CoreWeave Crash, AI Trade Cracks, Anthropic IPO Red Flags, Bill Gates Doomer

DEBRIEFWritten and voiced by AI from the episode's audio

In this episode, Ben Horowitz fills in for Friedberg as the All-In crew discusses several critical headwinds facing the AI trade. CoreWeave's bond yields spiked to 15% this week, triggering a 20% sell-off in neoclouds and sparking debate over whether the AI bubble is deflating or merely correcting. Chamath breaks down the company's "box" financing structure and argues they face a coin-flip default risk if borrowing costs stay elevated. Meanwhile, Anthropic's leaked investor day numbers—$16.8B quarterly revenue but potentially slowing growth—have mixed the IPO market ahead of their expected Thanksgiving debut at a $2T valuation. The crew also dissects Anthropic's latest psyop: claims that small AI-powered worms could self-replicate on IoT devices, which Sachs argues is fear-mongering designed to kneecap open-source models. Finally, they examine Bill Gates' doomerism on AI, diagnosing his motivations as a bid for relevance and control after his influence waned post-COVID. The conversation reveals a tension between genuine supply-driven tailwinds (GPU scarcity, sustained demand) and financial fragility (leverage, customer concentration, deflationary pricing pressure).