Canva under the microscope, BHP cashes in on copper

<p>Canva is facing AI token fraudsters who are exploiting loopholes to access AI credits beyond normal limits, with some later sold on grey markets. This comes as two of Canva’s earliest backers, Blackbird and Airtree, wrote down its valuation by 17% to USD34.9 billion. Meanwhile, BHP posted a blockbuster USD9.8 billion profit — and for the first time, copper contributes more than half of the miner&#39;s earnings as the AI data centre boom rewrites Australia&#39;s mining story.</p><p><br></p><p>We discuss:</p><ul><li>How token fraud works and why Canva&#39;s AI product made it a target for organised scammers.</li><li>How this scam plays out across Claude, ChatGPT, and other subsidised AI subscriptions.</li><li>Blackbird and AirTree&#39;s 17% valuation cut and what it signals about the lag between public and private market pricing.</li><li>Canva&#39;s revenue growth slowdown and the unit. economics of running an AI business versus a classic SaaS model.</li><li>Whether the $12 billion valuation floated by 20VC is defensible.</li><li>How SaaS companies are repositioning their data as a moat.</li><li>BHP&#39;s copper boom.</li><li>Australia&#39;s familiar role in the AI era — digging things up and sending them overseas.</li></ul><p><br></p><p>On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia&#39;s centres of power.</p><p>Host Harshdeep Kaur sits down with Capital Brief&#39;s best journalists to dissect what we&#39;re watching and why it matters, and answer questions from our subscribers live.</p><p><br></p><p>Subscribe to join our weekly live discussion on Thursdays at 12pm AEST: <a href="https://www.capitalbrief.com/on-the-call/">https://www.capitalbrief.com/on-the-call/</a></p><p>Sign up to our free weekly newsletter, The Edition: <a href="https://www.capitalbrief.com/newsletters/the-edition/">https://www.capitalbrief.com/newsletters/the-edition/</a></p>