On The Call

Firmus’ collapsed IPO has spread from financial markets to becoming a national story in Australia. Now it’s found itself at the centre of global investor fears on the strength of the AI industry. Meanwhile, the Joint Select Committee on AI’s copyright recommendations to the Prime Minister appear to have been edited by the PM’s own office, prompting Senator David Pocock to question the committee’s independence. We discuss: Firmus’ failed IPO and the contagion hitting CoreWeave’s bonds overnight The “tall poppy syndrome” debate and Oliver Curtis’ Singapore comments to The Australian Why valuation is what actually killed the Firmus float Day One’s IPO filing, worker fatality disclosures, and the execution risk haunting data centre builders globally What Firmus’ collapse means for the ASX’s thin IPO pipeline The Joint Select Committee’s AI letter to the Prime Minister’s office and claims it was edited before being sent David Pocock’s concerns about the committee’s independence and the government’s rush on copyright reform How Pocock is setting the Senate agenda despite losing his balance-of-power vote On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia’s centres of power. Host Harshdeep Kaur sits down with Capital Brief’s best journalists to dissect what we’re watching and why it matters, and answer questions from our subscribers live. Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/ Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

Firmus's ASX IPO hangs in the balance as institutional investors grow increasingly sceptic before the book build was due to close. Meanwhile, the Joint Select Committee on AI wraps a big week of hearings, with tech giants including OpenAI, Anthropic, Microsoft and Google facing questions on their responsibilities and the AI opportunity in Australia. We discuss: Firmus' IPO unravelling in real time - a possible repricing or second pull, and why offshore funds are raising their eyebrows. The high debt load bearing down on Firmus. Mass Group's exposure as both an equity holder and construction partner, and why its stock cratered this morning. Why Australian VCs are watching the Firmus float nervously, and the fear of "vaporware" contagion spreading to local tech sector espectations. OpenAI chief strategy officer Jason Kwon fronting the Joint Select Committee on AI and responding to the Services Australia breach Anthropic's Jeff Bleich, Microsoft, Google and the big banks all appearing before the committee Matt Comyn's pitch for Australia as a "high capability AI nation" — and what that means in practice Heidi Health's compute-for-equity deal as a blueprint for Australian AI businesses that don't build foundation models On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power. Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live. Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/ Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

Goodman Group has abandoned its $1.2 billion Lane Cove data centre after a fierce community and political backlash, raising questions on if Australia's AI infrastructure boom is hitting its first real bump. Meanwhile, Firmus confirms its long-rumoured deal with Meta — worth up to USD750 million in annual earnings. Plus Wall Street heavyweight Millennium emerges as a surprise appearance at Firmus’ IPO presentation, as the hedge fund expands its Australian presence. We discuss: Why Goodman Group pulled the plug on its Project Mars data centre Whether Lane Cove is a one-off or the first sign of deeper distaste towards data centres among Australians The role of red tape and bureaucratic hurdles in Goodman’s withdrawal. Firmus' confirmed Meta deal and what it means for its ASX debut The bull and bear case for Firmus' massive ASX listing Why Millennium, one of Wall Street's most secretive hedge funds, is building a presence in Sydney Which Australian stocks Millennium has already bet on On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power. Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live. Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: https://www.capitalbrief.com/on-the-call/ Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/

Prime Minister Anthony Albanese arrived in the United States earlier this week pushing for global guardrails on AI — signing a 22-nation statement on frontier AI regulation, launching Australia's bid for a UN Security Council seat and meeting with Apple chair Tim Cook on child safety. Then, an OpenAI breach into government portals is announced, which may give Albanese some ammunition for his AI regulation push. Senior political correspondent Katina Curtis reports live from New York on a week that's shed light on where Australia and other global powers sit in the fight to control or not control AI. We discuss: The OpenAI breach of four government systems, including Medicare stats and NSW crime data. Why it took OpenAI months to disclose the hack and Albanese's blunt message to Sam Altman. Deputy Prime Minister Richard Marles' presser confirming no personal data was leaked, and the new taskforce set up to investigate. Whether the timing of the PM's press conference was a coincidence or politically strategic. Apple's extraordinarily tight media rules around Tim Cook's child safety meeting with Albanese. Global leaders like Andy Burnham and Emmanuel Macron praising Australia's social media ban for under 16s. The 22-nation joint statement on frontier AI regulation, and how it clashes with Trump's "super intelligence" doctrine. • • Australia's formal bid for a UN Security Council seat as Albanese formally launches his campaign.

Australia's AI copyright fight reignites as leaked documents reveal the Albanese government's reform plans. Meanwhile, just hours later, Anthropic signs its first Australian data centre lease: a $32 billion project in regional Queensland. We discuss: The two copyright reform proposals in the leaked documents, and the creative sector's response. Why the AI labs want copyright reform, and the risk of Australia becoming a venue for international legal action. The difference between training and inference, and why training is the bigger economic prize. Anthropic's $32 billion Queensland data centre lease. How the data centre build-out will be powered, and Labor's retreat on renewables. The Coalition's mixed messaging on copyright and AI. Firmus' Tasmanian sports sponsorships and the social licence playbook. The AI existential risk debate. On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power. Host Harshdeep Kaur sits down with Capital Brief's best journalists to dissect what we're watching and why it matters, and answer questions from our subscribers live. Subscribe to join our weekly live discussion on Thursdays at 12pm AEDT: https://www.capitalbrief.com/on-the-call/ Sign up to our free weekly newsletter, The Edition: https://www.capitalbrief.com/newsletters/the-edition/