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Shownotes
<p>Uptober came and went. Marty and Baron break down Anthropic's S-1, why hyperscalers are now free cash flow negative, the $6.3 billion Binance hack, and why Bitcoin's simplicity keeps looking like a feature.</p>
<p>🔗 <a href="bitcoinproducts.com">https://bitcoinpr…;
<p>In this episode:</p>
<ul>
<li>What Anthropic's S-1 does and doesn't tell us about the bull and bear cases</li>
<li>Where the compute goes: training vs. serving customers</li>
<li>Junk rating talk and the cost of capital for the AI build out</li>
<li>Microsoft job cuts and the search for real AI ROI</li>
<li>Red October, Intel's worst day since 1974, and hedge fund de-grossing</li>
<li>Big Tech free cash flow turning negative and the debt to GDP reckoning</li>
<li>Lula's win in Brazil and what it means for the Donroe Doctrine</li>
<li>The Binance hack and why Bitcoin's small attack surface wins</li>
</ul>
<p>TIMESTAMPS: </p>
<p>00:00:00 - Red October that wasn't </p>
<p>00:00:35 - Anthropic S-1 gradually then suddenly </p>
<p>00:02:39 - Enterprise customers and revenue retention </p>
<p>00:05:50 - Amended S-1 and the $895 billion in commitments </p>
<p>00:07:45 - What is all that training compute for </p>
<p>00:12:17 - Labs competing with their own customers </p>
<p>00:16:36 - Anthropic's likely junk credit rating </p>
<p>00:18:23 - Where's the ROI </p>
<p>00:19:39 - Microsoft cuts roughly 60,000 jobs </p>
<p>00:20:58 - Intel's crash and record hedge fund selling </p>
<p>00:23:30 - Hyperscalers go free cash flow negative </p>
<p>00:26:56 - Public debt tops 100% of GDP </p>
<p>00:27:43 - Meta ads vs. Google search </p>
<p>00:29:27 - Lula wins in Brazil </p>
<p>00:32:11 - Binance hack and Bitcoin below $77K </p>
<p>00:35:54 - Bitcoin is worse is better </p>
<p>00:38:12 - AI models find only two minor Bitcoin Core bugs</p>
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