Rory O'Driscoll

You have now arrived at your destination.

Boys, we have a big, big lineup today.

We're going to start with two monster rounds.

It seems the only thing anyone's talking about right now is Anthropic.

Anthropic raising 10 billion at a $350 billion price.

Is this the last round before they go public?

How do we feel about the price?

Over to you.

Jason, do you think they have the enterprise market at this point?

My job is to ask provocative questions.

When we look at case two there, you mentioned kind of Cursor and the potential impact that Clawed Code has on it.

I speak to many CPOs as part of 20 products, and I ask them about tool usage internally.

Everyone that I speak to instantly states Clawed Code, and the portion of people that said Cursor has gone down dramatically in the last three months.

Would you feel nervous if you were Cursor and a Cursor investor?

I just, it's comfortable being scared to what extent is Google choosing Gemini for Siri over the prior relationship with open AI, a massive deal versus a temporary moment in time where Gemini is proving to outperform.

If you're open AI, are you not slightly nervous?

You're being eaten away by Anthropic, you have headwinds behind them, seemingly like they haven't had before, and incredible model performance.

And then on the consumer side, you've got Gemini outperforming, you've got Nano Banana being incredible, and the tailwind of Google and the machine behind Google.

It feels like you're being eaten at every angle, combined with very high SPC and high churn.

It feels precarious.