Travis Hoium

If you are anthropic, you're dealing with a competitive market in the model space.

We know that they were the hottest thing in the market in early 2026.

It seems like even just over the past few weeks, they've kind of been overtaken again by Codex from OpenAI.

So in this kind of back and forth market

How do you build a durable business that's actually going to be worth the however many hundreds of billions or trillions of dollars these companies think they're going to IPO for at some point in the near future?

And one of the ways that you're going to do that is you're going to get distribution and data within your ecosystem.

Atlassian has distribution.

They have products.

They have data that companies put into Atlassian's products.

That's going to create something of a flywheel for Anthropic, potentially, if they bought this company.

And it would make them a little bit stickier in some of the enterprise businesses.

And I think the interesting thing here, we saw the deal between XAI and Cursor a week or two ago.

So that was Cursor proposed being acquired by XAI, SpaceX, whatever it's going to be after they actually go public.

And I think the idea there was Cursor was actually in a fairly weak strategic position because they were being replaced by Claude and Codex actually kind of pulling their customers away from Cursor as the place that they were actually doing their coding.

So things are changing so quickly in artificial intelligence that even though Anthropic and Claude are arguably one of the fastest growing companies we've ever seen at this scale, it is still a tenuous position.

They don't have a huge moat around the business.

And this would potentially start to build that moat.

I think that's the way to think about it.

Yeah, John, let's also tie this back to the GameStop acquisition.

GameStop is using a very highly valued stock to buy a company that is theoretically a value company.