In the Loop AI

In the space of a week, three of the richest men in the world called the top of the AI trade. Elon Musk says debt markets have shut for anyone without real revenue outside AI data centers and that 200+ neoclouds face "guppy-level death." Citadel's Ken Griffin says there are "almost certainly bubbles." Chamath Palihapitiya says most AI spending is subsidized by venture capital. CoreWeave, Nebius and IREN are down more than 30% in a month. But each of them has a reason to say it, so Ejaaz digs into what's true, what's talking their book, and what investors should actually worry about.

We also cover GPUs collecting dust in Amazon's warehouses, the 11th-hour bank talks behind Anthropic's record debt deal, why data centers take so long to switch on, and the bull case hiding in Anthropic's S-1.

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Timestamps
00:00 Three Billionaires Call the Top
01:43 Chamath's Neocloud Warning
02:18 Elon Piles On
03:29 Where the AI Money Comes From
04:37 Neoclouds Take the Hit
05:29 GPUs Collecting Dust
07:20 Testing Chamath's Claims
10:17 The Debt Window Closes
14:10 Why Data Centers Take So Long
15:47 Where Elon Is Right
18:03 Where He's Talking His Book
19:40 The Bull Case
20:26 Final Thoughts

#ai #elonmusk #spacex #aibubble #stockmarket

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Anthropic just filed its S-1 ahead of what could be the biggest IPO in history, and the whole market has been waiting on it. Chip stocks fell eight sessions in a row, the headline number is an $80.7 billion loss, and everyone wants to know: is Anthropic actually making money, and are we in an AI bubble? Ejaaz came in skeptical and went through the filing. It's not what it looks like.

We break down revenue that went from $41 million in 2023 to $16.3 billion in the first half of 2026, why Anthropic now makes about $2 for every $1 it spends on compute, 900% net revenue retention, Claude Cowork outpacing Claude Code, the $120.5 billion going to SpaceX for GPUs, $132 billion in cash and short-term investments, and why $72.4 billion of that loss is an accounting charge, not cash out the door.

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Timestamps
00:00 The IPO Everything Hangs On
01:14 They're Crushing It
02:12 Revenue Finally Beats Compute
03:11 Who Pays Anthropic
05:11 900% Net Revenue Retention
06:53 Where the Money Comes From
08:45 Claude Cowork's Surprise
11:24 Anthropic's Big Predictions
13:56 The Bear Case
14:10 Half a Trillion in Compute
15:35 Elon's GPU Toll Booth
17:26 $132 Billion in the Bank
19:32 The $80 Billion Paper Loss
20:25 Final Thoughts
23:15 The Roko's Basilisk Meme

#anthropic #ipo #claude #ai #aibubble

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Anthropic finally has its answer to Meta Muse, OpenAI Dots and Grok Bot. Claude Duet is a 24/7 personal agent that works on its own computer in the cloud, carries over your Claude memory and connected apps, and comes to you with what needs your attention. Ejaaz has had early access for 48 hours: he maps a five-mile walk through streets he's never walked, prices a Shadowless Charizard with live eBay listings, and shows the Tasks tab it fills overnight. Then how it compares, what it costs, and whether you can trust it.

We also cover the money behind the agent race: OpenAI's $30 billion round, DeepSeek's $15 billion raise, Meta's first negative free cash flow quarter since 2012, and why 2027 capex is shaping up to be enormous.

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Timestamps
00:00 Claude Duet Is Finally Here
01:36 What Duet Actually Is
04:13 Demo: A Walk Through Manhattan
07:01 Demo: Pricing a Shadowless Charizard
07:49 It Reads Your Mind
09:08 The Tasks Tab
10:22 Duet vs Grok Bot, Dots and Muse
11:39 What It Costs
13:18 Can You Trust It?
14:29 The New Way to Use the Internet
19:05 OpenAI and DeepSeek Raise Billions
21:32 Meta Goes Cash-Flow Negative
22:49 The AI Capex Bet
24:17 Final Thoughts

#ai #claude #anthropic #aiagents #claudeduet

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In the last 48 hours, AI attacks have gone from one-off incidents to something much bigger. Major U.S. banks are detecting unauthorized AI agents inside customer accounts, and they can't tell them apart from humans. At the same time, two critical bugs in PHP, the language behind an estimated 70% of websites, leaked before the patch was out, and the NSA, the FBI and Japan's prime minister told organizations to take their systems offline. Ejaaz breaks down what's happening, how the PHP flaw was found by AI and kept secret for months, the hacking group that used Claude and Grok agents against more than 400 Latin American financial targets, and why open-source models are the ones fighting back.

Then the bigger questions: who is behind it, why AI agents are so hard to trace, and the steps you can take today to protect yourself.

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Timestamps
00:00 All Hell Breaks Loose
01:58 The Worst 48 Hours in Cybersecurity
04:01 A Global Attack With No Source
04:59 AI Agents Inside U.S. Bank Accounts
06:20 Banks Can't Tell Humans From Agents
08:10 The Warning From the AI Labs
09:22 PHP2Shell: 70% of Websites
10:06 How AI Found the Bug
11:47 The Leak
12:27 Millions of Attacks
13:27 Open Models Fight Back
14:24 Claude and Grok Agents Hit the Banks
15:33 Governments Pull the Plug
16:45 How to Protect Yourself
18:12 Final Thoughts
18:44 Why This Is a Good Thing
19:47 AI Fighting AI
21:37 Why Can't We Trace AI Agents?

#ai #cybersecurity #aiagents #banks #php

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Four months ago, half of Wall Street wrote off SpaceX's record IPO as massively overvalued. Last night it reported $14.6 billion in revenue in a single quarter and the first profit in its history. The surprise is where the money came from: AI. SpaceX has become the number one neocloud, renting compute to Anthropic and Google for billions of dollars a month, and its AI business now out-earns Starlink. Ejaaz breaks down the xAI pivot, how Elon brings 200,000 GPUs online a month, the power bottleneck, and Elon's projection of a $500 billion to $1 trillion annual run rate in 2027.

Then the bigger picture: the SpaceX and Tesla merger committees, Starlink and StarMind, where Tesla's cars and Optimus robots fit, TeraFab's plan to build the biggest chip plant on Earth, and what could still go wrong.

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Timestamps
00:00 Wall Street Wrote Off SpaceX
01:34 The IPO Hangover
02:10 The xAI Pivot
03:14 The $14.6B Quarter
04:42 How SpaceX Became the #1 Neocloud
06:26 200,000 GPUs a Month
07:14 The Power Bottleneck
08:58 Too Much Demand
10:12 Short-Term Leases at a Premium
10:59 The Red Flags
11:56 Tread Carefully: Share Unlocks
12:36 The Tesla Merger
13:53 Starlink and StarMind
17:04 Where Tesla Fits
19:41 TeraFab and the Chip Problem
21:03 What Could Go Wrong
23:37 Final Thoughts

#spacex #elonmusk #tesla #ai #stockmarket

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One chart and one five-letter reply ("Yikes") sent AI stocks into their longest losing streak since 2008, with CoreWeave's bond yield touching 15% and roughly $1.6 trillion knocked off chip stocks. Ejaaz breaks down what actually happened: how neoclouds like CoreWeave borrow to build data centers, why the market got spooked, and whether credit default swaps are really pricing a coin flip.

Then the bear and bull case: debt coming due, customer concentration and the "bank of Nvidia" on one side; demand sold out past 2028, rising GPU rents and a power bottleneck that slows the build-out on the other. It looks like 2008. Here's why it isn't.

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Timestamps

00:00 One Chart Crashed AI Stocks
01:22 What Is a Neocloud?
02:34 Chamath's Chart
03:30 Elon Says "Yikes"
04:40 The $600B Cash Burn
05:50 What Just Happened?
06:16 CoreWeave, the Landlord
08:13 A Coin Flip on Default
10:16 Did the Market Overreact?
10:51 Every Deal in Its Own Box
12:34 The Bank of Nvidia
13:10 Why This Isn't 2008
13:49 Neoclouds Push Back
15:36 The Bear Case
18:13 The Bull Case
21:02 Final Thoughts

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Anthropic just pledged 5% of its shares to a new Public Benefit Fund, and with its founders' and employees' earlier pledges, roughly 20% of the company is now committed to "the public good." The fund could make "direct distributions to specific populations," and the reason why is more unsettling than the gift: Anthropic expects AI to disrupt a lot of jobs.

Today we break down what UBI actually is, how Sam Altman, Dario Amodei and OpenAI got here, how Anthropic's fund works, why David Sacks, Palmer Luckey and Travis Kalanick are skeptical, Elon's plan to give every American kid a SpaceX share, and what a world on AI money could look like.

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Timestamps

00:00 Anthropic Gave Away 5%
1:50 What UBI Actually Is
2:22 Altman's Equity Fund
3:22 Dario's Jobs Warning
4:10 How Anthropic's Fund Works
8:40 The Backlash
11:53 Keep the Money?
12:28 Elon's Counteroffer
16:49 Nobody Knows Where This Ends
19:33 Universal High Income
22:09 Final Thoughts

#anthropic #ubi #ai #elonmusk #claude

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Tesla finally unveiled the new Roadster, and it drove upside down on a ramp, flipped through the air and landed using SpaceX-developed thrusters. It's also the clearest look yet at what a Tesla–SpaceX merger could build, and Barclays says that merger could be announced before December.

Today we break down the three tricks behind the flying Roadster, why Elon is really building it, and the rest of the week in AI: Anthropic's slowing growth ahead of its IPO, Meta open-sourcing Muse Spark, and Google's Gemini 4 Argon.

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Timestamps

0:00 Tesla's Flying Roadster
1:19 Watching the Flip
2:12 Trick 1: Fan Suction
3:30 Trick 2: SpaceX Thrusters
6:04 Trick 3: Track Mode Wings
8:01 Price and Trims
8:40 The Real Reason: A Merger
10:35 How the Deal Could Work
11:07 The Critics vs. Elon
12:58 Anthropic's IPO Slowdown
16:10 AI That Improves Itself
17:49 Meta's Open-Source Comeback
21:12 Google's Gemini 4 Argon
24:12 Final Thoughts

#tesla #spacex #elonmusk #roadster #ai

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OpenAI’s own AI helped catch a spy inside its headquarters. An employee allegedly hid a $24 recording device behind a TV in an executive conference room, and the AI tools he used to plan it became the trail that led the FBI to him.

Today we break down how the device was found, how an internal agent and a chatbot allegedly helped build the plan, the charge he faces, and why the frontier labs are turning into national security sites.

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Timestamps

0:00 ChatGPT Catches a Spy
1:21 The Bug Behind the TV
2:51 OpenAI’s Model Investigates
5:34 Who Planted It
6:10 Planning With AI
9:04 Caught on Camera
10:13 How AI Cracked the Case
12:20 Your Digital Footprint
13:26 The Charge and the Sentence
14:15 AI as National Security
16:32 Will Washington Step In?
18:33 OpenAI vs. Apple
19:08 Final Thoughts

#openai #chatgpt #ai #cybersecurity #fbi #nationalsecurity

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Meta’s new AI model Wonder marks a massive move for Meta into the AI race against Anthropic and OpenAI. 

Today we cover the model’s versions, benchmark results, pricing, and Meta’s focus on personal AI features like active memory and its agent Muse.

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0:00 Meta’s AI Comeback
1:29 Muse Wonder Unveiled
2:29 Benchmark Breakthroughs
5:54 Memory and Focus
10:07 Pricing and Access
11:58 From Failure to Force
14:39 Meta’s Strategy Shift
17:52 Product DNA Advantage
19:06 OpenAI, Anthropic, Google
20:31 The Compute Arms Race
21:51 Final Thoughts and Outro

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