Anthropic Opens the Kimono, Bubble Questions and Frontier Costs, Q&A on Meta, Starlink, Brewers

Ben Thompson and Andrew Sharp open with a salute to the World Series champion Milwaukee Brewers before diving into Anthropic's S-1 filing ahead of its November IPO. They discuss Anthropic's impressive margins, a reported $80 billion loss in 2026, and an SEC disclosure that breaks down training versus inference costs. The episode also covers reactions to Craig Moffett's AI bubble questions, Meta's AI spending as an echo of Anthropic's S-1, 1Password history, and Muse as a founder bet. An emailer question about Elon's role in the Ukraine War closes the episode along with Ben's thoughts on seeing You Can See Everything.