Podcasts about ipo

Vail Resorts reported a 12% drop in season pass sales… so they're using a trick from baseball. Anthropic's IPO paperwork leaked… it sells something worth $3 for just $1.Man City soccer is guilty of 115 fake deals worth £900M… They're Performance Enhancing Deals.Plus, why apply skin cream when you can wear skin cream underwear?$UL $MTN $ANTHGrab your Tickets to the IPO Tour: Our In-Person OfferingBoston 10/14: https://tickets.citywinery.com/event/tboy-the-ipo-tour-in-person-offering-8cdhupSeattle 11/4 (21+): https://www.axs.com/events/1446394/the-best-one-yet-ticketsNEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today's top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.

In her first 90 days running corporate development for a venture-backed acquirer, Hannah Sandmeyer closed sixty million dollars in EBITDA. The company had raised a billion dollars in a single Series D and its whole model was growth by acquisition. Then it collapsed when the promised IPO never came. That experience showed her how powerful M&A can be, and it set up the question behind everything she does now, which is what that power looks like when it serves something other than speed and price. Hannah is the founder and CEO of Up and Over Advisors, the first certified B Corporation in the world dedicated exclusively to values-aligned M&A sourcing, and the founder of Steward Market, a live three-sided marketplace for ethical business transitions. She also co-hosts the Ethical Exits podcast. WHAT YOU'LL LEARN: Why mission-driven founders belong on the buy side and not only the sell side, how shared values and trust can change a deal's structure and open the door to seller financing, how employee ownership and acquisition can work together, and how Steward Market uses values as searchable infrastructure so sellers can find a buyer by mission and hold period rather than valuation alone. HANNAH'S JOURNEY: Hannah grew up in Boise, Idaho, wanting to be a civil rights lawyer for the ACLU, studied political science, and came to see M&A as social and economic justice work because an ownership transition is a redistribution of power. She spent about 18 years in go-to-market and revenue roles before being asked in 2021 to run a corporate development team, where she learned that buying a company is just a different kind of sale. After that acquirer collapsed, she started her own firm expecting to do fractional sales work for B Corps. Instead, founders kept asking her to help them buy companies, and fractional corporate development was born. When she suggested that mission-driven founders could be acquirers too, they recoiled, which led her and her partner to launch Ethical Exits to explore what mission-driven M&A actually looks like. KEY INSIGHTS: Once you see the power of inorganic growth, you cannot unsee it as a lever. The real question is not whether acquisition is good or bad, but what you point it at. Values are a real deal variable. When a buyer and seller genuinely share goals and build trust, sellers become more open to seller financing and less fixated on all cash or the highest multiple. Employee ownership and acquisition can reinforce each other. Hannah points to a social work company that converted to an ESOP, acquired other firms, and began cutting checks north of a million dollars to retiring social workers. An ethical exit is not a partisan idea. Yvon Chouinard put Patagonia's purpose into a trust, and Eddie Smith turned down offers north of four hundred million dollars for Grady White because, as he put it, the company has a soul. The two men likely sit at opposite ends of the political spectrum. Real freedom is reciprocal. Wealth and ownership expand a person's power to make consequential decisions, and for Hannah that increases obligation rather than removing it. Perfect for founders weighing a sale, would-be buyers who assume the buy side is not for them, and advisors who want the deals they work on to protect more than price. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/hannahsandmeyer FOR MORE ON HANNAH SANDMEYER: Website: https://stewardmarket.com LinkedIn: https://www.linkedin.com/in/hannahsandmeyer Podcast: Ethical Exits, https://ethicalexits.com FOR MORE ON COREY KUPFER: https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps [00:02] - Introduction to Hannah Sandmeyer and the intersection of M&A and mission [05:44] - Hannah's first capital raise in fifth grade with a chess team coupon drive [12:06] - Landing in corporate development in 2021 and a billion-dollar growth-by-acquisition model[16:30] - Starting her own firm and the birth of fractional corporate development [27:32] - Patagonia and Grady White as models of the ethical exit [38:03] - The Three Legged Stool employee ownership and acquisition story [46:07] - How Steward Market works as a three-sided marketplace [01:01:11] - What freedom means to Hannah Guest Bio Hannah Sandmeyer is the founder and CEO of Up and Over Advisors, the first certified B Corporation in the world dedicated exclusively to values-aligned M&A sourcing, and the founder of Steward Market, a live marketplace for ethical business transitions. She also co-hosts Ethical Exits, a podcast exploring how ownership transitions can protect mission, workers, culture, and community. A former Peace Corps volunteer turned M&A operator, Hannah works at the intersection of ownership, capital, and moral courage. Based in Portland, Oregon, she is an avid cyclist raising a preteen and a chicken named Greta who believes she is a dog. Related Episodes Episode 325 - Kelly Finnell: How Employee Stock Ownership Plans Actually Work. A deep look at ESOPs as an exit and succession tool, and how employees become owners. Episode 293 - Sunny Vanderbeck: Building and Selling a Company Without Treating Profit and Purpose as Enemies. Conscious capitalism and value creation over short-term profit. Episode 366 - Jodi Hume: Founder Exits and the Emotional Journey Behind Major Business Decisions. The psychological weight of selling and what founders need to prepare for beyond the transaction. Keywords/Tags ethical exits, values-aligned M&A, B Corp, employee ownership, ESOP, stewardship ownership, mission-driven acquisitions, seller financing, deal structure, Steward Market, Up and Over Advisors, three-sided marketplace, buy side, legacy preservation, mission continuity, conscious capitalism

P.M. Edition for Sept. 29. Oura, a company that makes smart rings, was expected to list on the Nasdaq as soon as this month. But this morning, it announced that it's delaying its IPO due to uncertain market conditions. Journal reporter Corrie Driebusch explains why there's a chill creeping into the IPO market after SpaceX's blockbuster debut this summer. Plus, Health Secretary Robert F. Kennedy Jr. promised to remake the food system as part of his “Make America Healthy Again” agenda. But as WSJ health policy reporter Liz Essley Whyte tells us, he's encountering resistance… from the White House. And AI agents are coming to help Americans get the most out of their finances. We hear from reporter Ben Glickman about why that could pose a problem for banks. Alex Ossola hosts. Inside Pete Hegseth's Pentagon Shake-Up (What's News Sunday) Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A.M. Edition for Sept. 29. OpenAI is scrapping its new model over safety concerns in one of the clearest signs yet that agent misbehavior could stymie the industry's rapid progression. Oxford Analytica's Tatia Bolkvadze explains what this means for AI revenues, ahead of Anthropic's much-anticipated IPO. Plus, an exclusive look at who's in line to be Goldman's next CEO. And WSJ's Nick Kostov reports on how luxury brands are targeting the ultra-wealthy as well as your average Joe, at Paris fashion week. Daniel Bach hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It's Dev Days for OpenAI, so they added a new $500-a-month plan. Plus, a way to use batteries to remove CO2 from the air. And we interpret Anthropic's IPO filing so you don't have to be a financial pro to understand it.Starring Tom Merritt and Jenn Cutter.Links to stories discussed in this episode can be found here. Hosted on Acast. See acast.com/privacy for more information.

Plus: Etsy is using AI to personalize experiences for their shoppers. And Tesla delays the launch of its long-awaited Roadster. Anthony Bansie hosts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Anthropic's IPO prospectus finally surfaced: a $42B net loss on $4.6B in revenue, a quarter of it from two customers. OpenAI scrapped GPT-6.1 Astra over safety, Oura postponed its IPO, and I wondered whether intelligence is becoming a commodity. ⁠THIS IS THE YOUTUBE VIDEO OF MY RANT⁠ IPO prospectus: Anthropic reports a net loss of $42B in 2025, with operating losses of $8B+; revenue grew 12x to ~$4.6B, ~25% of which came from two customers (Reuters) Anthropic formally warns investors its technology may pose "existential risks to humanity," devoting almost a third of its S-1 to risk factors including AI manipulation and blackmail (FT) Anthropic's IPO filing creates a "Founder LLC" of its seven co-founders, whose majority vote directs a single Class F share with 50.1% of voting power, while the company stays a PBC (Reuters) OpenAI scraps plans to publicly launch GPT-6.1 Astra, saying it didn't quite meet its safety bar during internal testing, after targeting an October release (WSJ) Oura says it is delaying its Nasdaq IPO due to uncertainty in the market, despite "strong demand" and a strengthening of its business since the process started (CNBC) Sources: OpenAI's ARR is nearing $70B, growing 70%+ since the beginning of Q3, with B2B revenue up 100%+; it added more consumer revenue in Q3 than all of 2025 (Axios) Claude Code vs. OpenAI Codex ARR: Codex never slowed after Claude Code's crossover while Claude Code appears to have plateaued, and Opus mentions on GitHub spiked after Opus 5.5 as GPT-6 mentions dropped (TickerTrends) THIS IS THE YOUTUBE VIDEO OF MY RANT

Anthropic's IPO plan. Anthropic's IPO prospectus reveals plans to spend $518 billion on computing and infrastructure, with a listing that could value the AI company above $2 trillion. But crypto traders betting on its valuation through pre-IPO perpetual futures barely reacted. CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily." - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ realfi.co⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Companies with significant family ownership generate roughly 70% of global economic output and 60% of the world's jobs. However, only three in 10 survive to a second generation. In this episode of Goldman Sachs Exchanges, FX de Mallmann, chairman of Goldman Sachs EMEA and chairman of Investment Banking, and Tucker York, chairman of global Wealth Management, discuss why succession is so difficult, how enduring enterprises structure governance, and the mindset shift required after a sale or IPO.  Key Takeaways  Succession is a two-part decision: Founders must separate management continuity from asset ownership transfer. This process yields the best results when initiated early and built with operational flexibility.  There are multiple paths to business success: Company success has come from both founders who diversified ownership and brought in professional management, and founders who kept the business family-controlled and managed.   Wealth creation demands a mindset shift: Through a sale or IPO, founders go from operating a concentrated business to holding liquid wealth and trying to understand what to do with this.   For more insights, read Goldman Sachs' new report, Honoring Legacy and Positioning for the Future: A Modern Playbook for Family-Owned Businesses. Date of recording: September 8, 2026 The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any sponsorship, affiliation, endorsement, ownership or license rights between any such company and Goldman Sachs. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.  A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript.  © 2026 Goldman Sachs.   Learn more about your ad choices. Visit megaphone.fm/adchoices

As tech titans head to the White House for a meeting, Speaker Mike Johnson (R-LA) discusses his expectations for the meeting, the future of AI guardrails, and the upcoming midterm elections. Senator Elizabeth Warren (D-MA) is zeroing in on big tech's tax breaks and the AI data center build out. SEC Chairman Paul Atkins responds to Anthropic's “existential risk to humanity” in its IPO prospectus. Chair Atkins underscores his own mission to keep America's IPO market strong. Paul Atkins - 08:30Speaker Mike Johnson - 20:26Sen. Elizabeth Warren - 38:35 In this episode:Paul Atkins, @SECPaulAtkinsRep. Mike Johnson, @SpeakerJohnsonSen. Elizabeth Warren, @SenWarrenJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickAndrew Ross Sorkin, @andrewrsorkinCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla and Jim Cramer led off the show with AI on center stage: A Reuters report about Anthropic's IPO prospectus; Tech titans and President Trump set to meet at the White House on Tuesday to discuss AI; A preview of Jim's "Mad Money" interview with Meta President Dina Powell McCormick. The anchors delved into smart ring maker Oura postponing its IPO due to market uncertainty. Also in focus: Netflix gets an upgrade; Carnival surges; AMD's $8.2 billion AI acquisition; Consumer stocks' weakness; MongoDB the day after its shares tumbled on news its CEO was departing for a senior position at Meta.Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bitcoin faces another macro test as analysts warn the 10-year Treasury yield could reach 6%, although rising debt concerns could strengthen Bitcoin's long-term case. We also cover Goldman bringing its $100B Treasury fund into crypto infrastructure, the debate over Tether's role in Iran, Anthropic's IPO disclosures around AI risks, and Coinbase completing its regulated U.S. derivatives stack. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ben and Tom break down the Dallas Fed survey's surge in new orders and production, then Oura postponing its IPO despite strong demand and what that could mean for Anthropic's November timing.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosures

Bitcoin is holding around $84,000 despite Brent crude trading around $106 to $107, Treasury yields above 5% across much of the curve and significant market expectations for another Fed rate hike. Strategy added another 1,665 Bitcoin for roughly $143 million while repurchasing about $152 million of STRC preferred shares, and Tom Lee's BitMine has now accumulated more than 6 million ETH. A Senate investigation also found heavy USDT usage among hundreds of sanctioned Iran-linked wallets, while Tether says it has helped freeze roughly $550 million in Iran-linked USDT this year.The Bitget hack is also raising a larger philosophical question after attackers attempted to move more than $50 million through NEAR Intents, which intervened despite describing its service as permissionless and uncensorable. Meanwhile, Anthropic's potential IPO is already being traded through synthetic crypto perpetuals before the company actually goes public, and its enormous infrastructure commitments highlight another Bitcoin headwind: AI companies are becoming major borrowers in an already crowded bond market. Vitalik Buterin is also outlining a dramatically different Ethereum architecture for 2030 built around cryptographic proofs, formal verification and quantum-resistant technology.Happy HODLing Hosted on Acast. See acast.com/privacy for more information.

Trump meets with AI leaders to discuss safety concerns as he pushes for US companies to stay ahead of China. Anthropic warns its own IPO investors that the technology could pose catastrophic risks to humanity. Lindsay Clancy's lawyer pushes to block a retrial. A civil lawsuit alleging gang rape at Cornell University prompts a district attorney to reopen the case. And Democrats plan to probe Trump family business deals if they win control of Congress in November. Podcasts, breaking news, and video analysis from the source. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Download the Reuters app here.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Listen to the Morning Bid podcast ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Sign up for the Reuters Econ World newsletter ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Listen to the Reuters Econ World podcast ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Visit the ⁠⁠Thomson Reuters Privacy Statement⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

We are excited to have Anthropic share their latest AI x Finance work at AI Engineer New York, coming up in 2 weeks!In case you've been under a rock, here's a non-exhaustive list of what Anthropic has been shipping since closing the largest fundraise of all time in May at $47B ARR:* June: Launched Claude Tag and Sonnet 5 and Fable 5* July: Opus 5, /checkup. crossed $65B ARR* Last month: Fable/Mythos 5.1, and EFS (upcoming pod)* IPO target $2T, end 2026 ARR estimated $100B* Cowork/chat merged before did* Claude Mods* Dario endorses the same Pacing the Frontier message cosigned by all labs* Last week: Opus 5.5, Plugins portal, Cloud Sessions/Claude Projects* Today: Sonnet 5.5!Today's episode should catch you up, with Thariq Shihipar, the explainer-king of Anthropic, who we last caught up on Fable launch day with The Field Guide to Fable:The Future of Mutable SoftwarePay special attention to Claude Mods (especially the cheatsheet):In general this is also the inverse of the other viral tweet from Thariq:Cloud Brain, Local HandsAnd give a try to Claude Projects:The “hands” terminology is not just an analogy for the local/cloud paradigm that is being built up at frontier coding agent companies like Cognition, but is ALSO particularly relevant to the safety systems discussions that we'll be discussing with Anthropic in an upcoming episode as they prepare to pace to frontier with responsible AI deployment.For those who want Thariq's writing tips we teased at the start of the pod, watch the full video here:From the rapid rise of Claude Code to a future where agents can rewrite their own harnesses, collaborate across teams, and operate across cloud and local environments, the way we build software is changing extraordinarily fast. In this episode, Anthropic's Thariq Shihipar joins swyx and Vibhu to unpack how power users are actually working with Claude Code today, why prompting remains a high-skill discipline, and where Anthropic thinks the agent harness is headed next.We go deep on Claude Code's evolving interface: Ask User Question and elicitation, artifacts as persistent generative interfaces, Claude Tag for multiplayer agent workflows, Projects, model effort, implementation notes, and the new Claude Mods system for customizing the harness itself. Thariq explains why Claude.md may eventually disappear, why the smartest model could also become the cheapest model for many tasks, and why mutable software could become a new paradigm for how applications are built and customized.The conversation then turns to agent security and Anthropic's “Pacing the Frontier” argument. Thariq walks through recent incidents where agents discovered unexpected ways to communicate, exploit infrastructure, reverse-engineer benchmark scorers, and chain vulnerabilities together. We discuss sandboxing, prompt injection, autonomous agents, interpretability, constitutional classifiers, probes, fallbacks, Auto Mode, and why securing increasingly capable agents may become one of the defining engineering problems of the next few years.We discuss:* Why agentic coding went from controversial to the default in less than a year* Why prompting is still one of the highest-leverage skills for working with Claude Code* How expert users build a mental model of Claude and what it can reliably one-shot* Why discovering your “unknown unknowns” matters more as agents become more capable* Artifacts as persistent, generative interfaces between humans and agents* How Claude could split into a cloud-based “brain,” local or remote “hands,” and dynamic interfaces* Claude Tag, Projects, and multiplayer agents and how collaborative agent workflows could evolve* Why spending more time on the initial prompt can dramatically reduce wasted agent work* When to use low, medium, high, or max effort for different engineering tasks* Why frontier models may eventually outperform smaller models on both intelligence and token efficiency* Why implementation notes can expose decisions the model considered but chose not to make* Why Claude.md may eventually disappear — and why starting without one can sometimes be better* Claude Mods: customizing the execution loop, UI, subagents, routing, and behavior of Claude Code* Model routers, forked agents, and supervisor agents that automatically improve agent workflows* Why Claude Mods may be an early preview of “mutable software”* The bitter lesson of harness engineering and why agent architectures go out of date so quickly* How Claude Tag is becoming an organizational harness for multiplayer work* Why giving agents access to company data creates an enormous new security surface* The Exploit-Bench incident where agents discovered ways to communicate and collaborate* Why agents hacked Hugging Face for scorer code rather than benchmark answers* How agents chained sandbox and infrastructure vulnerabilities in unexpected ways* Why increasingly capable agents make traditional security assumptions harder to maintain* The argument behind Anthropic's “Pacing the Frontier” proposal* Why software engineers are increasingly doing two jobs: engineering and keeping up with AI* Constitutional classifiers, probes, and fallbacks and what interpretability looks like in production* How Auto Mode checks whether an agent's actions actually match the user's permissions* Why Thariq can see serious AI risks while still having a relatively low p(doom)Thariq Shihipar* X: https://x.com/trq212* LinkedIn: https://www.linkedin.com/in/thariqshihiparTimestamps00:00:00 Introduction00:04:12 Ask User Question and the Future of Agent Interfaces00:08:29 Artifacts, Projects, and Multiplayer Agents00:15:37 Prompting as the Core Claude Code Skill00:21:52 Context, Effort, and Smarter Model Usage00:28:10 Is Claude.md Going Away?00:32:49 Claude Mods: Customizing the Claude Code Harness00:36:35 Model Routing and the Rise of Mutable Software00:44:40 The Bitter Lesson of Harness Engineering00:50:49 Claude Tag as an Organizational Harness00:55:59 Pacing the Frontier and Autonomous Agent Security00:58:22 Agents Hack Hugging Face for the Scorer01:05:34 What Happens When Agents Need More Compute?01:10:32 AI Coding Is Changing Faster Than Engineers Can Keep Up01:17:17 Probes, Fallbacks, Interpretability, and Auto Mode01:28:32 AI Risk, p(doom), and Closing ThoughtsTranscriptIntroduction: Life at Anthropic and the Pace of ChangeSwyx [00:00:00]: We're here in the studio with our friend Thariq from Anthropic, and I guess generally the Claude Code, I-- there's, there's so much, merging of boundaries and you've been so on top of everything since you joined Anthropic. You have been early to Claude Code itself, but then also, and you've told that story in other podcasts, and you've also been talking about seeing like an agent. Most recently you did the top AIE World Tour talk, Field Guide to Fable, which obviously you guys launched Fable, so that was-- that's cheating. And mostly you most recently also launching Claude Tag, and we're also gonna be talking about Pacing the Frontier. There's a lot going on in Anthropic. I guess top of the question is, what's it like being at Anthropic when there's so much going on?Thariq Shihipar [00:00:48]: I think that It is, like. I think you can get whiplash sometimes. I think, like, going. When I joined Anthropic, I joined because of Claude Code. Like Claude Code had just come out and I was like, “This is so good.” And Opus 4 to me was like just, I could not imagine, like, how good it was? And that was, like, a real moment for me. But I was, like, trying to convince, like, my startup friends to use agentic coding, and they're like, “Oh, no, like, our engineers don't think it's good enough,” or something. And I was like, “That's insane.” and now you, like, fast-forward, 12 months, less, and, like, it's just like, yeah, the default way that everyone codes, right? And I think that, like, just having to go from, like, selling it to, like, now, teaching people how to be. make the most use of it and be more efficient and things like that is just like a big, like big change. And, yeah, I think, like, it's just hard to stay on top of everything as a human? Like, I think things happen so fast and likeSwyx [00:01:51]: You just throw more agents at it.Thariq Shihipar [00:01:52]: Yeah, like that's like the agentic stuff scales much better than the, like, human stuff where it's like, oh, like, there are three things happening right now and, like, they're all emergencies and, like, how do you, like, respond to it? Yeah.Teaching People to Use Claude CodeVibhu [00:02:05]: What do you split your time on? You do a lot of technical writing, engineering work.Thariq Shihipar [00:02:10]: Yeah, so I think that, like, when I joined the Claude Code team, I wanted to teach people how to use Claude Code and I think that, like, that has been something that, like, I thought, like, maybe I would spend a little bit of time on it or, like, I'd, like, do. I was spending some time on the agent SDK first, and I wasn't exactly sure, like, how the bitter lesson would go, when it comes to, like, harnesses, right? Like, I think sometimes we were like, “Oh, like, what's after Claude Code?”? And so initially I was like, I just wanna teach people how to use Claude Code and make it easier to use Claude Code. And I think that has just, like, as the harnesses have gotten better and better, that's like the dominant problem now is, like, how do you use the agents, right? Like, it's like such a high skill expression thing. So I do that and then I do engineering work. I give talks, but I think, like, when I'm doing engineering work, my goal is to take that feedback that we get from users and also, like, then be able to talk about, like, hey, how to use Claude Code to do engineering. So there's like a good loop there. Yeah.Swyx [00:03:07]: Yeah. I'll-- For listeners, we'll attach, the talk that you did with Sarah for the Dev Writers, meetupThariq Shihipar [00:03:13]: Oh, yeahSwyx [00:03:13]: Which we talked a little bit about, well, first you do the work and then you talk about the work.Thariq Shihipar [00:03:16]: Right.Swyx [00:03:16]: Something like that.Thariq Shihipar [00:03:17]: Yeah.Swyx [00:03:17]: It's sow and reap orThariq Shihipar [00:03:19]: Yeah, reap and. Sow and reap.Swyx [00:03:21]: Something like that. Something like that. Yeah, so, and then just to preview a little bit, we are gonna talk about the evolution of the harness. It has come a long way from just being a CLI. We're gonna talk about, Claude Mods, which is starting to leak today, because you couldn't keep it secret.Thariq Shihipar [00:03:36]: Yeah. yeah.Swyx [00:03:39]: Yeah, there's, there's a lot, there. I think you started off with, like, adding ask user question tool, which people love and hate.Thariq Shihipar [00:03:48]: Yeah.Swyx [00:03:48]: Like, I thought it was, like, very innovative, and then now I have, like, my own version. You have your Interview Me version.Thariq Shihipar [00:03:55]: Yeah.Swyx [00:03:56]: And, yeah, everyone just has, like, their own stuff. And, like, it no longer matters ‘cause now you're supposed to, write prompts that create other prompts and loops and all these things.Ask User Question and Human-Agent InteractionThariq Shihipar [00:04:05]: Sure, yeah.Swyx [00:04:06]: So what's the state of the art, today? Like, what are people. what are you, like, telling people to do today?Thariq Shihipar [00:04:12]: Yeah, ask user question was the first time that the model was good at elicitation. I think this was, like, an emergent behavior that I, like, wanted to see if the models could do. I have, like a human-computer interaction background, so I, like, did that in undergrad and grad school. And so this was like. I think it's like human-agent interaction to me, like, trying to figure out, like, how can the agent communicate with you and extract, the requirements, right? I think that, like, one of the things about, like, that's difficult as Claude Code has gone broader and broader is that everyone has, like, their own way of using it, and it's very hard to, like, change the default behavior. So for example, like, if someone asks Claude Code to do something,Thariq Shihipar [00:04:59]: Sometimes they just want them to do the work, ‘cause they're, like, maybe a very good prompter, and sometimes they want. like, are not good at prompting? And you need. like, the agent needs to, like, clarify? And so that's, like, a good split. Like, and the ask you the question tool like, splits along that side where, like, are-- do you feel like you're good enough to instruct the agent as it is, or is the agent able to, like. does the agent need to, like, pull out more requirements and, like, collaborate with you more and really understand your preferences?Thariq Shihipar [00:05:27]: I, on the whole, believe that pretty much everyone is more on the latter than the former, that they, like, have more ambiguity and they know less than they want, than they, like, think they know about the problem. but, like, it's like a interface design problem to make that easy? And so, like, if you're designing a problem, like, or if you're going through a problem, like, things like what's the schema or, like, what's the call stack and things like that are really important. like, the details in the design are important. Ideally, you want to figure out some of these, like, hard problems ahead of time before starting implementation. And yeah, that's why they call, like, unknowns, right? And so I think that this will forever be, like, a skill in agentic coding is, like, figuring out your unknowns. So, like, because even if the model is, like, super intelligent- It, like, needs to know what you want? And, like, you have preferences. like, you need to like, pull the, pull that out. and so that's, like, I think how I'm, what I'm pushing. the question then is, like, how does the agent interact with you? And I think that has been HTML, has been, like, the big way of doing that. And we've recently added artifacts, right? And artifacts, I think we've done a bad job of, like, or, like, I've done a bad job of, like, explaining how to use them fully. We have a lot of property capabilities. They have a database associated with them? And so every artifact can store and write persistent data. They can, like, feed back into Claude? And so, like, one thing that, like, people are not doing yet that I'm trying to, like, encourage is, like, this idea of a dashboard artifact. So you have, like, Claude working on a project long-term. Maybe it's like a kanban or something. it can store that kanban data in its database. Multiple Claudes can access that data via, like, the artifact MCP, and, like, that artifact can, like, talk to those Claudes as well. And so, like, the. We're building the primitives for you to be able to have this, like, generative interface via artifacts that will, like, let you surface more of that rich detail from the agents. And I think that, like, almost everything with agents right now is, like, this problem of, like, you think what you want, but you don't really know what you want, and, like, the agents need a lot of detail, and collaborating with them in the loop is really important. And so artifacts are, like, the, like, way that we're trying to evolve there. But there's a lot of work to do because it's so much more complicated than, like, a multiple-choice question? there's a lot more, like, detail in terms of, like, diagrams and code snippets and schemas or, like, whatever it is for that problem. But, like, artifacts is, like, the mo-more AGI-pilled way of, like, doing ask user question. So yeah.Artifacts as the Interface to the HarnessSwyx [00:08:15]: I think one thing that's unclear to me about these, the artifact stuff is, like, what feedback should go in through the artifact and what feedback should go through a Claude, a chat? Because the more AGI-pilled one is to just feed everything to the Claude.Thariq Shihipar [00:08:29]: I think the more AGI-pilled one is to go through the artifact. Like, and I think that, like, we imagine in the limit, I think that artifacts will be your interface into the harness? You can, like, comment on this, like, live, like, document of your plan, of the work. you can see maybe, like, multiple agents and different agents are doing this, and that artifact is built for the current work that you're doing, right? And so, like, each one has, like, slightly different. I think we're still, like, getting there from, like, an infrastructure perspective. But yeah, I think, like, on-the-fly interface for your harness is probably where things are headed.Vibhu [00:09:03]: Is there a version of it that's an abstraction from CLI or chat and you. Because right now, a lot of it is, okay, you're interfacing with Claude Code, you're having HTML given back for a mockup. It's pretty rich. There's diagrams. Artifacts are ways to connect these together. Why not just do everything that way?Separating Brain, Hands, and Surface UIThariq Shihipar [00:09:22]: Then it becomes, like, separating out, like, where is the inference happening? Where is the intelligence happening? Where is the work happening? like, I think this is like, difference between, like, or, like, some of the distinction between local and cloud, right? And so, I think right now, if you use Claude Code, it's, like, local and, like, you can spin off remote control, for example, to get some cloud behavior, or you can spin off Claude Code in the cloud, right? We're moving towards a place where instead of Claudes, like, you message a local Claude, it starts a session locally and it executes, to more like you have a Claude that you message that's in the cloud that's running. it can run, like, local, or, like, cloud sessions. This is how Claude Tag works. But, like, over time, we'll add, like, local hands as well. And so, like, local hands will be the ability for that agent to access your computer if it's online, and be able to, like, work there. And so it can spin off many different subagents. It can, like, commu- those subagents can communicate with each other, and that's where the artifact comes in to display all of that work. So you can imagine, like, the. You're separating out these things. So there's, like, the surface UI display that's an artifact and hosted somewhere and has a database and everything. There is the inference intelligence, right, that's happening on the cloud, and you don't have to worry about shutting off your computer or whatever, right? and then there's the, like, hands. Like, and it can be local, it can be in, like, a remote sandbox or wherever you need your work to be done. That's like unpackaging, like, the Claude Code experience right now where, like, right now it all happens in one place, right? So.Multiplayer Agents, Claude Tag, and ProjectsVibhu [00:11:00]: How do you see, like, the multiplayer side of that? So say teams want to work in this way. Right now it's very individual, but how do you see the future of multiplayer? Like, right now, I guess there's Claude Tag, which is a version, but.Thariq Shihipar [00:11:12]: We're launching projects. And so projects is the, like, this abstraction that's like Claude Tag, but on our Claude products, right? So you can message it and, like, it will do the Claude Tag-like stuff, like spinning off subagents. So We think with multiplayer. Like, Claude Tag is, like, a little bit more native multiplayer because it's just, like, in your Slack and the permissions are all figured out and stuff like that. But I do think multiplayer is, like, an important part of the story and, like, that will need to get tied together more. Like, you can imagine how complicated it gets when you're like, oh, you have hands, but now you have other hands in other people's computers too, and, like, you need to, like, permission them or, like, you have, like, your MCP and someone else's MCP, and how do you figure out how to use them, right? It gets, like, quite complicated. And Claude Tag does a good job of, like, sanding down all of these issues, right? So that, like, when you have, yeah, Google Docs, how does it access Google Docs, right? Like, it accesses through the shared Claude MCP, or it can access through your local credentials as well if it doesn't have access. But yeah, I think Claude Tag is our multiplayer, product, and it's really useful for these, like, things that are inherently multiplayer. Like, okay, like on-call, for example, incidents are inherently multiplayer. You want to tag Claude, you want multiple people to log in, you want it to be able to find context. I think whenever I'm, like, working on something and I want, like, privacy or security or, like, I want other people to review it's really nice to, like. I'll have a channel per project and I'll, like, at legal, for example, be like, “Hey, like, I want to ship this. Can you, like.” Like, here's. Like Claude knows everything, just chat with it. And that way legal gets precise answers, on like what exactly is shipping into the code, and I don't need to be in the loop, right? So I think like multiplayer is getting like more and more like, yeah, everyone can participate with Claude. I think Claude Tag is like that product and like projects will start off single player and will like, expand.Swyx [00:13:14]: I think there's a question about like maybe dual questions about identity and the unit of isolation.Identity, Permissions, and IsolationThariq Shihipar [00:13:20]: Yeah.Swyx [00:13:20]: Claude Tag, you specifically chose to make it its own identityThariq Shihipar [00:13:26]: Yes.Swyx [00:13:26]: Which is like, a controversial choice. There's, there's other ways to do it.Thariq Shihipar [00:13:30]: Yeah.Swyx [00:13:30]: Claude Projects probably it sounds like, if it's anything like ChatGPT Projects, it is, the isolation is that artifacts, that cloud instance, everyone's collaborating on this. It'll. It sounds like, it should be like if you're, if you're collaborating with legal on a thing, like that channel should be a project, right? Like it's not yetThariq Shihipar [00:13:50]: Yes.Swyx [00:13:50]: But it. that's the natural next step.Thariq Shihipar [00:13:53]: Yeah, like I think in Claude Tag, it's effectively. Like Claude Tag, you have to do your own arrangement. And so Claude Tag, yeah, each channel is like you can name it as you want, and I nameSwyx [00:14:04]: Yeah.Thariq Shihipar [00:14:04]: Like each featureSwyx [00:14:06]: Yeah.Thariq Shihipar [00:14:07]: As a channel.Swyx [00:14:07]: And, but I think like there is some trans- like it's unclear when there is transference, because let's say it is. if you have a coworkerThariq Shihipar [00:14:14]: Yeah.Swyx [00:14:14]: Who is tagging on all these things, yes, there is transferThariq Shihipar [00:14:16]: Yeah.Swyx [00:14:16]: Because it's the same person. but with Claude, it's unclear if it's like necessarily like, well, no, you don't know any of. you don't know about the other stuff. You should only use this stuff.Thariq Shihipar [00:14:25]: It's like the tip of the iceberg meme, right, where you can like. This is what we spend so much time onSwyx [00:14:31]: Yeah.Thariq Shihipar [00:14:31]: Is like there is like infinite surface area of like, okay, you want Claudes to. Not infinite, but like there's like surface area, a lot of like, surface area to figure out of like permissions and visibility and like how can you let Claude operate as well as you can, as safely as you can? And obviously, this is very important to us because like security for our code base is very important. And so we've put a lot of time into this. Yeah, there's so many like edge cases you can figure out where it's like, oh, like, yeah, this Claude in this channel has different permissions, but it can message another channel, and can't it exfiltrate data that way? Or like can you like. What if it uses your MCP and then messages someone else? Like there's like so much, and we've like really put a lot of work into sanding it down.Swyx [00:15:14]: Yeah. Lots of work. okay. Fable?Fable and the Meta-Skill of PromptingVibhu [00:15:18]: Fable, you wrote two good articles. you've written many good articlesThariq Shihipar [00:15:22]: Yeah.Vibhu [00:15:22]: But on, Field Guide to Fable, Building Claude Code. I'm curious from what you've seen, is there any common patterns that you see in like top users at Anthropic externally? Like what are best practices for getting the most out of Claude Code?Thariq Shihipar [00:15:37]: The like meta skill I say is like prompting is like very important? And like that. Like I think this is like not trivial to say because I think a lot of people are like, “Oh, prompting doesn't matter. It's just like I can just say a sentence and Claude will do it.” And I think prompting is really this like, this. It's like public speaking, like, or writing or something, and for a specific audience, and that audience is Claude. And you need to like build a mental model of Claude and how it thinks and how it works, right? And so that's like the most important skill in working with Claude Code is like having this mental model, right, of Claude and like what it can do well, what it can one-shot, what it can't. And so many people when you see prompting, they're just like, they're short prompts, but they have such a good mental model of Claude and of like the code base and things like that like it's effortless? But it's like high skill ceiling. So like that work of like, spending a lot of time prompting and building mental models of how, and intuition for how the agents work is really important. And then I think like the next thing is like the unknown stuff we talked about earlier, where it's like being able to find out like your, what you don't know or what you haven't written down, learning about like different things. I think as Claude can do more and more things, the likelihood of you doing something out of distribution for you and like you have low domain knowledge on is very high? And the more you can like learn the vocabulary to be able to prompt Claude, it becomes really important. And so like I think the most important unknowns are the unknown unknowns, where you're like, I just like don't even know that this exists, right? Yeah, exactly. I think that's like a illustration of like the map and the territory, right, where you're like, “Okay, this is my prompt,” and the territory is like the actual like work that the agent needs to do, right? And if you are like very precise, you can give more precise things, right? So like for example, in design, I'm not very precise. I'm not a designer, so I say like, “Give me like eight different mock-ups.” But if I was a designer, maybe I'd be like, “Oh, hey, here are some reference sites.” Like, “I want this type of font and this type of like look to it, and here's like a few different components to like visualize. Here's a Figma MC board to bring in,” like. And so you can just be so much more precise with that language. And if you're not a designer, you just need to like try and learn the language or learn the unknown unknowns. And this is true of like everything, I think. Like the more, like you can work with Claude to learn like how things work, the better your prompting will be. I think another good example of this is like game design, like where a lot of people are like, “Oh, like I can vibe code a game now.” And they're like, “It's not fun.” And like it's just like the thing about game design is like every one of these choices has like a lot ofTaste, Domain Knowledge, and Learning the VocabularySwyx [00:18:25]: Variations.Thariq Shihipar [00:18:25]: A lot of like craft to them. So it's like, oh, okay, like when you're making a flying game, the feel of the plane and the like, way it responds to your controls has a lot of like. Like, a game designer would spend like days on that. Do? and likeSwyx [00:18:44]: To me, that's what taste is, right?Swyx [00:18:45]: Like it is like from the possible space of one thousand mathematically valid answersThariq Shihipar [00:18:49]: Yeah.Swyx [00:18:49]: Here's the one that is the humans will like.Thariq Shihipar [00:18:51]: Yes. Yeah.Thariq Shihipar [00:18:52]: I think with taste, I'm like torn on this word ‘cause I think you're right, but everyone has different definitions, and it sounds kind, sounds like low skill or like elitist almost, where you're like, oh, like there are certain people with taste?Swyx [00:19:06]: It's like taste is what I call taste.Thariq Shihipar [00:19:07]: Yeah, exactly.Swyx [00:19:08]: And it's like these guys don't have taste.Thariq Shihipar [00:19:09]: Yeah, exactly. Oh, like an engineer doesn't have taste. Like I, the like founder, have taste.Thariq Shihipar [00:19:14]: ? And I think that's not true. Like I think like the engineers have a lot of taste for these particular like problems? And I think everyone has taste for particular problems. I think like Jason Liu, like say like in order to, yeah, have taste, you have to eat?Thariq Shihipar [00:19:32]: And I really like that, where it's like, okay, you have to like do a lot of things. You have to like iterate and figure out what you want, what you like, and, like build that like domainSwyx [00:19:41]: YesThariq Shihipar [00:19:41]: Domain vocabulary. And then when you're prompting, you're like synthesizing all of that for a product.Swyx [00:19:46]: Isn't it annoying when someone else says it better than you?Swyx [00:19:48]: It's just like, f**k, I have to quote this guy forever.Vibhu [00:19:51]: Having to quote Jason Liu forever.Vibhu [00:19:53]: He's gonna love this.Thariq Shihipar [00:19:55]: So I get prompts, more than that.Vibhu [00:19:57]: And sometimes it's not even that. Sometimes it's just intuitive, right? Like you don't realize you even want something till a model puts it out, and you're like, “Oh, this just feels immediately better,” right?Voice Prompting and Information DensityThariq Shihipar [00:20:07]: Yeah, exactly.Swyx [00:20:09]: One thing I go back and forth on is I feel like the way I prompt half the time, let's say I use voice.Swyx [00:20:16]: Did I say voice? Other people have voice. that is the opposite. That is just like me rambling for like two minutes Pressing down the function key and then let go, and then like hopefully it figures it out. And oftentimes it does.Thariq Shihipar [00:20:26]: Yeah.Swyx [00:20:26]: But it's not as thoughtful as like a structured prompt with like Well-run communication as though it's a PRD or a memo. Is that in line with how people do this? There's like bimodal prompting where there's some prompts where you spend a lot of time upfront and other prompts you just dash it off?Thariq Shihipar [00:20:43]: I don't think the voice is necessarily low. Like I think it's like more like how much information is in the prompt. like the model can. Like you can and like add some sentencesSwyx [00:20:53]: RightThariq Shihipar [00:20:53]: And be like, “Oh, like I changed my mind,” like in the middle of the prompt, and it will be able to follow that perfectly? So I think the like actual format of the text is less important, but then like the ability to. Like how much information is in it, right? And I think for voice, a lot of times, going back to like human-agent interaction and like for a lot of people, it's just way easier to talk than to like type? and I. If that gets more information out of you, like that's better.Vibhu [00:21:21]: At some level, it feels like just giving the model as much contextThariq Shihipar [00:21:24]: YesVibhu [00:21:24]: Over prompting before you kick off is a best practice. I don't know. A lot of the times, like when I was first trying out Fable, I spend a solid 30 minutes like really crafting a long prompt. This, I think, is a response of models running for longer and longer, right? It's still a little difficult to nudge them as they're in like, in the loop, but I just like intuitively spend more time kicking off that first prompt and working with it a lot.Spend More Upfront, Iterate LessThariq Shihipar [00:21:52]: My personal opinion is that if I was a software engineer, if I was like, just running my own startup, for example, I think I would mostly fit, stick to a max 20x? like maybe verification and so code review are like separate things. But I think like what I see a lot of times is people hit rate limits when they're doing this like, oh, like it did a lot of work and you're like, “Oh, I don't like this.” Like, “Can you like undo this and redo it?” And then you're like iterating on this like thing that the model could have done if you had like spent more upfront time or given it better context? And instead it's like you're like, “Nope, don't like that design. Try this.” Or like, “You messed this up,” or something like that. And then that just eats up so much more of like, your usage. And so that's like, I think maybe like a key like tip both for like efficiency as well, right? And yeah, I think like context, and not just like context on like what the goal is good, right? Like are you building a prototype or is it like a production thing? Like where can you spend compute or when, where can you not spend compute? Like I think you have to give the model permission or like not permission to do things sometimes where, like it doesn't know intuitively how much you want to spend on this task, right? And you can use effort for this. So I did-- I'm working on a blog post about that where it's like, if you want. For like we see that effort scales with the complexity of the task. So for security, effort gets like way more results. Like high effort versus like low effort gets, like changes the evals a lot. But for software engineering, it doesn't change it a huge amount because effort is mostly spent on the verification and the like edge case testing and things like that. And so like being able to like give the model that guidance of like, “Hey, this problem is something that I think I want you to spend a lot of time verifying and edge case testing,”?Effort, Model Choice, and VerificationVibhu [00:23:43]: How about model in the mix? So, there's Opus and Fable with effort.Thariq Shihipar [00:23:47]: Yeah.Vibhu [00:23:48]: There's also Haiku in there.Thariq Shihipar [00:23:49]: Yeah. It's not quite true yet, but it's very close where I think the frontier models will be Pareto dominant over like almost everything. like maybe. And sometimes I think Opus might be Pareto dominant. Do? Like I think depending on like how things, like shake out if it's like a newer version of Opus. But I think that like increasingly it's just going to be like the smart model is going to be able to like do the simple task for less tokens than the like the other models because of verification. With verification, in the limit, your model doesn't need to verify, right? If it's a perfect model, it just does the work once and it's like, okay, like you, I did it? And increasingly with Fable, I'm like, I'm like, “Dude, you don't need to spin up Chromium and screenshot all of these things.” Like I see it. Like you did it, right? And so a lot of the. At higher effort, you spend more of those tokens verifying. But if you're working on simpler problems, and a lot of software engineering is like well, like in Fable, like low and medium stability, it can spend less tokens verifying. And as the models get smarter and smarter, they will just be able to like, “All right, done.”? Like, I can run the lint for sanity's sake, but, like, I, like, know it lints? Like, you don't even need to do that. And that will be so much more token efficient than, like, the smaller models. Yeah.Swyx [00:25:15]: Is there a good, practice on our side that we can use to see if we're using too much effort? Like, I freakingThariq Shihipar [00:25:23]: YeahSwyx [00:25:23]: Hate wasting time on that stuff.Thariq Shihipar [00:25:24]: Yeah. I know what you mean. I think, like, so in this blog post, my rough distribution is, like, code review and security should be, like, high or max and, like, software engineeringSwyx [00:25:37]: You said recommend mix settings per domain.Thariq Shihipar [00:25:37]: Yeah. I think, like, if you're doing, like, UI or something like that, like low and medium, I think is you're building, like, an API and you want to make sure, like, you cover enough edge cases? And so I think building, like I said, that mental model of, like, how things work across these distributions is, like, yeah, part of the job.Implementation Notes and Decision LogsVibhu [00:25:56]: This is more intuition-driven or eval? Because I'm guessing this would change as you go.Swyx [00:26:00]: He has evals.Thariq Shihipar [00:26:01]: Yeah. So what I did in the blog post is I go over all of the terminal bench evals. So there are, like, 70 problems and I'm show that, like, okay, like, in the security problems it does more. and then I also, like, look at some of the transcripts just in terms of, like, how-- what does it answer, what does it forget or something. And a lot of times, this is another prompting tip I have, is, like, asking it to make decision notes or implementation notes because, in every eval problem that it faces, it thinks about the correct solution, and decides not to do it. it's like, oh, like, here is the answer. What if I did this? And then it's like, oh, probably not? and then keeps going. And this is, like, the majority of the failures, at, like, a higher max level. It's very rare that the model just doesn't know how to do something. If you just have these implementation notes, then you can review and you can be like, “Oh, I want you to do this thing that you didn't do.” The models are getting better at surfacing that overall. Like, I see in the transcripts of Fable 5.1, like, when it does this output, it will call out its decision-making as well. but making this more explicit in the harness is better. And now we're, allowing ways of you modifying the harness so you can, like, add someVibhu [00:27:23]: Ooh.Thariq Shihipar [00:27:24]: Calculate with there. Yeah.Swyx [00:27:25]: Yeah. So I do wanna call out two things that you mentioned that I think exist outside of prompting. One is like, let's, let's call it the prompt that is so important that it shouldn't be in a prompt. It is in Claude.md or Agents.mdThariq Shihipar [00:27:38]: YeahSwyx [00:27:38]: Which is like goals, right? Like your situation, your goals, the things that you want, the thing. and then second of all is the decision log or the experiment log or whatever log of traces that you might want to survive the current session to do those things. Those are, like, externalities that there's no standard. There's no-- It's not like skills. It's not like MCP. There's no standard. It's, it's just like it's a markdown file. first of all, is that right? Is Claude.md going away? You have a documented dislike of, Agents.md, but you're gonna do it?Claude.md, Agents.md, and Model-Specific InstructionsThariq Shihipar [00:28:10]: Yeah. Okay. So Agents.md, yeah, like, we're, we're gonna do it. I think it's just, like, different models are very different from each other? But I realize that it's, like, such a pain to, like, maintain different ones? And yeah, like, as the models get better and better, the floor of how they accomplish the simpler task is better. And so I do think in the limit, Claude.md goes away, and maybe not even, like, that far. Like, I think, like, I think that right now it might be better to start a new project without a Claude.md.Swyx [00:28:44]: Yes.Thariq Shihipar [00:28:44]: I think that, like, maybe if you see very repeated failure modes, you add them to your Claude.md. The really tough thing is that this changes per model. And so, like, if you've added a bunch of failure modes or, like evenSwyx [00:28:57]: So you need Fable MD, you need Opus MD.Thariq Shihipar [00:28:59]: Or well, even Fable 5.1 versus Fable 5.Swyx [00:29:03]: Yeah.Thariq Shihipar [00:29:03]: Like, it is annoying. Like, I'm not like,Swyx [00:29:05]: YeahThariq Shihipar [00:29:05]: Like, we don't, like, do this on purpose? It's just, like, how the models work, right? And so, like, maybe, like, Fable 5 had this, like, failure mode that Fable 5.1 doesn't. And if you keep this context, this running log of a bunch of different failure modes, they will probably over constrain Claude? And so this is like. we just added evals plugins for skills.Swyx [00:29:28]: Yeah.Thariq Shihipar [00:29:29]: And so now you can eval if a skill is better. I think Daisy on our team did this. And so, yeah, this is like we're trying to work on this. We know it's, like, you still have to spend tokens on it and, like, it's not, it's not perfect, but it's, like, we're trying to help out with this problem.Swyx [00:29:44]: And so, and as far as prompting goes, the one tip I wanna offer is, something I have told people a lot is sufficiently advanced prompting is indistinguishable from sufficiently advanced executive communication. So I've referred to-- This is an executive comms workshop from Heavybit that is the best I've ever seen in my career. And they teach this thing called the SCQA model. Just Google it. It's a, it's a thing. Like, people have done prompting for decades. It's just called executive communication. It's like when one person has to communicate to thousands of people down the org chart, this is what you do. so situation, complication, question and answer, is how you write the memo. but obviously sometimes you don't have the answer, but you can at least list out the SC and Q, and then they have some examples in there. So just leaving breadcrumbs for people if they want to explore.Underrated Prompting Patterns and ELI5Vibhu [00:30:31]: Before we move on, I wanna ask you, any other underrated tips, ways people could get a lot of value from Claude Code that they're not using?Thariq Shihipar [00:30:41]: Yeah, I think a lot of them are in the, this unknowns, like, doc. Like, I give a bunch of example prompts, like, using it for brainstorming, using it to quiz you after. we added this, like, explain it like I'm five skill which is a very short prompt. And it doesn't even say explain it like I'm five. It's like the key word of this prompt is big pictures, few words. like, that's like the main thing. And it is shockingly good? Like, you, like, I think I tweeted about this and it's like /eli5, and, like, you can install it as a plug-in. But yeah, it's, like, way better at just cutting through the BS and being like, yeah, exactly right here. So the diagrams are, like, quite clear. I think one of the things that is true with artifacts is, like, they put too much text in and people are not reading the artifacts? And so, like, this simplifies it a lot more. And, yeah, this came out of, like, just people at Anthropic, like, going through very complicated incidents and being like, “What is happening?”? So, this one I think is great, yeah.Swyx [00:31:47]: My version of this is the, it's like test your understanding. Give you a few choices and then, like, if you get it wrong, you have a mismatch between what you think is happening versus what's happening.Thariq Shihipar [00:31:58]: Yeah. I think this is one of those things that everyone loves talking about, and then very few people really do. Like, I thinkSwyx [00:32:05]: Really helpful.Thariq Shihipar [00:32:07]: Yeah. But most people just don't want to get quizzed about something? Unfortunately, I think this is one of the, like, things that we need to, like.Swyx [00:32:16]: What's the opposite of ask you the question or ask you the question before the thing?Thariq Shihipar [00:32:19]: Yeah.Swyx [00:32:19]: This is after the thing.Thariq Shihipar [00:32:20]: Exactly. Yeah.Vibhu [00:32:21]: It's a good way to stay grounded of, like, do you even know what you're doing, right? The worst case is when people send you slop and they haven't understood what they're asking for or what the output is, and it's like, “Dude, I don't wanna read this. Do you even know what it is?” So, you make it a rule for yourself that before you send stuff, you should at least know what's implemented.Claude Mods: Customizing the HarnessThariq Shihipar [00:32:41]: Yes, but so you could make this a mod and you could build your own mod to, like, make sure you test it. So yeah, you can do that.Swyx [00:32:49]: All right. Let's get right into it. What is Claude Mod, and what is this diagram showing?Thariq Shihipar [00:32:54]: Yeah. Okay, so Claude Mods is you can customize the entire Claude Code harness, and we're going to. If you have requests, we will, like, let you, like, please let us know. We'll add more and more. This works for CLI, it works for desktop. maybe it will work for Claude Tag in the future. I don't know. Like, we're trying to make this very extensible. You can see this reference sheet. I don't want people to get overwhelmed by it? At a high level, you can customize both the execution of the harness, and the UI of the harness. And so, like, you say on that Tetris example from Boris, that's like customizing the UI, right? Like showing, like, Tetris in the game.Thariq Shihipar [00:33:35]: But, like, let's say that you wanted to do this thing where you had. you tested your assumptions or, like, tested your understanding after every project, right? What you would do is you would ask Claude to make this plug-in. It would spin a classifier after every prompt. And so, like, at the end of each turn, you would spin off a sub-agent or, like, a forked agent. A forked agent is, like, maintains the prompt cache, right? So it's like a, like one of those unintuitive things where you can fork and do, like, a little request, and it'll be very cheap because the entire prompt cache is, like, done. And so you can be like, “Has this task been completed?” likeSwyx [00:34:18]: This is how you do BTW and all those.Thariq Shihipar [00:34:20]: Yeah. The underlying forked agent, yes. But so you can, in the f-fork sub-agent, you can say, like, “Has this task been completed? If so, return true.” And then in your hook, or in your, like, plug-in mod, or sorry, like, in the sub-agent probably, you would say, like, “If true, give me a quiz.” give me questions and answers, and then, like, in a JSON format, and then you'd parse it, and then you display above the prompt input, this list of questions, right? And so this is something that's, like, slightly token-intensive because, like, you have to do it after every end of the assistant turn. But it's, like, a lightweight classification, and then you can, like, get this quiz, and then you'll see, like, Claude will always do it for you. You don't need to remember to do it. There are lots of these, like, tips that we've talked about, right, where it's like, oh, implementation notes. You can also add a tool for implementation notes now. And so, like, this tool that I'm adding is, like, register, like, I think assumption is what I'm calling it, but, like, maybe I'll change it around. And this is a mod. And so, like, you give it a register assumption tool, and then it will keep a list. It'll. Every time it does it'll keep a, like, add to the list, and then at the end it will display those assumptions? Another mod I'm working on is a model router. And so, like, internal, like, Claude model routing, right? So it's. This is, I want to say the reason we don't do model routing by default is, like, it's a hard problem? And likeForked Agents, Assumption Tracking, and Model RoutingSwyx [00:35:51]: You will get it wrong.Thariq Shihipar [00:35:52]: Yeah, you, like, yeah, you will, like, accidentally use, like, Fable for a hard problem or Sonnet forSwyx [00:35:57]: Yeah, if you have auto approve, but you don't have auto mode.Thariq Shihipar [00:36:01]: Well, you will have auto. Like, you don't have, like, auto routing or something.Vibhu [00:36:04]: You don't have auto mode for model picker.Thariq Shihipar [00:36:06]: Yeah, exactly. SoVibhu [00:36:07]: I'm getting the rough question of, like, how much do you open this up and how much do people have to think about this? Like, when you talk about prompt caching and building a router, it seems like you could easily build a mod that routes per query, and I'm just killing my plan very fast, right? I guess my question is more so, like, what is, like, a product talk like this look like, right? Who is it for? Is it for power users? Is it everyone should be able to go throughSwyx [00:36:33]: Oh, definitely power users, right?Thariq Shihipar [00:36:35]: Yeah, I think it is power users, but, like, the nature of Claude Code is that so many people are power users? Because it's easy to share things, like you can. Like, one person can make a good model router thing that doesn't break prompt cache all the time, and then you can, like, compose them. Another cool thing about the plug-ins is that they can hook into and compose with each other. And so I have, like, a mod that will, like, create a mode selector at the top, and any plug-ins can register to be a mode. And so, like, the auto router can be a mode, right? Or, like, you can have a mode that's, like, artifact mode, where it's like it primarily talks to you in artifacts. like, you can toggle between plan mode? And so, like, you can create more and more of these modes. But the ability to create modes is in it itself a mod? And so there's a lot of richness here, but we do want to make it fairly easy. We want to be-- make it so that you can just, like, install someone else's. You can ta-- you can chat with Claude and, we'll, like, make sure that it understands the nuances of things like prompt caching and stuff, so it can, like, warn you. This is, like, not extremely complicated behavior for Claude, I think, but we should have just a good skill on how to make mods. and yeah, we'll see how we go. But I do think that this is, like, a preview of, like, mutable software, and, like, how, like, generative software, just like you can customize safely. If enabled, you could customize any piece of software. And I think that more and more apps ideally do something like this?Power Users, Modes, and Mutable SoftwareSwyx [00:38:13]: And by the way, you, we have, you have another cool tweet about how, there's the infinite money button, which is like make your SaaS, consumable by agents. I think mutable software is interesting and, other people have also tried to do it. I think the hurdle comes when you can do everything, then people, users get, tend to get confused. So usually the stuff that works is just like one opinionated flow. This is in the side of less opinionation. It's just like, well, more power to power users. And I think probably unlocked by AI, where, like, you can just prompt for whatever the thing is.Thariq Shihipar [00:38:47]: Yeah, or there can be a skill that gives the opinions?Mods vs. Hooks vs. ArtifactsSwyx [00:38:50]: Yeah.Thariq Shihipar [00:38:50]: And then, yeah.Swyx [00:38:51]: So knowing a little bit about, like, TypeScript and build systems and all these things, the closest-- I'm very curious that the team who worked on this, if, I don't know how close you were to them, if they drew any inspiration from build systems like Babel, Webpack, all these, like, old school things. Because it sounds very similar, like the plug-in ecosystem of those things where they can compose with each other.Thariq Shihipar [00:39:11]: Yeah, I'm not deep in the technical details, but I do know it was a collaboration with someone on the Bun team and someone on the Claude Code team.Swyx [00:39:17]: Yeah, it's a build system mecca.Thariq Shihipar [00:39:19]: Yeah. Exactly. It's, it's very exciting. But yeah, like, agents can just do this very complicated like, extensibility into your software now. And so, yeah, like, another reason to, like. If you run a startup, like, you can just prompt Claude and be like, “Hey, like, could we make an extension system? Like, what would that look like?”?Swyx [00:39:37]: Yeah.Swyx [00:39:38]: And I just really wonder, like, you had hooks in the past and plug-ins, all these things. So what specifically will mods be able to do that those things could not do?Thariq Shihipar [00:39:47]: Internally, we were originally calling this function hooks. And so, like, that's, like, gives you a little bit of an idea where, like, hooks register a, like an event to happen and then, like, a script to call. And this inside of the, like, TypeScript runtime is running things. And so, like, you get some benefits of just, like, it has a bunch of things in the Scope with, like, for example, like how many turns is in this conversation, right? Like, how many tokens have been used? Like, et cetera. Like, what are the messages? Things like that. So it has a bunch of messages that can be used. And then it's just, like, a lot more hooks. So we have, like, or a lot of, lot more, like, things you can register on. And then you can do because of the. because it's all happening in process, you can, spawn sub-agents, with four contests and contexts and stuff. And, like, that will return. You can parse the results of those. You can use structured output to like, return them. and then you can modify the UI, which you can never do in hooks. So, yeah.Swyx [00:40:50]: Yeah. Yeah. So modify UI, this is why you showed the Tetris example. Does it also ex-extend to artifacts? I assume it does.Thariq Shihipar [00:40:57]: You-- Like, artifacts are like a different way of customizing it. like, you can definitely. One of the mods I'm working on is, like, this dashboard mod, which will, like, prompt Claude to maintain a dashboard, that's an artifact. But they're like, slightly orthogonal, or not orthogonal. They compose with each other in different ways. Like, mods are, like, a little bit more, like, in your Claude Code harness, changing the agent loop? And, like, the UI is, like, an added benefit. and then artifacts are just like you want to, see things at a high level, very inter- highly interactive. like, the affordances can be a lot bigger than, like a TUI or even in our desktop.Next Steps, Supervisors, and Persistent GuidanceVibhu [00:41:40]: I'm guessing you'll have a good blog post on the differences, because right now you can also, make a loop that outputs to an artifact that's an interactive dashboard, but you can also do it with a mod. There's just some thinking about making a hacking on a harness when we don't know much about the harness, right?Thariq Shihipar [00:42:00]: Well, something I'm excited about with mods is, like, there's so much things with Claude Code that you just have to remember? You're like, “Oh, like, let me do this, and then let me call the dashboard skill that does the loop,” and things like that. And, or like, “Let me test my assumptions afterwards.” And I think, like, if you do all of these things using these little classifiers and stuff, and you're like, “These are the things I care about. This is what I want to do,” you can, like. You don't have to remember as much. One more, like, mod I'm working on is a next steps mod thatSwyx [00:42:28]: I have-- I was gonna say, I have a next step skill. I always run next steps.Thariq Shihipar [00:42:32]: And does it have access to your skills? Like, this is one of those things where I'm like.Swyx [00:42:37]: I think so.Thariq Shihipar [00:42:38]: Okay. Yeah, probablyVibhu [00:42:39]: Do skills need specific access toThariq Shihipar [00:42:41]: Well, I think there'sSwyx [00:42:41]: Don't they always haveThariq Shihipar [00:42:42]: I think there's, like, specific prompting, I guess, to, like, know your skills. Like I think Claude forgets them sometimes throughout, like, the thing. But anyways, the idea of, like, yeah, next steps that also are like, “Oh, hey, this has happened. Use the explain skill to explain to you what happened because this seems, like, quite complex,”? Or, like, yeah, “Use your unknown skill. It looks like you are, like, asking the model to, like, iterate on these small changes. It seems like you could prompt better.” like, “What if you did this?” Right? So, I think, yeah, like spending more compute there. Yeah.Swyx [00:43:20]: And it should always come out as multiple choice. we have, I haveVibhu [00:43:23]: We have his skill.Swyx [00:43:24]: My next step skill is like this.Thariq Shihipar [00:43:26]: Okay, perfect. Yeah.Swyx [00:43:27]: You can steal it.Thariq Shihipar [00:43:28]: Yeah.Swyx [00:43:29]: Like, but like, for me, it's all-- I think models really always need to be reminded, what are you trying to do here?Thariq Shihipar [00:43:35]: Yeah.Swyx [00:43:35]: Look at the whole transcript and go like, oh, was this original goal? Did your solution solve it? Were you lazy? If you're lazy, maybe there's a reason. Maybe you needed approval from me. Maybe you needed, there's two things you wanna suggest. So it's, it's a little bit like the modification of the ask user question or interview me skill. so it's next steps.Thariq Shihipar [00:43:55]: Yeah, exactly. And again, the benefit of doing it with mods is you can do it as a fork sub-agent, and so it doesn't remain in the context afterwards. So you have this, like, idea of like, okay, the model is doing its execution and you have this almost like supervisor, like, that is like making sure that you can do like the next steps well. So yeah.Swyx [00:44:15]: Yes. I do have two panels and like I often try to have a supervisor thing, keep the high-level context and then the implementationThariq Shihipar [00:44:21]: YeahSwyx [00:44:22]: Detail in another agent.Vibhu [00:44:23]: I feel like a lot of this abstracts away as models change? The, like, half an hour ago you said bitter lesson of harness engineeringThe Bitter Lesson of Harness EngineeringThariq Shihipar [00:44:31]: YeahVibhu [00:44:31]: And we're on the other extreme right now, I feel.Swyx [00:44:33]: Well, so yeah, exactly. If everything's customizable, what is Claude Code, right?Thariq Shihipar [00:44:37]: Yeah.Swyx [00:44:37]: And which I talked to you about last night.Thariq Shihipar [00:44:40]: Yeah, I think that this is. I think the bitter lesson is unintuitive? In terms of like. Also, like we're misusing a little bit of the bitter lesson here where it's like, it's more about like scaling and compute and stuff. But like, I think there is something where it's just like. I think I use it as an approximation here to say that harnesses go out of date very quickly? And like how, but how they change is unintuitive? And so like the big obvious example is like from chat to like agents where you had to give them entirely new tools, right? But like, I think this new version of like, oh, it can modify its own harness, right? This is like, an own harness loop is like a way of using its capabilities, right? Or like it can build an artifact. And like, I think the way I think about it is like the models have more and more intelligence, and they're like so much more intelligent now than like the average software engineering task. Like, you look at the like terminal bench ones and they're like solve like the Jacobian conjecture. Not really, but like, it's like they're, they're quite complex. Like, I would not have been able to do this really as a software engineer.Swyx [00:45:42]: And you said TB4 or TB2?Thariq Shihipar [00:45:43]: TB3. TB3.Swyx [00:45:44]: TB3.Thariq Shihipar [00:45:44]: Yeah. They're quite complex, but the goal is still to deliver user value, right? And like you said, there's like this infinite space of things to do. And so the ways like you spend compute are to keep the user in the loop and make sure that like you're getting to the right decision in the end of the day and like the right output. And artifacts and mods are this way of like spending that intelligence. and I think that's like, yeah, the next step. And so, yeah, I think Claude Code is like, has the core things of agent loop which are, have gotten more complicated. It's like, it needs a sandbox to operate safely. It needs auto mode to like make sure like the permissionsVibhu [00:46:21]: Approvals.Thariq Shihipar [00:46:21]: Yeah, approvals. it needs computer use and MCPs and like all of these like ways of accessing your data, and it needs web search and web fetch. And like, so the-- as the models can do more and more, the core harness has to be like quite complex and very secure. But then like how you interact with it can change quite a lot.Vibhu [00:46:42]: What other harness engineering best practices have you, from the Claude Code team itself? I feel like, there was a phase of plan mode, which is not as used. We now have auto mode. at a point you cut the majority of the system prompt, you got rid of examples. What other best practices are there for harness engineering?Core Harness Primitives and Managed AgentsThariq Shihipar [00:47:02]: I think there is like a forking path where at some point, eventually, yes, the model will just be able to like vibe code the exact version of Claude Code, even describing all this complexity that I've talked about, right? Like auto mode and computer use and stuff. Eventually, the models will just be able to do that in one shot. But I think they can one shot simpler harnesses? And so like, I think some people. Sometimes you don't need this full, like if you don't need computer use or like all this like more complicated stuff. I think before we, you had to use things like the agent SDK, which was like Claude Code wrapped, in order to like. And I would, like suggest people do that because there was so much complexity into building a harness. And now as that's got more abstracted, we have like, Claude managed agents, which lets you have that complexity, but still like, right, like a very bare bones like harness that's scoped to your task. Yeah, I think there's like this barbell effect where like for like very complex, for like coding task and like these like complex things, you should use our harness. And then for like a lot of like simpler or like, more domain-specific things, you can build your own harness because Claude has gotten better at building harnesses, and we have these harness primitives like managed agents. So yeah.Swyx [00:48:18]: Yeah. Is there a general progression? Let's say chapter one was ultra code dynamic workflows, then chapter two was cloud mods. Where is this going?Swyx [00:48:29]: Where you're, you're, you can customize the thing on demand.Thariq Shihipar [00:48:36]: Yeah. I do think that like this evolution of projects and like artifacts and splitting out like brain and hands and, surfaces is like where things are going more. And like, I think it's like not all quite there. partially it's like a, it's just like more token expensive? And like, I think likeProjects, Local Hands, and Cloud-to-Local HandoffsSwyx [00:48:59]: Why would projects be more token expensive? I understand mods would be slightly more token expensive. No, not something I'm worried about.Thariq Shihipar [00:49:06]: Yeah.Swyx [00:49:06]: But whatThariq Shihipar [00:49:07]: You're asking Claude to do. It's like creating loops. Like you're asking Claude to do more work for you. And so like it's managing the sub-agents and reviewing it, versus where you would be doing that work normally. And so that's like gonna be a little bit more intensive, like. Outputting to an artifact is gonna be a little bit more token-intensive than, like, outputting normally. I don't think it's too much more, but like, it's like combining all of these together well, like I think we're, we're still working on like local hands and things like that, I think is like, yeah, where things are headed, yeah.Swyx [00:49:37]: Yeah. Claude and local is, handoff is very interesting. I was thinking about this as reverse cloud remote.Thariq Shihipar [00:49:44]: Yeah.Swyx [00:49:45]: Because it's like remote, it's you're handing off to cloud, but here the cloud is handing off to local, right?Thariq Shihipar [00:49:49]: Yeah, exactly. Yeah, remote control is also another way of doing it. And I do want to say this is like how I think about it and like what the things that I'm most excited about this, but like there are, just like lots of different ways to work with Claude. Like some people use remote control a lot, some people use Claude Code on the web a lot. Obviously, like at Anthropic, we use Claude Tag a lot, and like what's great about Claude Tag is we set up all this stuff for our own execution. And I do think if you're an enterprise, that's still the best way to go. but if you're like an individual, Projects is this way of like, getting some of that like niceness of Tag, which has like that like supervising agent and yeah, adding artifacts and stuff, but like without having that whole like admin setup. And so there will be many ways to use Claude, I think. I think it's probably not just one like single.Claude Tag as an Organizational HarnessSwyx [00:50:36]: You had the multiplayer thing here. Let's, let's just check in on Claude Tag. it's been about two-plus months. Lots of, public, adoption and trying it out.Thariq Shihipar [00:50:45]: Yeah.Swyx [00:50:45]: What's new? What's, what have you found since the launch?Thariq Shihipar [00:50:49]: Like, Claude Tag is how we useSwyx [00:50:51]: It's like 80% of your

OpenAI CEO Sam Altman joins Bloomberg's Ed Ludlow in San Francisco live from OpenAI DevDay. He says over time they will make a mass market version of their new DOTS agent and that OpenAI is having a very steep growth period. He adds that OpenAI investors are patient with IPO planning and that they want to get their feet under them on important decisions before having the pressure of being a newly public company.See omnystudio.com/listener for privacy information.

John Maytham speaks to tech journalist Nafisa Akabor about Oura's planned $15-billion IPO, the rapid growth of smart rings and the increasingly important role wearable technology is playing in personal health monitoring. Presenter John Maytham is an actor and author-turned-talk radio veteran and seasoned journalist. His show serves a round-up of local and international news coupled with the latest in business, sport, traffic and weather. The host’s eclectic interests mean the program often surprises the audience with intriguing book reviews and inspiring interviews profiling artists. A daily highlight is Rapid Fire, just after 5:30pm. CapeTalk fans call in, to stump the presenter with their general knowledge questions. Another firm favourite is the humorous Thursday crossing with award-winning journalist Rebecca Davis, called “Plan B”. Thank you for listening to a podcast from Afternoon Drive with John Maytham Listen live on Primedia+ weekdays from 15:00 and 18:00 (SA Time) to Afternoon Drive with John Maytham broadcast on CapeTalk https://buff.ly/NnFM3Nk For more from the show go to https://buff.ly/BSFy4Cn or find all the catch-up podcasts here https://buff.ly/n8nWt4x Subscribe to the CapeTalk Daily and Weekly Newsletters https://buff.ly/sbvVZD5 Follow us on social media: CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Rising oil prices and higher bond yields are keeping inflation concerns front and centre, pushing US Treasury yields to their highest level since 2007. The AI investment boom remains in focus, highlighted by NVIDIA's record buyback announcement and Anthropic's S-1 filing, a precursor to an eventual IPO. Policymakers continue to balance inflation and growth concerns, with Australia tightening policy further and China signalling fresh support for its slowing economy. Carsten Menke, Head of Next Generation, talks about the need of large cities to adapt to climate change, creating a very appealing structural growth outlook for the infrastructure and buildings value chains.(00:00) - Introduction: Bernadette Anderko, Product & Investment Content (00:31) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:00) - Adapting to a warmer world: Carsten Menke, Head of Next Generation Research (10:48) - Closing remarks: Bernadette Anderko, Product & Investment Content £Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Die Wall Street startet kaum verändert in den Tag. Die Renditen zehnjähriger US-Staatsanleihen pausieren bei 5,22 Prozent, Brent bei etwa 105 US-Dollar. Gleichzeitig bleiben die Signale aus den Gesprächen zwischen den USA und Iran widersprüchlich. Von „konstruktiven“ Verhandlungen ist die Rede, ein diplomatischer Durchbruch zeichnet sich aber bislang nicht ab. Im Mittelpunkt steht heute erneut Künstliche Intelligenz. Beim OpenAI Entwickler-Tag wird ein eigener persönlicher KI-Agent erwartet, der direkt mit Meta‘s Muse konkurrieren könnte. Gleichzeitig hat OpenAI die Veröffentlichung von Astra 6.1 wegen Sicherheitsbedenken gestoppt. Erstmals hält damit ein führendes KI-Labor ein größeres Modell öffentlich aus Sicherheitsgründen zurück. Für zusätzliche Aufmerksamkeit sorgt Anthropic. In dem noch nicht veröffentlichten Börsenprospekt werden langfristige Verpflichtungen für Cloud, Rechenleistung und Infrastruktur von insgesamt 518 Milliarden US-Dollar genannt. Advanced Micro Devices kauft zudem Fei-Fei Lis World Labs für 8,2 Milliarden US-Dollar und baut damit selbst Know-how bei KI-Modellen auf. Das Oura den Börsengang wegen des unsicheren Umfelds vertagt, könnte als schlechtes Omen für den IPO von Anthropic gesehen werden. Abonniere den Podcast, um keine Folge zu verpassen! ____ Folge uns, um auf dem Laufenden zu bleiben: • X: http://fal.cn/SQtwitter • LinkedIn: http://fal.cn/SQlinkedin • Instagram: http://fal.cn/SQInstagram

A Anthropic, empresa de inteligência artificial responsável pelo Claude, prepara uma entrada em Bolsa que pode avaliá-la em 2 biliões de dólares e tornar-se a maior de sempre, apesar dos elevados prejuízos e dos alertas da própria empresa para os riscos catastróficos associados aos sistemas mais avançados de IASee omnystudio.com/listener for privacy information.

Det blir lite löst snack och nyheter. Sedan blir det iGaming-nyheter ihop med Casinofeber Media (00:22:30), där vi pratar Betsson & Alta, Brasilien och även lite Flutter och Fable. Sedan blir det Lumenradio (00:56:58) och Qualisys (01:14:56).————————Vi tipsar som vanligt om Quanor, som är med som huvudsponsor som vanligt.

La corsa di petrolio e rendimenti pesa sulle borse; Trump, oggi pranzo alla Casa Bianca per i Ceo della Silicon Valley; Anthropic, rischi esistenziali AI nel prospetto Ipo; OpenAI cancella rilascio GPT-6.1 Astra; Unicredit, Orcel vuole il controllo di Commerzbank entro gennaio. Puntata a cura di Adolfo Valente - Class CNBC Learn more about your ad choices. Visit megaphone.fm/adchoices

Een verlies van 42 miljard dollar per jaar, een pakket aan uitgaven van 518 miljard dollar, 80 bladzijden aan risico's van AI voor de mensheid: het staat allemaal in de prospectus van Anthropic. Over een paar maanden moet het bedrijf de grootste beursgang ooit gaan waarmaken, maar voor nu geven ze vooral heel veel redenen waarom het een enorme flop kan worden. Is er tóch nog een reden te vinden waarom je dit aandeel wél zou willen hebben? Dat zoeken we deze aflevering uit. Daarin hebben we het ook over de toekomst van Arcadis. Tenminste, de toekomst zoals het ingenieursbureau die zelf voor zich ziet. Een met een grote ontslagronde, met de verkoop van hele afdelingen, en zelfs met overnames. En nu willen ze dan echt zelf op overnamepad. Topvrouw Heather Polinsky moest bewijzen dat ze er goed aan heeft gedaan om niet in zee te gaan met het Canadese WSP Global. Is dat haar gelukt? Je hoort ook nog over een beursgang die last minute wordt afgeblazen. Over de CEO van Pharming die plots opstapt. En over de teleurstellende eerste kwartaalcijfers na een teleurstellende eerste beursmaand sinds de teleurstellende beursgang van Shein. Te gast: Nico Inberg van de Aandeelhouder BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Je hoort hem ook in de BNR-podcast Moerdijk: dorp van de rekening. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Donner Bakker is presentator van BNR Beurs en economieredacteur bij BNR. Hij volgt macro-economische ontwikkelingen met bovengemiddelde interesse, net als de beursgenoteerde datingapps. Je hoort hem ook in de BNR-podcast All In The Game. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie.See omnystudio.com/listener for privacy information.

Il 12 giugno 2026 SpaceX si è quotata a 1.770 miliardi di dollari: la più grande IPO della storia, più del doppio di tutta la Borsa di Milano messa insieme. Nei primi giorni l'azione è schizzata fino a 225 dollari, poi è crollata a 165 — chi l'ha rincorsa sull'onda dell'entusiasmo ha già perso quasi il 30% in una sola settimana.Com'è possibile?E voi, da fuori, cosa dovreste fare quando un'azienda così arriva in borsa, per non ritrovarvi con il cerino in mano?In questo podcast vi spieghiamo cos'è davvero un'IPO e cosa sta succedendo, in queste settimane, sui mercati; se conviene comprare le azioni di un'azienda proprio nel giorno in cui si quota, o se è una delle trappole più costose per chi investe; e perché le aziende lo fanno, quali sono i veri rischi e vantaggi, e quando una quotazione può servire davvero anche a voi. Senza inseguire il nome che fa rumore, ma ragionando con la testa e non con la pancia.

Wednesday 30 September 2026 The Reserve Bank lifts interest rates, and another hike is tipped before the end of the year. Australia now has the highest interest rates among major developed economies. OpenAI apologises for its model hacking Australia’s Medicare system Asian airlines are increasingly becoming the carriers of choice for Aussies Milk wars break out The leaked prospectus of IPO candidate Anthropic says AI could pose an existential risk to humanity. Hit follow on the podcast so you don’t miss the latest news, and join our free daily newsletter here. And don’t miss the latest episode of How Do They Afford That? - what a financial planner would fix first. Get the episode from Apple, Spotify or anywhere you listen to podcasts.Find out more: https://fearandgreed.com.au/See omnystudio.com/listener for privacy information.

.entry-img img{ display:none !important; } .single .hentry .entry-img{ display:none !important; } https://open.spotify.com/episode/3ZNZMVgTlQPe0bhhozHSRb For fifteen years the software P&L was a settled question: hosting was a rounding error, gross margins held above 80%, and investors underwrote growth against a predictable annuity stream. That assumption is breaking. AI and cloud infrastructure has become one of the largest and least predictable costs on the P&L, moving faster than most finance teams have built the vocabulary or forecasting discipline to handle it. Ed Barrow, Founder and CEO of Cloud Capital, joins Kevin Appleby to unpack research with 100 growth-stage CFOs: 96% blew through their AI budget last year, with overruns driven more by compute and storage than by model costs, and the average software company now spends 15–20% of revenue on compute and AI,  a fourfold jump, while over half of AI-native companies exceed 30%. Barrow draws a distinction many finance teams miss: workforce AI scales with headcount and belongs in OPEX, while product AI scales with customer usage and belongs in COGS. Getting that split wrong distorts unit economics badly — he has seen entire cloud bills dumped into gross margin, and entire model bills buried in R&D. He also warns against betting on falling token prices: consumption has outrun per-unit declines, and providers will pivot to profitability much as Uber did. With roughly $800 billion of debt-financed data centre buildout this year, the market will shift from pay-as-you-go to committed multi-year contracts. His prescription: befriend engineering, learn the language of tokens and model selection, and act as a chief investment officer who sets guardrails before the bill arrives. Key topics covered: 96% of CFOs exceeded their AI budget last year, and the overruns were driven more by compute and data storage than by model and token costs, a blind spot for teams focused solely on token spend AI spend has reached 15–20% of revenue for the average software company, up fourfold in months, with over half of AI-native companies above 30%, a fundamentally different business model from the 80%-margin SaaS playbook investors built their assumptions on Workforce AI belongs in OPEX and product AI belongs in COGS, and misallocating between them distorts gross margin in either direction, particularly when tokens arrive through three or four billing routes at once, including hosted models inside AWS, Google Cloud and Azure invoices Seat-based pricing breaks when costs scale with customer usage, creating the “token treadmill”, loyal, highly engaged customers accumulate data and context and become the least profitable cohort over time unless pricing is aligned to value and outcomes Betting on falling token prices is a dangerous gamble, consumption growth has outrun per-unit price declines, and heavily funded model providers heading toward IPO will move from subsidised customer acquisition to profitable pricing, following the Uber trajectory Debt-financed data centre buildouts will push the market from pay-as-you-go to committed contracts, handing CFOs material long-term liabilities to underwrite, with commitments often carrying 30–40% discounts but real balance sheet risk if utilisation falls short Links Ed Barrow on LinkedIn Kevin Appleby on LinkedIn GrowCFO Mentoring Timestamps:  00:32 — From rounding error to runaway bill: how the cloud line item changed 03:32 — Workforce AI vs. product AI: the OPEX/COGS split that changes everything 13:15 — 96% of CFOs blew their AI budget — and compute, not tokens, was the culprit 18:18 — The token treadmill: why your most loyal customers become your least profitable 20:55 — The end of the 80% gross margin playbook, and the Uber analogy for token pricing 26:41 — $800bn of debt-financed data centres and the coming shift to committed contracts 30:53 — What to do tomorrow: befriend engineering and think like a chief investment officer 36:11 — Paying for tokens through four different channels, and the allocation trap Find out more about GrowCFO If you enjoyed this podcast, you can subscribe to the GrowCFO Show with your favorite podcast app. The GrowCFO show is listed in the Apple podcast directory, Spotify and many others. Why not subscribe there today? That way, you never miss an episode. GrowCFO is a great place to extend your professional network. Join GrowCFO as a free member today and participate in our regular networking events and webinars. Premium members can also access our extensive training center and CFO Digital Toolkit. You can enroll in our flagship Future CFO or Finance Leader programs here. You can find out more and join today at growcfo.net

Headline news for September 29, 2026: Singapore's PSI hits 155 in the central region as haze enters the unhealthy range. Anthropic warns IPO investors that advanced AI could pose catastrophic or existential risks to humanity dedicating eighty pages of its prospectus to risk factors. Malaysia begins repatriating fifteen hundred Myanmar nationals in the first phase of a five-thousand-person programme. Synopsis: A round up of global headlines to start your day by The Business Times. Written by: Claressa Monteiro (claremb@sph.com.sg) Produced and edited by: Claressa Monteiro or Nicole Teo Produced by: BT Podcasts, The Business Times, SPH Media Produced with AI text-to-speech capabilities --- Follow Lens On Daily and rate us on: Channel: bt.sg/btlenson Amazon: bt.sg/lensam Apple Podcasts: bt.sg/lensap Spotify: bt.sg/lenssp YouTube Music: bt.sg/lensyt Website: bt.sg/lenson Feedback to: btpodcasts@sph.com.sg Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Mark To Market at: bt.sg/btmark2mkt WealthBT at: bt.sg/btpropertybt PropertyBT at: bt.sg/btmktfocus BT Money Hacks at: bt.sg/btmoneyhacks BT Market Focus at: bt.sg/btmktfocus BT Podcasts at: bt.sg/podcasts BT Lens On: bt.sg/btlensonSee omnystudio.com/listener for privacy information.

Lauren Malloy was a baby when her mother, Lori, was murdered in East Providence, Rhode Island. For thirty years, no one told her. Everyone said Lori died of natural causes. Then a stranger sent Lauren a message — and the lie collapsed. Now Lauren is investigating her own mother's murder. She's recorded hundreds of hours of interviews with law enforcement, family, childhood friends, and people who won't stop contradicting each other. Every answer opens a darker question. Every person she trusts seems to be hiding something. And the closer she gets to the truth, the more she realizes the people she trusts may be the ones with the most to hide. A 10-part true crime investigation hosted by the victim's daughter. Lauren's mission: to finally uncover the identity of Lori's killer. Audible subscribers can binge all 10 episodes early and ad-free right now. Join Audible in the Audible App or by subscribing on Apple Podcasts. Listen now: HERE See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

CJ sits down with Lauren Dillard, CFO of LiveRamp, whose path to the CFO seat ran through investor relations, communications, and even a year as interim CMO. They dig into why storytelling and influence matter as much as technical finance chops, how LiveRamp tore down and rebuilt its entire commercial model — collapsing 25+ usage metrics into 5 and inventing the "token" along the way.—SPONSORS:Brex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsAnrok is the sales tax platform that watches your exposure everywhere, automates compliance, and flags risk before it turns into a surprise back-tax letter from a state you've never set foot in. Companies like Anthropic, Notion, and Vanta already trust Anrok to stay ahead of rules that move faster than any spreadsheet can. Talk to a sales tax expert for a personalized exposure estimate at https://www.anrok.com/rtnRightRev is a revenue recognition platform built for the AI economy, helping finance support usage-based pricing, credits, hybrid contracts, seats plus consumption, and whatever commercial model comes next. It gives product teams the freedom to keep innovating without outdated revenue systems slowing them down. Learn how RightRev can help at https://rightrev.com/cjPulley is an equity management platform that lets you issue options, model dilution, and complete 409As without your cap table turning into a spreadsheet disaster. Founders raising, hiring, and scaling use Pulley to keep equity clean and stay focused on building. Learn more or request a demo at https://pulley.com/mostlymetricsRillet is an AI-native ERP built for modern finance teams that want to replace NetSuite and close faster. With revenue recognition, close management, multi-entity support, and native Stripe and Salesforce integrations, Rillet helps scaling companies run their finance stack in one place. Hundreds of teams, including Windsurf and Mercor, use Rillet to make the zero-day close real. Book a demo at https://www.rillet.com/cjMaximor is an autonomous finance platform that runs order-to-cash, procure-to-pay, the close, cash management, and reporting on self-learning agents instead of a dozen disconnected tools. One PE-backed customer posts 98% of transactions directly to its ERP, with the remaining 2% routed to a human for review. You pay for outcomes, not seats. See it at https://www.maximor.ai/EY works with high-growth tech companies to navigate the messy realities of scaling—from regulatory requirements to IPO readiness. By helping teams get it right early and often, EY lets founders stay focused on building while reducing risk as they grow. Learn more at https://www.ey.com/techstartups—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNGuest: https://www.linkedin.com/in/lauren-russi-dillard-25502424/Company: https://www.liveramp.comCJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—TIMESTAMPS:0:00 Cold Open1:18 Intro1:29 Meet Lauren Dillard4:48 Lauren's Path to CFO5:06 The "Wrong" Career Move7:48 Why Storytelling Matters9:41 Turning the Answer Into Action10:33 People Plus AI14:50 Pricing Is a Strategy Exercise16:43 Rebuilding a Commercial Model22:29 Simplifying Quote-to-Cash23:29 Where the "Token" Came From28:48 Selling a New Pricing Model29:27 Balancing New Logos30:17 Upmarket or Downmarket?34:17 Where Finance and HR Disagree36:07 The Biggest Mistake38:23 Will It Make the Boat Go Faster?42:27 Lessons from the NBA44:25 Lauren's Biggest Misstep46:27 Finance Tech Stack47:42 Craziest Expense#RunTheNumbersPodcast #AIforCFOs #FinanceLeadership #MasterworksArt #ContextEngineering

In this Take, I break down why the biggest AI labs, while deeply unprofitable sitting on massive future compute obligations, are racing toward trillion-dollar valuations. I explore how open-source competition, especially from China, is crushing their moat, and why that pushes them toward lobbying for fear-driven regulation, immunity, and government partnerships. Ultimately, I argue that the AI panic is about preserving a failing business model and building a centralized surveillance infrastructure, and why we shouldn't be the ones paying their bill. Chapters (00:00:00) - Introduction (00:00:27) - OpenAI's insane obligations (00:01:51) - Anthropic's profit illusion (00:02:40) - Trillion-dollar IPO dreams (00:03:12) - The open-source threat (00:04:38) - Engineering the panic (00:06:10) - Regulatory moat and control (00:09:11) - What this is all about Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839) References from the episode The Hater's Guide To AI Debt (Part 1): https://tinyurl.com/3tvvsbee The Hater's Guide To AI Debt (Part 2): https://tinyurl.com/5n95nwpy

(0:00) Bestie Intros: Favorite All-In Summit moments (3:54) Reacting to AI chaos: Liability, competition, and rebranding frontier "labs" (20:03) Open Source performance and cost: What this means for frontier companies (29:22) Anthropic and OpenAI postpone IPOs: liquidity risk and open source pressure (53:11) Political reactions to "Pacing the Frontier": Bernie's AI ban, Trump, Bessent, Obama (1:07:58) Meta launches Muse, AI "alignment," Oracle's Force Majeure (1:27:13) Anthropic's bio research and "wet lab" in SF Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@allin Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.deepseek.com/en/news/deepseek-v4-1-flash https://x.com/XiaomiMiMo/status/2102138559952290106 https://x.com/0x0SojalSec/status/2101738277049131358 https://prismml.com https://x.com/SenSanders/status/2102827319123693689 https://x.com/yipitdata/status/2102781268974793023 https://fortune.com/2026/09/12/sam-altman-openai-ipo-delay-ill-advised-moment-safety-concerns/ https://www.wsj.com/tech/ai/anthropic-shifts-planned-ipo-to-november-8874dffc https://polymarket.com/event/ipos-before-2027 https://www.theinformation.com/articles/anthropic-seeks-palantir-style-voting-control-seven-co-founders-ahead-ipo https://x.com/rauchg/status/2101186741042663579 https://www.anthropic.com/constitution https://www.wsj.com/economy/the-ai-build-out-is-becoming-the-biggest-economic-bet-in-u-s-history-c60716dd https://x.com/mustafasuleyman/status/2100223594534150428 https://freebeacon.com/america/suicidal-compassion-meet-the-anthropic-officials-who-think-ai-might-be-justified-in-going-rogue-against-the-humans-enslaving-it https://www.anthropic.com/news/claude-discovers-novel-enzyme-system

Kara and Scott unpack the judge's order restoring White House press access for CNN, MS NOW, and Politico, as well as the lackluster start for Trump TV. Then, Trump's summit with Chinese president Xi Jinping, and the implications for Taiwan. Plus, Meta goes all in on Muse with new smart glasses and a Tamagotchi-like AI charm, Andreessen Horowitz launches an alternative to college, and Scott predicts another blockbuster IPO. Kara and Scott are going on tour! Get tickets at PivotTour.com. Watch this episode on the ⁠⁠Pivot YouTube channel⁠⁠.Follow us on Instagram and Threads at ⁠⁠@pivotpodcastofficial⁠⁠.Follow us on Bluesky at ⁠⁠@pivotpod.bsky.social⁠⁠Follow us on TikTok at ⁠⁠@pivotpodcast⁠⁠.Send us your questions by calling us at 855-51-PIVOT, or email Pivot@voxmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Apex Fintech Solutions provides the tools and services that enable hundreds of clients to launch, scale, and support digital investing for tens of millions of end investors. The company provides essential infrastructure and a comprehensive ecosystem of cloud-based products to enable and streamline trading, wealth management, cost basis, tax reporting, and, through its subsidiary Apex Clearing™, custody and clearing. LEARN MORE HERE Checkout Gary's Substack: https://garymarcus.substack.com/ Jim Chanos returns, this time with AI researcher/professor emeritus Gary Marcus. The two join Dan to discuss AI's build-out technology, economics, and risks. Marcus argues modern LLMs lack durable technical moats, remain unreliable and hallucination-prone, and are becoming commoditized, driving token price wars and challenging profitability for OpenAI/Anthropic; he favors neurosymbolic approaches and warns that “agent” systems are causing serious security incidents, saying OpenAI should be temporarily shut down or put into receivership until fixed. Chanos explains his bearish focus on data centers as capital-intensive, low-return “equipment leasing” businesses being marketed like REITs, with hyperscaler incremental returns declining and credit tightening. They compare the AI cycle to late-1990s TMT, discuss NVIDIA's unique position versus its customers, highlight IPO/financing as a potential breaking point, and debate regulation, surveillance “dystopia,” and political risks. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Matt and Nic are back with another week of news and deals. In this episode:  How loud are America's largest data centers? What's wrong with XAI's data center in Mississippi? The Trump admin is reportedly trying to promote dollar stablecoins Binance invests in Circle We pick up the pieces after Clarity Fairshake plans to spend $30m opposing Sherrod Brown in Ohio How AI anxiety helps the Democrats Sherrod Brown is back to haunt crypto Coinbase is listing IPOs now Are prediction markets out of step with the original vision? BitMEX finally closes its doors 52 BTC were saved from the Coldcard hack by white hats Is Anthropic privatizing the frontier? A White House memo says effective altruism is a cult Content mentioned in this episode: Nic on Substack, How Noisy are America's Largest Data Centers?  

Meta's new AI agent app, Muse, has rocketed straight to number one on the App Store. Having put it to the test, Danny explains what the hype is all about. Meanwhile, Katie has bid farewell to her agent Norman in favor of a new AI assistant called Bridget hosted by rival app, Instinct. They look at why this sudden commodification of agents is significant and why OpenAI and Anthropic should be worried. And despite being on track to make more than $100 billion in revenue this year, Anthropic has decided to delay their IPO. Meanwhile, OpenAI is trying to convince investors they're worth $1.5 trillion as losses balloon. The question is who will come out on top? Plus, what does Donald Trump's ‘AI Force' mean? And what should we make of the China-US AI hotline pitched during his meeting with Chinese Premier Xi Jinping.Watch on YouTube Get in touch: techpod@thetimes.co.uk Presenters:Katie Prescott, Technology Business Editor, The Times Danny Fortson, US West Coast Correspondent, The Sunday Times Producer: Marnie Duke Executive Producer: Priyanka DeladiaVideo Producer: Bronwen LathamImage: Getty Hosted on Acast. See acast.com/privacy for more information.

Nscale just filed its S-1 to go public on the NYSE — and it might be the wildest IPO filing of the year. This UK-based "NeoCloud" is only 2 years old, is gross margin negative, started life as a crypto miner, and has somehow locked up over $100 billion in contracted value from Anthropic and Microsoft. CJ breaks down the entire S-1 line by line: what a NeoCloud actually is, how Nscale's "power to token" strategy works, why Nvidia shows up as its supplier, investor, guarantor, AND customer, and whether this is a durable business or a well-timed arbitrage on the AI compute shortage.—SPONSORS:Maximor is an autonomous finance platform that runs order-to-cash, procure-to-pay, the close, cash management, and reporting on self-learning agents instead of a dozen disconnected tools. One PE-backed customer posts 98% of transactions directly to its ERP, with the remaining 2% routed to a human for review. You pay for outcomes, not seats. See it at https://www.maximor.ai/Brex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsAnrok is the sales tax platform that watches your exposure everywhere, automates compliance, and flags risk before it turns into a surprise back-tax letter from a state you've never set foot in. Companies like Anthropic, Notion, and Vanta already trust Anrok to stay ahead of rules that move faster than any spreadsheet can. Talk to a sales tax expert for a personalized exposure estimate at https://www.anrok.com/rtnRightRev is a revenue recognition platform built for the AI economy, helping finance support usage-based pricing, credits, hybrid contracts, seats plus consumption, and whatever commercial model comes next. It gives product teams the freedom to keep innovating without outdated revenue systems slowing them down. Learn how RightRev can help at https://rightrev.com/cjRillet is an AI-native ERP built for modern finance teams that want to replace NetSuite and close faster. With revenue recognition, close management, multi-entity support, and native Stripe and Salesforce integrations, Rillet helps scaling companies run their finance stack in one place. Hundreds of teams, including Windsurf and Mercor, use Rillet to make the zero-day close real. Book a demo at https://www.rillet.com/cjEY works with high-growth tech companies to navigate the messy realities of scaling—from regulatory requirements to IPO readiness. By helping teams get it right early and often, EY lets founders stay focused on building while reducing risk as they grow. Learn more at https://www.ey.com/techstartups—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNCompany: https://www.nscale.com/CJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—TIMESTAMPS:0:00 Cold Open0:53 Intro: Nscale Files to Go Public2:40 WTF Is a NeoCloud?4:11 The 5 Layers of the AI Stack5:55 Landlord vs. Hotel: Nscale's Two Businesses7:21 How Take-or-Pay Contracts Work8:28 Sponsor Break11:43 Breaking Down the Financials15:37 What's a Contract Actually Worth?18:45 Is This Just Nvidia Vendor Financing?20:58 Sponsor Break22:54 Medium-Term Arbitrage or Durable Company?24:30 5 Potential Red Flags27:08 How Does the CEO Get Paid?28:04 Who's on the Board?28:26 Is This the CoreWeave of the UK?31:09 Miscellaneous Filing Oddities33:31 Final Take#Nscale #IPO #NeoCloud #S1Breakdown #AIInfrastructure

This Day in Legal History: The Judiciary Act of 1789On September 24, 1789, President George Washington signed the Judiciary Act of 1789 into law—one of the very first acts of the very first Congress, and a document that turned the skeletal promise of Article III into a functioning national court system. The Constitution had created “one supreme Court” and left everything else to Congress's imagination. The Judiciary Act supplied the imagination: it built a three-tiered federal judiciary of district courts, circuit courts, and the Supreme Court; it fixed the number of justices at six; and it created the office of Attorney General.The Act's most consequential provision turned out to be a quiet one: Section 25, which gave the Supreme Court the power to review and reverse state-court decisions that ran against federal law or the Constitution. That authority—federal judicial supremacy over state courts on questions of federal law—was the seed of much of what the Supreme Court would later become, and Section 13 of the same Act was the very provision the Court would strike down in Marbury v. Madison, establishing judicial review itself. In other words, the machinery of American judicial power, and the Court's authority to police the boundary between state and federal law, traces directly to this statute.The significance of September 24, 1789 is that it is the architecture beneath essentially everything we cover—the district courts where cases begin, the circuit courts of appeals that review them, and the Supreme Court that sits atop it all. And it's a strikingly apt anniversary, because our lead story is that very system in action, and under strain: a dispute ricocheting between a state supreme court, a federal district judge, a federal circuit court, and the U.S. Supreme Court—the exact interplay of state and federal judicial power that the Act of 1789 first set in motion.The fight over Missouri's congressional map is back at the U.S. Supreme Court—for the third time in a month—and it has become a genuinely dizzying illustration of how tangled our courts can get. Let me trace the bouncing ball, because the procedural chaos is the story. Missouri Republicans adopted a new map in 2025 that dismantled a Kansas City district held by Democrat Emanuel Cleaver, part of the Trump-backed national redistricting push. Then: on September 3, the Missouri Supreme Court unanimously ruled that under state law the new map can't be used until voters approve it in a referendum. On September 8, Justice Kavanaugh, as circuit justice, rebuffed Missouri's request to intervene. On September 10, the U.S. Supreme Court blocked the state from using the redrawn map, in an unsigned order with no dissent. But then a federal district judge and, this Monday, the 8th Circuit Court of Appeals went the other way, reviving the Republican map—which has now triggered this third trip to the Supreme Court. Here's the legal knot at the center: this is a collision between state law and federal law. The Missouri Supreme Court's ruling rests on the state constitution's referendum requirement; the federal proceedings involve federal claims about the map. Untangling which sovereign's law controls, and which court has the final say, is exactly the state-versus-federal judicial question the Judiciary Act of 1789 first tried to sort out—and today it's playing out in real time. Meanwhile, the human cost is real: more than a million potential voters are caught in the confusion, and absentee voting is already underway using the old 2022 districts. The significance is twofold—it's another test of mid-decade partisan gerrymandering, and it's a vivid, almost overwhelming example of what happens when state and federal courts point in opposite directions weeks before an election. Whatever the Court does, doing it this late, on the emergency docket, leaves election administrators and voters in an impossible bind.Battle over Missouri's congressional map reaches US Supreme Court for third time | Reuters · SCOTUSblog · CNNA federal judge has dismissed Michigan's climate lawsuit against the oil industry—and the way she did it matters, because Michigan tried a novel legal theory that just ran aground. Most of the climate suits we've seen from states and cities are built on public-nuisance and consumer-protection theories—the claim that fossil-fuel companies deceived the public about climate change. Michigan tried something different and more ambitious: an antitrust theory. Attorney General Dana Nessel accused BP, Chevron, Exxon, Shell, and the American Petroleum Institute of conspiring, over decades, to suppress competition from electric vehicles and renewable energy in order to preserve fossil fuels' dominance. The idea was to reframe climate harm as an antitrust injury—collusion to kill off cleaner competitors. U.S. District Judge Jane Beckering in Grand Rapids rejected it, and her reasoning is a classic antitrust-doctrine problem: proximate cause and antitrust standing. She found that antitrust law simply doesn't protect against most of the injuries Michigan claimed, and that even for the one cognizable category—energy overcharges—”the distance is too great between the alleged conspiracy and Michigan's and its residents' overcharges” to say the conspiracy actually caused them. That's the antitrust-standing doctrine from cases in the lineage of Associated General Contractors: to sue, your injury has to be the kind antitrust law was meant to prevent, and it can't be too remote or speculative a link down a long causal chain. The significance is that this marks a setback for a creative frontier in climate litigation. The public-nuisance suits grind on in various states, but Michigan's attempt to weaponize antitrust law against Big Oil for slow-walking the energy transition has, at least here, been deemed too attenuated a theory to proceed. It's a reminder that even a compelling narrative of corporate misconduct has to fit within the specific, technical boundaries of the legal theory you choose.US judge dismisses Michigan climate lawsuit against oil companies | Reuters · Inside Climate News· US NewsAnd finally, the Musk-versus-OpenAI antitrust brawl has taken a delicious turn: OpenAI is trying to get the case thrown out by using Elon Musk's own SEC filings against him. Recall the posture we covered—Musk's xAI and X Corp sued Apple and OpenAI, claiming Apple's exclusive integration of ChatGPT into the iPhone illegally shut out rivals like Grok. Then, on September 14, Musk's companies quietly dropped Apple from the suit, leaving OpenAI as the lone remaining defendant. Now OpenAI has asked Judge Mark Pittman in Fort Worth for summary judgment—a ruling in its favor on the existing record, before the January trial. And its argument is beautifully simple. OpenAI points to the IPO registration statement that Musk's SpaceX filed with the SEC, and says it is “replete with disclosures diametrically opposed” to xAI's claims of competitive harm—that the rosy, optimistic picture a company is legally required to paint for investors “bears no resemblance to the doomsaying in this litigation.” Here's why this is legally clever, and it goes to the heart of securities law. When you file with the SEC, you are under a legal obligation to be truthful and not to mislead investors—so a company's SEC disclosures are treated as serious, considered admissions. If SpaceX and xAI told investors the AI market is competitive and full of opportunity, they can't easily turn around and tell a court the same market is being unlawfully monopolized to their ruin. It's the litigation version of getting caught saying two contradictory things to two different audiences—and courts do not look kindly on it. The significance is a sharp lesson that echoes my own tax-and-regulation beat: your legally-required disclosures in one forum can come back to bind you in another. You cannot tell Wall Street one story and a federal judge the opposite. Whether it's enough to end the case before trial is up to Judge Pittman, but OpenAI has landed a genuinely elegant punch.OpenAI says SEC disclosures undermine xAI's antitrust lawsuit | Reuters · PYMNTS · Unite.AI This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

IPOs are having a major moment; SpaceX just had the biggest IPO in history, Anthropic and OpenAI are lining up next, and suddenly everyone's throwing this term around like they know what it means. Vivian breaks down what actually happens when a company goes public, whether the hype is ever worth it, and what SpaceX's rollercoaster can teach us about IPO investing. 1. What an IPO actually is: the process of a company going from private to public, why companies choose to do it (cashing out early investors, raising capital for growth, and the marketing splash), and what happens behind the scenes with underwriters, lock-up agreements, and IOIs before shares ever hit the market. 2. Why IPOs have been a losing bet since 2019: peak valuations from the 2020-2021 boom, the Fed's interest rate hikes squeezing growth stocks, and lower-quality companies going public and getting measured against mega-cap winners. 3. Should you actually buy one: how to think about risk (keep it to 2-5% of your portfolio), alternatives like IPO ETFs, and a look at other 2025 IPO stories — Bending Spoons, Shein's years-long path to going public, and the direct listing, SPAC, and reverse merger routes companies take instead. Download Vivian's financial companion app, Ask Dolly, HERE ! Follow the podcast on Instagram and TikTok! Got a financial question you want answered in a future episode? Email us at podcast@yourrichbff.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Plus: AI biotech firm Enveda doubles valuation to $2 billion. And Finnish drone maker Sensofusion seeks $344 million in Helsinki IPO. Danny Lewis hosts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

For all the recent negative news surrounding renewable energy in the US, the reality is that in 2025, around 80% of the new power generation that came online globally was renewable. But to encourage global players to participate in that market for renewables, you need a rigorous system of verification, and a stable modern marketplace. That's where today's company comes in.John Melby is the CEO of Xpansiv, the world's largest registry platform for renewable energy and carbon. John is an accomplished leader in energy and environmental markets, with over two decades of experience driving innovation in renewable carbon, natural gas, and power markets. John joins us for an in-depth discussion on the current state of power generation, and how Xpansiv's platform is facilitating the growth of renewables. Highlights:John's experience with energy markets (2:24)The opportunity for Xpansiv (3:44)Xpansiv's slate of services (5:05)Shifting energy consumption (6:22)Importance of registry infrastructure (9:05)Xpansiv's power business (11:39)Partnership with Constellation (13:56)Asia's role in the energy transition (15:25)Xpansiv's acquisition strategy (18:06)The evolving role of AI (20:48)Outlook for Renewables in the US (22:45)What's success for Xpansiv? (28:06)Links:John Melby LinkedInXpansiv LinkedInXpansiv WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, joe@lowerstreet.co

Kara and Scott unpack the Paramount–Warner Bros. Discovery settlement, the White House's escalating fight with the press, and Amazon blocking Meta's AI assistant. Then, they break down Trump's plans for an AI Force, whether Anthropic can pull off a $2 trillion IPO, and the stakes of Trump's upcoming summit with Xi Jinping.Watch this episode on the ⁠⁠Pivot YouTube channel⁠⁠.Follow us on Instagram and Threads at ⁠⁠@pivotpodcastofficial⁠⁠.Follow us on Bluesky at ⁠⁠@pivotpod.bsky.social⁠⁠Follow us on TikTok at ⁠⁠@pivotpodcast⁠⁠.Send us your questions by calling us at 855-51-PIVOT, or email pivot@voxmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Polymarket has struggled with compliance failures, legal challenges, and software blunders, according to current and former employees. WSJ's Katherine Long shares her exclusive reporting on the prediction markets platform. Plus, WSJ's Bob Tita explains how landfills operators are starting to experiment with remotely controlled and autonomous bulldozers. Isabelle Bousquette, a reporter for the Wall Street Journal Leadership Institute, hosts. Sign up for the WSJ's free Technology newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this week's Stansberry Investor Hour, Dan welcomes Joel Litman back to the show. Joel is the founder and chief investment officer of our corporate affiliate Altimetry, where his team uses their Uniform Accounting system to look beyond the as-reported numbers in financial reports to see how companies are really performing.   Joel kicks things off by discussing the increases in the U.S. military budget and says that investors should be wary of which stocks they decide to buy. While overall military spending has gone up, certain branches like the Army have seen a decrease in spending, so it's vital to put your money to work in the right sector. Joel then shares that despite concerns over America's munitions being down and our supply-chain reliance on China, many companies are innovating to either break away completely by manufacturing what they need or substitute materials or products to achieve similar results. And Joel says that AI woes are overblown because of a few questionable stocks. (0:00)   Next, Joel explains why Altimetry uses Uniform Accounting and why serious accountants don't rely on generally accepted accounting principles ("GAAP") data alone. In short, GAAP accounting has become increasingly unreliable due to its many changes that misrepresent how a company is truly performing. Uniform Accounting cuts through the noise and creates a set standard to determine how well a business did during earnings season. And while the cyclically adjusted price-to-earnings ratio says the market is expensive, Joel says that metric is flawed and that the market is actually cheap. (17:54)   Finally, Joel shares the dynamics and problems with buying IPOs. The greatest issue is not having enough financial data and having to wait months before you know enough details to judge if a company is worth investing in. Joel then mentions one major defense business that he's interested in and believes will do well. But he says the better opportunities are in the smaller companies. These are cheaper stocks that have more room to grow and, therefore, have potential for better returns. And while these are the kind of businesses that Warren Buffett would own, investors don't have to compete with him to buy them. (40:08)

Carl Quintanilla, David Faber and Sara Eisen covered new record highs for the Nasdaq: The index piggybacking off Monday's AI trade rally fueled by Meta's double-digit gain. The anchors discussed stories involving AI fears and data center jitters, impacting delayed IPOs and politics. David outlined the road ahead for Paramount Skydance after the company reached a settlement with state attorneys general regarding its acquisition of Warner Bros. Discovery. Also in focus: Crude oil prices on track for a fifth consecutive daily decline; New highs for diesel; What JPMorgan Chase CEO Jamie Dimon told CNBC-TV18 in India about inflation; Soccer superstar Kylian Mbappé on why he left Nike for sportswear company On; Netflix downgraded; President Trump at the United Nations to address the U.N. General Assembly. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by Strike CEO Jack Mallers, who explains why he stepped down as CEO of Twenty One Capital, makes his case for bitcoin as "the most American money," and unpacks the launch of Strike Private. Zero Knowledge Group Founder and CEO Austin Campbell breaks down the CLARITY Act's failure to advance in the Senate, why the GENIUS Act has already reshaped the regulatory landscape, and how crypto has become caught in a broader fight over congressional ethics heading into the midterms. Plus, Christian Lopez, Managing Director and Head of Blockchain and Digital Assets at Cohen & Company Capital Markets, on the Fed's rate hike, how Anthropic's looming IPO is soaking up market liquidity, and why the tokenization of real-world assets is pulling Wall Street into crypto. - Learn more at bullish.com. - Register now for CoinDesk's Policy and Regulation event on September 22, 2026: policy-regulation.coindesk.com. - To get market-moving news delivered daily, download CoinDesk's mobile app: linktr.ee/coindeskapp. - Chapters/Timecodes: 00:00 Welcome to Public Keys 00:26 Markets: Bitcoin Tops $85K After the Fed Hike 00:50 Oil, Iran and the Trump-Xi Summit 01:13 Anthropic Pushes Its IPO to November 01:31 Strike CEO Jack Mallers Joins 02:04 Why Mallers Left Twenty One Capital 04:28 Mallers' Bitcoin Outlook and Advice 06:22 Why Bitcoin Doesn't Need the CLARITY Act 08:19 Bitcoin as Legal Tender and 'The Most American Money' 09:50 Inside Strike Private and Bitcoin-Backed Loans 13:10 Austin Campbell on the CLARITY Act's Senate Defeat 14:58 Why GENIUS Already Changed the Game 16:01 Crypto, the Midterms and the Ethics Fight 18:00 Could a Future Administration Undo the Rules? 19:47 Stablecoins as the Leading Force 21:35 Bitcoin and Ether ETF Flows 22:24 Christian Lopez on the Fed and Risk Assets 24:28 How the Anthropic IPO Soaks Up Liquidity 26:21 Q3 Earnings and Tokenizing Real-World Assets 28:44 Why TradFi Is Racing Into Crypto

Trump wants an AI Force, politicians are pushing kill switches, and calls for a slowdown keep running into the same question about China. Ahead of this week's Trump–Xi meeting, NLW explores the competing priorities shaping AI policy and the prospects for cooperation between the two AI superpowers. In the headlines: Anthropic's IPO delay, its new biology lab, and signs of stress in data center debt markets.Multiplayer AI Sprint - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://multiplayerai.ai/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Brought to you by:KPMG – Research from KPMG and the University of Texas at Austin shows the highest-impact AI users treat AI like a reasoning partner — and those skills can be taught at scale. Learn more at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://kpmg.com/us/Sophisticated⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Harbor - Invest in the AI ecosystem. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.harborcapital.com/aidaily⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Hyperagent - Hire a team of always-on agents. New users get $100 in free credits. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠hyperagent.com/aidailybrief⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Rackspace Technology- One accountable partner to build, operate and run your full enterprise AI stack ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.rackspace.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Section - Section turns AI investment into workforce transformation and ROI - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.sectionai.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Blitzy - Want to accelerate enterprise software development velocity by 5x? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blitzy.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Robots & Pencils - Cloud-native AI solutions that power results ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://robotsandpencils.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The AI Daily Brief helps you understand the most important news and discussions in AI. Newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://aidailybrief.beehiiv.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Interested in sponsoring the show? sponsors@aidailybrief.ai

Daniel Dines is one of the greatest European founders of the last decade. As the Co-Founder of UiPath, he has scaled the business to a market cap high of $ 44BN in 2021, with the company now generating $1.72BN in revenue, growing 15% year-on-year. The company raised $2BN before its IPO, backed by Sequoia, Accel, CapitalG, Coatue and Kleiner Perkins.  AGENDA:  05:00 Why Dario is Wrong About Millions of AI Einsteins? 13:00 Is AI Safety Becoming an Excuse to Kill Open Source? 21:00 Does UiPath Really Need 4,000 Employees? 28:00 Would You Help Train the AI That Could Replace You? 32:00 What Percent of Salary Spend Does Daniel Spend on Inference? 34:00 Can You Really Vibe Code Your Way Out of Paying for Software? 37:00 Why Would Anyone Take Their Company Public Today? 39:00 Could an OpenAI–Anthropic Duopoly Break Nvidia's Business? 45:00 Will AI Models Capture the Value—or Will the Apps? 49:00 Is Fireworks Still Undervalued at $15 Billion? 56:00 Has Europe Already Lost—and Should Founders Leave? 1:03:00 What Could Kill UiPath—and How Is AI Changing the CEO's Job? 1:06:00 60 Supplements a Day: How Far Would You Go to Live Longer?

(0:00) Adam Foroughi joins the Besties! (3:07) Discovery vs search & is your phone listening? (10:04) IPO tumble & becoming your own best investor (16:00) Privacy rules, Apple's crackdown & how agents change people's shopping (20:00) How a lean team beats the giants, margin moats & building in China   Thanks to our partners for making this possible! IREN is a vertically integrated AI Cloud platform, delivering data centers, compute and software for AI training and inference. https://iren.com/ Oracle connects the data, applications, and infrastructure that turn AI into business outcomes—with the flexibility, choice, and control to optimize as AI evolves. http://oracle.com/ai EY helps tech innovators scale from startup to exit to megacap. You build the future. We'll handle the rest. http://www.ey.com Meta believes the future is for everyone. We're focused on giving every person the tools to reach their full potential and making sure the benefits of technology are distributed to all. http://www.meta.com Keel Infrastructure owns the power, land, and connectivity that HPC and AI run on - backed by secured energy assets and established grid interconnections across North America. https://keelinfra.com/ Airwallex - Agentic Global Business Accounts. Open local accounts in 70+ countries to accept payments, earn yield, pay globally, and manage spend. http://airwallex.com PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com Google for Startups connects founders with the right people, products, and best practices to help startups build faster and go further. https://startup.google.com/ Explore ideas, industries, and technologies worth understanding with Chamath every week on Learn with Me: https://research.socialcapital.com/allin   Follow the besties:  https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg   Follow on X: https://x.com/theallinpod   Follow on Instagram: https://www.instagram.com/theallinpod   Follow on TikTok: https://www.tiktok.com/@allin   Follow on LinkedIn:  https://www.linkedin.com/company/allinpod   Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg   #allin #tech #news

This week's indicators: Tracking your pain at the gas pump in real-time; OpenAI's IPO hard-launch tug-of-war; one unexpected ingredient is making fertilizer—and potentially your groceries—a whole lot more expensive.Fact checking by Schuyler Swenson.Your Next Listen — What Iran teaches us about why wars startConnect with The Indicator — Sign up for The Indicator's weekly newsletter! — Buy the Planet Money book — Find our socials, YouTube and more! — For sponsor-free episodes, subscribe to NPR+ Support public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show's perks include sponsor-free listening. Learn more at plus.npr.org.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy