20VC: Meta's Muse Hits No. 1. ChatGPT Finally Has a Rival | Menlo Sounds the AI Bubble Alarm | Factory Triples Its Valuation to $5 Billion | Keith Rabois vs Airwallex: Who is Right? | Crusoe's $3.9 Billion Round. Is the Data Centre Trade Overheating?

Investors are pricing frontier AI at trillion-dollar scale while hosts flag negative margins, leveraged data-center bets, and thinning odds for non-AI "quiet compounders."

• Anthropic delays $2T IPO: Pushed from October to November to include a clean Q3/Q4 narrative rather than a messy pre-audit quarter; hosts see no crack in the market, just banker timing.
• OpenAI's burn balloons: Projected $278B net burn with $122B cash on hand and ~$700B in total CapEx commitments (much off-balance-sheet via Oracle/NVIDIA), pursuing a rumored $1.5T round.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.