The growth rate of OpenAI and Anthropic is the single most important variable for the entire US stock market, because all hyperscaler capex commitments are a function of their expected demand.

44:09when your 80% customer slows down it would have a significant impact on your growth rate right but you know if it's any consolation Harry if that happens worrying about your merur valuation will be the least thing people are worried about because you'll see an implosion of much bigger market cap entities right and you that's that frankly is the billion dollar question you know can these two foundation models maintain

44:33their growth trajectory which is starting to become profitable at least in the case of open of entropic in the face of all this openw weight competition in the face of this push back um on costs and basically kind of push for ROI if they can maintain this trajectory for even another one or two years then everything's fine and everyone's fine and right now the data says they are if you start to see

44:58slowdown on those two ARR growth rates then you know all bets are off because the pressure because the amount of commitments they've made assuming that 10x growth rate continues will mean that even if it slips to a 2 or 3x growth rate there's going to be a mad scramble bets on yes or no answer will open impact that trajectory for anthropic and open AI in the next 1 to two years

45:26>> yes Harry it will impact it might impact at 1% or 50% what you're really saying what the question you're really trying to ask is does it produce a sustain you know does it reduce that growth growth rate to sub 100% within one or two years. Right? And the answer to that question is I genuinely don't know. And if I did, I'd be trading that stock. Because if let me be clear, if you know

45:45the answer to that question, that one question, you know the answer to the entire direction of the US stock market for the next two years because all the hyperscala RPO, all of it is a function of the commitments they've gotten from the the hype from the foundation model companies. And yeah, you can say if the open models, open weight models explode, there will be demand for inference. And

46:11yeah, you will have this kind of transition from oh, I sold it to open AAI but I should have sold it to um I don't know cursor or B base 10 or someone else and the capex will get repurposed, but it will be a big ass dislocation and I just genuinely don't know. I mean it's the million-dollar question. >> I think the tough the really tough part

46:30I mean it's Captain Obvious, right? is uh can they afford for it not to? And what I mean is look at what's happened with Fable this week. Okay, Fable went from you can't use it, it's not secure. Then the government let you use it. Then hey, we're going to turn it off except for variable usage on June July 15th. Now it can be 50% of your whole usage