# More Trillion Dollar IPOs, Anthropic $3T, Zuck's Price War, China Ends Open Source?, Trump Accounts > Source: > Published: 2026-07-11 02:12:00+00:00 - TAM - Total Addressable Market — the total revenue opportunity for a product or service if it achieved 100% market share. Used here to argue intelligence is the largest TAM in history. - Jevons paradox - The economic observation that as the efficiency or affordability of a resource increases, total consumption of that resource rises rather than falls. Applied here to AI token pricing. - ARR - Annual Recurring Revenue — an annualized measure of subscription or recurring revenue, used to compare Anthropic and OpenAI's scale. - Confidential filing (S-1) - A process allowing companies to submit their IPO registration statement to the SEC privately before going public, letting them negotiate terms without full public disclosure. - Index inclusion - The addition of a newly public stock into a major market index (e.g., S&P 500), which forces passive index funds to buy shares and can significantly boost demand and liquidity. - Lockup period - A post-IPO window during which insiders and early investors are contractually prevented from selling shares, typically 90–180 days. SpaceX pioneered a staged lockup with milestone-based releases. - Model fungibility - The ability to swap one AI model for another interchangeably in an application without losing memory, context, or history — the holy grail for enterprises wanting to route to the cheapest model. - Post-training - Fine-tuning a pre-trained AI model on a specific dataset or set of tasks after initial training, used to specialize a general model for a particular enterprise use case. - Harness - In AI deployment, the orchestration layer (prompt engineering, memory, skills, context management) that wraps a model and determines how efficiently tokens are used. - Inference - The process of running a trained AI model to generate outputs (e.g., answers, code) in real-time, as opposed to training. Inference costs are what companies pay per token. - Distillation - A technique where a smaller model is trained to replicate the outputs of a larger, more capable model, effectively transferring knowledge. Alleged to have been used by Chinese labs on American frontier models. - Vibe coding - Colloquial term for using AI tools (like Lovable or Claude Code) to generate software with minimal manual coding, driven by natural language prompts. - Reconciliation bill - A Congressional legislative process that allows budget-related bills to pass the Senate with a simple majority (51 votes) rather than the usual 60 needed to overcome a filibuster. - Superannuation - Australia's mandatory employer-funded retirement savings system requiring employers to contribute a percentage of wages into a privately managed account owned by the employee. Used as a comparator to Trump Accounts. - P-doom - Shorthand for 'probability of doom' — a metric used in AI safety circles to express the estimated likelihood that advanced AI leads to catastrophic outcomes for humanity. - Agentic - Referring to AI systems that can autonomously plan and execute multi-step tasks, make decisions, and take actions over extended periods without human intervention at each step. - Nerf - Slang for deliberately limiting or restricting a model's capabilities, often for safety or compliance reasons. Used here to describe Claude being restricted on health-related queries. - Accredited investor - A legal designation under US securities law for individuals or entities meeting certain income or net worth thresholds, which grants access to investment opportunities restricted from the general public. - GAAP revenue - Revenue recognized under Generally Accepted Accounting Principles — the standard US accounting rules for when and how revenue is recorded, often used to distinguish from ARR or bookings. - Cron job - A scheduled task in computing that runs automatically at specified time intervals (e.g., hourly), used here to describe automated AI agents running recurring trend-spotting tasks.