Rory O'Driscoll

"You can't service 2 billion plus of debt on a 1 billion low growth company with a preAI story that has to transform to AI"

"They're going to end up in these Medallia death spirals where they're defaulting on debt"

"Salesforce just bought Intercom, where we were lucky enough to invest less than a year ago, and that's a very outcome-based product for customer support where they charge based on resolutions."

"The boring one is obviously Intercom — we've talked about a lot and we were investors, so I won't go deep — but they succeeded and did it and I'm sure Des after the deal's done will be the first to say that was a journey and a wild journey and a hard journey."

"Semrush is the old SEO optimization. It's so obvious that every one of those customers is going to need GEO — AI optimization. You should buy Semrush, buy some other little tool and just bundle them together and sell them. You can't do that now because Adobe bought Semrush for under two times revenues."

"It would be interesting if SpaceX and Tesla merge — does he hit the big ka-ching on Tesla as well? That's what it implied is that he might hit it just merging the companies."

"SpaceX completes the largest IPO in history... it's hit 2.7 trillion. Elon Musk has actually earned in 24 hours what Warren Buffett took a lifetime to earn."

"I got an investment in SpaceX, anthropic and open AI"

"You've got to believe that the next round for this Anthropic and SpaceX are all public offerings"

"I'm willing to bet there's still a role for a company like Higgsfield, which is an aggregator across models — hey, Mr. Consumer, you could do this directly on one of the video companies, but I'll aggregate the models, give you a slightly better UI, help you with billing, and maybe there is a business on top of the models."

"Revolut announced an incentive package to the CEO — or it was leaked — whereby it basically ratcheted up with different prices of the company. He'd get another 5 to 7% at 200 billion, and then ultimately at 500 billion would have circa 39 to 40%."

"The beauty of Revolut is you have a whole continent full of overpriced, crappily run banks that you can just roll over, and you've got 500 million Europeans who are just getting shafted on financial fees. At the margin on a TAM basis, there's just more compounding in those 500 million exploited Europeans."

"You've got three or four cloud providers who are dying to do business with you. You've got Oracle, you got Google, you've got Microsoft, you got CoreWeave."

"If you're saying Mistral is now competing with Open AI and Anthropic in the frontier model race, you and I know that would be bullshit."

"Another whatever $35 billion deal with Anthropic for their data center — I think any misgivings we have in the short term have been disproven here."

"Anthropic is number one in platform, which it clearly is. You can't argue with the numbers."

"Which is why you've got to admire the brilliance of the team at Anthropic — they have simultaneously managed to feel they're on this mission, public benefit corporation, AGI for the world, while simultaneously making every single correct rational financial move over the last two years, including going public first."

"All these companies were spending and growing pretty aggressively in terms of their spend, probably with Anthropic and OpenAI. And then in November, December with coding, it exploded."

"He announced the contract with Anthropic for 1.25 and the contract with Google for I think 700 billion. So roughly 2 billion a month of compute."

"Unlike Anthropic or OpenAI, no capex, unlike Cursor, no token cost"

"An Anthropic will be the definitive version of that forever. Not actually the rounds Spark and Menlo did first because that really was risky, but kind of the rounds at 14 and 60 billion were risk adjusted. Freaking awesome."

"Give OpenAI and Anthropic a run for the money. Where are you, Google? Where are you, Reflection? Where are you, Thinking Machines?"

"OpenAI and Anthropic are the companies with the new incredible product and Microsoft is the more mature company with the enterprise relationships who is going to build a large services business."

"the model that they ship recently, I think it's 5.5. Reviews of the coding say it's pretty damn good and arguably better than the current entropic model"

"Unlike Anthropic or OpenAI, no capex, unlike Cursor, no token cost"

"the snarky comment about extrapolating from a lemonade stand was just a bad look"

"I could speak more to Shopify, which blew out the quarter."

"Now that the divorce is coming true from OpenAI, maybe this would be a great product to own if I was a cloud hyperscaler. Microsoft was able to take and just use price ruthlessly because there was zero cost of goods sold."

"Microsoft will build a huge services business here if they want to, which also speaks to it won't be nearly as profitable as selling operating systems."

"Microsoft, which is in the software business unlike Apple, and therefore can't afford to stay apart from the great AI wars other than its equity ownership in OpenAI, doesn't have anything compelling to bring to the table."