Azeem Azhar

I mean, the speed of growth of these businesses is pretty insane.

Anthropic is now at a $4 billion run rate.

entering July 2025.

In January 2025, it was at a billion dollars.

So why is that?

That's the point at which startups that started a year or two ago will be

four or five years old in this accelerated timeframe.

And they will start to be big enough to eat meaningfully in aggregate into incumbent companies, forcing those companies into either defensive postures, cost cutting, or just having to spend more money to maintain market share.

It's also the sort of time by which companies who started early and seem to have a grip of this technology, incumbents I mean, like Moderna or J.P.

proof of concept, pilot, scale, multi-scale, deepening, and should start to see the deeper, wider results of having the technology across their companies.

So you're going to get this effect in the economy where the startups are now big enough to be challenging, to be difficult, to

have some control of distribution, of how customers get to incumbents, or perhaps they've got competitive products that incumbents can't compete against.

And at the same time, incumbents who got their act together will be getting the results they expect and having that impact in their sectors as well.

So that will be quite a hairy time, I suspect, 27, 28.

And I think that's predicated really on, you know, this technology continuing to improve.

As you know, I don't really like the phrase AGI, and I'm not predicating any of this on some sort of miraculous technology that crawls out of a data center.

But the other reason 2728 will be really interesting is that, you know, if this is actually a speculative bubble with way too much irrational exuberance, that might be the period point at which

there would be a significant pop, right?

Why do I think that?

Okay, super unscientific.