Oct 27, 2026 · 1h 0m
Anthropic’s filing tests the durability of the AI trade
Dirty Dozen Charts, Anthropic’s S-1, Amazon Earnings Preview, Cost of Capital Hits AI
Anthropic’s rapid growth and heavy capital needs offer a clearer test of whether AI enthusiasm can translate into durable economics.
- 1Anthropic’s filing shows rapid revenue growth, broad customer adoption, declining losses, and significant commitments to future spending.
- 2Falling interest rates briefly revived AI stocks, but financing costs, dilution, and infrastructure demands continue to challenge the trade.
- 3Amazon’s earnings setup, a broader stock screen, and cautious views on Robinhood shift the discussion beyond headline AI names.
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The hosts debate whether Anthropic’s S-1 validates the AI business or exposes an industry still dependent on enormous future capital spending.
The brief
Josh Brown and Michael Batnick open with Anthropic’s S-1, finding evidence of rapid growth, broad customer adoption, declining losses, and a business larger than its skeptics assume.
The central tension is AI’s long-term economics: usage is surging while token prices fall, competitors cut prices, and infrastructure may eventually need to be built in-house.
Anthropic’s filing gives AI stocks a needed catalyst, but the hosts connect the trade’s volatility to interest rates, capital costs, dilution, and investor psychology.
The conversation broadens to Amazon’s earnings setup, Robinhood’s crypto dependence, and a Dirty Dozen screen spanning refiners, Microsoft, healthcare, and cybersecurity.
The standout contrast comes with Sphere Entertainment: its entertainment assets and expansion plans support a bullish case, even as financing uncertainty keeps the risk visible.
What was said on this episode
21 statements · 15 positive · 2 negative · 1 mixed · 3 neutral
Anthropic appears to have a real business with broad customer demand.
“a lot of the, this is not a real business, all the customers are tapped, like it's only coming from three buyers, like all of that sort of bullshit, no, look pretty good.”
Listen at 4:45
Anthropic’s planned public-market raise will increase from $100 billion to $120 billion.
“I bet you that 100 goes to 120.”
Listen at 11:02
Anthropic’s IPO is likely to perform well.
“I just, I feel like this is going to go well.”
Listen at 11:35
Anthropic could reach an $8 trillion market capitalization within five years.
“five years later, it's whatever. The market cap is $8 trillion.”
Listen at 14:43
LLM moats may not survive aggressive competitor price cuts.
“do any of these LLMs have a moat that could survive aggressive competitors cutting prices?”
Listen at 14:56
Anthropic could acquire CoreWeave to obtain computing infrastructure.
“what if they just decide we're going to buy CoreWeave? Might be interesting.”
Listen at 17:32
AI-related stocks may present renewed opportunities after recent declines.
“all of a sudden, ooh, it might be opportunity again.”
Listen at 19:46
Crypto activity is Robinhood’s most important business driver.
“crypto is the thing.”
Listen at 23:55
Amazon trades at 16.6 times trailing cash flow, below Microsoft and Alphabet.
“Amazon is in baby blue. It is now selling at a multiple. This is trailing 12 months. 16.6 times.”
Listen at 26:04
Amazon’s capital-intensive business deserves less valuation discount than investors assign.
“I think that's a bullshit discount. I think it's an underappreciated stock”
Listen at 27:00
Amazon could reach $275 per share if AWS growth outpaces spending.
“this could be a $275 stock.”
Listen at 30:28
Phillips 66, Valero, and Marathon were the top three energy stocks in 2026.
“these are the numbers one, two, and three best performing energy stocks of 2026.”
Listen at 45:06
Expeditors International benefits from customs disruption and tariffs.
“Expeditors International does really well when there's a lot of customs-related confusion and tariffs and trade bullshit.”
Listen at 48:16
IQVIA may possess the world’s most important proprietary pharmaceutical data library.
“They might have the most important proprietary pharma data library on the planet.”
Listen at 49:52
IQVIA stock will fill its July price gap at $213 within six months.
“This will fill the gap, the July gap at 213 over the next six months. Take it to the bank.”
Listen at 50:00
Sphere Entertainment is currently unprofitable.
“Sphere is losing money.”
Listen at 52:34
Sphere Entertainment stock offers a speculative opportunity after its decline.
“I think you could take a stab here. And if it rolls over, it rolls over. So this is a very tepid make-the-case.”
Listen at 53:36
Sphere Entertainment plans to build another venue in Maryland.
“they're going to build another one of these in the state of Maryland”
Listen at 54:09
Robinhood has favorable long-term business prospects.
“I do think they have a bright future.”
Listen at 57:27
Robinhood’s business is currently in strong condition.
“I think Robinhood's business is in great shape.”
Listen at 57:37
Robinhood customers are unlikely to leave for Schwab.
“They're not going anywhere. They're not going to Schwab all of a sudden.”
Listen at 57:51
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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