Ed Ludlow

And it's good for investors who want to buy shares in those companies.

Peter, we've been very focused on Anthropic and Anthropic's relationship with the U.S.

government, with the Department of Defense.

My understanding is that there's this group of investors that basically applaud Dario Amadei for taking...

having red lines, but also there's this belief that there is a commercial advantage in holding that moral high ground.

They would cite the data of Claude's placement on the different app stores and downloads activity after the Pentagon labeled it potential supply chain risk.

But it's that sort of commercial opportunity of taking the moral high ground that I wanted to ask you about and your thesis towards Anthropic in that respect.

I personally wouldn't contextualize it within the realms of moral high ground.

I think this actually comes down to business culture.

So one of the things that we really focus on when we diligence business is the cultures of organizations.

And then we're not looking for good business, good cultures, or bad cultures.

We're looking for effective cultures.

And we're looking for cultures that will be instrumental in driving the performance of businesses.

And one of the things that's striking about Anthropic is that they have a very strong culture around AI safety.

And over the long run, you do need to make sacrifices to maintain cultures.

And so where we see companies, and we're seeing this in the case of Anthropic, making sacrifices and taking difficult decisions to act in ways that are congruent with their cultures, we applaud that because we think it enables companies to survive and thrive in the long term.

Thank you.

Peter Singlehurst, head of private companies at Betty Gifford.

It's been great to have you back on Bloomberg Tech.

I really appreciate the depth that we went into across some of the companies in the portfolio.