00:00The news, which is significant, particularly when we're thinking about the IPO story, but also around the adoption story and
00:05sovereignty,
00:05which is that the U.S. government, the Trump administration, has now removed these curves on Anthropik's most cutting-edge
00:11model.
00:12So Fable 5, along with Mythos 5, they will now be, from today, be able to be accessed beyond U
00:19.S. shores.
00:20So what that means, again, in terms of how a Trump administration has gone from very laissez-faire in terms
00:27of how they control these models to,
00:28hang on a second, this is potentially dangerous, the potential for these models to escape their guardrails,
00:34they appear to now have, the Commerce Department in the U.S., some assurances from Anthropik,
00:38to the point where they can remove these export controls that came as such a shock when they came into
00:42force in June.
00:43Yes, and as we go into the second half of the year, interesting to think about where the AI story
00:47has come through the first half of the year, Tom,
00:49and the rollout of new AI models obviously has been, at the frontier, very important to that story.
00:54But CapEx, and who gets the profits from all that CapEx, has certainly been part of it as well.
00:59We came into the year thinking a lot about how hyperscalers are going to spend a lot of money.
01:03We're still thinking about that, but it's not the hyperscalers that are seen as the big beneficiaries necessarily here.
01:07They're doing a lot of spending. Where does that money end up?
01:10It ends up with the chip manufacturers. It ends up with the memory manufacturers.
01:13And so, as a result, we've seen such incredible outperformance for some of those semi-companies,
01:18but not for hyperscalers and not for software.
01:20So, in terms of unpacking where the tech story has been over the first half of the year,
01:24I think that's important to reflect on.
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