Adam and Adir unpack Anthropic’s unusual approach to profitability, the extraordinary valuation being floated for Firmus and what could eventually unwind the economics of the AI boom. They also dig into Australia’s founder tax changes, Breakthrough Victoria and the National Reconstruction Fund, before turning to Xero’s executive pay fight, US strategy and brutal share-price decline.
00:00 - Adir's Gaming Sesh
12:31 - The US Open and The Focus of Winners
16:09 - Victoria’s Pothole Crisis
22:46 - Anthropic’s Economics and The AI Bubble
38:03 - Firmus and The $50bn Valuation
44:36 - Australia’s Founder Tax Changes
1:02:29 - Breakthrough Victoria and The National Reconstruction Fund
1:14:11 - Xero’s Pay Revolt and Strategy Problem
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