Joseph Alagna

The second largest to Anthropic.

But we also had XAI as a position in the fund, and now they merged together, but they're still slightly less than our position in Anthropic, which is the largest.

Yeah, you know, we're starting to see this trend now, right, of public vehicles that own public companies that are, like, you want to call them the pre-IPOs.

You know, what makes us different, I believe, is really the timing that, you know, that we've invested in some of these companies.

And, you know, I think when you look at some of these other vehicles that might have similar portfolios to ours, you know, I think you have to ask yourself, well, you know, the portfolios might look similar, but, you know, when did management purchase these vehicles?

That might not do anything for someone that steps in and buys a portfolio that looks the same as another portfolio now, but it should give you some insight on management ability to identify companies in the future, because obviously all these funds, including mine, will be adding other public, private companies, pre-IPO companies in the future.

Well, XAI's got a long way to go to catch up to Anthropic.

I don't know if they ever will.

You know, Anthropic's really, you know, focused on the enterprise customer, and that's a very smart move by them.

You know, and the reason why we chose Anthropic, you know, over a year and a half ago is when, you know, everyone's very concerned about artificial intelligence and how it can, you know,

run amiss.

And, you know, they have guardrails that they put on with their constitutional AI.

And they've been taking a different approach to artificial intelligence than, say, some of the other companies that are out there that are really just looking for growth.

So, you know, that's probably why you're seeing entropic growth so quickly.

XAI now is going to have capital that I think that they needed.

I think they were having a hard time competing with the