Google’s search franchise is still growing in absolute terms, but the market is increasingly focused on whether AI will erode its core ad model even as cloud and other businesses diversify the company.
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Referenced in the show: https://www.semafor.com/article/10/28/2026/all-in-podcast-cools-on-super-intelligence https://x.com/AndrewBenson/status/2115458726396310008 https://www.nbcnews.com/business/markets/anthropic-releases-ipo-filing-ahead-highly-anticipated-stock-debut-rcna605676 https://www.reuters.com/business/anthropic-recorded-net-loss-over-80-billion-first-half-this-year-wsj-reports-2026-10-20 https://x.com/rdominguezibar/status/2114785991462428811 https://x.com/jaminball/status/2115121906630238287 https://www.vox.com/future-perfect/507875/anthropic-ipo-stop-ai-race-safety https://www.anthropic.com/institute/measuring-pace-of-ai-development https://www.nbcnews.com/business/markets/alphabet-google-stock-ai-advertising-rcna606322 https://x.com/EconomyApp/status/2115539079999971384 https://fortune.com/2026/10/28/alphabet-google-stock-drops-cloud-revenue-doubles-free-cash-flow-negative https://x.com/Couch_Investor/status/2115541399898571180 https://x.com/Geiger_Capital/status/2112702741995037179 https://x.com/PatrickRuffini/status/2089729804941594660 https://x.com/maxanderson/status/2080229375773941871 https://www.natesilver.net/p/trump-approval-ratings-nate-silver-bulletin
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