Meta's Muse Hits #1 | Menlo Sounds the AI Bubble Alarm | Keith Rabois vs Airwallex: Who is Right?
Sep 24, 2026 · 1:20:44
Harry Stebbings, Jason Lemkin and Rory O'Driscoll argue Meta's Muse hitting #1 is the first true ChatGPT competitor and a Trojan horse that added $100 billion to Meta's market cap, and that Anthropic's delayed $2 trillion IPO is a bet on a cleaner Q4 story, not a cracking market. They break down OpenAI's $278 billion burn and $700 billion of CapEx, argue Jev's $40 million seed shows 20% of a $100 billion LLM spend will leak to cheaper classifiers, and predict agentic commerce will maim Amazon while benefiting Shopify. They debate disappearing traditional seed rounds, FOMO-driven checks and what LPs should back today. They approve Factory at $5 billion — coding is the motherlode — pass on Crusoe at $30.9 billion, and side against Keith Rabois in his Airwallex fight, urging founders to build an army of advocates.
