Ed Zitron on Anthropic's IPO (S-1), AI Debt, and Counterparty Risk

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Ed Zitron, author of the Where's Your Ed At newsletter and host of the Better Offline podcast, returns to Monetary Matters to break down Anthropic's leaked IPO prospectus, as reported by Reuters. Ed argues that in 2025 Anthropic spent $2.75 for every dollar of revenue, worse than OpenAI's $2.60, and that nearly half its sales ran through Google and Amazon, two companies that also compete with it. We discuss Anthropic's $518 billion in compute commitments, why AI "run rate" figures can be misleading, and what the reported surge in 2026 revenue does and doesn't tell us. Ed also gives his take on Meta's Muse and OpenAI's Dots, and on whether AI agents can win over consumers. Then we turn to the credit markets: CoreWeave's borrowing costs, Oracle's ratings risk, data center SPVs trading below par, and how much of this debt sits with private credit lenders. Ed closes with his predictions for the Anthropic IPO and what he expects the AI build-out to look like by this time next year. Recorded afternoon of September 30, 2026. Ed Zitron on X https://x.com/edzitron Jack Farley on X https://x.com/JackFarley96 Pieces Discussed: “Dead Money” (Sep 29, 2026): https://www.wheresyoured.at/dead-money/ “Premium: The Hater's Guide To AI Debt (Part 2)” (Sep 25, 2026): https://www.wheresyoured.at/premium-the-haters-guide-to-ai-debt-part-2/ Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.  Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.