CoreWeave Crash, AI Trade Cracks, Anthropic IPO Red Flags, Bill Gates Doomer
Did the AI bubble just pop? Ben Horowitz joins Jason, Chamath and Sacks to assess CoreWeave’s debt risk, AI financing and Anthropic’s outlook. They debate software’s Jevons paradox, open-source and small models, self-replicating AI warnings, and why power, land and compute may be the ultimate moat.
Key Points
- AI infrastructure is still supported by strong demand and scarce power, GPUs, and data center capacity, but financing risk and rising rates can quickly squeeze highly leveraged business models.
- Anthropic and OpenAI remain the central players in frontier AI, with huge revenue growth and IPO demand, but valuation, capital needs, and governance choices will shape how much resilience they have.
- Open source and small models are accelerating enterprise software creation and undercutting pricing, while the biggest moat is increasingly control of power, land, and compute rather than software alone.
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Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg
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Referenced in the show: https://x.com/chamath/status/2110128893680378299 https://www.google.com/finance/quote/CRWV:NASDAQ https://finance.yahoo.com/technology/article/yikes-coreweave-stock-tanks-on-bond-yield-woes-ceo-blames-market-acting-irrationally-203838274.html https://247wallst.com/investing/2026/10/14/coreweave-falls-10-as-bond-yield-touches-15-and-elon-musk-says-yikes-nebius-drops-6-oracle-slips https://polymarket.com/event/coreweave-announces-bankruptcy-by https://x.com/FearedBuck/status/2109443893955567694 https://polymarket.com/event/ipos-before-2027 https://www.bloomberg.com/news/articles/2026-10-14/anthropic-revenue-jumps-to-16-8-billion-in-quarter-before-ipo https://www.anthropic.com/research/self-replicating-ai https://www.anthropic.com/news/detecting-and-preventing-distillation-attacks https://x.com/DavidSacks/status/2109849209742450696 https://www.anthropic.com/research/distillation-defenses https://x.com/brian_armstrong/status/2109412046244913643
Chapters
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Transcript
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