Two IPOs test the AI hype, Aussie property keeps falling & a closer look at Firmus
Summary
Recorded from Central Park, hosts Bryce and Wren discuss Australia’s sixth consecutive month of falling house prices and the RBA’s recent rate hikes. They analyze two major AI-focused IPOs: Anthropic’s $2 trillion US listing and Firmus, Australia’s second-largest IPO. The episode provides a deep dive into Firmus’s "AI factory" business model, comparing its valuation and capacity to US peers like Iron and Cipher. The hosts caution against IPO hype, suggesting investors consider established global alternatives for AI exposure.
Topics discussed
Sponsor: Waymo
Intro, disclaimers, and episode preview
Welcome and Bill Ackman interview announcement
Observations from New York: AI, costs, and culture
Australian property: Auctions and price declines
Housing affordability and market narrative shift
Anthropic and Firmus: Testing the AI trade
Anthropic financials, growth, and capital raising
Firmus IPO valuation and Australian market context
Sponsor: Waymo
Firmus business model: AI factories vs data centers
Comparing Firmus to global AI factory peers
Financial comparison: Valuation, revenue, and losses
Investment view: Hype, alternatives, and advice
Closing remarks and next episode preview
Outro and disclaimers
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