00:14:06 · Katie Prescott, Danny Fortson
[00:14:06] S3: Mhmm. [00:14:06] S2: And when you add it all up, you get close to $800,000,000,000 in commitments. Several $100,000,000 billion dollars of that is like you are paying that regardless of whether you use it or whatever. So it's like it's a big chunk. And I think it's really interesting. The thing... Two things we don't know is, you know, people have been talking about how expensive their AI is, and then you've had the rise of these cheap effectively free open source models that are really, really good and that have taken a ton of market share. And we haven't... What they haven't included yet is the last three months through September. Like, has growth slowed? You know, what does that look like? Is it continuing? Or are they starting to see, like, companies being like, actually, I'm gonna do a bunch of open source stuff. It's way cheaper. So seeing what that... If that growth is continuing and also getting a bit more granular on, like, how much money do you have to spend on data centers based on the contracts you've already signed. [00:15:03] S3: And their cost of revenue has gone down. Right? So they talk about spending $2.50 on computing power and infrastructure for every dollar of revenue in the first quarter of last year. And then when you look at the second quarter of this year, that had gone down to $0.50 So it is going down. But as you say, the spending is astonishing. And it's really with the people that you'd expect, with NVIDIA, Broadcom, AMD, Amazon, huge investor in Anthropic, SpaceX AI. And even Britain's very own EnScale is on the list.
00:15:03 · Katie Prescott, Danny Fortson
[00:15:03] S3: And their cost of revenue has gone down. Right? So they talk about spending $2.50 on computing power and infrastructure for every dollar of revenue in the first quarter of last year. And then when you look at the second quarter of this year, that had gone down to $0.50 So it is going down. But as you say, the spending is astonishing. And it's really with the people that you'd expect, with NVIDIA, Broadcom, AMD, Amazon, huge investor in Anthropic, SpaceX AI. And even Britain's very own EnScale is on the list. [00:15:39] S2: Sending Yes [00:15:39] S3: 44,600,000,000 with them. [00:15:42] S2: And I think we'll get into more of this next week, but the whole data centre thing is a thing. Like, you know, we have elections coming up next week in The US. There is an expectation, reasonable expectation that Democrats are gonna sweep into office across America. And, like, in places like Texas, in California, in Ohio, data centers are the thing. And there's this perception that Republicans are in bed with big tech. And if there is a big backlash in this new wave of people coming in, that could put a real kind of, you know, some sand in the gears of this whole machine if all of a sudden the data center build out slows down dramatically and they don't have the access they need. That's gonna be really interesting thing to watch.
00:15:42 · Danny Fortson, Katie Prescott
[00:15:42] S2: And I think we'll get into more of this next week, but the whole data centre thing is a thing. Like, you know, we have elections coming up next week in The US. There is an expectation, reasonable expectation that Democrats are gonna sweep into office across America. And, like, in places like Texas, in California, in Ohio, data centers are the thing. And there's this perception that Republicans are in bed with big tech. And if there is a big backlash in this new wave of people coming in, that could put a real kind of, you know, some sand in the gears of this whole machine if all of a sudden the data center build out slows down dramatically and they don't have the access they need. That's gonna be really interesting thing to watch. [00:16:23] S3: And I think it's also worth saying, we talked about the massive revenue. Their losses are huge too. Their losses for this year were 80 for the first half of this year, should say, were $80,700,000,000 which is double last year's. So... Yeah. Not not yet at breakeven. [00:16:40] S2: I think it's a really interesting time for them to go public to see how those numbers shift, especially with this new data center build out. Because that's like... That's a different business putting, you know, steel in the ground and buying GPUs. [00:16:54] S3: There was a lot of speculation about what these numbers would show in the run up to the S1 being released. Actually, I think most people are reassured. Most potential investors are reassured by what this shows and quite excited by it.
00:16:54 · Katie Prescott, Danny Fortson
[00:16:54] S3: There was a lot of speculation about what these numbers would show in the run up to the S1 being released. Actually, I think most people are reassured. Most potential investors are reassured by what this shows and quite excited by it. [00:17:09] S2: Yeah. I mean, it's not a share. It's a chance to be part of something greater. [00:17:14] S3: Oh, it sounds great. It's not a transaction, guys. But of course, all of this comes with risks, which is always the most exciting part of these documents. And there are 90 pages of risks. It's a word used two thirteen times. We'll look into that after the break. [00:17:36] S2: Today's episode of the Times Tech Podcast is sponsored by ServiceNow. [00:17:40] S3: ServiceNow describes itself as an AI control tower for business reinvention, connecting people, systems, data, and AI so work flows more smoothly across an organization. [00:17:51] S2: The platform integrates with different clouds, models, and data sources, bringing them together in one place to help your team. [00:17:58] S3: To learn more about how ServiceNow puts AI to work for people, visit servicenow.com.
00:17:58 · Katie Prescott, S0, S5
[00:17:58] S3: To learn more about how ServiceNow puts AI to work for people, visit servicenow.com. [00:18:07] S0: This episode is brought to you by Capital One. Capital One's tech team isn't just talking about multi agentic AI. They already deployed one. It's called Chat Concierge, and it's simplifying car shopping. Using self reflection and layered reasoning with live API checks, it doesn't just help buyers find a car they love. It helps schedule a test drive, get preapproved for financing, and estimate trade in value. Advanced, intuitive, and deployed. That's how they stack. That's technology at Capital One. [00:18:36] S5: What if your at home manicure could last up to twenty one days and you don't need to cure it with a lamp? Hi. I'm Sarah Gibson Huddle, founder of Olive and June, and that is exactly why we created our new dip powder system. You get a strong, salon quality dip mani with up to twenty one days of wear right at home. No lamp and no salon appointment required. Our five step method makes dip approachable and easy to do yourself. And when you're ready for your next mani, it soaks off in minutes with acetone. Salon quality dip from the comfort of your couch while watching your favorite TV show. Starting October 22, dip is officially coming home. Visit oliveandjune.com/perfectmani 20 for 20% off your first oliveandjune.com/perfectmannie20 for 20% off your first system.
00:18:36 · S5, Katie Prescott, Danny Fortson
[00:18:36] S5: What if your at home manicure could last up to twenty one days and you don't need to cure it with a lamp? Hi. I'm Sarah Gibson Huddle, founder of Olive and June, and that is exactly why we created our new dip powder system. You get a strong, salon quality dip mani with up to twenty one days of wear right at home. No lamp and no salon appointment required. Our five step method makes dip approachable and easy to do yourself. And when you're ready for your next mani, it soaks off in minutes with acetone. Salon quality dip from the comfort of your couch while watching your favorite TV show. Starting October 22, dip is officially coming home. Visit oliveandjune.com/perfectmani 20 for 20% off your first oliveandjune.com/perfectmannie20 for 20% off your first system. [00:19:32] S3: So let's go back to Anthropic's IPO document and the risks highlighted in the prospectus, which I think you can sum up broadly as compute, competition, the destruction of humanity, the subsequent reputational issues with that, the fact, as we've discussed before, that there's loads of litigation, and that no insurer, not even all the insurers in the world put together, could cover a potential catastrophic AI attack. [00:19:58] S2: I think reputational damage is the funniest. You're like, if our tools are used in a mass casualty event, this might adversely affect our reputation as a corporation, and therefore our share price. It's like, no kidding.