Kontrarian Korner #153 - Dexter White

White argues frontier AI labs' regulatory push is a cartel defense against open-source disruption amid unsustainable, circularly-financed valuations.

• AI IPO already happened: Dexter White argues SpaceX (via its stake in xAI/Grok) is effectively the first AI IPO, raising $85 billion in cash regardless of paper market cap.
• Anthropic's math questioned: White cites Anthropic's filing claiming 80% gross margins by excluding CapEx/OpEx, calling it 'revenue equals earnings' fantasy accounting.

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