Paul Kedrosky
speaker
1,259 appearances
4 recordings
2 series
first heard Apr 2026
last heard 5d ago
Paul Kedrosky’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 4 in all, peaking in Sep 2026 with 1.
Appearances
treated accordingly with respect to the actual cost of token production.
So there's a multifaceted game going on here, both in terms of how it's being presented to users, but also in terms of how they're trying to sell it in the context of the upcoming S1s for the Anthropic and OpenAI IPO filings.
That's right.
Which from a classic, my years ago accounting, whenever you have a regular predictable cost that you have to incur to continue operating your business, that is no longer a capital cost.
That's an expensable item that should be expended.
So you get into, as I said, like back in the dark days of dot-com and even the telecom boom, you get into this problem of earnings before bad stuff where they want to exclude all of the things that make the numbers look bad.
And then, of course, on the other side, you have this run rate problem where we continually hear about what the run rates are at these companies.
And the window with respect to the run rate could be the last 15 minutes, for all you know, right?
A run rate is just, you extrapolate whatever is most convenient for you.
So it's a problem on both sides.
I'm looking forward to it showing up in a public company filing because it almost inevitably will.
This is going to be somebody's one-time item.
Oh, absolutely.
I mean, half a billion, it's material for almost anyone.
So my guess is it's going to show up somewhere.
It'll be really interesting to see.
And my guess is at that scale, it's a public company.
So my guess is we will see that.
We will know where that actually happened.
And so it's going to be very entertaining.
Showing 581–600 of 1,259 · page 30 of 63
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