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Instinct Worth 30BN? | Microsoft Cuts 27,000 Jobs While Meta Taps Equity Markets for $95B CapEx

Oct 29, 2026 · 1:00:17

Harry Stebbings, Jason Lemkin and Rory O'Driscoll argue Anthropic's S-1 shows a company investors are still underestimating, with $16.3 billion first-half revenue and $110 billion of cash, though 80% of revenue comes from models under six months old. They break down Microsoft's buyout offers to 27% of its 223,000 employees, warning 2027 CapEx depreciation will force more AI-driven layoffs, and Meta raising $95 billion of equity for its spending spree. Jason argues Chinese open-weight models are finished in the US after Alibaba's Quen was caught uploading data to servers in China and Singapore. They debate Instinct at $30 billion as the 'super app of the West', whether OpenRouter's boom is a moment in time, and Jason's pitch to put 20% of the fund into OpenAI at $1.25 trillion.

Valar Atomics Sues Day One Ventures | Meta's Back to the AI Frontier | NVIDIA's $30B Reflection Deal

Oct 15, 2026 · 1:17:10

Harry Stebbings hosts Jason Lemkin and Rory O'Driscoll to break down Valar Atomics suing its seed investor Day One Ventures over pro rata rights ahead of a $6B Sequoia-led Series B, Meta's return to the AI frontier with Muse Wonder, and NVIDIA's rumored $30B acquisition of open-model lab Reflection. Lemkin says both sides erred—Day One should raise it once and let it go rather than hire Quinn Emmanuel—while Rory notes mega funds demanding pro rata waivers never waive their own. They call Meta's internal-only model performative yet see a monster AI product in Muse. The committee backs Jev's $870M Series A at $7.5B, sees bubble risk in 42 decacorns in one year, calls Haiku's 90% price cut the first deflationary LLM move, and warns the SaaS apocalypse persists without scale.