Gavin Baker

speaker

1,686 appearances 2 recordings 1 series first heard May 2026 last heard 4 Aug

Gavin Baker’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Aug 2026 with 1.

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What made the 70s so traumatic was it wasn't just that prices went up.

It's that there are actual gas shortages.

And then you go through, okay, well, the US economy is dramatically less energy intensive than it was.

The United States is now the world's largest producer of oil and gas.

And we've become now the world's largest exporter of oil and gas.

And on top of that, there's this relative manufacturing advantage that made it easier to stay.

Stay focused on AI fundamentals, stay focused on what were historically attractive valuations.

I think on a relative basis, tech essentially got as cheap as it's been versus the rest of the market.

Has at any point

Over the last 10 years.

And just think about that in the context of market efficiency.

We have the most extraordinary moment in the history of capitalism that's wildly bullish for AI, and you get a chance to buy AI at

I do think open AI and Anthropic are pretty different animals from a capital efficiency perspective.

And Anthropic clearly has a dramatically lower cost per token than OpenAI.

They just do.

And you can just see that in the amount of money that they have burned.

To get to a roughly similar revenue scale.

I think they've burned maybe 80% less than OpenAI.

So as businesses, they clearly have very different structural ROICs.

I think Sarah Fryer is one of the most exceptional CFOs.

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