Harry Stebbings

of $100 billion a year.

So you're buying in at 20 times plus or minus EBITDA.

It clocks in north of $100 billion of profit a year.

Everything else was a positive when we talked about it nine months ago, and the risk was erosion of search.

All the positives have kind of gotten better, and the erosion of search haven't happened.

So yeah, you do have to give it consideration.

This is hard.

At 170, I'd have taken the Entropic.

Do you think, actually, because yeah, interesting comment here.

Entropic is, you're giving me the future round on Entropic.

Has it happened at 300?

But the future round at OpenAI, is there another round coming on OpenAI?

they're always continuously raising.

But if you were to do live pricing on them, Anthropix would be 360, unless you were getting grandfathered into a prior round.

The real live price is 360.

At 170, Bill, I'd take Anthropix all day, every day, because I think they're being way more sensible than OpenAI.

And I think they will get public.

And yes, at 170, at 300, you might be fully valued.

I think the difference between Anthropix and OpenAI is OpenAI has more ambition, perhaps, but it's more likely to just get caught in the middle with commitments it can't meet.

Whereas I think Entropic is very sensibly and boringly converging on profitability, will go public, and will be a very nice public company.