Stephen Mayne

That's right.

And it's having profound, like the Industrial Revolution, big...

you know, just as big as the internet, it's going to be profound.

That's why I think the interesting point of that question is how is Claude making money at these prices?

I saw an analyst on CNBC this week make an interesting comment that even with the $800 billion of spending,

Everyone in the AI value chain is being economically rational except for open AI and anthropic who are selling their products for uneconomic rates and are nowhere near getting to a return that would justify the investment.

But because the bubble is so huge,

and the people are valuing them at $800 billion or a trillion and people are throwing cash at them, they are being funded to be uneconomic and they are subsidising the rollout of their product and the play probably is to get people addicted and jack the prices up down the track.

But these frontier players, so the two big frontier players, OpenAI and Anthropic, they're taking on the existing big tech.

There's five or six players in AI.

It's a huge duke out.

It's a huge fight.

Not all will survive.

Two or three will dominate.

But the industrial implications will be profound and there probably will be some addiction.

But I think Anthropic cannot survive charging $29 a month.

But their revenue is surging.

So they're clearly getting truckloads out of big corporates in particular.

They're really going for the enterprise level and particularly hitting coding hard early.

And the take-up is enormous.