WEBVTT

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<v Cassidy>Anthropic <00:00:00.528>just <00:00:00.777>became <00:00:01.168>more <00:00:01.392>than <00:00:01.600>a <00:00:01.720>model <00:00:01.990>company — <00:00:03.060>and <00:00:03.177>nobody <00:00:03.552>sent <00:00:03.700>out <00:00:03.840>a <00:00:03.954>safety <00:00:04.227>paper <00:00:04.587>to <00:00:04.684>announce <00:00:05.120>it.

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<v Cassidy>This <00:00:06.462>is <00:00:06.609>the <00:00:06.862>AI <00:00:07.196>Daily <00:00:07.582>Briefing.

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<v Cassidy>Today: <00:00:09.469>a <00:00:09.729>$1.5 <00:00:10.499>billion <00:00:11.182>services <00:00:11.689>firm

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<v Cassidy>a <00:00:12.689>Finnish <00:00:13.038>campus <00:00:13.506>leased <00:00:13.895>before <00:00:14.196>it <00:00:14.269>was <00:00:14.393>announced

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<v Cassidy>and <00:00:15.569>a <00:00:15.679>startup <00:00:16.185>that <00:00:16.306>raised <00:00:16.729>$60 <00:00:17.149>million <00:00:17.889>because <00:00:18.302>AI <00:00:18.638>agents <00:00:19.102>broke <00:00:19.413>enterprise <00:00:19.920>identity.

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<v Cassidy>The <00:00:21.422>stack's <00:00:21.799>getting <00:00:22.073>denser — <00:00:23.009>let's <00:00:23.249>start <00:00:23.481>with <00:00:23.729>Ode.

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<v Bill>If <00:00:24.782>today's <00:00:25.193>show <00:00:25.509>was <00:00:25.758>useful, <00:00:26.626>follow <00:00:27.049>us <00:00:27.253>wherever <00:00:27.649>you're <00:00:27.897>listening — <00:00:28.989>the <00:00:29.113>next <00:00:29.449>one <00:00:29.737>will <00:00:30.009>be <00:00:30.249>waiting.

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<v Cassidy>The <00:00:31.561>Next <00:00:31.813>Web <00:00:32.050>writes:

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<v Quote>AI <00:00:33.854>drug <00:00:34.118>discovery <00:00:34.814>just <00:00:35.054>minted <00:00:35.446>another <00:00:35.822>fast-rising <00:00:36.686>star.

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<v Quote>Chai <00:00:38.022>Discovery <00:00:38.566>has <00:00:38.732>raised <00:00:39.086>a <00:00:39.206>$400m <00:00:40.400>Series <00:00:41.006>C <00:00:41.246>that <00:00:41.635>values <00:00:42.066>the <00:00:42.186>San <00:00:42.422>Francisco <00:00:42.976>startup <00:00:43.379>at <00:00:43.526>$3.8bn, <00:00:45.426>the <00:00:45.526>company <00:00:45.870>said.

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<v Quote>That <00:00:46.899>is <00:00:47.063>nearly <00:00:47.463>triple <00:00:47.826>the <00:00:47.926>$1.3bn <00:00:49.513>it <00:00:49.626>was <00:00:49.859>worth <00:00:50.193>seven <00:00:50.560>months <00:00:50.846>ago.

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<v Bill>Chai <00:00:52.108>tripled <00:00:52.659>its <00:00:52.911>valuation <00:00:53.746>to <00:00:54.159>$3.8 <00:00:55.219>billion <00:00:56.332>in <00:00:56.679>seven <00:00:57.182>months — <00:00:58.379>but <00:00:58.471>here's <00:00:58.719>why <00:00:58.879>I'm <00:00:59.059>not <00:00:59.273>giving <00:00:59.532>it <00:00:59.679>the <00:00:59.847>same <00:01:00.135>side-eye <00:01:00.919>I <00:01:01.063>keep <00:01:01.379>for <00:01:01.659>pre-revenue

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<v Bill>infra: <00:01:03.495>this <00:01:04.266>raise <00:01:04.652>is <00:01:04.812>under <00:01:05.199>$500 <00:01:06.169>million

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<v Bill>and <00:01:07.735>OpenAI <00:01:08.639>and <00:01:08.839>Thrive <00:01:09.751>both <00:01:10.263>came <00:01:10.567>back <00:01:10.839>in <00:01:11.059>for <00:01:11.319>more.

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<v Bill>That's <00:01:12.559>a <00:01:12.655>different <00:01:13.223>risk <00:01:13.541>category <00:01:14.071>than <00:01:14.219>the <00:01:14.346>crowd <00:01:14.759>I <00:01:14.889>usually <00:01:15.367>flag.

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<v Cassidy>And <00:01:16.619>the <00:01:16.719>pitch <00:01:16.983>goes <00:01:17.319>beyond <00:01:18.039>'we <00:01:18.485>screen <00:01:18.815>molecules <00:01:19.399>faster.'

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<v Cassidy>They're <00:01:20.826>using <00:01:21.212>generative <00:01:21.776>models <00:01:22.172>to <00:01:22.325>design <00:01:22.659>new <00:01:22.904>antibodies <00:01:23.579>and <00:01:23.701>proteins <00:01:24.231>from <00:01:24.429>scratch, <00:01:25.466>tuned <00:01:25.879>to <00:01:26.079>a <00:01:26.176>target.

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<v Cassidy>The <00:01:27.541>founders <00:01:28.055>come <00:01:28.159>out <00:01:28.306>of <00:01:28.439>OpenAI, <00:01:29.607>Meta's <00:01:29.932>FAIR <00:01:30.299>lab, <00:01:30.939>and <00:01:31.068>Stripe.

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<v Bill>Right, <00:01:32.939>and <00:01:33.039>the <00:01:33.223>line <00:01:33.519>I'm <00:01:33.689>chewing <00:01:34.146>on <00:01:34.572>is <00:01:35.159>'AI <00:01:35.799>drug <00:01:36.175>discovery <00:01:36.739>has <00:01:36.986>moved <00:01:37.367>from <00:01:37.639>promise <00:01:38.306>to <00:01:38.592>deployment.'

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<v Bill>In <00:01:40.786>biotech, <00:01:41.537>deployment <00:01:42.186>means <00:01:42.599>a <00:01:42.768>molecule <00:01:43.559>in <00:01:43.759>a <00:01:43.879>human <00:01:44.372>trial.

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<v Bill>Not <00:01:45.759>a <00:01:45.833>better <00:01:46.089>docking <00:01:46.506>score <00:01:46.866>on <00:01:46.959>a <00:01:47.071>benchmark.

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<v Bill>So <00:01:48.639>whose <00:01:48.892>language <00:01:49.399>is <00:01:49.623>that — <00:01:50.252>Chai's, <00:01:51.159>or <00:01:51.439>a <00:01:51.630>reviewer's?

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<v Cassidy>Here, <00:01:53.463>Bill, <00:01:53.659>the <00:01:53.770>constraint <00:01:54.332>is <00:01:54.529>biology: <00:01:55.749>whether <00:01:55.979>the <00:01:56.092>model <00:01:56.409>touches <00:01:56.791>something <00:01:57.111>that <00:01:57.292>actually <00:01:57.799>exists <00:01:58.306>in <00:01:58.379>the <00:01:58.551>body.

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<v Cassidy>Index <00:02:00.379>led, <00:02:00.967>with <00:02:01.239>Bain, <00:02:01.719>Battery, <00:02:02.379>and <00:02:02.492>Baillie <00:02:02.799>Gifford <00:02:03.159>piling <00:02:03.639>in — <00:02:04.551>that's <00:02:04.799>a <00:02:04.879>lot <00:02:05.026>of <00:02:05.129>capital <00:02:05.519>betting <00:02:05.819>the <00:02:05.925>answer <00:02:06.252>is <00:02:06.479>yes.

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<v Cassidy>TechCircle's <00:02:08.519>Shraddha <00:02:08.932>Goled <00:02:09.492>is <00:02:09.643>tracking <00:02:10.079>this.

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<v Cassidy>AWS <00:02:11.791>just <00:02:11.979>put <00:02:12.199>$21 <00:02:12.819>billion <00:02:13.565>behind <00:02:13.906>India <00:02:14.269>through <00:02:14.639>2030, <00:02:15.695>with <00:02:15.823>Hyderabad <00:02:16.452>as <00:02:16.599>the <00:02:16.765>anchor <00:02:17.108>region.

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<v Cassidy>It <00:02:18.292>lands <00:02:18.599>the <00:02:18.767>same <00:02:19.007>week <00:02:19.259>New <00:02:19.487>York <00:02:19.726>effectively <00:02:20.296>closed <00:02:20.679>its <00:02:20.927>door — <00:02:21.799>a <00:02:21.873>pretty <00:02:22.119>clean <00:02:22.376>signal <00:02:22.751>that <00:02:22.936>demand <00:02:23.306>is <00:02:23.403>shifting <00:02:23.786>to <00:02:23.919>Hyderabad.

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<v Bill>Right <00:02:25.559>and <00:02:25.711>this <00:02:25.892>is <00:02:26.039>the <00:02:26.207>kind <00:02:26.426>of <00:02:26.579>capex <00:02:27.165>number <00:02:27.471>that <00:02:27.652>doesn't <00:02:28.047>make <00:02:28.266>me <00:02:28.399>nervous — <00:02:29.639>a <00:02:29.759>hyperscaler <00:02:30.687>with <00:02:30.975>real <00:02:31.439>cloud <00:02:31.899>revenue <00:02:32.370>committing <00:02:32.919>through <00:02:33.359>2030

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<v Bill>instead <00:02:35.066>of <00:02:35.159>a <00:02:35.279>pre-revenue <00:02:36.066>infra <00:02:36.479>shop <00:02:36.879>raising <00:02:37.466>on <00:02:37.559>a <00:02:37.679>deck.

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<v Cassidy>Put <00:02:38.927>that <00:02:39.151>next <00:02:39.332>to <00:02:39.455>what's <00:02:39.633>coming <00:02:39.879>out <00:02:40.026>of <00:02:40.113>Europe <00:02:40.372>today

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<v Cassidy>and <00:02:40.819>you've <00:02:40.999>got <00:02:41.199>two <00:02:41.503>data <00:02:41.805>points <00:02:42.106>on <00:02:42.179>the <00:02:42.303>same <00:02:42.679>map — <00:02:43.581>capacity <00:02:44.129>chasing <00:02:44.519>whichever <00:02:44.935>geography <00:02:45.503>says <00:02:45.859>yes.

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<v Bill>Yeah, <00:02:47.085>though <00:02:47.639>$21 <00:02:48.419>billion <00:02:49.151>over <00:02:49.359>five <00:02:49.746>years <00:02:50.119>for <00:02:50.459>AWS <00:02:51.332>is <00:02:51.805>almost <00:02:52.119>a <00:02:52.221>rounding <00:02:52.786>error <00:02:53.199>on <00:02:53.386>their <00:02:53.599>run <00:02:53.903>rate.

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<v Bill>The <00:02:55.256>signal <00:02:55.706>is <00:02:55.946>where <00:02:56.127>they <00:02:56.389>planted <00:02:56.932>it: <00:02:57.679>Hyderabad.

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<v Cassidy>Here's <00:02:59.535>Amber <00:02:59.795>Jackson <00:03:00.242>at <00:03:00.366>Capacity:

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<v Quote>Pure <00:03:01.884>Data <00:03:02.188>Centres <00:03:02.593>Group <00:03:03.020>(Pure <00:03:03.607>DC) <00:03:04.420>has <00:03:04.584>launched <00:03:04.960>one <00:03:05.073>of <00:03:05.214>Europe’s <00:03:05.570>largest <00:03:06.193>AI <00:03:06.508>infrastructure <00:03:07.242>projects <00:03:07.767>in <00:03:07.900>Finland <00:03:08.560>and <00:03:08.880>the <00:03:09.000>largest-ever <00:03:09.820>by <00:03:10.020>a <00:03:10.220>UK

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<v Quote>company. <00:03:11.260>Designated <00:03:12.700>SJK01

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<v Quote>Capacity <00:03:14.842>Magazine’s <00:03:15.484>data <00:03:15.797>centre <00:03:16.167>of <00:03:16.240>the <00:03:16.353>month <00:03:16.640>for <00:03:16.780>June <00:03:17.132>this <00:03:17.324>year

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<v Quote>the <00:03:18.268>full <00:03:18.529>campus <00:03:19.020>is <00:03:19.220>set <00:03:19.386>within <00:03:19.820>370 <00:03:20.967>acres <00:03:21.580>and <00:03:21.882>targeted <00:03:22.433>to <00:03:22.590>support <00:03:23.004>over <00:03:23.420>550MW <00:03:25.073>of <00:03:25.340>IT <00:03:25.731>capacity <00:03:26.380>for <00:03:26.684>mass-scale <00:03:27.420>AI <00:03:27.800>and <00:03:28.030>machine <00:03:28.424>learning <00:03:28.828>workloads.

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<v Bill>Phase <00:03:30.406>1 <00:03:30.746>was <00:03:31.126>fully <00:03:31.595>leased <00:03:32.086>before <00:03:32.646>Pure <00:03:33.206>DC <00:03:33.798>even <00:03:34.306>put <00:03:34.546>out <00:03:34.746>the <00:03:34.859>press <00:03:35.186>release.

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<v Bill>That's <00:03:36.506>the <00:03:36.612>number <00:03:36.918>that <00:03:37.096>matters — <00:03:38.086>1.5 <00:03:39.126>billion <00:03:39.793>euros, <00:03:40.966>110 <00:03:41.906>megawatts, <00:03:42.706>and <00:03:43.195>spoken <00:03:43.706>for <00:03:44.063>before <00:03:44.509>anyone <00:03:45.195>breaks <00:03:45.697>ground.

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<v Cassidy>Right, <00:03:47.406>and <00:03:47.558>that <00:03:47.750>ties <00:03:48.054>back <00:03:48.273>to <00:03:48.366>the <00:03:48.666>AWS <00:03:49.259>India <00:03:49.562>commitment <00:03:49.953>we <00:03:50.070>just <00:03:50.386>hit — <00:03:51.146>the <00:03:51.263>demand <00:03:51.626>New <00:03:51.734>York <00:03:51.960>turned <00:03:52.230>away <00:03:52.539>is <00:03:52.686>showing <00:03:52.993>up <00:03:53.086>somewhere <00:03:53.526>else.

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<v Cassidy>Seinäjoki, <00:03:55.670>Hyderabad.

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<v Cassidy>Same <00:03:57.146>map, <00:03:57.718>different <00:03:58.102>pins.

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<v Bill>See, <00:03:59.718>this <00:03:59.899>is <00:04:00.046>the <00:04:00.266>capex <00:04:00.966>story <00:04:01.486>I <00:04:01.686>don't <00:04:02.086>lose <00:04:02.473>sleep <00:04:02.886>over.

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<v Bill>Lease <00:04:04.353>it <00:04:04.499>first, <00:04:05.414>then <00:04:05.686>build.

46
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<v Bill>Compare <00:04:07.158>that <00:04:07.318>with <00:04:07.486>the <00:04:07.699>infra <00:04:08.273>crowd <00:04:08.906>raising <00:04:09.670>half <00:04:10.006>a <00:04:10.146>billion <00:04:10.673>on <00:04:10.926>a <00:04:11.022>rendering <00:04:11.626>and <00:04:11.966>a <00:04:12.118>vibe.

47
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<v Cassidy>7.5 <00:04:14.296>billion <00:04:14.713>euros <00:04:15.086>for <00:04:15.226>the <00:04:15.334>full <00:04:15.606>build, <00:04:16.406>550 <00:04:17.246>megawatts, <00:04:18.646>370 <00:04:19.233>acres.

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<v Cassidy>And <00:04:20.506>the <00:04:20.593>thing <00:04:20.758>that <00:04:20.913>makes <00:04:21.099>it <00:04:21.270>real <00:04:21.579>is <00:04:21.706>the <00:04:21.835>boring <00:04:22.326>word <00:04:22.766>'leased,' <00:04:23.806>not <00:04:23.966>the <00:04:24.126>gigawatt <00:04:24.635>figure.

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<v Bill>I <00:04:25.718>want <00:04:25.873>to <00:04:25.958>know <00:04:26.166>who <00:04:26.486>signed <00:04:27.019>those <00:04:27.353>Phase <00:04:27.846>1 <00:04:28.177>leases.

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<v Bill>Fully <00:04:29.915>leased <00:04:30.379>at <00:04:30.566>110 <00:04:31.426>megawatts <00:04:32.139>means <00:04:32.486>one <00:04:32.753>or <00:04:32.906>two <00:04:33.286>very <00:04:33.686>large <00:04:34.146>tenants, <00:04:35.226>and <00:04:35.334>that <00:04:35.566>tells <00:04:35.786>you <00:04:35.904>everything <00:04:36.539>about <00:04:36.859>whose <00:04:37.193>queue <00:04:37.606>is <00:04:37.837>actually <00:04:38.486>overflowing.

51
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<v Cassidy>From <00:04:40.424>AI <00:04:40.748>Weekly:

52
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<v Quote>TechCrunch <00:04:42.243>reports <00:04:42.625>that <00:04:42.801>Anthropic

53
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<v Quote>Blackstone <00:04:44.233>and <00:04:44.401>Hellman &amp; <00:04:44.886>Friedman <00:04:45.409>have <00:04:45.825>each <00:04:46.013>put <00:04:46.220>in <00:04:46.323>roughly <00:04:46.753>$300 <00:04:47.423>million

54
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<v Quote>with <00:04:48.723>Goldman <00:04:49.140>Sachs <00:04:49.507>adding <00:04:49.747>around <00:04:50.033>$150 <00:04:50.883>million <00:04:51.353>and <00:04:51.753>General <00:04:52.104>Atlantic

55
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<v Quote>Leonard <00:04:53.233>Green <00:04:54.044>Apollo

56
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<v Quote>GIC <00:04:55.453>and <00:04:55.697>Sequoia <00:04:56.353>rounding <00:04:57.033>out <00:04:57.193>the <00:04:57.393>$1.5 <00:04:58.283>billion <00:04:58.971>consortium.

57
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<v Cassidy>Anthropic <00:05:00.351>just <00:05:00.570>co-signed <00:05:01.063>a <00:05:01.143>$1.5 <00:05:02.073>billion <00:05:02.747>enterprise <00:05:03.236>services <00:05:03.727>firm <00:05:04.029>called <00:05:04.463>Ode — <00:05:05.603>and <00:05:05.703>I <00:05:05.759>want <00:05:05.876>to <00:05:06.023>sit <00:05:06.170>on <00:05:06.255>that <00:05:06.447>word, <00:05:06.854>services.

58
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<v Cassidy>Anthropic <00:05:08.810>is <00:05:08.903>turning <00:05:09.229>Claude <00:05:09.551>into <00:05:09.783>a <00:05:09.867>delivery <00:05:10.303>stack, <00:05:11.123>not <00:05:11.231>just <00:05:11.459>shipping <00:05:11.773>another <00:05:12.036>model <00:05:12.363>release.

59
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<v Cassidy>And <00:05:13.603>the <00:05:13.716>giveaway <00:05:14.196>is <00:05:14.323>the <00:05:14.523>CFO's <00:05:15.083>own <00:05:15.343>line — <00:05:16.353>Krishna <00:05:16.783>Rao <00:05:17.071>says <00:05:17.321>enterprise <00:05:17.949>demand <00:05:18.263>for <00:05:18.452>Claude <00:05:19.023>is <00:05:19.543>'significantly <00:05:20.463>outpacing <00:05:21.183>any <00:05:21.469>single <00:05:21.796>delivery

60
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<v Cassidy>model.' <00:05:23.647>That's <00:05:23.783>a <00:05:23.943>CFO <00:05:24.343>admitting <00:05:24.723>the <00:05:24.834>bottleneck <00:05:25.383>was <00:05:25.547>deployment <00:05:26.040>inside <00:05:26.431>real <00:05:26.687>companies.

61
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<v Bill>Right, <00:05:28.583>and <00:05:28.735>that <00:05:28.975>reframes <00:05:29.863>the <00:05:30.036>whole <00:05:30.410>raise.

62
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<v Bill>The <00:05:31.643>bet <00:05:31.930>is <00:05:32.239>that <00:05:32.687>Anthropic <00:05:33.496>physically <00:05:34.303>can't <00:05:34.703>serve <00:05:35.143>the <00:05:35.330>queue <00:05:35.733>already <00:05:36.276>lined <00:05:36.623>up, <00:05:37.210>no <00:05:37.309>matter <00:05:37.683>how <00:05:38.079>good <00:05:38.543>Claude <00:05:39.183>is.

63
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<v Bill>That's <00:05:40.583>a <00:05:40.671>much <00:05:40.911>more <00:05:41.172>honest <00:05:41.650>press <00:05:42.033>release <00:05:42.415>than <00:05:42.650>usual.

64
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<v Bill>What <00:05:43.871>gets <00:05:44.116>me <00:05:44.303>is <00:05:44.483>the <00:05:44.599>structure — <00:05:45.716>Blackstone

65
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<v Bill>Hellman &amp; <00:05:47.565>Friedman <00:05:48.593>roughly <00:05:49.023>$300 <00:05:49.683>million <00:05:50.447>each

66
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<v Bill>plus <00:05:51.511>pipelines <00:05:52.383>into <00:05:52.843>six <00:05:53.450>PE <00:05:53.903>firms' <00:05:54.655>portfolio <00:05:55.007>companies.

67
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<v Bill>So <00:05:56.703>Ode <00:05:57.085>launches <00:05:57.631>with <00:05:57.863>a <00:05:57.970>built-in <00:05:58.685>customer <00:05:59.263>list.

68
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<v Bill>Demand-first <00:06:01.090>money, <00:06:01.759>from <00:06:02.043>day <00:06:02.323>one.

69
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<v Cassidy>And <00:06:03.903>it <00:06:04.097>builds <00:06:04.330>on <00:06:04.423>the <00:06:04.587>Fractional <00:06:05.156>AI <00:06:05.470>acquisition <00:06:06.031>from <00:06:06.323>May, <00:06:07.156>so <00:06:07.290>there's <00:06:07.530>an <00:06:07.652>actual <00:06:08.123>operational <00:06:08.911>core — <00:06:09.960>Taylor <00:06:10.343>and <00:06:10.503>Siegel <00:06:10.823>running <00:06:11.156>it.

70
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<v Cassidy>Nobody's <00:06:12.721>learning <00:06:12.890>to <00:06:12.996>embed <00:06:13.319>engineers <00:06:13.839>from <00:06:13.963>scratch <00:06:14.410>on <00:06:14.503>a <00:06:14.613>Tuesday.

71
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<v Cassidy>The <00:06:15.943>pattern <00:06:16.303>I <00:06:16.415>keep <00:06:16.589>seeing, <00:06:17.000>though, <00:06:17.236>is <00:06:17.423>Blackstone <00:06:18.276>as <00:06:18.403>the <00:06:18.511>financial <00:06:19.023>co-signer <00:06:19.636>on <00:06:19.763>the <00:06:19.867>delivery <00:06:20.290>layer.

72
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<v Cassidy>Capital <00:06:21.876>is <00:06:22.040>buying <00:06:22.436>directly <00:06:22.927>into <00:06:23.203>the <00:06:23.319>inference-and-delivery <00:06:24.463>stack.

73
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<v Cassidy>Same <00:06:25.871>move <00:06:26.116>we <00:06:26.263>watched <00:06:26.612>Nvidia <00:06:27.055>make <00:06:27.213>through <00:06:27.471>financial <00:06:27.956>instruments — <00:06:29.047>different <00:06:29.343>actor, <00:06:30.087>different <00:06:30.373>costume.

74
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<v Bill>Yeah — <00:06:33.043>and <00:06:33.156>it <00:06:33.290>looks <00:06:33.463>a <00:06:33.583>lot <00:06:33.887>like <00:06:34.255>Meta <00:06:34.772>owning <00:06:35.274>campus

75
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<v Bill>chip <00:06:36.663>and <00:06:36.853>weights <00:06:37.423>at <00:06:37.695>once

76
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<v Bill>except <00:06:39.231>here <00:06:39.487>Anthropic <00:06:40.196>is <00:06:40.347>reaching <00:06:40.783>down <00:06:41.167>into <00:06:41.443>the <00:06:41.565>services <00:06:42.116>layer.

77
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<v Bill>My <00:06:43.551>open <00:06:43.805>question <00:06:44.463>is <00:06:44.813>whether <00:06:45.090>every <00:06:45.494>frontier <00:06:46.163>lab <00:06:46.543>ends <00:06:46.943>up <00:06:47.149>owning <00:06:47.483>its <00:06:47.703>own <00:06:47.876>delivery <00:06:48.399>firm, <00:06:49.370>or <00:06:49.453>whether <00:06:49.711>this <00:06:49.956>is <00:06:50.090>an <00:06:50.223>Anthropic-specific <00:06:51.783>tic.

78
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<v Cassidy>Here's <00:06:53.105>Anna <00:06:53.377>Heim <00:06:53.724>at <00:06:53.841>TechCrunch:

79
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<v Quote>Physical <00:06:55.387>badges <00:06:55.899>used <00:06:56.080>to <00:06:56.267>be <00:06:56.467>all <00:06:56.647>you <00:06:56.873>needed <00:06:57.187>for <00:06:57.351>identity <00:06:57.758>management <00:06:58.294>at <00:06:58.387>a <00:06:58.487>company.

80
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<v Quote>But <00:06:59.419>with <00:06:59.627>humans <00:07:00.167>now <00:07:00.387>working <00:07:00.731>alongside <00:07:01.369>machines <00:07:01.907>and <00:07:02.160>AI <00:07:02.496>agents <00:07:02.960>in <00:07:03.117>digital <00:07:03.516>environments

81
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<v Quote>even <00:07:04.847>the <00:07:04.960>identity <00:07:05.454>tools <00:07:05.840>built <00:07:06.127>for <00:07:06.227>the <00:07:06.400>cloud <00:07:06.747>era <00:07:07.047>are <00:07:07.267>proving <00:07:07.605>inadequate.

82
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<v Quote>That’s <00:07:09.187>the <00:07:09.367>gap <00:07:09.617>Israeli <00:07:10.157>startup <00:07:10.607>Oak <00:07:10.960>is <00:07:11.103>stepping <00:07:11.427>out <00:07:11.574>of <00:07:11.677>stealth <00:07:12.080>to <00:07:12.251>fill, <00:07:12.614>it <00:07:12.747>says.

83
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<v Bill>Sixty <00:07:14.079>million <00:07:14.579>in <00:07:14.867>seed

84
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<v Bill>product <00:07:16.399>already <00:07:16.883>generally <00:07:17.523>available

85
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<v Bill>real <00:07:18.979>enterprise <00:07:19.852>deployments — <00:07:21.159>and <00:07:21.259>the <00:07:21.432>pitch <00:07:21.806>is <00:07:22.131>that <00:07:22.739>AI <00:07:23.150>agents <00:07:23.792>broke <00:07:24.357>identity <00:07:25.219>access <00:07:25.764>management.

86
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<v Bill>That's <00:07:27.479>the <00:07:27.579>first <00:07:27.846>story <00:07:28.227>this <00:07:28.467>week <00:07:28.707>that <00:07:28.979>lives <00:07:29.419>where <00:07:29.686>multi-step <00:07:30.499>agent <00:07:30.979>chains <00:07:31.539>actually <00:07:32.259>blow <00:07:32.686>up.

87
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<v Bill>Because <00:07:33.811>here's <00:07:34.039>the <00:07:34.139>thing <00:07:34.385>nobody <00:07:34.739>demos: <00:07:35.651>your <00:07:35.832>agent <00:07:36.163>hits <00:07:36.499>step <00:07:36.886>seven

88
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<v Bill>needs <00:07:38.059>a <00:07:38.150>credential <00:07:38.712>it <00:07:38.867>wasn't <00:07:39.208>scoped <00:07:39.699>for

89
00:07:40.379 --> 00:07:43.699
<v Bill>and <00:07:40.559>now <00:07:40.779>you're <00:07:41.013>either <00:07:41.283>hard-failing <00:07:42.312>or <00:07:42.643>over-provisioning.

90
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<v Bill>Oak's <00:07:44.859>betting <00:07:45.199>enterprises <00:07:45.891>have <00:07:46.069>already <00:07:46.499>hit <00:07:46.787>that <00:07:47.059>wall.

91
00:07:48.039 --> 00:07:53.299
<v Cassidy>And <00:07:48.145>notice <00:07:48.459>the <00:07:48.629>framing — <00:07:49.688>legacy <00:07:50.239>IAM <00:07:50.699>was <00:07:50.872>built <00:07:51.159>for <00:07:51.272>human <00:07:51.603>employees <00:07:52.195>with <00:07:52.350>badges.

92
00:07:53.399 --> 00:08:00.339
<v Cassidy>Now <00:07:53.719>you've <00:07:53.919>got <00:07:54.159>non-human <00:07:54.728>actors <00:07:55.185>moving <00:07:55.519>autonomously <00:07:56.236>inside <00:07:56.611>your <00:07:56.819>systems, <00:07:57.899>and <00:07:58.039>the <00:07:58.159>old <00:07:58.406>tools <00:07:58.771>were <00:07:58.926>never <00:07:59.112>designed <00:07:59.566>to <00:07:59.672>track <00:07:59.987>them.

93
00:08:00.539 --> 00:08:06.072
<v Cassidy>The <00:08:01.179>inference-stack <00:08:01.899>control <00:08:02.239>problem <00:08:02.712>is <00:08:02.859>showing <00:08:03.246>up <00:08:03.512>in <00:08:03.659>a <00:08:03.761>security-product <00:08:04.819>costume.

94
00:08:06.079 --> 00:08:08.579
<v Bill>The <00:08:06.156>metric <00:08:06.579>I <00:08:06.721>actually <00:08:07.299>care <00:08:07.686>about

95
00:08:08.606 --> 00:08:18.619
<v Bill>which <00:08:08.792>of <00:08:08.933>course <00:08:09.171>they <00:08:09.339>don't <00:08:09.628>disclose: <00:08:10.639>can <00:08:11.331>they <00:08:11.528>handle <00:08:12.004>credential <00:08:12.739>rotation <00:08:13.459>at <00:08:13.639>the <00:08:13.763>frequency <00:08:14.419>real <00:08:14.811>pipelines <00:08:15.539>demand <00:08:16.139>for <00:08:16.599>non-human <00:08:17.372>identities?

96
00:08:18.792 --> 00:08:21.539
<v Bill>An <00:08:19.206>agent's <00:08:19.759>not <00:08:19.999>logging <00:08:20.499>in <00:08:20.723>once <00:08:21.019>a <00:08:21.159>day.

97
00:08:21.699 --> 00:08:25.419
<v Bill>It's <00:08:22.259>minting <00:08:22.779>and <00:08:22.959>burning <00:08:23.470>tokens <00:08:24.099>constantly.

98
00:08:25.419 --> 00:08:29.459
<v Cassidy>Right — <00:08:26.439>and <00:08:26.539>the <00:08:26.705>signal <00:08:27.032>in <00:08:27.159>the <00:08:27.286>sixty <00:08:27.669>million <00:08:28.099>is <00:08:28.307>that <00:08:28.552>it's <00:08:28.819>modest.

99
00:08:29.573 --> 00:08:33.299
<v Cassidy>Grounded <00:08:30.383>enterprise-security <00:08:31.352>money, <00:08:32.072>no <00:08:32.243>moonshot <00:08:32.739>sizing.

100
00:08:33.415 --> 00:08:39.699
<v Cassidy>Somebody <00:08:34.366>wrote <00:08:34.579>a <00:08:34.712>check <00:08:35.009>because <00:08:35.270>enterprise <00:08:35.848>buyers <00:08:36.299>deploying <00:08:36.728>agents <00:08:37.159>are <00:08:37.269>already <00:08:37.676>filing <00:08:38.069>tickets <00:08:38.446>about <00:08:38.649>exactly <00:08:39.235>this.

101
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<v Cassidy>If <00:08:40.410>you're <00:08:40.594>tracking <00:08:40.970>the <00:08:41.074>business <00:08:41.450>and <00:08:41.579>policy <00:08:42.047>stakes <00:08:42.436>behind <00:08:42.897>AI

102
00:08:43.830 --> 00:08:50.230
<v Cassidy>try <00:08:44.166>Musk <00:08:44.710>v <00:08:44.950>Altman <00:08:45.457>Daily — <00:08:46.430>a <00:08:46.523>daily <00:08:46.843>court-watch <00:08:47.483>on <00:08:47.654>Elon <00:08:47.990>Musk's <00:08:48.443>trial <00:08:48.750>against <00:08:49.110>Sam <00:08:49.410>Altman

103
00:08:50.294 --> 00:08:52.070
<v Cassidy>OpenAI <00:08:51.050>and <00:08:51.190>Microsoft.

104
00:08:52.246 --> 00:08:55.030
<v Cassidy>Find <00:08:53.003>it <00:08:53.154>wherever <00:08:53.550>you <00:08:53.704>listen <00:08:53.963>to <00:08:54.159>podcasts.

105
00:08:55.706 --> 00:08:58.986
<v Cassidy>We've <00:08:55.906>got <00:08:56.066>links <00:08:56.319>to <00:08:56.466>every <00:08:56.719>story <00:08:57.039>we <00:08:57.186>covered <00:08:57.493>today <00:08:57.679>in <00:08:57.816>the <00:08:57.930>show <00:08:58.106>notes

106
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<v Cassidy>so <00:08:59.199>if <00:08:59.338>something <00:08:59.660>caught <00:08:59.898>your <00:09:00.106>ear

107
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<v Cassidy>that's <00:09:01.006>the <00:09:01.119>place <00:09:01.413>to <00:09:01.526>dig <00:09:01.733>in <00:09:01.826>a <00:09:01.900>little <00:09:02.186>more.

108
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<v Cassidy>That's <00:09:03.573>AI <00:09:03.759>Daily <00:09:04.079>Briefing <00:09:04.466>for <00:09:04.666>today.

109
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<v Cassidy>This <00:09:05.813>is <00:09:05.946>a <00:09:06.076>Lantern <00:09:06.536>Podcast.