23 October 2026
Ed Zitron, Founder and Chief Executive Officer of EZPR, argues that OpenAI and Anthropic are load bearing for the entire market, that no ratings agency can honestly put them above triple C, and that they should be allowed to fail anyway.
Anthropic's draft IPO prospectus, as reviewed by The Wall Street Journal, shows $16.3 billion of first-half revenue against an $80.7 billion net loss, about $72 billion of it non-cash charges on convertible notes, plus roughly $450 billion of mostly non-cancelable cloud commitments. Julie Hyman and Jake Conley push back throughout, on the grounds that the market is already repricing all of it.
Featuring
Ed Zitron, Founder and Chief Executive Officer, EZPR
Julie Hyman, Host, Yahoo Finance
Jake Conley, Breaking Business News Reporter, Yahoo Finance
Pras Subramanian, Senior Autos Reporter, Yahoo Finance
Watch the full episode of The 8:30: 
• The 10-year's biggest drop since SVB, plus...
Timestamps
0:00 Why he says Anthropic is a peculiar company
1:08 The $80 billion loss, and the $72 billion that was not cash
3:15 Give me a GAAP number
5:14 Why he says OpenAI and Anthropic are the same company
6:19 Load bearing, and what that means for the hyperscalers
7:34 Is the market already rerating this
8:35 Paying more for debt is not the same as not getting it
10:08 What a triple C rating actually means
11:25 That's not my problem
12:34 Why he says it crashes either way
#Anthropic #OpenAI #AIBubble #The830 #YahooFinance
