About a week ago I got a ping. Someone wanted to know if I knew someone who wanted $10 million of Anthropic common stock as a forward contract at $1 trillion. My first reaction was that we are so deep in a bubble that when we look up, all we see are sparkling, endless orbital data centers. If you look beyond the bubble argument, you start to realize all the numbers — including what Anthropic has itself revealed — are so large and so ridiculous that you cannot tell whether anything is real. Unless we get to the SEC filing for an Anthropic IPO, buying common or contracts at $1 trillion today is buying the press release, not the financials. Or you are believing that professional investors pumping money into Anthropic are doing their due diligence. My experience says they are not. There is nothing more dangerous than an investor punch-drunk on FOMO. Still, that late-night ping came just ahead of the news that Anthropic was closing a round at a pre-money valuation above $900 billion. Not…
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