Big Technology Podcast

@bigtechnologypodcast · Podcast

Latest segments

• Anthropic's investor windfall, 2026-10-30
  Reads the equity breakdown at $2 trillion
  Reads an X breakdown of Anthropic's equity at a $2 trillion valuation: $199 billion to the seven controlling founders, $331 billion in employee options and RSUs across 5,300 employees, and $100 billion to the public benefit fund. The hosts dwell on the political optics and the unusually long risk factor section.
• Anthropic's $2T IPO slip, 2026-10-30
  Questions the S-1 efficiency numbers
  Walks the S-1's efficiency numbers - customer counts, cash, revenue per compute dollar - and argues they flatter the business because Amazon and Google supply discounted compute. Calls for disclosure of the discount so the true unit economics are visible.
• Alphabet's Q3 miss, 2026-10-30
  Adds year-to-date numbers to the selloff
  Puts year-to-date numbers on the selloff: Alphabet down 11%, Meta down 4.5%, Amazon up 5.5% and Microsoft up 10%, all behind the S&P 500's 10% gain, with Nvidia trailing too. Frames it as the market rejecting the biggest AI spenders and previews the Anthropic S-1 discussion.
• Amazon's Bee wearables, 2026-10-30
  Argues against always-recording wearables
  Turns to the Bee Frontier late in the episode and mostly argues about it: the hosts hate the idea of always-recording wearables, riff on dating and honeypots, and predict the wristband is not the final form factor. The only substance is a recap of the price and pitch already on the record.
• Alphabet's Q3 miss, 2026-10-30
  Cites a chart projecting Meta ahead by 2028
  Works through an economist's chart projecting Meta ahead of Google in ad revenue by 2028 and argues Google's open-web keyword model is more exposed to AI disruption than Meta's and Amazon's closed ecosystems. The Carbon benchmark win is noted only as context.
• Alphabet's Q3 miss, 2026-10-30
  Digs into AI mode and Reddit traffic
  Digs into Google's core search business inside the selloff story: AI mode went from 2% to 8.9% of searches, and Reddit's CEO says on his earnings call that Google crawls Reddit as hard as ever but no longer sends traffic.
• Alphabet's Q3 miss, 2026-10-30
  Opens on the $900 billion wipeout
  Opens the episode on the Financial Times report: nearly $900 billion of market value gone after Q3 results, capex at the big four almost doubling, and Google's second straight quarter of negative free cash flow. Kantrowitz argues the selloff is about core business growth, not AI spending.
• Anthropic's investor windfall, 2026-10-26
  Reads the S-1 ownership disclosures
  Primack reads the S-1's ownership disclosures and finds the venture side largely absent: no preference stacks or conversion terms, no investor above 5%, and Spark named only because it holds a board seat. The returns to VC firms, he says, will take years to establish.
• Anthropic's $2T IPO slip, 2026-10-26
  Lays out the bull story behind the AI IPOs
  Primack lays out the bull story behind the AI IPOs: Anthropic and OpenAI as the foundation layer for business, unlike the dot-com fiber builders, because they build applications on top of their own infrastructure. He recalls OpenAI investors calling the frontier race settled and B2B small. Framing, not new disclosure.
• Anthropic's $2T IPO slip, 2026-10-26
  Works through the cash-flow math in the S-1
  Works through the cash-flow math in the public S-1: Rittenhouse Research's $3.4 billion of positive free cash flow for the first half, from $3.9 billion of operating cash flow less $482 million of capex. Primack argues the trailing numbers are nearly irrelevant next to compute contracts that run to the end of 2028, and that institutions will buy the listing…
• Anthropic's $2T IPO slip, 2026-10-26
  Explains why IPO buyers will fund it anyway
  Primack explains why IPO buyers will fund Anthropic anyway: Fidelity, Wellington and T. Rowe treat it as a new name, and SpaceX's compute-based valuation shows the market pays for growth. The risk-factor count is a retelling of what the filing already put on the record.
• Anthropic's $2T IPO slip, 2026-10-26
  Sizes the IPO against two same-day raises
  Frames the Anthropic IPO as a referendum on the AI market and sizes it against two same-day raises: SpaceX's $40 billion GPU debt and Meta's up to $95 billion equity. Primack's argument is that the three draw on different capital pools, so Wall Street passes the capacity test.
• Anthropic's $2T IPO slip, 2026-10-26
  Notes the leaked Q3 numbers are missing
  Primack's read on the public filing: revenue and spend both climbing steeply, the leaked Q3 numbers absent from the S-1 and expected in an amended filing, and the circularity of Anthropic's contracts with SpaceX and Broadcom still unresolved. The raise and valuation remain unset, with people assuming $100 billion at $2 trillion.
• AI-found PHP flaws, 2026-10-23
  Argues for rewriting software in memory-safe languages
  Stamos closes the episode on the PHP bug's decade of dormancy and the case for rewriting internet software in memory-safe languages, arguing AI makes the refactor feasible now. Opinion and prescription rather than new reporting; it stays inside the week's PHP coverage.
• Black October, 2026-10-23
  Widens the frame to Node.js flaws and breaches
  Stamos widens the frame past PHP: within 24 hours a large number of Node.js flaws surfaced, plus a certificate authority whose certificates were stolen and breaches at Railway and Fireworks. He argues the cluster, which the hosts call Black October, is the new normal, and notes CISA has been hollowed out by political appointees.
• AI-found PHP flaws, 2026-10-23
  Relays Stamos's forecast of breach notifications
  Recaps Prince's Cloudflare figures on the exploitation surge, then relays Stamos's forecast of breach notifications, secondary breaches from footholds and password dumps sold repeatedly. The numbers are already on the record; the forward look is prediction.
• AI-found PHP flaws, 2026-10-23
  Walks through who exploits the PHP bug
  Stamos walks through who is exploiting the PHP bug and why: Russian ransomware crews, Chinese access brokers and Iranian groups, with attackers patching behind themselves to lock out rivals. He adds that a Chinese group hit South Korean banks with fully automated AI attack chains.
• AI-found PHP flaws, 2026-10-23
  Explains the bug's pre-auth RCE and patch scope
  Stamos walks through how the PHP bug was found and why it bites: pre-authentication remote code execution, a patch only for the latest PHP family, and companies forced to refactor. The patch-scope point is already on the record; the rest is explanation.
• AI-found PHP flaws, 2026-10-23
  Sets up the Stamos interview with the WSJ disclosure
  Sets up the Alex Stamos interview by recapping the PHP disclosure from the Wall Street Journal: a critical flaw in software behind as much as 70 percent of websites that could let attackers take control. Stamos is introduced as the guest; the substance is a retelling of what earlier coverage already established.
• OpenAI's $30B round, 2026-10-23
  Recaps the FT report on the valuation cut
  Recaps the Financial Times report on the valuation cut, quoting the Morgan Stanley process demand as a thud and attributing it to investor fatigue after the March 2025 and March 2026 rounds. Stays inside the repricing already on the record, then turns to whether Anthropic's reception decides OpenAI's IPO.