David Friedberg

Secondary markets have now priced Anthropic higher than OpenAI for the first time.

This is the flippening that people predicted.

One investor said OpenAI would need to IPO at a valuation of $1.2 trillion for the last round to make any sense.

But there's no buyers currently at the $850 billion valuation that OpenAI just closed, according to Bloomberg.

Travis, how do you handicap this race between these two leading frontier models?

And you saw this at Uber specifically when you accelerated away from the competitors like Lyft and DoorDash, yeah?

Freeberg, when you look at this race between these two giants, maybe your thoughts on the flywheel as it relates, as Travis is pointing out, to advantages in compute, reinforcement learning, and then also the ability to fundraise.

One of the great things that Travis and the team did was, as they were pulling away, they

They just sucked all the oxygen out of the room by using capital as a weapon.

So your thoughts, Dave, on this high stakes game?

Because there's also a point at which, and I'll just end on this, there's a point at which you could run off the cliff.

You raise so much money and you deploy it so fast and the revenue doesn't catch up to it.

And then you go public and the markets don't believe the story.

So your thoughts, Freeberg?

I don't know the financials of the two companies well enough.

Obviously, Sam has no problem raising money.

The guy, didn't he just close like $150 billion round or something?

$122 billion?

So that doesn't seem to be an issue.

What I've noticed is just the pace of innovation at Anthropic is, from my experience, unprecedented.