There's a huge irony in the fact that

Dario did not get his way in Washington

for the most part because I think if he

had, if he had realized his dream of

this highly regulated AI apparatus, I

don't think that company would be set up

for a hugely successful IPO. Why?

Because their whole right to charge this

massive premium for tokens is because

they're 6 months ahead of those open

models. And that 6 months may eaten up

in the blink of an eye if they were

subject to regulatory approval. Dario

himself keeps writing these blog posts

where he says, "We need an FAA for AI."

You know how long it takes the FAA to

certify and approve a new model, in this

case for airframes? Minimum of 5 years.

You're going to apply that regulatory

framework to AI model releases?

>> Game over.

>> Forget about it. Your 6 months will be

gone like that. Your model will be

commoditized, the Chinese competitors

will catch up, and that's bad for the

United States, it's bad for our

competitiveness, it's bad for the AI

race, but aside from just the

geopolitical dimension, it'd be horrible

for Anthropic as a company

because again, all their pricing power

depends on them remaining in the lead.

If they ever slip up

and lose that 6 months,

>> What does that do to revenue?

>> Exactly. A decent subset of the market

is willing to pay a premium for true

frontier intelligence, but

Anthropic and OpenAI are on that hamster

wheel. They have to stay in the lead in

order to justify that premium.