Theory Ventures General Partner Tomasz Tunguz and Mostly Media founder CJ Gustafson talk with TITV Host Akash Pasricha about Anthropic's S-1, revenue efficiency, customer expansion, compute commitments and a possible $2 trillion valuation. We also talk with The Information's Laura Bratton about OpenAI's model discounts and customer switching, and Mercor Head of AI Modeling Edward Hu about the strengths of Anthropic and OpenAI and the gap between benchmarks and economic value. Lastly, The Information's Yueqi Yang discusses Stripe's early lead in agent payments and competing approaches from card networks.

Articles discussed in today's show:

-https://www.theinformation.com/articles/anthropics-s-1-takeaways-giant-compute-commitments-complex-lock-ups

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Chapters:

01:13 - Introduction and Anthropic's S-1

02:15 - Anthropic's revenue, margins and customer expansion

11:39 - Compute commitments and cloud partners

19:12 - Stock compensation and IPO valuation

25:23 - OpenAI's price cuts and customer switching

33:00 - Anthropic vs. OpenAI model capabilities

41:00 - Stripe and the AI shopping payments battle

49:54 - Closing