Did Anthropic Just Kill Software? - Prof G Markets Recap

Podcast: Prof G Markets

Published: 2026-02-09

Duration: 1 hr 14 min

Summary

Scott Galloway and Ed Elson analyze the recent software market sell-off, entertain the potential of Anthropic's rise due to its Super Bowl ad, and discuss the implications of big corporate moves in the entertainment sector.

What Happened

The episode kicks off with Scott Galloway discussing the recent downturn in software stocks, noting a 20% fall over the past month and a drop in forward PE ratios from 35 to 20. He highlights companies like Cloudflare, Atlassian, and Shopify, which have seen significant declines, and identifies Adobe, Salesforce, and ServiceNow as potential buying opportunities due to their AI integration and strong market positions.

Galloway and Elson then delve into the potential impact of AI on the software industry. They discuss the fear that AI could enable companies to develop their own software, thereby reducing reliance on established providers. This concern is compounded by recent AI advancements from companies like Anthropic and OpenAI, which have launched new products targeting various industry sectors.

The conversation shifts to the entertainment sector, where Disney has announced Josh DeMaro as its new CEO, set to take over in March. Galloway points out the strategic importance of Disney's experiences division and suggests that selling off linear assets like ABC and ESPN could improve the company's stock performance.

The duo also covers the recent Capitol Hill hearing involving Netflix and Warner Bros. Discovery executives, where antitrust concerns and accusations of political bias were hot topics. Galloway mentions the controversial comments made by Senator Eric Schmidt about Netflix's content.

Anthropic's viral Super Bowl ad is examined as a potentially pivotal moment for the company. The ad, seen as a critique of OpenAI's monetization strategy, has positioned Anthropic as a distinct player in the AI space, with a focus on not introducing ads to its platform.

Galloway draws parallels between Anthropic's ad and iconic campaigns like Apple's 1984 ad, suggesting it could mark a turning point in Anthropic's valuation trajectory. The ad is expected to elevate Anthropic's status, potentially surpassing OpenAI in valuation within the next year.

The episode touches on predictions for Anthropic's future, with Galloway and Elson considering the company's strategic focus on the enterprise market as a differentiator from OpenAI's consumer-centric approach. They speculate on the shifting dynamics of the AI landscape, positioning Anthropic as a potential leader by 2026.

Finally, the episode wraps up with a look at Fundrise's new venture capital product, aimed at democratizing access to tech and AI investments. This initiative is part of a broader trend towards making high-growth sectors more accessible to everyday investors.

Key Insights

• Software stocks have experienced a significant downturn, with a 20% decline over the past month and forward PE ratios dropping from 35 to 20, impacting companies like Cloudflare, Atlassian, and Shopify.
• Anthropic's recent Super Bowl ad positions the company as a unique player in the AI space by criticizing OpenAI's monetization strategy, potentially setting Anthropic on a trajectory to surpass OpenAI in valuation within the next year.
• Disney is considering selling off its linear assets, such as ABC and ESPN, as part of a strategic shift to improve stock performance, with Josh DeMaro set to become CEO in March.
• Fundrise has launched a new venture capital product aimed at democratizing access to tech and AI investments, reflecting a broader trend toward making high-growth sectors accessible to everyday investors.