Ranjan Roy from Margins is back for our weekly discussion of the latest tech news. We cover: 1) Big Tech is spending trillions more than it tells us on AI infrastructure 2) The mechanisms of the off-balance-sheet AI buildout 3) What would happen if these projects were on the balance sheet? 4) Can Wall St. actually not figure this out? 5) Will the tech giants pay the money back? 6) Is a soft landing in AI possible at this point if things go poorly? 7) Anthropic's revenue numbers are soaring 8) OpenAI, meanwhile, is in more tumult 9) Why OpenAI is dealing with so many executive departures 10) Startups vs. established companies, and what are the AI labs exactly? 11) Why travel is a good eval for AI Chapters 00:00 Introduction to Big Tech's AI Spending Surge 01:42 The Mechanics of Off-Balance-Sheet Commitments 05:39 Case Study: Meta's Hyperion Data Center 07:06 Risks and Guarantees in AI Infrastructure Investments 19:32 Market Implications of Hidden AI Spending 26:28 The AGI Call Option and Bet-the-Company Bets 31:48 The Future Scenarios for AI Development 38:23 Anthropic's Rapid Revenue Growth and IPO Plans 44:31 OpenAI's Financial Performance and Strategic Moves 53:52 Travel as a Benchmark for AI Capabilities --- Enjoying Big Technology Podcast? Please rate us five stars ⭐⭐⭐⭐⭐ in your podcast app of choice. Want a discount for Big Technology on Substack + Discord? Here’s 25% off for the first year: https://www.bigtechnology.com/subscribe?coupon=0843016b