AI Winners, IPO Hype, and the Future of Engineering Teams With Raj and Immad

In this candid one-on-one episode, Immad and Raj catch up on what's actually happening in tech right now — the AI narratives shifting under everyone's feet, which companies they'd bet on, and how they're thinking about building teams in an AI-native world.

What you'll learn:

1. Why Anthropic has taken the AI narrative from OpenAI — and whether that lead will hold
2. Immad's take on whether he'd invest in OpenAI or Anthropic at $800B today
3. How Anthropic is growing 3x in revenue in three months — and whether it's even possible
4. The new engineering team model: fewer engineers, more autonomy, OKR-driven execution
5. Why design still matters — and why Mercury embeds designers directly into product teams
6. How to time IPO investments: why Raj waits 3-4 months post-listing to buy
7. What the SpaceX S-1 signals about the new AI hype cycle
8. Why Apple is undervalued (or not) — the edge computing argument
9. How good Gemini's travel integration actually is (Raj tested it in Tokyo)
10. Why AI real-time translation is still painfully clunky — and what the ideal experience looks like

Where to find Immad and Raj:

[00:00] Data centers in space: skeptical takes

[01:02] Anthropic's moment: why the narrative has shifted

[02:16] OpenAI vs. Anthropic at $800B: where would you invest?

[04:12] Anthropic's 3x revenue growth in 3 months: how is that possible?

[06:10] The future of engineering teams in an AI-native world

[07:37] Design's role in product: why Mercury still embeds designers everywhere

[13:44] SpaceX S-1 and the IPO watch list

[14:37] Why post-IPO hype fades and when to actually buy

[17:01] Gemini in Tokyo: surprisingly good travel integration

[17:43] AI translation fails: what the phoneless experience actually needs

[20:06] Apple's AI opportunity and the edge computing bet

[22:07] Data centers in space: the only scenario it makes sense

[24:19] Xai co-founder exodus and AI researcher retention