Squawk Pod (CNBC Squawk Box) · November 10, 2026 · 44 min

Anthropic’s IPO Set, GTA VI Pre-Sales, & Nvidia’s Scandal 11/10/26

With Eamon Javers, Leslie Picker, Lo Toney, Strauss Zelnick

Summary

Squawk Pod covered Anthropic's upcoming IPO, with investor Lo Toney arguing that a lower-than-hoped valuation reflects healthy price discovery rather than weak demand. He pointed to annualized revenue of about $81 billion, more pre-IPO cash than Amazon, and strategic investors backing the offering, and he expects Anthropic to be a major driver of the economy and AI over the next decade. Take-Two CEO Strauss Zelnick said GTA VI pre-orders are running well ahead of expectations before the November 19 launch, while conceding NBA 2K27 bookings (4 million units) came in somewhat below analyst forecasts amid a crowded release window. Zelnick also warned that inflation and high gas and food prices will pressure consumers into the holiday season, though he argued games remain good value, and described AI as a tool for faster content delivery and accretive M&A, with Take-Two expecting to return to net cash by fiscal year-end. Eamon Javers raised a New York Times and Bloomberg report that Nvidia used political influence to protect its customer Megaspeed during a Commerce Department probe, which he called a troubling pattern he could not independently verify.

Key takeaways

Eamon Javers (bearish on NVIDIA): Nvidia repeatedly uses political influence to shield customers and itself from US and foreign government probes.
Lo Toney (bullish on Anthropic): Anthropic's IPO is healthy price discovery, not a rejection; demand is real and strategics are participating.
Lo Toney (bullish on Anthropic): Anthropic will be one of the most important companies driving the AI industry over the next decade.
Strauss Zelnick on US consumer: Inflation is squeezing consumers, and that pressure will likely hit spending into the Christmas season.
Strauss Zelnick on US consumer: The US consumer is under pressure from inflation, food and gas prices, and this will hit spending into Christmas.

What was said, by company and theme

5 views from 3 speakers. Every quote is checked against the episode's transcript (how).

Anthropic

Across the shows: 108 speakers in other episodes, 141 bullish and 89 bearish calls, past 30 days

Lo Toney · Plexo CapitalBullish
Anthropic's IPO is healthy price discovery, not a rejection; demand is real and strategics are participating.
Lo Toney argues that Anthropic is pushing ahead with its IPO despite volatility in AI stocks, and that the lower valuation reflects investors becoming more disciplined about what they pay for growth, which he calls healthy price discovery. He cites annualized revenue run-rate of about $81 billion and strong growth. He reads the strategic investors in the private placement alongside public investors as proof that demand exists, and says the capital raised is needed because the company must secure compute to meet revenue expectations. He notes Anthropic holds more cash before the IPO than Amazon and roughly double Microsoft. On the circular-financing critique he says the company's numbers speak for themselves and separates the company from the investment. He is an investor, having backed the Series D round at an $18 billion valuation.
“Anthropics moving forward with the IPO despite volatility with the AI stocks, and we're seeing what I think is a very healthy price discovery and not a rejection of the company.”at 25:24
Lo Toney · Plexo CapitalBullish
Anthropic will be one of the most important companies driving the AI industry over the next decade.
Lo Toney points to Anthropic growing extremely fast, with annualized revenue run-rate around $81 billion, and having more pre-IPO cash than Amazon. From that he concludes the company is an incredibly successful business that will be among the most important drivers of the economy and the AI industry over the next ten years. He is an investor from the Series D round.
“This is an incredibly successful company growing extremely fast and is going to be one of the most important companies driving this economy and the AI industry over the next ten years.”at 28:16

NVIDIA

Across the shows: 94 speakers in other episodes, 75 bullish and 49 bearish calls, past 30 days

Eamon Javers · CNBCBearish
Nvidia repeatedly uses political influence to shield customers and itself from US and foreign government probes.
Javers cites a New York Times report that Nvidia called Commerce Department investigators about the investigation into Megaspeed, and that the investigators felt pressured because the caller invoked a senior political official. He links this to a Bloomberg report that Nvidia's general counsel intervened for Alice Wong when she was detained in Singapore. He sees a pattern of Nvidia using political influence to protect Megaspeed, a major customer, which suggests a close relationship and a dependency. He cannot independently verify the reporting.
“You see NVIDIA injecting itself politically and using its political influence time and again.”at 9:07

US consumer

Strauss Zelnick · Take-Two Interactive
Inflation is squeezing consumers, and that pressure will likely hit spending into the Christmas season.
Zelnick says inflation has hit, average consumers' food prices are up, and gas prices are way up, and that this is taking a toll. He expects that pressure to show up as consumers head into the Christmas season. He also argues that interactive entertainment is a real bargain, so entertainment is not immune but relatively resilient.
“Inflation has hit. Average consumers' food prices are up. Gas prices are way up, and it's taking a toll. And I think we're going to see that as we head into the Christmas season, undoubtedly.”at 30:50
Strauss Zelnick · Take-Two Interactive
The US consumer is under pressure from inflation, food and gas prices, and this will hit spending into Christmas.
Zelnick describes consumers as under pressure in challenging times. Inflation has hit average consumers, food prices are up and gas prices are way up, and it is taking a toll. He expects this to show up in the Christmas season. He adds that oil price drops would help anyone selling to consumers, but says it is too early to declare victory because oil has moved sharply on geopolitical news.
“Look, I think the consumer's under pressure. These are challenging times. Inflation has hit average consumers. Food prices are up. Gas prices are way up, and it's taking a toll. And I think we're gonna see that as we head into the Christmas season, undoubtedly.”at 37:17

Across the shows

What other episodes Chorus covered said about the same companies in the 30 days up to this one.

Anthropic108 speakers · 141 bullish, 89 bearish calls
NVIDIA94 speakers · 75 bullish, 49 bearish calls

Topics

AI IPO demand and pricing
AI in game development
Anthropic growth and long-term importance
GTA VI pre-orders
M&A strategy
Nvidia political influence and government scrutiny
consumer spending pressure
video game sales
video game value for consumers

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Setup guide

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