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Free newsletter: Anthropic’s S-1 uses an anomalous quarter to con investors into becoming its exit liquidity, and explicitly states that its costs will grow aggressively as margins decline. Its $430bn in non-cancellable contracts are yet to start hitting.
wheresyoured.at/exit-liquidi…
Jotaro Kujo
I saw someone at In-N-Out fill his water cup with sprite and he told me "dont be a hero" then flashed his 9mm concealed carry at me
Readers added context they thought people might want to know
In-N-Out restaurants, despite serving Coca-Cola products, serve 7-Up instead Sprite.
en.wikipedia.org/wiki/In-N-Out_…
Yeah man I bet you would. Who cares
Sam Altman would like to see cost per GW drop from $70 billion to $20 billion:
"I think if that number were 20 instead of 70, we should be much happier. We should still demand to get 10x better performance out of it with smarter models every year."
"Why do we not want that number to be as small as possible? I am pro deflationary technology."
"Even to get down to 20, you are getting into the realm of energy's got to get cheaper. But certainly, all of the gross margin stacking that happens between melting sand, or the equivalent of melting sand and getting the token back, a lot of that's got to get compressed."
Via Cheeky Pint on YouTube
$AMZN $META $MSFT $GOOGL $NVDA $AMD
This is the second time I've read in the last few weeks that Coatue has either stepped back from or cut a commitment, the first one being when it lowered its slice of the Firmus IPO.
Was Coatue part of OpenAI's $11bn raise? It was in the March round.
wsj.com/finance/the-new-bott…
For context about how little $11bn is, OpenAI spent $12.01 billion on compute/salaries in Q1 2026, back when it had $5.7 billion in revenue. It had $6.7 billion in Q2 2026. Had about $73bn in cash/securities end of March. Why does it need cash *right now*?
theinformation.com/articles/…
Less than a month ago, OpenAI was looking to raise “at least” $30 billion at a valuation of $1.4 trillion.
Today it raised $11 billion at $1.25 trillion valuation and faced “tepid” interest.
OpenAI has raised less than half of the $30 billion it had initially targeted for its latest funding round on.wsj.com/4zqPW7W
OpenAI CEO Sam Altman thinks it's "terrible" for people to have RAM in their computers rather than in a data center, as the scarcity of memory caused by the AI boom continues to drive up costs. bit.ly/47LJ09d
ALT OpenAI CEO Thinks It’s “Terrible” for You to Have RAM in Your Gaming PC
This guy has the funniest instincts I’ve ever seen in an executive. A genuine gift for saying weird and off putting shit like “I can’t imagine raising a kid without ChatGPT” or “it takes a lot of energy to raise a child too” or “it’s more important data centers get RAM.” A real talent
🦔Sam Altman says it’s “quite terrible” for regular people to keep so much memory in their own computers. He told the Cheeky Pint podcast that home PCs only use their RAM about 5% of the time. In his view, the world’s limited supply of memory does more good in the cloud.
My Take
He said this the same day Intel blamed expensive memory for a drop in PC sales. My car stays parked for most of the day too, and I’m not selling it to rent one by the hour.
OpenAI earns its money when you rent its computers instead of using your own, so of course Altman wants the memory in his data centers. I think he worries about local AI more than he lets on, because people who run good models at home have less reason to pay for ChatGPT.
Hedgie🤗
Ed Zitron retweeted
From @TheAthletic: The Kansas City Chiefs are the NFL franchise that provides cover for violent abusers, repeat offenders, and now, because they need someone to make a field goal, an unrepentant sleazeball, our columnist writes. It’s always the Chiefs. nyti.ms/4A4roRW
Joined The Tech Report to talk about Torsten Slok of Apollo saying there’s “no payoff” from AI outside the tech industry, the Anthropic S-1, and how difficult being a public company will be for it with a junk credit rating and $430bn in non-cancellable commitments.
youtu.be/884dTvxSk4c?si=MELt…
This is so bad! Investors don’t tend to drop their allocations based on things going well
