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Thank you. Hello, and welcome to Decoder.

I'm Neil I Patel, editor-in-chief of the verge, and Decoder is my show about big ideas

and other problems.

Today, let's talk about the looming AI monetization cliff, and whether some of the biggest

companies in the space can become

real, profitable businesses before they careen right off it.

I guess today is Hayden Field, who's our senior AI reporter here at The Verge, and she's

been keeping close tabs on both Anthropic and Open AI, and how those two companies in particular

tell us a whole lot about the AI industry as a whole in 2026.

You've certainly heard a version of the monetization cliff story before.

Anthropic, OpenAI, and all the other big AI startups

are built off the back of hundreds of billions in capital investment.

And they're linked to even greater amounts of forward-looking investment

in data center buildout, chips, and other infrastructure

...