Climbers on Showtime. The belayer is at the intermediate anchor halfway up the pinnacle. It's possible (and recommended) to climb the route all the way to the top of the pinnacle without stopping at this intermediate anchor.
You can use this anchor on the way down as a rappel station if you have only one rope.
The leader is heading for the wide cracks on the right; a nicer line takes the hand crack to the left, onto the prow of the arete.