Alex Heath

Right.

And like maybe the IPO is the next phase of like someone paying the bill.

Then it's dumped on retail.

And maybe that's, you know, if you're going to IPO it by Q4, maybe you feel confident giving a 17 whatever percent, you know, guarantee.

But certainly strange, you know, I'm old enough to remember when OpenAI was a nonprofit and all investments up until like a year ago were labeled with like disclaimer, this can go to zero and you should treat this as a donation.

So

Definitely a new territory we're in.

Well, I think out here on the West Coast, everyone's obsessed with CloudBot, right?

This automation agentic software that you have to give a Mac mini to or some kind of cloud instance, and then it can control everything on a computer for you.

And you can route it through iMessage or Telegram or whatever.

That's definitely taken, I would say, the tinkerers and the early adopters in Silicon Valley by storm.

And then the new models are good.

I mean, the models continue to improve, especially on tool use, the ability to control and manipulate software.

You're seeing that with Codex, OpenAI is seeing a ton of traction there.

I think stealing market share a little bit from Claude and Anthropic.

And then Claude continues to ship and be at the frontier with Opus 4.6, like you said.

So the tools are progressing, it seems, at a steady pace.

And I think everyone is looking for a story.

Everyone is looking for a narrative to hang their jitters on and the market's jitters on.

And I'm not a macro expert, but I would venture to say that this much sell-off maybe doesn't have to do with Opus 4.6 and Cloudbot.