Harrison, it's good to see you. So, the

reports are is that we could get

enthropic sometime beginning next week

potentially. Um, when we do get it, what

are the biggest questions you have that

you are hoping the S1 is going to answer

for us?

>> Well, thank you Julie for having me. I

would say for Anthropics S1, I really

want to know their sustained revenue

growth, their gross margins, cash flow,

and compute obligations. we really need

to figure out the underlying economics

of Anthropic before we can really gain

trust for them in the public markets.

>> And and do you think, you know, what do

you think the sort of vibes are around

that IPO, especially given that we had

SpaceX, you know, have a huge debut

where there was a lot of enthusiasm, the

stock has sort of languished here. So,

what does that then imply for, you know,

the interest level that we're going to

see in anthropic?

I think SpaceX proved that investors are

willing to pay for such a high

valuation. So they essentially tested

the waters for now anthropic to come in

and see if that demand remains. I think

right now people want to hop on this AI

FOMO that's attached to it. But

Anthropic has shown immensive growth

over the past couple of months. So it

could be an opportunity in the long run.

>> And then what is the read through for

Open AI? because there there are reports

maybe we're getting a delay and you know

I don't know what the latest is you guys

are hearing at pitchbook on that as to

the timing of open AI but you know will

it be somewhat contingent on the

reception that anthropic gets

>> I think the open AI story is pretty

interesting because they can get a

firsthand look into anthropic's overall

business and then learn from any

mistakes that are presented in the S1 so

it gives them a a chance to fix whatever

is required or whatever public investors

want to see based off Anthropic's IPO.

However, for Anthropic, they become the

first one to the market. They set the

standard. They set the president and

they actually allow all these other AI

companies to figure out what it takes to

reach a frontier AI level. Yeah, it's

it's interesting that you say that about

opening eyes sort of being able to watch

anthropic because I think the

conventional wisdom is like first is

best, right? Period. Um but what you're

saying is that you know there are some

advantages to waiting and seeing getting

more information about your competitor.

>> Absolutely. If you get information about

your competitor, you can really figure

out what the total addressable market

is, especially in this AI space. And

because everything's so new, if you can

fill in the gaps that your competitor

can't, then you have an even bigger

opportunity or can eventually pass them

in the upcoming years.

>> Um, and you know, then we have a number

of other IPOs in AI and also more

broadly that are that are expected to

come down the pike. AI specifically,

we've got data bricks, we've got Stripe,

um you know, we've got um Discord maybe

is going to come public at some point.

Android, you know, some of these we

don't know. Kraken filed a long time

ago. It's not really AI, it's crypto.

Um, what do you think is going to be

then the procession of the next ones to

come and what will determine it?

I think Anthropics IPO is going to have

a massive ripple effect across AI in

general and it's going to it's going to

be the missing piece that a lot of

people are looking for in order to

determine whether these surrounding or

AI adjacent companies have what it takes

to to IPO or whether it's better for

them just to stay private as long as

possible.

>> And um I'm also curious about the nonAI

IPOs that are expected. We had in

inspire brands on that list um which own

stuff like Duncan and and um Buffalo

Wild Wings. Is there you know does does

all of the enthusiasm for AI mean that

there won't be as much for nonAI related

listings?

>> I think investors will start to see how

durable the cash is whether or how

durable the revenue is. So that if they

can determine if OpenAI or Anthropic or

any of these AI companies actually spend

as much as they make and then they

compare it to a nonAI company that's

actually generating revenue is holding

on to that revenue and has a consistent

growth path. It actually looks better on

paper because the AI wave right now is

very

is very hard to determine exactly how

long these companies are going to last.

So if you look at the fundamentals of a

nonAI business and they check all the

boxes, there's no reason people

shouldn't invest into them.

>> Harrison, good to see you. Thanks for

joining us.

>> Likewise. Thank you.