The Weekly: AI rivals race to list shares and US inflation greets new Fed chair

**Rahul Tandon** (0:00)
It's The Weekly from Business Daily. I'm Rahul Tandon, and I'm a bit worried about this because it happened earlier in the week.

**SPEAKER_2** (0:07)
But Mr. President.

**Samira Hussain** (0:07)
Your one-sided crooked network.

**David Kuo** (0:09)
Let's call it quits, because I've had enough.

**Samira Hussain** (0:11)
Thank you, darling.

**David Kuo** (0:12)
Have a good time.

**SPEAKER_2** (0:13)
Mr. President, let's please, I traveled all the way to Wisconsin.

**Rahul Tandon** (0:16)
That's Donald Trump, I'm sure you've heard of him, walking out of an interview with NBC's Meet the Press. They only had one guest. I've got two, and I've no idea what I'm gonna do if they both walk out. Emily Peck writes about markets for Axios and co-hosts, Slate Money Podcast and based in New York. Hello, Emily.

**Emily Peck** (0:33)
You know, I got things to do here, Rahul. I thought I could be here, but you know, I'm out.

**Rahul Tandon** (0:39)
Well, there we go. We had two guests, we now have got one, David Kuo, who of course is co-founder of The Smart Investor, usually based in Singapore, but in London right now. David, are you gonna at least stay with me?

**David Kuo** (0:50)
Well, if Emily's going, so am I.

**Rahul Tandon** (0:57)
Can I just say, it was a wonderful few seconds that we had from both of you there. Right, we're gonna talk about this. Hopefully, they'll both be here when we come back from listening to this.

**SPEAKER_6** (1:07)
Some big IPOs coming towards the tech world.

**SPEAKER_2** (1:10)
Anthropic, the AI company behind Claude, has filed to go public, setting it up to be one of the biggest initial public offerings in history.

**SPEAKER_7** (1:19)
So some breaking news literally just into us. OpenAI filing to go public about a week after its biggest competitor, Anthropic, did the same.

**Rahul Tandon** (1:27)
It's all about IPOs, companies coming to market, SpaceX, Anthropic and OpenAI. Well, they're all doing that. We're talking, I think, am I right here, Emily, if you're still there, about $3 trillion?

**Emily Peck** (1:38)
Yes, I came back, I'm still here. $3 trillion, it's impossible to conceptualize how much money that is. It's like going to the moon and back and again to the moon and back and again to the moon and back again and then one more time to the moon. And I think maybe one more time to the moon, but it's a lot, it's an inconceivable amount of money. Invaluations. This, I think, we haven't seen anything like this. I mean, people keep talking about the.com era in terms of IPOs and companies debuting to the public.
But what we're, and it's a real turnaround from what we've seen for the past, I don't know, at least a decade where companies have stayed private longer and haven't wanted to go public. But now these mega AI companies are spending so much money and they need so much capital that they're sort of, I don't want to say forced to go public, but they really have to, to just get more money to do their thing. It's pretty wild.

**David Kuo** (2:41)
Three trillion dollars, my goodness.
That's three with 12 zeros at the end. I mean, can you imagine that? That's probably around 100 times the size of Singapore where I live. I mean, how is that even possible? That three companies can be worth that amount of money. Ultimately, when you have a valuation like that, Rahul, what happens next is that investors will say, right, so I put money into this company or these companies, and what kind of return am I going to be getting from this? And investors are realists. Apart from, of course, those people who invest in SpaceX, I don't think they are that realistic.

**Rahul Tandon** (3:24)
Hang on, hang on. Let's see what happens there. But David, as an investor, quick one to you on this.

**David Kuo** (3:29)
Yes.

**Rahul Tandon** (3:30)
When you're looking at these opportunities, if you put money into something, yes, you have to take it out from somewhere else, don't you?

**David Kuo** (3:36)
Well, that is precisely it, and you have to wonder where all of this money is coming from. I don't think it's gone beyond the notice of certain people that cryptocurrencies, particularly Bitcoin, has actually fallen in value. It's fallen about 40 odd, 50 percent. I mean, at one point, it was worth 100,000 US dollars per Bitcoin. Now it's hovering around 60,000. So it's lost 40 percent of its value, primarily because people have been selling Bitcoins. So I think there are some people out there who are readying their money, readying their cash pile to go and invest in these three companies.