CoreWeave Crash, AI Trade Cracks, Anthropic IPO Red Flags, Bill Gates Doomer

Ben Horowitz fills in for David Friedberg as the Besties react to a dramatic selloff in AI infrastructure debt, led by CoreWeave's bonds hitting a 15% yield and triggering concerns that the AI capex bubble is popping. They explore AI's deflationary potential through decompiled software, then turn to Anthropic: mixed signals from its investor day, a $16.8 billion quarterly revenue figure that raises red flags, and a new security warning about self-replicating models on IoT devices. The episode closes with a discussion of Bill Gates' recent doomer takes.